According to CryptoPotato, the final week of employment data before the Federal Reserve meeting on June 12 is underway. Investors are keenly observing several economic reports that will influence the Fed's future policy decisions. The job market reports due on Friday are of particular interest. Meanwhile, the crypto markets have seen minimal movement over the weekend for most digital assets. The week started with the release of May's ISM Manufacturing PMI (Purchasing Managers' Index) report, which provides insights into the business conditions in the U.S. manufacturing sector. This data is a reliable leading indicator for assessing the state of the U.S. economy and can help anticipate changing economic trends. The services sector, contributing over 70% of the U.S. GDP, is considered more significant. On Wednesday, the May ISM Services PMI will be released, serving as another leading indicator of changes in economic conditions. The week's key events include the release of ISM Manufacturing PMI data on Monday, JOLTs Job Openings data on Tuesday, ADP Nonfarm Employment data and ISM Non-Manufacturing PMI data on Wednesday, May S&P Global Services PMI data also on Wednesday, and the May Jobs Report on Friday. Friday's Payrolls and Unemployment reports from the Labor Department's Bureau of Labor Statistics are the most significant. These reports provide the number of new jobs created during the previous month and the percentage of active employment seekers. Policymakers closely follow these figures, which are strongly associated with the overall health of the economy. The Fed also pays close attention to labor market changes when determining its policy decisions. The Global Macro Investor commented, 'It will be key to see whether the US labor market continues cooling. Wall Street analysts expect 180,000 new jobs to be added and the unemployment rate to stay at 3.9%. Meanwhile, revised US labor market data already points to a recession.' In the crypto market, it is unlikely that this week's employment and economic reports will significantly impact the markets, which are more closely affected by CPI inflation reports. The total market capitalization has remained steady over the past few days at $2.68 trillion. Bitcoin prices began to rise during the Monday morning Asian trading session, adding 1.4% on the day to reach $68,619. Ethereum recovered minor losses to return to $3,800, and the altcoins were mostly flat, with Toncoin adding 10% over the past 24 hours.

According to Odaily, hours before US President Biden vetoed a congressional resolution aimed at overturning SAB 121, the American Bankers Association (ABA), the largest lobbying group in the US banking industry, penned a letter on May 31, attempting to sway his decision. The ABA stated in the letter that preventing regulated banking organizations from effectively providing large-scale digital asset protection services would harm investors, customers, and ultimately the financial system. They argued that SAB 121 represents a significant departure from the long-term accounting treatment of custodial assets and threatens the industry's ability to provide safe and reliable digital asset custody for its customers. The ABA added that limiting banks' ability to provide these services leaves customers with virtually no well-regulated, trustworthy options to protect their digital asset portfolios, ultimately exposing them to greater risk. For some in the cryptocurrency industry, the ABA's support for cryptocurrency may come as a surprise, especially considering that last year, reports suggested that the organization helped Senator Elizabeth Warren, who is skeptical of cryptocurrency, draft anti-cryptocurrency legislation known as the 'Digital Asset Anti-Money Laundering Act'. Previously, President Joe Biden vetoed a resolution that sought to overturn the controversial crypto asset accounting standard SAB 121 of the US SEC. In an official statement on May 31, he said, 'Overturning the SEC staff's thoughtful judgment in this way could undermine the SEC's broader authority in accounting practices.' Biden stated, 'My administration will not support measures that jeopardize the welfare of consumers and investors.'

According to Odaily, Anthony Scaramucci, founder and managing partner of Skybridge Capital, has expressed concern over President Joe Biden's stance on cryptocurrency. Scaramucci believes that Biden's position could potentially cost him greatly. He specifically criticized Biden's decision to veto the SAB 121 bill, especially at this crucial time. Previously, President Biden had vetoed a resolution aimed at overturning the controversial cryptocurrency accounting standard SAB 121 set by the U.S. Securities and Exchange Commission (SEC). In an official statement on May 31, Biden stated, 'Overturning the SEC staff's well-considered judgment in this way could undermine the SEC's broader authority in accounting practices.' Biden further stated that his administration would not support measures that jeopardize the welfare of consumers and investors. Scaramucci's comments highlight the ongoing debate surrounding the regulation of cryptocurrencies. As the founder of a major investment firm, his views carry significant weight in the financial community. However, it remains to be seen how Biden's stance on cryptocurrency will evolve and what impact it will have on the industry.

According to Odaily, Roger Bayston, the head of digital assets at Franklin Templeton, has shared his views on the ongoing interaction between financial innovators and the U.S. Securities and Exchange Commission (SEC). He stated that this interaction is fair and part of the process they are involved in. Bayston made these comments at the 2024 Consensus Conference. Like many regulatory bodies, the SEC tends to rely on legal precedents, which are often set in court. Despite frequent skepticism about the SEC's 'open door' policy, Bayston believes that the agency's actions are aimed at protecting the economy and are not insurmountable. He said, 'Without some discipline, persistence, and cooperative behavior with global regulatory bodies, we could not have survived in this trust-based industry for 76 years.' Bayston also noted that the situation with the SEC is changing compared to last year. He said, 'We have always had pleasant contact with the SEC... we are excited about their change in attitude.'

According to Foresight News, US Senator Cynthia Lummis, a supporter of the cryptocurrency industry, has criticized President Joe Biden's decision to veto the repeal of the controversial cryptocurrency accounting standards. Lummis stated that Biden missed an opportunity to 'correct' his stance on cryptocurrency assets. She vowed not to stand by idly and will continue to promote financial innovation. Earlier today, Biden vetoed a resolution aimed at overturning the Securities and Exchange Commission (SEC) cryptocurrency asset accounting standard SAB 121. The decision has sparked controversy and criticism from various quarters, especially those supporting the growth and development of the cryptocurrency industry. Senator Lummis, known for her pro-cryptocurrency stance, expressed her disappointment and pledged to continue her efforts to foster financial innovation.

According to Cointelegraph: In an intensified crackdown on electricity theft, the National Electricity Administration (ANDE) of Paraguay has seized a property hosting 2,738 crypto mining units in Salto del Guairá. The property was targeted after an illegal power connection was detected, with the illicit electricity usage estimated at 1.1 billion guarani ($146,000) per month. Source: Joaquin Moinigo Power-intensive crypto mining is a controversial topic in Paraguay, and the country's senate is examining a bill proposing a ban on crypto mining and related activities pending comprehensive legislation and reassurances from the national power supplier. Then-president Mario Abdo Benítez vetoed a bill regulating cryptocurrencies in the country in 2021, expressing concerns about the crypto mining provisions. Despite being home to major mining operations, including Bitfarms, Marathon Digital, and Tether, illegal mining remains a significant problem in Paraguay. The proposed bill that could temporarily ban crypto-related activities has currently been put on hold, but discussion about it is officially considered "postponed."

According to BlockBeats, on June 1, President Joe Biden announced on a Friday afternoon that he had signed a joint resolution of the House of Representatives, vetoing a resolution that would have abolished the Staff Accounting Bulletin 121 (SAB 121) of the U.S. Securities and Exchange Commission (SEC). SAB 121 is a controversial accounting guidance from the SEC that requires financial institutions holding customer cryptocurrencies to keep the assets on their own balance sheets. Critics of the guidance argue that it makes it very difficult for financial institutions to collaborate with cryptocurrency companies. In his veto announcement, Biden stated that he would not support any measures that 'endanger the welfare of consumers and investors.' He argued that abolishing SAB 121 would limit the SEC's ability to establish appropriate protective measures and address future issues, potentially weakening the SEC's broader powers in accounting practices. Hours before Biden's veto, banking industry groups and congressmen had sent two letters to Biden's desk, asking him to sign the resolution to overturn SAB 121.

According to PANews, Brian Nelson, the US Treasury Deputy Secretary in charge of terrorism and financial intelligence, has stated that the US Treasury has no intention of banning cryptocurrency mixing services. This announcement was made at a consensus conference. The Financial Crimes Enforcement Network (FinCEN) plans to classify cryptocurrency mixers as a 'major money laundering issue' by 2023 and requires Virtual Asset Service Providers (VASP) to report any crypto transactions involving mixers to the agency. Nelson clarified that this proposal is not aimed at prohibiting the use of mixers, but rather to increase transparency. He also expressed understanding of the crypto users' desire for financial privacy. However, he suggested that the crypto industry and the Treasury should work together to find ways to enhance privacy without supporting terrorist financing.

According to PANews, US Federal Judge Robert Shelby has ordered the Securities and Exchange Commission (SEC) to pay approximately $1.8 million in legal and takeover fees. This order is related to the regulator's civil case against Debt Box, which was dismissed on May 28. The judge pointed out that the SEC showed 'malicious behavior' in the temporary injunction to freeze Debt Box's assets. This ruling is a significant victory for Debt Box, as it means the SEC cannot continue with the current case. In July 2023, the SEC filed a lawsuit against Debt Box, accusing the company of implementing an illegal cryptocurrency scheme worth $50 million. The documents submitted by the company indicated that the commission made false statements when trying to obtain a temporary restraining order against the company. Many in the cryptocurrency field have taken this as an example of regulatory overreach.

According to PANews, PayPal Digital has been granted a limited purpose trust license by the New York State Department of Financial Services (NYDFS). This type of license is typically held by digital asset custodians and stablecoin issuers. In August of last year, PayPal launched its stablecoin, PYUSD, with Paxos Trust Company as the issuer. The acquisition of the trust license by PayPal Digital could potentially be aimed at taking over the custody of PayPal customers' crypto assets and transferring the issuance of stablecoins internally.