Regulation
Lawmakers Call on Biden to Reconsider Veto of SAB 121 Repeal
Lawmakers are urging President Joe Biden to reconsider his decision to veto a legislative measure that seeks to repeal the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121).
This appeal arises in the context of the measure passed in the House of Representatives and Senate, with support from both parties.
Lawmakers Call on Biden to Reconsider Veto of SAB 121
Wyoming Republican Senator Cynthia Lummis and North Carolina House Financial Services Committee Chair Rep. Patrick McHenry recently led the charge to repeal the Affordable Care Act by sending a formal letter to the president on Thursday. The letter went on to express the concern that the meeting prompted,
“Given the overwhelming bipartisan votes, we urge you to sign H. J. Res. 109 into law or work with the SEC to rescind the staff guidance,” pointing out legislative support and recognizing the trench of the amending or rescinding powers of the SEC bulletins.
Lummis, House Colleagues Urge President Biden Not to Veto Bipartisan SAB 121 CRA https://t.co/Uqo2ZF7gWa pic.twitter.com/TmCnSBLb88
— blockchain tipsheet (@blockchaintpsht) May 30, 2024
SAB 121 has been an issue of debate for some time now, largely due to its provision, which would require firms that custody cryptocurrencies to include these assets on their balance sheets as liabilities. Opponents claimed that this holds the potential to disrupt how banks adequately defends information technology resources.
Bipartisan Support and Presidential Veto
The Congress managed to repeal SAB 121 through a Senate vote that was 60 to 38 with a number of bi-partisan support and, similarly in the House with 228 members to 182 in support of the act. Several democrats supported the decision, meaning there was a good number of democrats who share the same view with republicans.
Nonetheless, President Biden has not ruled out vetoing the repeal as he raises worries about dangers that may arises and affect the financial regulatory models and the cryptos market.
According to the White House, the administration made it clear that concerns have been expressed that reducing the SEC regulatory authority poses a threat of substantial financial insecurity and market volatility.
Timeline and Next Steps
This resolution, described as H. J. Res 109, arrived at the president’s office only recently because of the congressional hold.
This change in the normal course of events pushes the decision-making time of the President to June 3 thereby providing additional time for thinking as well as to engage in discussions with the SEC and other interested parties if necessary.
Read Also: Donald Trump Meme Coins Plummet After Guilty Verdict on Felony Charges
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ripple whales have been highly active in recent hours, transferring large amounts of XRP tokens between unknown wallets. In total, 267,857,140 XRP, which, at the time of writing, was approximately $572,238,240, was transferred. These large XRP whales are believed to have a connection to Ripple’s ongoing legal battle and its on-demand liquidity (ODL) sales.
These massive transactions were potentially triggered by the decision of the SEC to lift the injunction against institutional sales for Ripple recently. As a result, Ripple can now proceed with its ODL business, likely contributing to the recent surge in large-scale XRP transfers.
Ripple Whales Move $572 Million
Whale Alert, has recently reported a flurry of XRP transfers. Four transactions were executed within a short span, and every swap was equal to 66,964,285 XRP, which amounts to about $143 million. These huge transactions have elicited quite a stir among the members of the crypto space regarding their size and the frequency.
While the reason behind the transfers is still uncertain, a large volume of XRP moving to unknown wallets could be tied to Ripple’s operations. Given that these moves occurred after the SEC has decided to remove the injunction on Ripple’s institutional sales, a correlation between Ripple’s liquidity management and institutional sales has emerged.
Such large movements have also attracted the attention of the market observers to think that Ripple may be gearing up for expansion of its ’on-demand liquidity’ solution. This could explain why this wave of whale is being observed today based on the firm’s capacity to continue with these institutional sales.
Ripple Legal Victory and Influence on XRP Transactions
Ripple’s legal situation with the U.S. Securities and Exchange Commission (SEC) has been a key factor influencing the company’s operations. Recently, as part of Ripple’s decision to drop its cross appeal against the SEC, the Commission agreed to remove the injunction that had previously restricted Ripple from conducting institutional sales of XRP. This decision paves the way for Ripple to resume its on-demand liquidity services, a core part of its business.
This movement should help Ripple expand the availability of liquidity solutions and its penetration in the international markets. The absence of the injunction will allow Ripple to transact with more XRP with institutional clients, which may be fueling the whale activities.
Subsequently, since Ripple’s ODL platform focuses on large XRP transactions, whales are likely to be engaged in this kind of activity as they provide liquidity. At the same time, Coinbase Derivatives has submitted new applications with the U.S. Commodity Futures Trading Commission (CFTC) to self-certify XRP futures contracts.
XRP Price Trend Amid Whale Movements
XRP’s recent market behavior also reflects these developments, with the cryptocurrency showing signs of strength. According to crypto analyst Casi Trades, after reclaiming the $2.05 support level, XRP price trend has set its sights on the next key resistance level at $2.24.
This level is particularly significant, as it aligns with both the macro and micro wave structures of XRP’s price movements.
Experts are keeping a close eye on XRP’s price action, with some predicting that the currency could break out of its current resistance levels and potentially reach new highs. The next levels to watch include $2.70, $3.05, and eventually $3.80, which could mark a new all-time high for XRP price.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) has formally acknowledged the filing for Fidelity’s spot Solana (SOL) Exchange-Traded Fund (ETF).
This marks a key development in the financial industry, as Fidelity seeks to list its Solana ETF on the Cboe BZX Exchange. The acknowledgment comes after Fidelity submitted a proposed rule change, paving the way for the potential approval of the product.
Fidelity’s Spot Solana ETF Proposal
The SEC’s acknowledgment follows Fidelity’s filing to list and trade shares of the Fidelity Solana Fund under the Cboe BZX Exchange. The proposed rule change, initially submitted on March 25, was later amended on April 1, 2025, to clarify certain points and add additional details.
The amended proposal aims to list the Solana ETF under BZX Rule, which pertains to commodity-based trust shares. According to the Cboe BZX Exchange, Fidelity plans to register the shares with the SEC through a registration statement on Form S-1.
Fidelity’s experience with crypto ETFs, having launched the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), has prepared it for this new initiative. FBTC has drawn substantial interest, accumulating nearly $17 billion in assets, while FETH currently manages around $975 million.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Senate Banking Committee has voted to approve Paul Atkins’ nomination for the role of Chair of the Securities and Exchange Commission (SEC). The vote, which took place on Thursday, passed with a narrow margin of 13-11, along party lines.
Paul Atkins, nominated by President Donald Trump, now moves one step closer to taking over the top regulatory position at the US SEC.
Senate Banking Committee Approves Paul Atkins Nomination
Paul Atkins’ nomination for SEC Chair has received approval despite sharp opposition from Democratic members of the Senate Banking Committee. The vote was entirely split, with Republicans supporting Atkins and all Democrats opposing the decision.
This partisan divide highlights the contentious nature of Atkins’ confirmation, which had been under scrutiny for several reasons.
The committee’s approval now clears the path for Atkins to proceed to the full Senate for a final confirmation vote. Given the Republican-controlled Senate, it is widely expected that Atkins will secure the necessary votes to take over the SEC leadership. With Republicans holding a 53-47 majority in the Senate, the confirmation process is anticipated to move forward swiftly.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Is Korea Propping Up The XRP Price? Pundit Explains What’s Happening
PayPal Adds Chainlink And Solana To Its US Cryptocurrency Service
Crypto Whales Are Selling These Altcoins Post Trump Tariffs
NFT Market Falls 12% in March as Ethereum Sales Drop 59%
Bitcoin Eyes Breakout as Global M2 Hits Record $108 Trillion
Solana Price Falls 19%; Losses Push Investors To Sell And Exit
-
Market22 hours agoEthereum Price Losing Ground—Is a Drop to $1,550 Inevitable?
-
Market24 hours agoWhat to Expect After March’s Struggles
-
Market23 hours agoBitcoin Price Still In Trouble—Why Recovery Remains Elusive
-
Market21 hours agoXRP Battle Heats Up—Can Bulls Turn the Tide?
-
Bitcoin17 hours agoJapanese Company Unveils Plans To Buy Crypto
-
Bitcoin18 hours agoWhy Are Retail Investors Turning to XRP Over Bitcoin?
-
Altcoin17 hours agoPi Coin Price Crashes 15%, Is Coinbase Listing Only Hope?
-
Market10 hours agoWill the SEC Approve Grayscale’s Solana ETF?
Arabic
Chinese (Simplified)
Dutch
English
French
German
Italian
Portuguese
Russian
Spanish
Vietnamese
✓ Share: