US President Joe Biden just said no to a decision made by Congress about a rule called SAB 121 from the SEC. This rule says that financial institutions holding cryptocurrencies for customers need to keep track of these assets on their own balance sheets. Some people don't like this rule because they think it makes it hard for financial institutions to work with crypto companies. President Biden says he wants to protect consumers and investors, so he doesn't support any decisions that could harm them. He thinks the decision made by Congress would limit the SEC's ability to make rules and solve future problems. He wants to work with Congress to make new laws for the digital asset market to protect consumers and investors. Senator Ron Wyden, who is also from Biden's party, is worried about this rule and talked about it at a conference. He thinks it treats crypto differently from other assets in the financial world.
