Senate Passes Bipartisan Crypto Bill, Biden Faces Dilemma Over SEC Veto Threat
- U.S. Senators Approve Congressional Review Act (CRA) for SEC's SAB 121:
- A majority of U.S. Senators approved a CRA to review the SEC’s Staff Accounting Bulletin No. 121 (SAB 121).
- The Senate passed H.J.Res. 109 with a rare bipartisan vote of 60 to 38, with notable Democratic support.
- President Biden's Stance and White House Opposition:
- President Biden had threatened to veto any resolution overturning the SEC policy on crypto.
- The White House strongly opposed disrupting the SEC's efforts to protect investors in crypto markets.
- Pressure on Biden and Support for H.J.Res. 109:
- Pressure on Biden includes calls from the American Bankers Association to sign H.J.Res. 109.
- Broad support for the bill could lead to internal conflict within the Democratic Party as elections approach.
- Potential Actions and Complications:
- Biden has options to sign, veto, or allow the resolution to become law without his signature.
- Trump's pro-crypto stance adds complexity to Biden's decision-making process.
- SEC's Role and Possible Resolutions:
- SEC Chair Gary Gensler could potentially revoke SAB 121, removing the need for Biden's veto.
- SEC Commissioner Hester Pierce criticized SAB 121 and welcomed Congress's involvement in crypto regulation.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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