Crypto
Biden Shoots Down Measure Limiting SEC Crypto Authority
President Joe Biden has vetoed a resolution limiting the Securities and Exchange Commission’s (SEC) authority over the cryptocurrency sector.
Biden announced the veto Friday (May 31) evening, saying that the legislation would have constrained regulators’ ability to put up guidelines for the crypto industry.
“Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation,” Biden said.
“My administration is eager to work with the Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital assets and payment innovation and help reinforce United States leadership in the global financial system.”
The measure would have ended the SEC’s special rules for custodians of crypto assets, a move supported by both the digital asset sector and the banking industry. Congress passed the legislation last month, but the White House had said the president planned to veto it.
The veto follows last month’s passage of the Financial Innovation and Technology for the 21st Century (FIT21) Act by the U.S. House, which establishes a federal framework designed to ensure regulatory certainty for digital assets and provide key protections for consumers.
“The bill, which was first voted to the House floor in 2023, passed the House by a vote of 279 to 136, with 208 Republicans and 71 Democrats voting to approve it,” PYMNTS wrote recently. “Its bipartisan passage shows how far the embattled crypto sector has come, from a regulatory perspective, in America.”
But the adoption didn’t come without controversy. On the morning of the vote, SEC Chair Gary Gensler said the cryptocurrency bill would undermine his agency’s work.
The legislation, Gensler stressed, “would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk.”
And the Biden administration has also opposed the legislation, saying that it “lacks sufficient protections for consumers and investors who engage in certain digital asset transactions,” at least in its current form.
“Still, the bill passed, providing a glimmer of hope to an industry that has long bemoaned the lack of regulatory clarity around its operations in the U.S,” PYMNTS wrote.
Going into the weekend, the price of Bitcoin was unable to sustain the bullish momentum it displayed earlier in the past week. Since Friday, January 16th, the world’s leading cryptocurrency, repudiated by the price resistance above, now trades in a tight consolidatory bracket. Interestingly, this period of silence has been deemed transient, as recent on-chain data suggests an exciting time ahead for the BTC price.
Kimchi Premium Flips Positive As Local Demand Sees Buildup
In a January 17 post on the X platform, DeFi asset management platform XWIN Finance released an on-chain report, which suggests that Bitcoin might be closer to reaching a turning point than is apparent in its price action.
This hypothesis is based on the Bitcoin Kimchi Premium indicator. This measures the percentage difference between a cryptocurrency’s price (in this case, Bitcoin) on South Korean exchanges and its price on global exchanges. Simply put, it shows how much more Korean traders are willing to pay for Bitcoin.
When the Kimchi Premium transitions steadily from low or negative levels to cross above historically significant levels, this is typically viewed as a long signal from the metric. This interpretation is because a rising Kimchi Premium reflects growing local demand in South Korea, usually often influenced by retail buyers.
In essence, Korean buyers are willing to pay more for Bitcoin, hence overwhelming the available supply and consequently pushing prices upwards.
In the post on X, XWIN Finance highlighted that this long signal had been sighted on the indicator. History also attests to the bullish significance of this signal; there have been major price moves to the upside following sustained increases in the Kimchi Premium.
An example is the last sighting of the long signal in October 2023, where the index rose above a major threshold, as shown in the chart above. The price of Bitcoin witnessed a 370% rally after this signal went off in 2023.
According to XWIN Research, this same pattern seems to be playing out again in 2026. Hence, if the Kimchi Premium completes its long-signal formation, it could be a sign that buyers are occupying favourable positions for a bullish ride.
If history does repeat itself, the Bitcoin price could be on track to witness another exciting voyage, with the flagship cryptocurrency possibly putting in a more than 300% surge in the next cycle.
However, it is worth noting that macro conditions, institutional demand, and derivatives activity would be playing their roles to augment the pattern’s plausibility, as it should not be viewed as a standalone bullish sign.
Bitcoin Price At A Glance
As of this writing, the price of BTC stands at around $95,280, reflecting no significant change in the past 24 hours.
Crypto
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