Biden Vetoes Congressional Bid to Void SEC Crypto Guidance

President Joe Biden vetoed a congressional resolution that would strike down US Securities and Exchange Commission guidance that the crypto industry says has stymied its ability to work with banks.

The guidance — known as staff accounting bulletin No. 121 — has also drawn pushback from banks since it was published in 2022. Lenders have said it effectively restricts them from scaling up services to hold digital assets on behalf of customers by making it too costly.

The resolution - which passed the Senate with the support of 11 Democrats - would have invalidated the SEC bulletin. Lawmakers backing the ...