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Coin Stories with Natalie Brunell
News Block: President Biden Vetoes Pro-Bitcoin Banking Bill, BlackRock Becomes Largest Bitcoin Fund, How a Small Bitcoin Allocation Can Boost Portfolio Returns
Jun 6, 2024
10:42
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President Biden's veto of Bitcoin banking bill, BlackRock's rise as largest Bitcoin fund, and how small Bitcoin allocations boost portfolio returns discussed. Bitcoin's role in diversifying portfolios, reducing risks, and enhancing returns highlighted.
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Quick takeaways
- President Biden's veto of the pro-Bitcoin banking bill raises concerns about his stance on cryptocurrency regulation.
- BlackRock's Bitcoin ETF surpasses Grayscale's, demonstrating rapid growth and potential to dominate the market.
Deep dives
Bitcoin Veto Decision by President Biden
President Biden's veto of legislation overturning SEC rule SAB-121, which would have allowed financial institutions to custody Bitcoin, raised questions about his anti-crypto stance compared to Donald Trump's pro-crypto image. Despite receiving requests from the American Bankers Association, Biden's veto maintained the rule, impacting the industry's growth. The bill's potential conversion to law faces challenges requiring a two-thirds majority vote, reflecting the complex legislative process involved.
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