Biden vetoes Congress’s crypto custody bill

President Biden vetoed legislation that struck down the Securities and Exchange Commission's special rules for custodians of crypto assets, as expected.

Why it matters: The SEC policy could be a major impediment to traditional financial companies offering services that involved holding onto customers' cryptocurrency.

Catch up fast: The legislation was passed by both chambers of the U.S. Congress with a Senate vote on May 16.

The White House had indicated it would veto the legislation if presented with it.