President Biden vetoed a congressional resolution aimed at overturning the SEC's guidance allowing banks to custody Bitcoin.

The SEC's guidance, known as staff accounting bulletin No. 121, has been criticized for hindering the crypto industry's collaboration with traditional banks.

The resolution sought to invalidate the SEC bulletin to expand options for Americans wanting to store digital assets at banks.

Biden defended the guidance as necessary to protect consumers and investors.

Biden expressed a willingness to work with Congress to establish a balanced regulatory framework for digital assets.

This move signals a significant shift in Biden's policy towards cryptocurrencies, with industry and lawmakers closely watching for further developments.