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President Joe Biden faces a looming deadline to decide the fate of the U.S. Securities and Exchange Commission's (SEC) controversial crypto rules. Both the House of Representatives and the Senate have passed a resolution to overturn the SEC's Staff Accounting Bulletin 121 (SAB 121), despite a prior veto threat from the White House.

The resolution now sits on President Biden's desk, awaiting his decision. He has until June 3 to either veto the resolution, sign it into law, or let it pass without action. If he chooses to veto, it would effectively end Congress' efforts to nullify SAB 121, as a two-thirds majority in each chamber would be required to override the veto.

Alternatively, President Biden could sign the resolution into law, nullifying SAB 121 and preventing the SEC from issuing a similar rule in the future. However, if he takes no action within the 10-day window and Congress is in session, the bill would automatically become law. If Congress is not in session, the bill could face a pocket veto.

In addition to overturning SAB 121, the House also passed the FIT21 Act, a bill aimed at establishing a regulatory framework for crypto assets. The Biden administration has expressed a willingness to work with Congress on developing a balanced framework for digital assets.

The deadline is fast approaching, and the crypto community eagerly awaits President Biden's decision.

Do you think he will veto the resolution, as threatened? Let us know your thoughts in the comments below.

#biden #JoeBiden

Fed meeting is difficult for Warsh, Bitcoin may still shine

- The Fed meeting is becoming a nightmare for Warsh.
- Strong market expectations and the Fed’s limited guidance on the future have put the Fed chair in a difficult position.
- If it doesn’t deliver a hawkish message, the Fed could lose credibility in controlling inflation.
- Bitcoin may still shine in this context.
#Fed #Bitcoin #CryptoNews #BinanceSquare

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Source: CoinDesk

CEO Phemex says that AI reduces capital for crypto, while increasing security risks

- AI mobilizes funding out of crypto, reducing funding sources.
- AI increases the likelihood of attacks, creating risks for projects.
- Security costs rise significantly, which may lead to greater centralization in the industry.
#BinanceSquare #CryptoNews #AI

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Source: CoinTelegraph

CLO Ripple reassures XRP holders after the failure of the Transparency Act

• Stuart Alderoty, Ripple’s CLO, said that XRP remains legally sound.
• This comment was made after the Transparency Act related to XRP was rejected by the Senate.
• XRP holders are reassured that the token is still fine despite legal setbacks.

#BinanceSquare #CryptoNews #XRP

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Source: U.Today

Zcash: Community consensus upgrades for faster transactions and reduced issuance

• Nearly 2.4 million ZEC have voted.
• 99.9% support the 25-second block, helping transactions run faster.
• 98.9% agree to keep the current halving schedule in a Bitcoin-like style.
• The RSS source has not provided any further details on the rollout timeline.

#Zcash #ZEC #CryptoNews #BinanceSquare

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Source: CoinDesk

MARA Holdings buys 1.292 BTC worth $98.64 million via FalconX

- Bitcoin mining company MARA Holdings buys an additional 1.292 BTC through the FalconX trading platform.
- The transaction is valued at approximately $98.64 million, according to on-chain analysis from Lookonchain.
- Context: Top AI leaders are calling for the pace of development of frontier models to slow down and be more closely monitored.

#BinanceSquare #CryptoNews #MARA #BTC

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Source: CoinGape

Zcash users strongly support faster transactions and a Bitcoin-like halving mechanism

- 2.4 million VND worth of ZEC participated in the vote.
- 99.9% supported a 25-second block to speed up transactions.
- 98.9% supported keeping the current halving schedule.
#BinanceSquare #CryptoNews #ZEC

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Source: CoinDesk

Cardano Participates in Mastercard’s Crypto Partner Program

- Cardano joins the Mastercard Crypto Partner Program
- Focus on payments and stablecoins
#BinanceSquare #CryptoNews #ADA

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Source: U.Today

The US sues former Robinhood engineer for crypto trading before listing

- The US sues a former Robinhood engineer for allegedly trading cryptocurrencies before they were listed.
- The former employee is accused of earning more than $50,000 per person by trading Hyperliquid perps before the token was listed on Robinhood.
#BinanceSquare #CryptoNews #Robinhood

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Source: CoinTelegraph

Stablecoin growth can strengthen the US dollar’s position, driving demand for government bonds: BoE official

• Stablecoin growth can increase demand for the US dollar, strengthening its currency position.
• Stablecoin issuers can become larger buyers in the US government bond market.
• A Bank of England (BoE) official said that a digital USD could expand access to this currency.
#BinanceSquare #CryptoNews #Stablecoin #USD

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Source: CoinTelegraph

US accuses former Robinhood engineer of trading crypto before listing

- The US accuses former Robinhood engineers of trading crypto before the platform was listed.
- Each person is accused of earning more than USD 50,000 from Hyperliquid perpetual contracts.
- RSS does not name the token that was listed or provide case details.

#BinanceSquare #CryptoNews #HYPE

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Source: CoinTelegraph

X launches Cashtag program in the US, cooperating with Coinbase, Kraken, Gemini

- X’s social networking platform officially launches the Cashtag program in the United States, aiming to become an “All-In-One App.”
- The program is coordinated with leading cryptocurrency exchanges: Coinbase, Kraken, and Gemini.
- This is an important step in X’s strategy to expand its financial features under the leadership of Elon Musk.
#BinanceSquare #CryptoNews #X #Coinbase #Kraken Gemini

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Source: CoinGape

The U.S. accuses former Robinhood employees of trading cryptocurrency before listing

- The U.S. has charged former Robinhood employees for trading cryptocurrency before it was listed
- The employees allegedly earned more than $50,000 each by trading perpetuals on Hyperliquid
- This happened before Robinhood’s token was listed on the exchange

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Source: CoinTelegraph

Bitcoin ETFs withdraw $450M, largest since June

- Withdraw $450M from Bitcoin ETFs, the largest since June.
- Bitcoin falls 2.5% in price.
- The CLARITY Act legislation shows no progress in the Senate.
- Fidelity and BlackRock lead the outflows.
#BinanceSquare #CryptoNews #BTC #ETF

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Source: CoinTelegraph

The US accuses former Robinhood engineer of trading crypto before listing

- A former Robinhood employee is accused of earning more than $50,000 each by trading Hyperliquid perpetual futures contracts before the Robinhood token was listed.
- The case highlights risks of insider trading and market manipulation in the cryptocurrency industry.
- Authorities are stepping up legal action against cryptocurrency manipulation.
#BinanceSquare #CryptoNews #Robinhood #Hyperliquid

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Source: CoinTelegraph

Sen. Elizabeth Warren wants a cryptocurrency bill, but the Clarity Act is still not enough

• Senator Elizabeth Warren remains determined to pass a cryptocurrency bill even though she does not support the Clarity Act.
• She says the current Clarity Act still does not meet regulatory requirements.
• This move shows divisions in legislative stances on cryptocurrency regulation.
#BinanceSquare #CryptoNews #Regulation

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Source: The Block

Bitcoin ETFs lose 450 million USD, outflows strongest since June

- Bitcoin ETF funds have withdrawn 450 million USD, the largest outflow since June.
- This happens alongside a 2.5% drop in Bitcoin’s price.
- The CLARITY Act was not passed by the Senate, impacting the market.
- Funds from Fidelity and BlackRock lead the wave of outflows.

#BinanceSquare #CryptoNews #BTC #ETF

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Source: CoinTelegraph

The Crypto industry returns to the U.S. coordinating agency after the CLARITY setback

- The CLARITY Act still has next steps after Sen. Thom Tillis switched to re-examine the failed cloture.
- Crypto industry leaders are worried about the remaining time in Congress to pass legislation.
- The crypto industry is looking to the U.S. coordinating agency.
#BinanceSquare #CryptoNews #USRegulation

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Source: CoinTelegraph

Bitcoin ETFs lose $450 million, outflows are the largest since June

- Outflows: Bitcoin ETFs lose $450 million, the biggest withdrawal since June to date.
- Bitcoin price: Down 2.5% in the market.
- Macro factor: The CLARITY bill is not taken up by the Senate.
- Leading funds: Fidelity and BlackRock dominate the outflows.

#BinanceSquare #CryptoNews #BTC #ETF

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Source: CoinTelegraph

Clarity Act fails, $570 million long position wiped

- A $570 million crypto long position was liquidated within 24 hours.
- Bitcoin and Ether suffered the largest losses.
- Cause: The Clarity Act failed.

#BinanceSquare #CryptoNews #BTC #ETH

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Source: CoinDesk