Joe Biden Vetoes Pro-Crypto Bill: Administration’s Stance Under Scrutiny
Late last week, President Biden vetoed a pro-crypto resolution passed by bipartisan politicians, suggesting a continued stance against crypto-friendly policies. The resolution aimed to strike down an SEC rule hindering banks from custodial crypto services.
This move signals uncertainty regarding crypto’s political importance and regulatory landscape. Senator Elizabeth Warren’s anti-crypto rhetoric and the Treasury Department’s NFT scrutiny add to this ambiguity.
Uniswap Postpones Governance Proposal Amid Regulatory Scrutiny
Amidst growing regulatory pressure, the Uniswap Foundation delayed a governance proposal that would have benefited UNI token holders. The proposal, aimed at sharing protocol fees with UNI holders, was postponed indefinitely, possibly due to the SEC’s targeting of Uniswap Labs. This delay raises questions about Uniswap’s future and its potential classification as a security.
Gox BTC Movement Sparks Market Concerns
Over 140,000 BTC, worth over $9 billion, transferred by Mt. Gox to repay creditors has sparked market fears of a potential sell-off. However, the impact may be mitigated as larger creditors like Kraken and individuals opt for OTC sales. While the movement initially caused the BTC price dip, its effect on the market remains uncertain.
No Solana ETFs Despite Ethereum Approval: JP Morgan Dampens Hopes
JP Morgan downplays the possibility of a Solana ETF following Ethereum’s spot ETF approval. Institutional interest in altcoins like Solana remains uncertain, with Ethereum’s ETF lacking staking, which could limit its appeal. Regulatory hurdles, including the SEC’s prior classification of Solana as a security, further dampen hopes for a Solana ETF in the near future.
BTC on Corporate Balance Sheets: Selma Scientific’s BTC Investment
Selma Scientific announces a $40 million BTC investment, citing it as an inflation hedge and safe-haven asset. The decision sees a 30% stock price surge, highlighting the growing interest in BTC among publicly traded companies. Selma’s move reflects a trend where companies view BTC as a store of value amidst inflation concerns, potentially influencing others to follow suit.
Top Performing Cryptos
Last week’s top-performing cryptos include Not Coin, Jasmi Coin, Celestia, BitG Token, and Audi. Factors such as upcoming events, airdrops, and increased trading volume influenced their price movements. However, technical analysis suggests potential corrections or consolidation for these assets, indicating market uncertainty despite recent rallies.
