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Lawmakers fail to overturn President Joe Biden's veto in the saga to overturn the SEC's

crypto accounting policy. A strong majority of the U.S. House of Representatives voted against

President Biden's defense of SAB-121, but the turnout fell well short of the two-thirds of the House

needed to override the president's recent veto. SAB-121 advised public companies, most notably banks, that customers' crypto assets and banks

should be held on the bank's own balance sheets, leaving digital assets in a unique custody

category.

The amount of ether state is closing in on a record high, keeping the circulating volume

in check even though the total amount

of ETH is growing again. According to a note from CryptoQuant, the total number of state

ether has increased to 33.3 million ETH, which mounts up to 27.7% of total supply. This comes

as an ether ETH inches closer to the U.S. market. Polymarket betters are assigning a 90% chance to an ether ETF being approved in the U.S.

by July 26th.

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