SAB 121 requires banks to treat customers' crypto assets as liabilities, constraining the SEC's ability for future regulations, stated Biden.
Biden emphasized not supporting measures jeopardizing consumers and investors, despite bipartisan support for the resolution.
Organizations like American Bankers Association criticize SAB 121, claiming it hinders banks from offering digital asset custody at scale.
Representative Mike Flood urged Biden to reconsider vetoing the resolution, highlighting the broad opposition to the SEC's Staff Accounting Bulletin 121.
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