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- 🌙 Senate Passes Resolution To Overturn SAB 121
🌙 Senate Passes Resolution To Overturn SAB 121
Twelve Democratic Senators voted in favor to pass Joint Resolution 109, Thursday, including Kirsten Gillibrand and John Hickenlooper.
Mike Gavela
May 16, 2024
Crypto Roundup - May 16
The U.S. Senate has passed a resolution to overturn SAB 121, a significant legislative development with wide-reaching implications for the sectors governed by the bill. Meanwhile, in the cryptocurrency sector, Coinbase's shares fell by 9% following reports that CME might consider listing spot Bitcoin, which could potentially affect Coinbase's market share and trading volumes. Additionally, the cryptocurrency platform Pump.fun suffered a security breach resulting in a loss of nearly $2 million. The exploit occurred during what had been a record revenue week for the platform, overshadowing its financial success.
Top Stories:
Senate Passes Resolution: A resolution to overturn SAB 121 has been approved by the U.S. Senate, impacting various industries.
Coinbase Shares Fall: Coinbase's stock price drops 9% on news that CME may list spot Bitcoin, potentially diluting Coinbase's market dominance.
Pump.fun Exploited: The DeFi platform Pump.fun was hacked, resulting in nearly $2 million in losses during a peak financial period.
TOP STORIES
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FUNDRAISES
Happy to announce Param Labs has raised $7M in funding!đź”’
This total comes after closing our private rounds, with fresh capital contribution led by @animocabrands and participation from leading investors such as @Delphi_Ventures, @MechanismCap, @MeritCircle_IO, and more!
— Param Labs (@ParamLaboratory)
2:56 PM • May 16, 2024
Chainstack is proud to announce a landmark investment through SBI Ven Capital, Sygnum, Azimut Group, @Unicorn_Venture, and Ventech Ventures marking a pivotal moment in our journey to accelerate Web3 infrastructure development!
This pivotal moment highlights our rapid growth… x.com/i/web/status/1…
— Chainstack 💙🛠️ (@ChainstackHQ)
2:23 PM • May 16, 2024
Today, we are excited to announce our pre-seed round co-led by @nolimithodl and @BaboonVC to reshape decentralized leverage trading!
More details in the thread.
— Marginal (@MarginalDEX)
3:21 PM • May 16, 2024
OTHER HEADLINES
CRYPTO TWITTER (X)
JUST IN: 937 financial firms disclosed spot #Bitcoin ETF holdings in Q1 2024.
Gold ETFs had just 95 firms invested in its first quarter.
— Watcher.Guru (@WatcherGuru)
5:00 PM • May 16, 2024
BREAKING: 51 VOTES! Senate just voted to repeal Gensler's anti-crypto rule SAB121 🎉
Key Democrat Senators broke party lines to vote yes.
Now Biden has to choose.
Does he choose anti-crypto and veto or let it pass?
His next move could cost him the election. x.com/i/web/status/1…
— Bankless (@BanklessHQ)
4:15 PM • May 16, 2024
Think it’s important to recognize:
- top tier venture historically has generated 3x (and that was during record low interest rate environment!)
- historically crypto VC has vastly outperformed traditional VC (liquid venture + nascent asset class growing from <$10B to $2.5T in… x.com/i/web/status/1…
— Santiago R Santos | #9159 (@santiagoroel)
2:31 PM • May 16, 2024
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