President Biden recently vetoed H.J. Res. 109, a bipartisan bill intended to overturn the SEC's Staff Accounting Bulletin No. 121 (SAB 121). SAB 121 mandates that financial institutions holding customers' digital assets must list those assets on their balance sheets. Critics argue this requirement creates significant operational and financial burdens for these institutions and potentially exposes customers' assets to risks in bankruptcy situations.
The bill, introduced by Representative Mike Flood and supported by figures like Senator Cynthia Lummis, aimed to remove these regulatory requirements, arguing they hinder financial innovation and create unnecessary risks for consumers. Proponents of the bill claimed that SAB 121's requirements make it prohibitively expensive for firms to provide crypto custody services, thereby stifacing industry growth and innovation.
Biden's administration, however, defended SAB 121, stating that it is essential for investor protection and market transparency. The administration argued that maintaining SAB 121 ensures that the SEC can effectively safeguard the financial system and protect investors from the inherent risks associated with digital assets.
#SAB121 #StartInvestingInCrypto

A well-known commodity trader believes that Bitcoin (BTC) is set to hit new highs in August 2025.
Peter Brandt, a famous commodity trader, recently announced that he has identified a short-term buying signal for Bitcoin.

Peter Brandt’s Bitcoin Buy Signal Amidst Largest Correction
Peter Brandt, a well-known commodity trader, recently pointed out a short-term buy signal for Bitcoin, which he refers to as a “foot shot” (Friday) pattern on his X social media account.

Source: X
Brandt also highlighted that the current market correction is the largest seen during the ongoing bullish cycle that began in December 2022.
Last Friday, Bitcoin’s price dropped to as low as $53,917, driven by the combined effects of substantial Mt. Gox repayments and significant government liquidations. This drop represents a 27% correction, notably larger than the 21.9% correction Bitcoin experienced in Q3 2023, when it fell from a local peak of $31,862 to $24,900.
Bitcoin’s Price Predictions: Brandt’s Long-Term Outlook
Adam Back, co-founder of Blockstream, recently downplayed the significance of Bitcoin’s recent price dip by comparing it to past bull cycles, which also experienced significant corrections.
Peter Brandt has previously predicted that Bitcoin could potentially reach as high as $150,000 during this bull cycle. This target aligns with forecasts from Fundstrat’s Tom Lee. However, Brandt believes that such a high price is more likely to be achieved by August 2025 rather than this year.

Currently, Bitcoin is trading at $57,478, with bulls having reclaimed some of the lost ground. Brandt’s outlook is based on historical patterns, suggesting that the market may peak in ugust 2025.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#SAB121 #PolyMarket #MtGox #Venezuela #CraigWright $BTC $ETH $SOL

Billy (BILLY), a dog-themed meme coin on the Solana (SOL) blockchain, has jumped over 44% in the last 24 hours. This surge follows the coin’s strong performance since it was listed on several major crypto exchanges in June.
According to the Daily Hodl, BILLY’s value has soared since exchanges like Bittrue, Bitget, MEXC, and Gate.io announced their support for the coin earlier this week.
BILLY Memecoin Sees Explosive Growth Post-Listing
On July 5, BILLY was trading at $0.1659, marking a 36% increase from the previous day. Just a few days prior, on June 26, the coin was valued at only $0.0286.
As of the latest update, CoinGecko lists BILLY at $0.1862. This represents a 44.7% jump from July 5 and brings its market capitalization to $189.5 million. Since its launch in June, the coin has surged 254%, with substantial gains recorded over various time frames.

BILLY 24-hour trading chart | Source: CoinGecko
Notably, in the past week alone, BILLY’s price has increased by over 192%, significantly outperforming the global crypto market, which is down 7.40%.
BILLY Leads Meme Coin Surge Amidst Market Recovery
BILLY has continued its impressive performance, outpacing other well-known tokens in the meme coin category. According to CoinGecko, while the broader meme market saw a 10.80% dip, BILLY has maintained strong gains.
Following significant drops recently, popular assets like Dogecoin (DOGE), Shiba Inu (SHIB), Bonk (BONK), and dogwifhat (WIF) have all turned green in the last 24 hours. DOGE rose by 9.8%, while SHIB surged by 14.7%. Bonk saw a 10% uptick with a substantial trading volume of $397 million, and WIF performed the best among major meme coins, jumping 16.4% to trade at $1.64.
Despite this recent recovery, over a 30-day period, most of these meme coins have seen significant losses in value. Bonk decreased by more than 32%, dogwifhat dropped by 40.6%, Shiba Inu lost over 38%, and Dogecoin’s price fell by 33%. In contrast, BILLY has soared since its launch, highlighting its standout performance in the current market conditions.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Billy #Solana #Memecoins #SAB121 #MtGox $BILLY $BTC $ETH