Fun

US Senate overturns SEC’s anti-crypto resolution, but will Biden veto? Law Decoded

News Feed - 2024-05-21 04:05:00

David Attlee4 hours agoUS Senate overturns SEC’s anti-crypto resolution, but will Biden veto? Law DecodedThe U.S. president remains the last barrier to recalling the problematic anti-crypto resolution by the SEC.12863 Total views5 Total sharesListen to article 0:00NewsletterOwn this piece of crypto historyCollect this article as NFTJoin us on social networksIn a 60 to 38 vote, United States senators passed H.J. Res. 109, a resolution nullifying the U.S. Securities and Exchange Commission’s (SECs) Staff Accounting Bulletin No. 121. The commission’s rule requires banks to keep customers’ digital assets on their balance sheets, with capital maintained against them — a measure many lawmakers and industry leaders have criticized as stifling innovation. 


“The tally, a stunning 60 ‘Yeas’ in the Senate vote, sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this rule,” stated crypto advocacy group the Blockchain Association.


However, before the resolution passed in the U.S. House of Representatives, President Joe Biden said he intended to veto the bill to “protect investors in crypto-asset markets and to safeguard the broader financial system.”


However, Perianne Boring, founder and CEO of the Blockchain Trade Association Digital Chamber, believes that support from 21 Democratic Party senators could force the White House to “rethink its strategy and position.” In her opinion, “the tides are turning for crypto in Washington.”


The Biden administration may feel pressure beyond the political sphere as the crypto community is not the only sector wishing Biden would sign the H.J. Res. 109. The American Bankers Association has openly urged “President Biden to move quickly to sign this resolution into law to help protect American consumers.” State of Wisconsin makes $164 million investments in spot Bitcoin ETFs


The State of Wisconsin Investment Board (SWIB) reported investments in spot Bitcoin (BTC) exchange-traded funds (ETFs) offered by Grayscale and BlackRock. 


The government entity responsible for managing Wisconsin’s state trust funds disclosed it held more than 2.4 million shares in the BlackRock iShares Bitcoin Trust and more than 1 million shares in the Grayscale Bitcoin Trust, worth roughly $100 million and $64 million, respectively.


The SWIB reported managing over $156 billion in assets as of December 2023, roughly 48% going into public equity investments. Other investments included shares of stock in Coinbase, MicroStrategy and CleanSpark.


Continue readingVenezuela bans crypto mining


Venezuela’s Ministry of Electric Power has unveiled plans to disconnect cryptocurrency mining farms from the national grid. The move aims to regulate excessive energy consumption and guarantee a stable power supply for the population.


An X post from Venezuela’s National Association of Cryptocurrencies stated that crypto mining is prohibited in Venezuela.


This move follows a recent crackdown involving the confiscation of 2,000 cryptocurrency mining devices in the city of Maracay as part of an anti-corruption initiative.


The ministry emphasized the need to offer efficient and reliable electrical service across Venezuela by eliminating the strain caused by these high-energy-consuming farms. According to officials, these measures are essential to stabilize the national power supply, which has been unreliable for the past decade.


Continue readingMicrosoft faces multibillion-dollar fine in EU 


Microsoft could be fined up to 1% of its annual revenue in the European Union if it doesn’t respond to a request for information by May 27. 


The threat stems from a request made under the EU’s Digital Services Act concerning the company’s Bing search engine and its associated generative artificial intelligence (AI) services.


The European Commission wants Microsoft to “provide information under the Digital Services Act on generative AI risks on Bing.”


The executive body explained that the initial request was sent on May 14 “regarding specific risks stemming from Bing’s generative AI features, notably “Copilot in Bing” and “Image Creator by Designer.”


Continue reading# Europe# Venezuela# Senate# SEC# United States# European Union# RegulationAdd reaction

News Feed

Shop.com Announces Cryptocurrency Acceptance to ‘Kick off the Next Chapter’ of Business
Shop.com Announces Cryptocurrency Acceptance to "Kick off the Next Chapter" of Business This past weekend at the Market America Worldwide Shop.com 2021 International Convention (MA
Bitcoin’s next leg could hit $110K, despite ‘lower highs and lower lows’
Ciaran Lyons3 hours agoBitcoin’s next leg could hit $110K, despite ‘lower highs and lower lows’The “next leg” could push Bitcoin’s price as high as $110,000 as the cycle low has kicked in, according to severa
TON’s $5M incentive program aims to drive digital ID verification
Gareth Jenkinson14 hours agoTON’s $5M incentive program aims to drive digital ID verificationTON Society is offering one million Toncoin tokens to users who verify their identity using palm scanning technology.3857 Tot
Bitcoin, Ethereum Technical Analysis: BTC Consolidates on Tuesday, Following 8-Month High
Bitcoin, Ethereum Technical Analysis: BTC Consolidates on Tuesday, Following 8-Month High Bitcoin retreated from earlier highs during Tuesday’s session, as sentiment shifted
ETFs buy 3X new BTC supply — 5 Things to know in Bitcoin this week
William Suberg1 hour agoETFs buy 3X new BTC supply — 5 Things to know in Bitcoin this weekBitcoin is facing renewed calls for a supply shock as exchange reserves hit seven-year lows, and BTC price action focuses on fi
Why are traders shorting Michael Saylor’s MicroStrategy?
Robert D. Knight10 hours agoWhy are traders shorting Michael Saylor’s MicroStrategy?Short sellers are targeting MicroStrategy stock, but what is the reasoning behind it?3083 Total views4 Total sharesListen to article 0
Australians Can Now Pay for Bitcoin at 3,500 Australia Post Offices
Australians Can Now Pay for Bitcoin at 3,500 Australia Post OfficesAustralian residents can now pay for bitcoin at more than 3,500 national post offices. The new service launched by
Tom Mitchelhill4 hours agoAre Bitcoin ETFs headed for one epic Gensler ‘rugpull?’ Analysts weigh inWhile unlikely, Bloomberg’s ETF analysts conceded there’s always a possibility that SEC Chair Gary Gensler could
Biggest Movers: SOL up 20%, ADA Hits Highest Point Since November
Biggest Movers: SOL up 20%, ADA Hits Highest Point Since November Solana rose by as much as 20% Saturday, as crypto markets came alive to start the weekend. The token hit a 12-week
Binance US Adds Staking Services for 7 Different Crypto Assets
Binance US Adds Staking Services for 7 Different Crypto Assets Binance US is now offering crypto staking services and the firm details that seven digital currencies are currently a
Ebay CEO Talks NFTs and Crypto, Exec Says Company Continues to ‘Evaluate Other Forms of Payments’
Ebay CEO Talks NFTs and Crypto, Exec Says Company Continues to "Evaluate Other Forms of Payments" The president and chief executive officer of Ebay, Jamie Iannone, discussed the po
Extreme Market Turbulence: Critics Call Warren’s Silvergate Take ‘Terribly Misinformed,’ SVB Collapses, Vitalik’s Token Sell-Off Moves Markets, and More — Week in Review
Extreme Market Turbulence: Critics Call Warren"s Silvergate Take "Terribly Misinformed," SVB Collapses, Vitalik’s Token Sell-Off Moves Markets, and More — Week in Review ItR