The past week saw massive developments in the world of cryptocurrency, and CryptoWatch is here to bring you a wrap-up, starting with President Joe Biden's controversial veto on SAB 121. There is also a warning from Hulk Hogan, saying that users should be wary of the new memecoin, $HULK, and should avoid it despite its massive promises.
Additionally, Robinhood's massive acquisition was finalized last week, with Bitstamp joining the company for its massive global expansion.
President Biden Vetoes SAB 121 of the SEC
President Joe Biden and his administration recently vetoed the proposed Staff Accounting Bulletin (SAB) No. 121 bill from the US Securities and Exchange Commission (SEC). The bill is widely known as one that the cryptocurrency industry supports, but the POTUS and the White House believe that it would "inappropriately constrain" the SEC.
During its hearing in the House and Senate, the crypto industry was known for showing massive support for this, as it would allow financial institutions to keep cryptocurrencies for customers and investors while still reflecting the assets on their balance sheets.
However, the Biden administration disapproves of it, one that could potentially 'jeopardize' customers along the way.
Hulk Hogan Warns Against $HULK Crypto
Former wrestler and renowned pop culture personality Hulk Hogan, whose real name is Terry Gene Bollea, recently spoke up against a new meme coin called $HULK and warned against investing in it. Bollea claimed that he was not affiliated with the new meme coin and that his screen name was being used to promote the coin online.
The new Solana-based memecoin, HULKMANIA, a.k.a. $HULK, has been gaining traction recently. It previously reached a peak capitalization of $18.8 million amidst its launch but saw a $2 million drop 20 minutes later.
Since his Instagram post denouncing the new meme coin, promotions behind $HULK were taken down in under a few hours.
Robinhood Acquires Bitstamp for $200M
Robinhood finalized the deal to acquire Bitstamp, a renowned crypto exchange company, for $200 million last week, with the agreement finalized in mid-2025. First launched in 2011, Bitstamp's 13-year operations saw it gain massive popularity in the industry. It is also known for its global operations, with 50 active licenses worldwide.
This massive deal will now bring Bitstamp under Robinhood Crypto, the side of the renowned stock trading platform dedicated to digital assets.
This would make Robinhood Crypto's planned global expansion possible and enhance more of its capabilities thanks to Bitstamp's 85 tradeable assets on its core spot exchange.
According to Robinhood, Bitstamp's team will join Robinhood Crypto's workforce in this merger, one that would ensure that the same experiences are present moving forward.
