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

Polkadot’s Hyperbridge enables seamless communication between multiple blockchain networks using advanced cryptographic proofs and decentralized relayers.
Its coprocessor model reduces on-chain verification costs by performing off-chain computations, enhancing transaction speed and efficiency. Being chain-agnostic, Hyperbridge allows developers to create applications that interact seamlessly with any blockchain, promoting widespread adoption.
Polkadot Introduces Hyperbridge to Transform Blockchain Interoperability
Polkadot has launched Hyperbridge, a groundbreaking concept designed to revolutionize blockchain interoperability. This new technique facilitates seamless interaction between Polkadot, Ethereum, the BNB Chain, and other blockchain networks, addressing a major issue in the blockchain industry through the use of decentralized relayers and advanced cryptographic proofs.

Source: X
Interoperability is crucial for the full utilization of blockchain networks. Hyperbridge enhances this by providing secure and scalable interactions across multiple chains. Its unique coprocessor model further improves efficiency by reducing on-chain verification costs, performing computations off-chain, and securely transmitting the results immediately. This leads to faster, more cost-effective, and efficient cross-chain transactions.
Hyperbridge includes several innovative features that set it apart from other systems. One notable feature is proof aggregation, which allows Hyperbridge to validate and combine the states of multiple connected blockchains into a single proof, serving as a secure bridge for cross-chain messages.
In addition, Hyperbridge uses permissionless relayers, eliminating the need for whitelisting or staking. This enhances decentralization and network stability. User payments incentivize relayers, ensuring a reliable and efficient system.
Hyperbridge’s Chain-Agnostic Nature and Revolutionary Impact
Another significant achievement of Hyperbridge is its chain-agnostic nature. This feature allows developers to create applications that work seamlessly with any blockchain, promoting widespread adoption and innovation. Its streamlined user experience sets the stage for a future where blockchain technology is fully integrated into various applications.
Hyperbridge marks a significant shift in blockchain technology. By addressing interoperability challenges and offering unique solutions, Hyperbridge aims to revolutionize how blockchain networks interact. Its launch ushers in a new era of efficiency and security in cross-chain transactions, with far-reaching implications for the entire blockchain ecosystem.
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.

#DOT #Dot #Polkadot #SAB121 #MtGox $DOT $BTC $ETH

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

1. Main content of SAB 121 law:
SAB 121 is a "non-binding employee guidance" proposed by the SEC.
Require entities holding cryptocurrencies to report those holdings to the SEC and include them on their balance sheets as liabilities.
2. Reasons for passing the law:
Improved customer disclosure and crypto asset transparency.
Ensuring that companies report crypto assets honestly and accurately helps protect investors.

A recent report from Spot On Chain, a blockchain analytics firm, has revealed that a major cryptocurrency investor, known as a “whale,” has suffered a big loss with Pepe Coin (PEPE). The investor had deposited 519 billion PEPE tokens worth about $5.11 million on Binance.
The reasons behind the sale are not entirely clear, but the data shows that the investor faced a loss of around $207,000, which is a 3.9% drop from their initial investment. The PEPE tokens were bought before the cryptocurrency reached its highest price in late May. If the investor had sold their tokens at that peak, they could have made a potential profit of $3.47 million.
Major Investor Faces Additional Losses Amid PEPE Decline
Further analysis by Spot On Chain reveals that the investor may be struggling with even more financial trouble. The report points out unrealized losses amounting to $6.68 million on other cryptocurrency assets, such as AAVE and YFI.

Source: X – Spot On Chain
In the meantime, the popular “frog” meme token, PEPE, is currently priced at $0.0000092. This digital asset has dropped over 23% this week and saw a peak decline of 36%, reaching levels not seen since early May.
The future of the PEPE token remains uncertain, and it appears that one major investor is particularly affected by the recent downturn.

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.

#PEPE #Pepecoin #pepe #MtGox #SAB121 $PEPE $BTC $SOL

Taiwan Mobile, the second-largest telecom operator in Taiwan, has entered the digital asset market, becoming the country’s 26th virtual asset service provider (VASP).
This move positions the company, valued at 431.90 billion TWD, to potentially launch its cryptocurrency exchange, indicating a significant integration of digital assets into mainstream services.

Taiwan Mobile Enters Crypto Market as 26th VASP in Taiwan
Taiwan Mobile’s entry into the cryptocurrency space represents a significant development in Taiwan’s financial landscape. As of July 5, according to the latest details on the Financial Supervisory Commission (FSC) website, Taiwan Mobile has officially become the 26th virtual asset service provider (VASP) in the country.
The application process was led by Zhichen Lin, the general manager of Taiwan Mobile, which positions the telecom giant to join the VASP Association. Looking ahead, the integration of Taiwan Mobile with cryptocurrency exchanges is expected to create various new application scenarios for digital assets.
This move aligns with Taiwan Mobile’s broader strategy to incorporate digital assets into its services, showcasing a forward-thinking approach in a rapidly evolving market.
Taiwan Mobile Explores Crypto Partnerships and Exchange Launch
Local media reports reveal that Taiwan Mobile is actively exploring opportunities to collaborate with local crypto platforms. This includes potential investments in cryptocurrency businesses, underscoring the company’s commitment to expanding its presence in the digital asset sector.
With this recent development, Taiwan Mobile is positioned to potentially launch its own cryptocurrency exchange in the country, addressing the growing demand for digital currencies. The company’s entry into the crypto exchange space could lead to innovative applications of cryptocurrency, leveraging its existing customer base and technological infrastructure.
This strategic move could establish Taiwan Mobile as a significant player in the crypto market and potentially set a precedent for other telecom operators in the region.
Taiwan’s Crypto Sector Resurgence and Regulatory Developments
Taiwan’s cryptocurrency sector is experiencing a resurgence, fueled by recent regulatory advancements. In June, Taiwan established the Taiwan Virtual Asset Service Provider Association to regulate the crypto industry, enhance oversight, combat fraud, and ensure compliance with anti-money laundering (AML) laws.
This association will create guidelines for classifying and managing virtual asset service providers, offering a structured framework for the industry’s development. Additionally, the Financial Supervisory Commission (FSC) is preparing to submit a revised draft of digital asset regulations in September. The regulator is closely monitoring Bitcoin ETFs to gauge public interest and readiness.
The FSC’s potential approval for Taiwanese investors to purchase overseas Bitcoin ETFs signals a willingness to embrace crypto innovations while maintaining regulatory safeguards.
Taiwan Mobile’s Strategic Move Into the VASP Space and Its Impact
Taiwan Mobile’s entry into the virtual asset service provider (VASP) space represents more than just a corporate strategy; it marks a significant step toward mainstream adoption of digital assets in Taiwan. As the second-largest telecom operator in the country, Taiwan Mobile’s involvement in the crypto market could drive broader acceptance and use of digital currencies among the general public.
This move could also encourage other major corporations to explore similar ventures, potentially accelerating the integration of digital assets into everyday financial activities. With its substantial market presence and technological expertise, Taiwan Mobile is well-positioned to navigate the complexities of the crypto market and deliver innovative solutions to its customers.
Integrating crypto services into its telecom offerings could enhance the user experience and provide a smooth transition for those entering the digital asset space. Becoming the 26th VASP in Taiwan is a notable milestone for the company, reflecting its commitment to innovation and positioning it at the forefront of digital asset integration in mainstream services.
As Taiwan continues to develop its regulatory framework for the crypto sector, Taiwan Mobile’s entry into this space could drive wider acceptance and usage of digital currencies, heralding a new era of financial services in the country.

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.

#Taiwan #Bitcoin #Memecoins #MtGox #SAB121 $BTC $ETH $XRP

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