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🌙 Biden Vetoes Bill Overturning SAB 121

The bulletin has drawn controversy over the past year over concerns in the crypto industry that it could prevent banks from safeguarding digital assets.

Author

Mike Gavela
May 31, 2024

Crypto Roundup - May 31

President Biden vetoed a bill aimed at overturning SAB 121, emphasizing the standard's necessity for crypto innovation. Meanwhile, the Uniswap Foundation has delayed the vote on token staking and delegation rewards, causing a notable drop in UNI's value. Additionally, Japanese crypto exchange DMM Bitcoin reported a significant hack, losing $30.5 million.

Top Stories:

  • Biden vetoes bill overturning SAB 121, highlighting the importance of maintaining standards for crypto innovation.

  • Uniswap Foundation delays vote on token staking and delegation rewards, resulting in an 8.7% drop in UNI's value.

  • Japanese crypto exchange DMM Bitcoin suffers a $30.5 million hack, raising security concerns in the industry.

TOP STORIES

Biden vetoes bill overturning SAB 121, says standard 'necessary' for crypto innovation

U.S. President Joe Biden vetoed a bill to overturn a controversial Securities and Exchange Commission bulletin establishing accounting standards for firms that custody crypto. 

www.theblock.co/post/297885/biden-vetoes-bill-overturning-sab-121-says-standard-necessary-for-crypto-innovation

Uniswap Foundation delays vote for token staking and delegation rewards, UNI falls 8.7%

The postponement was due to a "stakeholder" discussing concerns with the Foundation that prompted more attention.

www.theblock.co/post/297879/uniswap-foundation-delays-vote-for-token-staking-and-delegation-rewards-uni-falls-8-7

Japanese Crypto Exchange DMM Bitcoin Suffers $305M Hack

Measures have been taken to prevent further unauthorized outflows, the exchange said.

www.coindesk.com/business/2024/05/31/japanese-crypto-exchange-dmm-bitcoin-suffers-305m-hack

FUNDRAISES

OTHER HEADLINES

Ark Invest’s spot bitcoin ETF logs record $100 million in daily net outflows

Spot bitcoin ETFs in the U.S. recorded their 13th consecutive day of net inflows on Thursday, drawing in $48.71 million.

www.theblock.co/post/297773/ark-invest-spot-bitcoin-etf-outflow

Trump’s crypto wallet swells to $12m after conviction

In the last 24 hours, a wallet identified as belonging to Trump saw nearly $500,000 in new deposits across a slew of different tokens.

www.dlnews.com/articles/snapshot/trump-crypto-wallet-swells-after-conviction

Daily Transactions on NEAR Protocol Surge to 6 Million - The Defiant

Transactions have tripled since the beginning of the year, while wallets have doubled to 75 million.

thedefiant.io/news/blockchains/daily-transactions-on-near-protocol-surge-to-6-million

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