US President Joe Biden vetoed a resolution that would have repealed Securities and Exchange Commission (SEC) SAB 121.

SAB 121, a controversial SEC guidance, requires financial institutions that hold cryptocurrency for customers to account for the assets on their balance sheets.

Biden has said he will not support measures that could put the welfare of consumers and investors at risk.

The veto came shortly after banking groups and members of Congress sent Biden a pair of letters asking him to sign a resolution repealing SAB 121.