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

The Administration strongly opposes passage of H.J. Res. 109, which would disrupt the Securities and Exchange Commission's (SEC) work... If the President were presented with H.J. Res. 109, he would veto it.
US Congressman Patrick McHenry supports overturning the SEC's SAB 121, criticizing it as regulatory overreach by dictating digital asset custody by financial institutions and imposing significant costs.
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