Regulation
Rep McHenry Calls for Overturn of Biden Veto on SEC SAB 121
Representative Patrick McHenry, Chairman of the House Financial Services Committee, has made a strong case for overturning President Biden’s veto of a resolution that aimed to block the Securities and Exchange Commission’s Staff Accounting Bulletin No. 121 (SAB 121).
Rep McHenry Calls for Overturn of Biden Veto
During a recent session on the House, Representative Patrick McHenry engaged fellow Republicans in a debate when they were debating the President’s veto of H. J. Res. 109. This resolution aims at disapproving the SEC’s rule on Staff Accounting Bulletin No. 121 relating to banks’ digital asset custody.
The debate underscored the bipartisan nature of the disapproval that previously garnered wide support in both the House and Senate. McHenry stressed that the resolution was vital in revising the US policy on digital assets and encouraged his colleagues to vote in favor of the motion to override the veto.
#WATCH: Chairman @PatrickMcHenry in support of @HouseGOP’s message to override the veto of the bipartisan H.J.Res. 109:
“This Administration would rather play politics and side with power hungry bureaucrats over the American people.”
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https://t.co/l10uFxrc1r
— Financial Services GOP (@FinancialCmte) July 10, 2024
In his speech, McHenry took a swipe at the present administration for supporting bureaucratic decisions that, in his opinion, work against the people’s best interest. He mentioned the general support of the original Congressional Review Act (CRA) resolution and the subsequent passage of the Financial Innovation and Technology (FIT) for the 21st Century Act that endorsed the repeal of SAB 121.
Bipartisan Support and Legislative Context
The legislative journey of the resolution, H.J. Res. 109, reflects significant bipartisan cooperation. . At first, both houses of Congress approved the resolution with a large margin, a trend that is also observed in the recent passage of the FIT21 Act.
Moreover, this Act which contained provisions concerning the digital asset market structures was also passed with the support of many members of the two parties including 71 from the President’s own party.
Therefore, this bipartisan position on SAB 121 suggests that there is a coordinated push by legislators to alter the SEC’s stance on the regulation of digital assets. McHenry and other critics of SAB 121 have noted that the rule unduly burdens banks, restricts consumer choices for asset custody, and alters long-standing industry norms without clear rationale.
Mike Flood Criticizes SEC Overreach
In addition, during the debate, Representative Mike Flood also expressed a negative view towards the implementation of SAB 121 by the SEC. He noted that the SEC’s actions under Gensler are beyond its scope in that other bodies like the Federal Reserve and the Treasury Department should handle such roles.
Flood said,
“The SEC was caught with its hand in the cookie jar. They have gone too far in a very obvious manner that is against the best interest of investors. SAB 121 is not a political issue; it is simply a bad rule.”
Flood argued that SAB 121 weakens the conventional bank custody frameworks through the adoption of measures that are inapplicable to the banking sector’s operations.
Read Also: Fed Chair Powell Voices Strong Support for Stablecoin Regulation
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.
Binance founder Changpeng Zhao, has been appointed as a Strategic Advisor to Pakistan’s Crypto Council. This appointment marks a new phase for Pakistan’s efforts to enhance its position in the global crypto and blockchain sectors. Zhao, known for his influence in the Web3 space, is expected to guide the country’s crypto policies and infrastructure.
Binance Founder Changpeng Zhao As Pakistan Crypto Strategic Advisor
The official announcement came during a meeting between Binance founder Changpeng Zhao and the Pakistan Crypto Council (PCC), which was chaired by Pakistan’s Finance Minister Senator Muhammad Aurangzeb.
As part of his role, Binance founder Changpeng Zhao will provide expertise on various aspects of the crypto ecosystem, including regulation, infrastructure development, and the promotion of adoption. He will also assist in building a regulatory framework that ensures compliance while encouraging innovation.
The Finance Minister of Pakistan, Senator Muhammad Aurangzeb, expressed enthusiasm about Zhao’s appointment, stating,
“With CZ onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth.”
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.
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.
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