On Monday, President Joe Biden has vetoed a bipartisan resolution aimed at overturning the Securities and Exchange Commission’s (SEC) crypto custody guidance. The resolution passed both the House and the Senate and sought to invalidate the SEC’s Staff Accounting Bulletin (SAB) 121.

Presidential Veto Explained

In a letter to the House of Representatives, Biden stressed the importance of the SEC’s guidance in safeguarding investors. “SAB 121 reflects considered technical SEC staff views regarding the accounting obligations of certain firms that safeguard crypto-assets,” Biden stated. He emphasized that the resolution would “inappropriately constrain the SEC’s ability to set forth…

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