U.S. House Fails to Overturn Biden’s Veto; Staked Ether Close to All-Time High

Lawmakers fail to overturn President Biden's veto and the amount of Ether staked is reaching a record high. You're watching Coin desk daily, I'm your host, Jen. Sassy lawmakers failed to overturn President Joe Biden's veto in the saga to overturn the S ECs crypto accounting policy. A strong majority of the US 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 staked 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 crypto quant, the total number of staked Ether has increased to 33.3 million E which mounts up to 27.7% of total supply. This comes as an E or ETF inches closer to the US market. Poly market bets are assigning a 90% chance to an ether ETF being approved in the US by July 26th. But before trading can begin, the SEC must provide feedback on the current applications and issuers need to file final amended forms with fee information and other details. And Morgan Creek digital plans to raise up to $500 million for a new fund targeting early stage opportunities in A I chips data and Blockchain technologies. That's according to a press release from the company, the venture capital firm is in talks with sovereign and institutional investors, corporate officers and industry subject matter experts in Europe, the Middle East Africa and the Asia Pacific region as it looks to expand its footprint. Morgan Creek Digital has raised over $440 million since its inception in 2018 and has about 80 equity positions. That's it for coin desk daily, get more updates on coin desk.com and we'll see you next time.