🔥U.S. President Joe Biden has vetoed a House Joint Resolution intended to repeal the SEC's Staff Accounting Bulletin 121 (SAB 121).

SAB 121 mandates that financial institutions holding cryptocurrencies for customers must include these assets on their balance sheets.

pCritics argue this requirement complicates collaboration between financial institutions and crypto companies.In his veto statement, President Biden underscored his commitment to protecting consumers and investors, stating he would not endorse measures that jeopardize their welfare. He emphasized the need for proper regulatory safeguards and expressed his willingness to work with Congress on digital asset market legislation. Senator Ron Wyden, who supported the resolution, raised concerns at the Consensus 2024 conference, arguing that SAB 121 imposes a different standard on crypto compared to other financial assets