Today’s Newsletter
Solana-based memecoin $GME surges by 300% on Roaring Kitty’s return
President Joe Biden vetoed a resolution that would have overturned the SEC’s SAB 121 bulletin, arguing that challenging the proposed guidelines would undermine the SEC’s authority and put consumers and investors at risk.
Keith Gill, the trader known as “Roaring Kitty,” recently reappeared on social media, posted a screenshot of a $200 million position in GME on Reddit.
Biden vetoes SAB 121, says repeal would ‘jeopardize’ consumers
The Government Accounting Office said that SAB 121 blocks regulated banking groups from offering custody services and creates a different standard for crypto compared to other financial assets. The House of Representatives and the Senate had both voted to repeal the SEC’s guidance by significant margins.
Banking groups and members of Congress sent letters to Biden, urging him to sign the resolution and overturn SAB 121. Senator Cynthia Lummis said Biden went against the “will of the American people” and continued failed policies. This veto suggests that, despite some expectations of a more positive stance on crypto, the Biden administration’s position remains largely unchanged and skeptical of the industry.
MEME COINS
Solana-based meme coin $GME surges by 300% on Roaring Kitty’s return
The Solana-based meme coin $GME, which has nothing to do with the GameStop stock, saw a 300% increase in value, with its market cap exceeding $100M following Gill’s return.
In 2021, retail investors got behind the video game retailer, led to significant market volatility and losses for several hedge funds. Roaring Kitty’s involvement in sparking this movement has established him as an important figure for the retail investing community.
Other News
- Japanese exchange DMM Bitcoin hit with $300 million hack
- ARK Invest ends partnership with 21Shares on Ether ETF
- Ethereum options traders turn bullish following ETF approval, says Nansen analyst
- Ripple CEO says XRP ETF ‘inevitable’
- Flood of cash from Coinbase gives crypto one of the biggest campaign war chests.
- Australia’s first spot Bitcoin ETF with direct BTC holdings to go live on Tuesday.
- MicroStrategy and Michael Saylor settle tax case for $40M.
Trending News
- Congressman Emmer warns Biden Admin seeks China-style CBDCs
- Fidelity’s Ethereum spot ETF listed on DTCC under ticker $FETH
- Ethereum ETFs could debut by June as BlackRock updates S-1 form
- Ripple’s institutional DeFi could unlock Bitcoin ETF collateral value: Ripple CTO
- Iggy Azalea-endorsed meme coin delivers $2 million profit to insiders
- Fetch.ai, SingularityNET, and Ocean Protocol set to finalize token merger on June 13
