President Joe Biden has vetoed bill SAB 121, which sought to overturn the SEC's controversial bulletin establishing accounting standards for firms that custody cryptocurrency.

In a statement to the House, Biden stressed the importance of protecting consumers and investors.

Earlier, the House and Senate had voted in favor of repealing SAB 121 with bipartisan support. However, overriding a presidential veto requires a two-thirds majority from both chambers, posing a significant challenge.