Biden Vetoes Bill Blocking SEC Crypto Custody Guidance

President Joe Biden has vetoed H.J.Res. 109, a resolution aimed at overturning the SEC's guidance on how banks should handle customers' crypto assets, which requires treating them as liabilities. Critics argue this makes it too costly for banks to offer crypto custody services, while supporters say it's necessary to protect investors. Biden emphasized the need for appropriate regulatory guardrails and expressed willingness to work with Congress on a balanced framework for digital assets.