President Biden has upheld his promise to veto cryptocurrency legislation that recently passed through both the House and Senate, which would have reversed guidance from the SEC regarding the labeling of crypto assets. The SEC’s guidance states that certain companies should classify crypto assets as liabilities on their balance sheet, even if they are holding the assets on behalf of customers. In a letter to the House of Representatives, President Biden explained that removing this guidance would hinder the SEC’s ability to protect investors and implement necessary safeguards. He emphasized the importance of appropriate regulations to ensure the responsible development of digital assets and payment innovation. The legislation was supported by Republicans and some Democrats, passing with a majority in both the House and Senate. President Biden’s veto comes at a time when Bitcoin and cryptocurrencies are receiving increased attention in the political and regulatory spheres. Former President Trump recently announced his support for the crypto industry and investors’ right to self-custody their assets. Additionally, the SEC made a sudden reversal in its stance on Ethereum ETFs, paving the way for their potential launch. It is important for investors to conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl, where this article is published, does not provide investment advice and is not an investment advisor.