The Block Crypto News18 minutes ago

Published on May 31, 2024 23:19 GMT+00:00edited on May 31, 2024 23:24 GMT+00:00

U.S. President Joe Biden vetoed a bill to overturn a controversial Securities and Exchange Commission bulletin establishing accounting standards for firms that custody crypto. 

"My Administration will not support measures that jeopardize the well-being of consumers and investors," said President Biden in a letter addressed to the U.S. House of Representatives posted on the White House website.  "Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation."

Earlier this month, the full House and Senate voted in favor of the measure to repeal the SEC's staff accounting bulletin, also called SAB 121. The House previously voted 228-182 to pass the measure, with mostly Republicans, though …