At Extreme Investor Network, we stay on top of the latest news and developments in the stock market and trading world. Recently, Capitol Hill made a significant decision that could impact the US crypto market. In a bipartisan vote, SAB 121 was repealed, marking a positive step for the industry. SAB 121 would have required companies, including banks, to include assets under custody on their balance sheets, specifically client-owned cryptos.
This decision comes amidst a crucial time in US politics, with President Joe Biden now facing the decision to veto the resolution, sign it into law, or leave it unsigned. Senator Cynthia Lummis praised the historic move, urging President Biden to do the right thing and sign the bipartisan resolution into law.
On the campaign trail, cryptos have already made an appearance, with former President Donald Trump targeting the 52 million US crypto holders. Trump’s message to crypto supporters was clear – if you’re in favor of crypto, you better vote for Trump. This highlights the growing importance of the crypto market in the realm of politics.
In other news, the Hong Kong crypto-spot ETF market has seen net outflows in the past week. Farside Investors reported that the HK BTC-spot ETF market experienced total net outflows of $41.7 million, while the HK ETH-spot ETF market saw total net outflows of $6.6 million. This information provides valuable insights for investors looking to navigate the ever-evolving world of crypto trading.
Stay tuned to Extreme Investor Network for more updates and expert analysis on the latest trends in the stock market, trading strategies, and Wall Street news. Our team of experts is dedicated to providing you with valuable insights to help you make informed investment decisions.