US President Joe Biden has vetoed the legislation supported by the cryptocurrency community.

Joe Biden vetoed the bill proposal prepared to reject the SEC's SAB 121 coded announcement.

SAB 121 requires financial institutions that hold cryptocurrencies on behalf of customers to reflect them on their own balance sheets. According to experts, this makes it difficult for financial institutions to work with cryptocurrency companies.

Biden said he would not support "any measure that puts the well-being of consumers and investors at risk."

According to Biden's statement, the approval of this bill restricts the SEC's authority to deal with potential future risks.