SEC's crypto rule overturned by US Senate decision
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The US Senate just handed the SEC a major blow, passing a resolution that effectively calls for the withdrawal of the controversial Staff Accounting Bulletin No. 121 (SAB 121). This move could pave the way for regulated financial institutions to hold Bitcoin and crypto, signaling bipartisan support for innovation in the digital asset space.
Meanwhile, Oklahoma is making moves to protect its residents’ “fundamental bitcoin rights.” The state passed a bill that safeguards Oklahomans’ right to self-custody digital assets, mine crypto both at home and industrially, and use crypto for payments without facing additional taxes. The legislation is set to take effect on November 1, 2024.
Back to the macro, Bitcoin is on the rise again, rallying to $66,000 as April CPI data shows easing inflation pressures. The flagship crypto’s surge, along with the overall crypto market cap growth, comes as investors are pricing in a higher probability of a Fed rate cut in September.
Today’s Newsletter
- SEC’s crypto rule overturned by US Senate decision
- Oklahoma passes bill protecting ‘fundamental bitcoin rights’
- Bitcoin rallies to $66,000 as inflation pressure eases
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REGULATION
SEC’s crypto rule overturned by US Senate decision
The Senate’s decision to pass H.J.Res. 109, calling for the withdrawal of the SEC’s SAB 121, reflects a significant pushback against perceived regulatory overreach. Senator Cynthia Lummis, a vocal critic of the SEC’s approach to the digital asset industry, emphasized that the rule does nothing to protect consumers and instead hurts them.
Despite the Senate’s resolution, President Joe Biden has expressed intentions to veto the bill, citing the need to protect investors and the financial system. If a presidential veto occurs, Congress would need a two-thirds majority to override it, setting the stage for a potential showdown between the legislative and executive branches over the future of crypto regulation. [cryptobriefing]
REGULATION
Oklahoma passes bill protecting ‘fundamental bitcoin rights’
The bill, signed into law by Governor Kevin Stitt and sponsored by four Republicans, bans restrictions on the use or self-custody of digital assets using self-hosted or hardware wallets. Oklahomans can also mine crypto both at home and industrially, as long as they comply with local noise ordinances, without the need to obtain a money transmitter license.
Furthermore, the bill outlaws discriminatory electricity rates for digital asset mining businesses and protects residents from paying additional taxes when using crypto for payments. Satoshi Act Fund CEO Dennis Porter praised the bill as “groundbreaking,” emphasizing its importance in securing not only bitcoin but all assets and ensuring that individuals can maintain control over their wealth and future. [blockworks]
BITCOIN
Bitcoin rallies to $66,000 as inflation pressure eases
The decrease in both the CPI and core CPI, aligning with market forecasts, has provided some relief to investors who were concerned about persistent inflation and its impact on the likelihood of an early Federal Reserve interest rate cut. As a result of the easing inflation pressures, the overall crypto market cap experienced significant growth, rising to approximately $2.5 trillion, with major altcoins like Ethereum and Solana also seeing substantial gains.
Technical analyst Rekt Capital suggests that Bitcoin may have hit the bottom and entered the accumulation phase, potentially setting the stage for the next bull market peak. He notes that Bitcoin is currently accelerating in this cycle by approximately 200 days and that a longer consolidation period after the halving could help resynchronize the current cycle with the traditional halving cycle, potentially leading to a more favorable outcome for the cryptocurrency. [cryptobriefing]
Other News
Next Week’s Token Unlocks
- PYTH’s unlock is scheduled at $942M, which is a 141.7% rise in supply, with a market cap of $665M.
- AVAX is looking at an unlock of $351M, which translates to a 2.5% supply increase, alongside a market cap of $14B.
- ROSE has an upcoming unlock of $15M, resulting in a 2.5% supply increase. ROSE has a market cap of $621M.
- PIXEL’s upcoming unlock of $19M will increase the supply by 7%, with a market cap of $278M.
- ID’s unlock is scheduled at $13M, which is a 4% rise in supply, with a market cap of $318M.
- MANTA is looking at an unlock of $10M, which translates to a 3% supply increase, alongside a market cap of $396M.
- PENDLE has an upcoming unlock of $1.3M, resulting in a 0.18% supply increase. PENDLE has a market cap of $749M.
Vince & Diego
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