Techub News reported that according to The Block, US President Biden vetoed a resolution aimed at overturning the SEC's cryptocurrency custody accounting standards announcement (SAB 121). Biden said in a letter to the US House of Representatives published on the White House website: "My government will not support measures that endanger the interests of consumers and investors. In order to take advantage of the potential opportunities of crypto asset innovation, appropriate guardrails to protect consumers and investors are necessary."
Overriding the veto requires a two-thirds majority vote in both chambers of Congress. Previously, the U.S. Senate and House of Representatives had passed resolutions aimed at overturning SAB 121.
SAB 121, first published in 2022, has sparked controversy over the past year. It requires cryptocurrency custodians to record cryptocurrencies held by customers as liabilities on their balance sheets. The crypto industry is concerned that the move could prevent banks from safeguarding digital assets.
