Biden Just Lost The Crypto Vote

After the recent shocking ETH ETF approval, many hoped that Biden was changing his tune of relentless antagonism toward the crypto industry - TheBlock even went so far as to report that the "Biden campaign ramps up crypto industry outreach in surprising tone shift" - and would not veto the bill overturning the SEC's SAB 121 which makes it more difficult for entities like banks to custody crypto.

Well, that didn't happen.

Late on Friday, Biden vetoed the bill  that would strike down Securities and Exchange Commission guidance that the crypto industry, the banks and Congress all say 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.