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Bitcoin (BTC) and Crypto Stocks Respond to Repeal of SAB-121 Rule

A Positive Shift for Digital Currency: US Congress Revokes Restrictive Rule

Exciting news is spreading across the digital currency landscape following the decision by the United States Congress to overturn a regulation that has been limiting the potential of Bitcoin (BTC). This bipartisan move not only benefits Bitcoin but also has significant positive implications for alternative cryptocurrencies, known as altcoins.

The regulation in question, known as SAB-121, was introduced by the United States Securities and Exchange Commission (SEC) with the intention of restricting banks and financial institutions from engaging with Bitcoin (BTC) and other crypto assets. However, this was seen as an unnecessary limitation on the freedom of American businesses, prompting resistance from pro-crypto lawmakers.

Thanks to the efforts of figures like Sen. Cynthia Lummis and Rep. Tom Emmer, the Senate successfully voted to repeal the rule by a margin of 60 to 38, marking a major victory for the entire crypto ecosystem.

Despite the positive news, Bitcoin’s price has not seen a significant increase, with a slight decrease of 0.71% in the last 24 hours, settling at $65,277.86. This volatility has caused over $13.5 million in liquidated funds within just 4 hours, affecting other digital currencies like Ethereum, which saw a 1.33% drop to $2953.14.

While Bitcoin and certain altcoins experienced declines, others like Solana (SOL) and Shiba Inu (SHIB) saw gains of 4.22% and 2.21% respectively, showcasing a varied response to the market dynamics.

Amidst these fluctuations, stocks of crypto-related companies also reacted differently to the news. Coinbase (COIN) recorded a significant 18.18% drop to $201.73 per share, while Robinhood (HOOD) experienced a minor decline of 0.32% to $18.20. Other crypto stocks such as Hut 8 (HUT) and Marathon Digital (MARA) also reported slight losses.

Looking Ahead: What’s Next for Bitcoin and Altcoins?

Although the Senate’s decision to repeal the regulatory rule marks a crucial milestone for the crypto industry, there is still a significant obstacle ahead. The fate of this repeal now rests in the hands of President Joe Biden, who must sign the Bill into law for it to take effect.

Concerns linger as President Biden had previously indicated a potential veto, even if the Senate supported the repeal. This uncertainty adds to the complexity of bringing digital assets into the mainstream corporate domain, despite major players like Morgan Stanley and Wells Fargo already exploring Bitcoin ETF products.

As the industry awaits the final decision, the potential benefits of direct exposure to Bitcoin and altcoins for large institutions could reshape the market landscape, providing a more stable and robust environment for digital currency adoption and growth.

Explore More: Latest Trends in the Crypto Market and Beyond


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