Senate Shakes Up Crypto Rules!

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Here's what we've got for you today:

• Senate Overwhelmingly Votes to Overturn SEC Crypto Rule on Banks

• Bitcoin ETF Volumes Hit 7-Week High as BTC Nears $67K

• NOT Drops 55% as Airdrop Farmers Sell Off Post-Exchange Launch

• JPMorgan Report Foresees Challenges for Bitcoin After Halving

📜 Senate Overwhelmingly Votes to Overturn SEC Crypto Rule on Banks

The United States Senate has passed a joint resolution in favor of H.J.Res.109, nullifying the SEC’s Staff Accounting Bulletin No. 121.

• The U.S. Senate passed H.J.Res. 109 with a 60-38 vote on May 16, nullifying the SEC's Staff Accounting Bulletin No. 121.

• This SEC rule required banks to hold customers' digital assets on their balance sheets and maintain capital against them.

• President Joe Biden recently shared in a statement that he intends to veto the resolution as he believes the rule protects crypto-asset investors and the broader financial system.

💸 Bitcoin ETF Volumes Hit 7-Week High as BTC Price Nears $67K

This week saw the seven largest U.S. spot ETFs manage $5.65 billion in volume between them.

• Hedge fund manager Thomas Kralow is very bullish as he believes the surge in trading activity is a positive market indicator.

• The spot Bitcoin ETFs saw consistent positive inflows every day this week.

• Even the Grayscale Bitcoin Trust (GBTC) saw some renewed interest with inflows of $27 million on May 16 and $4.6 million on May 17.

📉 NOT Drops 55% as Airdrop Farmers Sell Off Post-Exchange Launch

Notcoin (NOT) is a web3 gaming project that started on Jan. 1 in The Open Network (TON) ecosystem.

• NOT attracted a lot of attention recently after major crypto exchanges like Binance, OKX, KuCoin, and Bybit announced that they will be adding the token to their launchpads.

• In just its first hour, NOT generated $294 million in trading volume, and has attracted around 35 million users to its ecosystem so far.

• Despite initial success, NOT experienced a 55% price crash over the past day as airdrop farmers are selling off their tokens.

🪙 JPMorgan Report Foresees Challenges for Bitcoin After Halving

The dynamics of Bitcoin mining have shown some major changes after the latest halving event.

• JPMorgan previously anticipated a drop in Bitcoin's hashrate due to unprofitable miners exiting after the halving, which is now happening.

• The bank is still cautious about Bitcoin's near-term prospects as it believes there is a lack of new positive catalysts and reduced retail investor demand.

• This year's halving coincided with the launch of the Runes protocol, which temporarily increased transaction fees and helped miners offset reduced block rewards.

👀 QUICK NEWS

• Morgan Stanley Bets Big on Crypto with $270 Million GBTC Stake

• NFT Buyer Sues Dolce & Gabbana Over Value Loss

• Fantom Outperforms CoinDesk 20 Over Past Week as TVL Jumps

• Altcoins a ‘Relatively Huge’ Risk as Days of Big Returns are Gone, Say Analysts

• Report: Crypto Influencer Recommendations Lead to Losses

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