Comparing a generic against null that could be a value or reference type?

public void DoFoo<T>(T foo) where T : ISomeInterface<T>
{
    //possible compare of value type with 'null'.
    if (foo == null) throw new ArgumentNullException("foo");
}

I'm purposely only checking against null because I don't want to restrict a ValueType from being equal to its default(T). My code compiles and works just fine this way (ReSharper complains, but not CodeAnalysis). Though I do wonder:

• Is there a more standard way to handle this situation?
• Is there any chance of an issue arrising from this?
• What truly happens under the hood when I make a call and pass in a value type?