President Biden Vetoes Bill Backed by Eight Congressmen, One Senator to Allow Financial Firms to Custody Bitcoin

May 31, 2024, 11:03 PM

President Joe Biden has vetoed a bill that would have allowed highly regulated financial firms to custody Bitcoin and other cryptocurrencies. The bill, which had bipartisan support from eight Congressmen and one Senator, aimed to overturn the SEC's Staff Accounting Bulletin 121 (SAB 121), which imposes stringent guidelines on how financial institutions handle crypto assets. This decision has drawn criticism from various quarters, with some accusing Biden of being anti-crypto and siding with the SEC's restrictive stance. The veto has significant implications for the crypto industry, as it maintains the current regulatory hurdles for financial institutions looking to enter the crypto custody space.