In the last 24 hours, the crypto market traded sideways and consolidated in a tight range despite the US Senate voting against the SEC accounting rule. However, President Joe Biden has suggested to veto the resolution.
Trading around $65.4k and $2.9k, BTC and ETH are down by 0.8% and 1.9% respectively. While the broader market is in the red, a clear outlier amid the leading cryptos is LINK (+13.6%). The Depository Trust and Clearing Corporation (DTCC) in the US, along with Chainlink and major US banks, completed a successful pilot to accelerate the tokenization of funds. This collaboration is a step toward adopting blockchain technology in the traditional asset management sector.
On the policy front, Turkey and India advanced crypto policies on May 16 that could create a framework for businesses and investors operating in these countries. Realizing that crypto cannot be governed by a single regulator, the Securities and Exchange Board of India (SEBI) has suggested that multiple regulators should oversee crypto trading in the country. The suggestion was submitted to a government panel responsible for advising the finance ministry on policy formulation.
