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Five things to know about crypto this week: BTC-Spot and SEC ETF entries vs.
XRP Weekly Chart 180524
Capitol repeals SAB 121 in bipartisan vote
On Thursday (May 16), the Senate voted repeal SAB 121, a positive vote for the US crypto market. SAB 121 would require companies, including banks, to include custodial assets on their balance sheets. Assets under custody would include customer-owned cryptocurrencies.
The vote was good news for the US crypto market. However, US President Joe Biden must decide whether to veto the resolution, sign it or leave it unsigned.
Senator Cynthia Lummis had this for to say about the account,
“This is historic. Do the right thing and sign this bipartisan resolution into law.”
As the race for the White House heats up, cryptocurrencies have already appeared in former President Donald Trump’s campaign. In early May, Trump targeted 52 million cryptocurrency holders in the US, saying,
“If you like crypto in any form… and it comes in many forms… if you are for crypto, you better vote for Trump.”
A Republican Party victory could end the reign of SEC Chairman Gary Gensler and the era of regulation through enforcement that has plagued the crypto market.
In other news
Hong Kong’s spot crypto ETF market faces net outflows in the week ending May 17. According to Farside Investors, the BTC HK spot ETF market saw total net outflows of $41.7 million from Monday (May 13) to Thursday (May 16). The Hong Kong ETHThe spot ETF market saw total net outflows of $6.6 million.