<ul><li>The Executive Office of US President Joe Biden announced that he would veto proposed legislation allowing highly regulated financial firms to custody Bitcoin and other cryptocurrencies.</li><li>The legislation, H.J. Res. 109, aims to overturn the SEC's Staff Accounting Bulletin (SAB) No. 121, which imposes restrictions on financial institutions regarding the custody of digital assets.</li><li>Congressman Patrick McHenry expressed support for overturning SAB 121, criticizing it as regulatory overreach and a hindrance to innovation.</li><li>Advocacy group Chamber of Digital Commerce voiced disappointment over President Biden's stance, stating that SAB 121 prohibits trusted custodians from managing digital assets.</li></ul>

President Joe Biden Will Veto Legislation Allowing Financial Firms to Custody Bitcoin: White House

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