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Biden Makes Major Crypto Ruling

Crypto, Nvidia, GameStop

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👉President Biden vetoes crypto bill

👉 NVIDIA new chip

👉Roaring Kitty posts $116 million bet

BIDEN: Vetoes Crypto

On Friday afternoon, President Joe Biden vetoed a House Joint Resolution that aimed to repeal the SEC's Staff Accounting Bulletin 121 (SAB 121). This controversial guidance requires financial institutions holding crypto for customers to keep these assets on their own balance sheets. Critics argue that it complicates the ability of financial institutions to work with crypto companies.

Source: CNBC

In his veto statement, Biden emphasized his commitment to protecting consumers and investors, stating he would not support measures that jeopardize their well-being. He reiterated his willingness to work with Congress on legislation for the digital asset market, stressing the need for appropriate safeguards. The veto followed hours after banking groups and members of Congress sent letters urging Biden to sign the resolution to overturn SAB 121.

🎯 GRIT TAKE: President Biden’s veto of the resolution to repeal…upgrade to VIP now to read the full GRIT Take!

NVIDIA: New AI Chips

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. Rubin highlights Nvidia’s accelerated development pace, moving from a two-year to a one-year update cycle. Despite the quick turnaround, Blackwell is still in production and expected to ship later in 2024.

Source: Getty

Competitors like AMD, Intel, Microsoft, Google, and Amazon are trying to catch up, while startups are also entering the market. Huang stated that Nvidia is pushing the boundaries of AI and computing with these innovations. Rubin will include new GPUs and a central processor called "Vera," although further details were not disclosed.

GAMESTOP: Roaring Kitty

GameStop shares have soared almost ~85% in pre-market trading on Monday following a post from the Reddit account that fueled the meme-stock frenzy in 2021. On June 2, Keith Gill, known as DeepF— Value on Reddit, shared a screenshot showing a purchase of five million shares at $21.27 each.

Source: Yahoo

On Sunday, the game retailer's stock surged over 19% to $27.58 in Robinhood's 24-hour trading session. Gill posted an image of an UNO Reverse card, symbolizing a change in direction, which garnered more than 3.2 million views within three hours of being posted at around 8 p.m. Sunday

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