Jun 3, 2024

"CoinDesk Daily" host Helene Braun breaks down the biggest headlines impacting the crypto industry today, as President Joe Biden announced last Friday that he has signed a veto of a House Joint Resolution that would have repealed the SEC’s Staff Accounting Bulletin 121. Plus, MicroStrategy founder Michael Saylor agrees to a $40 million settlement in his income tax case and Australia's first spot bitcoin ETF with direct BTC holdings is set to launch on Tuesday.

Video transcript

You're watching Coin desk daily. I'm Helene Braun in for Jensen Asi. Us, President Joe Biden announced last Friday that he has signed a veto of a house joint resolution that would have repealed the sec staff accounting bulletin 121, the SAB 121 direct financial institutions holding crypto for customers to keep the assets on their own balance sheets. In the president's statement announcing the veto, Biden said he would not support any quote measures that jeopardize the well being of consumers and investors. Micro strategy founder and executive chairman Michael Saylor agreed to a $40 million settlement with the District of Columbia. According to the attorney general's office, the district sued sailor in 2022 for allegedly not paying income taxes during the more than 10 years that he lived there. Officials said the $40 million deal is D C's biggest ever income tax fraud recovery. The Bitcoin ETF hive has made its way to Australia as the nation's first spot. Bitcoin ETF is set to launch on Tuesday. According to monochrome asset management, the product is the first and only ETF that holds Bitcoin directly in Australia and that's it for Coin Nest daily. Get more updates on coindesk.com and we'll see you next time.

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