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Biden vetoes SAB 121, says repeal would 'jeopardize' consumers

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President Joe Biden vetoed a resolution that would have overturned the SEC’s SAB 121 bulletin, arguing that challenging the proposed guidelines would undermine the SEC’s authority and put consumers and investors at risk.

Keith Gill, the trader known as “Roaring Kitty,” recently reappeared on social media, posted a screenshot of a $200 million position in GME on Reddit.

Today’s Newsletter

  • Solana-based memecoin $GME surges by 300% on Roaring Kitty’s return
  • Biden vetoes SAB 121, says repeal would ‘jeopardize’ consumers

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REGULATION

Biden vetoes SAB 121, says repeal would ‘jeopardize’ consumers

The Government Accounting Office said that SAB 121 blocks regulated banking groups from offering custody services and creates a different standard for crypto compared to other financial assets. The House of Representatives and the Senate had both voted to repeal the SEC’s guidance by significant margins.

Banking groups and members of Congress sent letters to Biden, urging him to sign the resolution and overturn SAB 121. Senator Cynthia Lummis said Biden went against the “will of the American people” and continued failed policies. This veto suggests that, despite some expectations of a more positive stance on crypto, the Biden administration’s position remains largely unchanged and skeptical of the industry. [cryptobriefing]

MEME COINS

Solana-based meme coin $GME surges by 300% on Roaring Kitty’s return

The Solana-based meme coin $GME, which has nothing to do with the GameStop stock, saw a 300% increase in value, with its market cap exceeding $100M following Gill’s return.

In 2021, retail investors got behind the video game retailer, led to significant market volatility and losses for several hedge funds. Roaring Kitty’s involvement in sparking this movement has established him as an important figure for the retail investing community. [cryptobriefing]

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