Benzinga - MicroStrategy Inc. (NASDAQ:MSTR) co-founder and Bitcoin (CRYPTO: BTC) billionaire, Michael Saylor celebrated the passage of a resolution in the Senate that overturned a contentious SEC decree.
What Happened: Saylor wrote on social platform X, "Wall Street wants Bitcoin, the House of Representatives wants Bitcoin, and now the Senate wants Bitcoin."
Wall Street wants Bitcoin, the House of Representatives wants Bitcoin, and now the Senate wants #Bitcoin. pic.twitter.com/lLqBv2XZJy— Michael Saylor⚡️ (@saylor) May 16, 2024
The staunch Bitcoin proponent was referring to the growing mainstreaming of the world's largest cryptocurrency, which, after getting listed as a spot ETF earlier this year, secured victories in the U.S. Congress.
Earlier in the day, the U.S. Senate followed the House in repealing an SEC policy that restricted regulated financial institutions from being custodians of Bitcoin
The legislation saw bipartisan support, with as many as 12 Democrats defying party lines to vote in favor.
Why It Matters: Michael Saylor is one of the most prominent Bitcoin whales today, and while details regarding his current holdings are unknown, experts believe he has gained more than the 17,732 Bitcoins he revealed in 2020. His firm, meanwhile, held 214,278 bitcoins by the end of the first quarter, worth more than $14 billion.
Saylor joined Reddit co-founder Alexis Ohanian in cheering the crypto-friendly measure. Ohanian amplified a post thanking the Democrats who defied the party line to vote in favor.
That said, the true test would begin now since President Joe Biden is firmly on the side of the SEC and has previously vowed to veto the resolution.
Price Action: At the time of writing, Bitcoin was exchanging hands at $65,686.55, retracing 0.5% in the last 24 hours. On Thursday, MicroStrategy shares ended the regular session 4.2% lower at $1,439.98 according to data from Benzinga Pro.
Read Next: CME Group Eyes Bitcoin Trading Amid Surging Wall Street Demand
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.