🚀 Biden Vetos Crypto

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. On Friday afternoon, President Joe Biden vetoed a House Joint Resolution that sought to repeal the SEC's Staff Accounting Bulletin 121 (SAB 121). This guidance mandates that financial institutions holding cryptocurrency for customers must include these assets on their own balance sheets, a requirement critics argue complicates the ability of such institutions to collaborate with crypto companies. In his veto statement, Biden highlighted his dedication to protecting consumers and investors, affirming he would not endorse measures that might compromise their well-being. He also expressed readiness to work with Congress on creating legislation for the digital asset market, emphasizing the necessity of appropriate safeguards. The veto came shortly after banking groups and congressional members urged Biden to sign the resolution to overturn SAB 121.

2. Nvidia unveiled its next-generation AI chips, named "Rubin," on Sunday, just months after announcing the "Blackwell" model in March. CEO Jensen Huang introduced Rubin ahead of the COMPUTEX tech conference in Taipei, highlighting Nvidia’s accelerated development pace, moving from a two-year to a one-year update cycle. Despite this rapid progression, Blackwell remains in production and is expected to ship later in 2024. Competitors such as AMD, Intel, Microsoft, Google, and Amazon are striving to catch up, while new startups are entering the market. Huang emphasized that Nvidia is pushing the boundaries of AI and computing with these innovations. Rubin will feature new GPUs and a central processor called "Vera," although further details were not disclosed.

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4. Headlines

   1. Gamestop gained as much as 82% before finishing the day up 21% on Monday after Roaring Kitty announced he had purchased $100M in Gamestop shares.

   2. Bitcoin miners are leveraging their computational power for a stake in the AI industry.

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