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ANOTHER AMERICAN REGULATORY DRAMA Republican Wiley Nickel: "SEC has turned cryptocurrency regulation into a political soccer" North Carolina Democratic U.S. Congressman Wiley Nickel accused the U.S. SEC of being biased against the cryptocurrency sector and unwilling to fulfill its mandate to protect investors. In a letter sent to SEC Chairman Gary Gensler, Wiley Nickel said the regulator is contradicting its mission to protect investors. The agency is exceeding its authority by attempting to adopt Statement of Accounting Bulletin 121 (SAB 121), the letter said. Under SAB 121, financial institutions reporting to the SEC that hold cryptocurrencies must mark them as liabilities on the balance sheet. Nickel believes the rule will prevent U.S. banks from holding large amounts of cryptocurrency-related products. This will create a "concentration risk" of funds with non-banks. Many U.S. investors will look for ways to store deposits offshore, which could prove much riskier, the congressman fears. "The SEC's open hostility toward the crypto industry does not serve President Biden's interests. The SEC is turning cryptocurrency regulation into a political soccer and forcing Biden to decide which side to play on," Nickel wrote. The politician urged Gensler to withdraw SAB 121, even as he was confident that the Senate would pass a resolution to reject SAB 121 on the May 16 vote on the issue. Last week, the U.S. House of Representatives voted to pass a bill to repeal the Bulletin. #Memecoins #notcoin #BTC #altcoins
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After #notcoin , the new Airdrop is #Switch, folks. We're also joining the Switch project at zero cost, supported by the TON ecosystem Switch stands out from the rest. It combines the functionalities of CEX and DEX. We'll be farming every day. Those who missed out on $NOT coin can follow this. Let's make it fruitful 🔥 #BinanceLaunchpool t.me/pocketfi_bot/Mining?startapp=5598599177
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ERIC BALCHUNAS SAYS ETH SPOT ETFS HAS A ZERO% CHANCE OF APPROVAL "The chances of approval of spot ETFs for $ETH are zero" Eric Balchunas, Senior Analyst at Bloomberg Intelligence, believes that the probability of the US Securities and Exchange Commission (SEC) approving spot ether ETFs is practically zero. Eric Balchunas praised securities lawyer Scott Jonhsson, who believes the SEC is examining the legal basis for denying applications for spot ether ETFs. For his part, Eric Balchunas said the regulator is considering a denial on the grounds that the applications were improperly filed because the instruments' shares are securities and not exchange-traded commodities "The chances of spot ETFs for ether being approved are practically zero," Balchunas claimed. The analyst recalled that in May the regulator had already postponed a decision on a spot product from Invesco and Galaxy, and on April 23 postponed consideration of an application from Franklin Templeton with a deadline of June 11. #ETHETFS #ETFvsBTC #altcoins
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THINGS YOU SHOULD KNOW TODAY 1. $NOT Listing in less than 30 Min 2. $BTC Hits 66K 3. $TRX Adds Google cloud 4. Morgan Stanley invest 271M in Bitcoin ETF 5. $SHIB to sponsor Canadians web3 event 6. DOGE Whale Dumps $200M in DOGE 7. Binance develops ‘antidote’ to address poisoning scams after $68M exploit 8. Crypto Marketcap passes 2.5T 9. Binance burns additional LUNC #Memecoins #notcoin #MicroStrategy #ETFvsBTC #buythedip
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SOLANA OUTPERFORMS ETHEREUM Solana's value rose to $165 : what happened behind the scenes The Solana $SOL blockchain has outperformed the Ethereum $ETH network in terms of profitability for the first time, leading to a sharp rise in the value of SOL. Network analyst Dan Smith drew attention to this significant event in a recent post on X. He noted that Solana's economic value has surpassed $2.2 million dollars. In comparison, Ethereum's economic value is around $1.98 million dollars. On May 12, Solana generated more total economic value than Ethereum for the first time in a single day - Dan Smith The chart accompanying the update shows the economic value generated by both Solana and Ethereum from February 14 to May 12, 2024. This value is calculated based on transaction fees and miner extraction value (MEV). #Memecoins #buythedip #ETHETFS #notcoin
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