The Repeal of SAB 121: A Major Turn in Crypto Policy
This week, the U.S. Congress will vote on HJ Res. 109, a resolution that seeks to overturn the SEC's SAB 121 rule. This rule requires financial institutions to list customers' digital assets on their balance sheets and is seen as an important barrier to excluding cryptocurrencies from the U.S. financial system. Since May, the House of Representatives and the Senate have approved the repeal of SAB 121, and although President Biden has said he will veto the bill, the effort still shows that the cryptocurrency industry's influence at the legislative level is growing.
The repeal of SAB 121 is of great significance to the cryptocurrency industry. The rule requires banks to hold corresponding cash when custodying cryptocurrencies, which greatly limits banks' willingness and ability to participate in the crypto market. Critics point out that this regulation not only lacks rationality, but also conflicts with the guidance of the U.S. Office of the Comptroller of the Currency (OCC), resulting in reduced customer protection. With the repeal of SAB 121, the cryptocurrency industry is expected to welcome more financial institutions to participate, thereby increasing market liquidity and stability.
The Dawn of Ethereum Spot ETFs: A New Channel for Institutional Investors
At the same time, the expected approval of Ethereum spot ETFs has also brought great excitement to the market. Several asset management companies have updated their S-1 forms, and experts predict that these ETFs may be launched soon. ETF analysts at Bloomberg Industry Research even said that these ETFs may be listed later next week or during the week of July 15.
The approval of the Ethereum spot ETF is not only an important milestone in the cryptocurrency market, but also a new channel for institutional investors to enter the market. The participation of large financial institutions such as BlackRock and Fidelity means that a large amount of funds from traditional financial markets will flow into the cryptocurrency market, which will help improve market liquidity, promote market stability, and reduce price volatility. For investors, the launch of ETFs will provide a more convenient and transparent investment method, reducing the threshold and risk for individual investors to directly enter the cryptocurrency market.
CPI data released: The linkage between Fed policy and crypto market
In addition to the repeal of SAB 121 and the expected approval of the Ethereum ETF, the upcoming US CPI data will also have an important impact on the cryptocurrency market. The CPI data is an important indicator for measuring the level of inflation, and its release will directly affect the Fed's policy decisions. If the CPI data shows a decline in inflation, it may trigger expectations that the Fed will adjust its monetary policy, which in turn will affect financial markets including cryptocurrencies.#BTC下跌分析 #币安7周年 $BTC
