BlockchainBulletin

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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

Hungary lifts crypto trading restrictions after EU intervention

- The Hungarian government has announced the removal of previous crypto trading limitations.
- Old regulations required approval confirmation for crypto conversions.
- Users and service providers faced the risk of criminal prosecution.
- This reversal decision came after EU oversight and review.

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Source: CoinTelegraph

Digital Asset raises $355 million, a16z bets on Wall Street blockchain infrastructure

- Digital Asset successfully raises $355 million in a funding round led by a16z, valuing the company at $2 billion.
- This funding round expands the capital influx from Wall Street institutions, as many banks are ramping up experiments on Digital Asset's Canton Network blockchain.
- This move reflects the growing confidence in the application of blockchain within traditional finance.

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Source: CoinTelegraph

Digital Asset raises $355 million from a16z, boosting Wall Street blockchain

- Digital Asset successfully raised $355 million in a funding round led by a16z, valuing the company at $2 billion.
- This investment expands the funding chain from Wall Street financial institutions, as banks ramp up testing on the Canton Network blockchain.
- The Canton Network is a blockchain platform focused on enterprise financial applications, aiming to modernize the infrastructure of traditional capital markets.

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Source: CoinTelegraph

Ranger's ICO is kicking off, MetaDAO is looking to restructure

- The ICO for the Ranger project runs from January 6 to January 10.
- This sale could ramp up trading volume and revenue for MetaDAO.
- MetaDAO is reportedly considering a restructuring (reset).

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Source: Blockworks

Bithumb CEO Summoned Over Bribery Scandal in South Korea

- The South Korean police have officially summoned and placed Mr. Lee Jae-won, CEO of the Bithumb exchange, under investigation as a suspect in a bribery case.
- Mr. Lee is accused of hiring a relative of a National Assembly member in connection with bribery activities.
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Source: Decrypt

Fold sells $45 million in Bitcoin, clears debt, stock skyrockets 162%

- Publicly traded Bitcoin fintech company Fold has offloaded $45 million worth of Bitcoin to restructure its balance sheet.
- This move allows the company to wipe out its debt, propelling Fold's stock to soar by 162% on Wednesday morning.
- $btc #btc

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Source: Decrypt

Paradigm and Hyperlipid oppose AML rules for stablecoins in the GENIUS Act

- Paradigm along with the Hyperliquid Policy Center are voicing their opposition to the AML regulations for stablecoins in the GENIUS Act.
- These organizations argue that there needs to be clearer limits on the responsibilities of issuers, DeFi apps, and validators when stablecoins are transferred across multiple parties.
- The lack of specific boundaries could complicate enforcement and create legal risks for participants in the ecosystem.

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Source: Decrypt

Bitcoin and Ethereum Keep Rallying as Inflation Hits 3-Year High

- Bitcoin and Ethereum are extending their recovery after the latest inflation data from the U.S. shows the highest levels in 3 years.
- The sharp rise in the inflation index may reinforce the central bank's decision to maintain a tight monetary policy.

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Source: Decrypt

CFTC proposes banning bets on toppling US adversaries in prediction markets

- The US Commodity Futures Trading Commission (CFTC) has rolled out new rules targeting prediction markets.
- It bans bets related to outcomes that could be influenced by war or assassination, even if the conflict isn’t explicitly mentioned.
- This regulation impacts decentralized prediction platforms that are booming in the crypto space.
- The move highlights a tightening trend on financial products linked to sensitive political events.

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Source: Decrypt

Mastercard teams up with Coinbase, Ripple allows AI payments via cards and stablecoins

- Mastercard launches the Agent Pay for Machines solution, enabling AI to automatically purchase services and settle transactions.
- The system supports payments through bank cards, traditional accounts, and stablecoins.
- Major crypto players like Coinbase and Ripple are joining forces, expanding payment capabilities for AI agents.

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Source: Decrypt

7 key factors when choosing a crypto swap platform

- Fast transaction speed is the top priority
- Platform security must be absolutely guaranteed
- Asset availability (diverse coins/tokens) needs to be considered
- Competitive transaction fees help optimize costs
- High liquidity ensures quick order execution
- User-friendly interface, easy for newcomers
- Professional, timely customer support

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Source: Decrypt

Bitcoin is nearing the bottom but demand is waning

- According to CryptoQuant, the Bitcoin bear market may be approaching the bottom zone.
- However, neither retail nor institutional investors are showing signs of increasing their buy into this top asset.
- Demand for Bitcoin is weakening, indicating that market sentiment remains cautious.

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Source: Decrypt

Botanix is shutting down its layer-2 network on Bitcoin this July due to lack of DeFi demand.

- Botanix announced that it will cease operations of the layer-2 network on Bitcoin next July.
- The project team is urging users to withdraw their funds and has revealed plans to gradually scale down the system.
- The reason given is the lack of real demand in the DeFi space on Bitcoin.

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Source: Decrypt

MIT: AI helps spot fake news temporarily, but weakens humans' self-identification skills

- MIT's research shows that AI assistants boost short-term fake news detection.
- However, in the long run, they make users less capable of identifying misinformation on their own.
- It's crucial to be cautious when using AI for fact-checking, avoiding over-reliance.

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Source: Decrypt

The outrage of the online community over the release of Claude Fable 5 by Anthropic

- The largest release of Claude by Anthropic is causing a wave of backlash from the community.
- Key issues include: token burns, silent censorship, and mandatory data collection.
- This is being viewed as the biggest scandal for Anthropic.

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Source: Decrypt

Tether, Nvidia, and Amazon pump $1.4 billion into humanoid robot company NEURA

- Tether, the stablecoin giant, leads a $1.4 billion Series C funding round for German humanoid robot company NEURA.
- Other investors include Nvidia and Amazon.
- NEURA will integrate crypto payment tools and edge AI into its product.

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Source: Decrypt

Raydium Exchange on Solana Gets Exploited for $1.34 Million

- The decentralized exchange Raydium (on the Solana platform) has just been hit by a hack, resulting in a loss of $1.34 million.
- This is one of the latest DeFi attacks, highlighting the rising trend of exploits.
- Raydium plans to use its reserve funds to fully reimburse the stolen amount.

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Source: Decrypt

CEO Anthropic warns that AI is too dangerous - just as the new generation of AI is launching

- Dario Amodei, CEO of Anthropic, is calling for binding safety rules for advanced AI models.
- This move comes as the company is gearing up for its IPO (Initial Public Offering).

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Source: Decrypt

CEO of the Solana Institute: The CLARITY Act Must Protect Open Source Developers

- Kristin Smith, the CEO of the Solana Institute, urges the U.S. Senate to maintain protections for developers in the CLARITY Act.
- She argues that builders of open-source platforms should not be regulated like financial intermediaries.

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Source: CoinTelegraph