🦅 Biden Vetoes SAB121 Resolution

🦅 Biden Vetoes SAB121 Resolution

In this edition, we explore SAB121, the ETH ETF approval, Stablecoins and more.


💥  Cutting Edge with Shoal Research

In collaboration with Shoal Research, this week’s special feature will dive into Mother.

Key Terms

Memecoin: A coin developed based off of an internet meme or cultural reference. Memecoins often lack specific utility beyond cultural significance.


What is it? $MOTHER is a memecoin launched by Iggy Azalea, a celebrity rapper from Australia. Iggy Azalea had her largest claim to fame a few years ago but has emerged as a crypto influencer in recent weeks with the launch of her token. As of today the token has reached a market cap of over $100m with multiple exchange listings.

Why is it interesting? Iggy Azalea has rebranded her X (formerly Twitter) account to be crypto facing, with her account featuring a profile picture of the Mad Lads Solana NFT. There also is legal consideration to watch, especially if celebrity tokens are securities in the eyes of the SEC.

What does it represent to larger crypto sectors? The launch and success of $MOTHER may represent a turning point in the market cycles where crypto moves past the core native users into the general public.

Who is it’s competitor? Other celebrities like Davido and Floyd Mayweather have launched similar celebrity tokens but most have “failed” due to rumors of dishonest launches.

Check out Shoal Research’s Substack and Telegram channel.


💡 Coin Spotlight: The N+1 HODL

In this segment, we dive into the N+1 Hodl basket and discuss our altcoins. 

Coin: Pepe ($PEPE)

Narrative: Pepe originated from the Pepe the Frog meme, which was a popular meme that made its way into the crypto community.

Sector: Memecoin

Fundamentals: Pepe is an ERC-20 token with a maximum supply of 420.69 trillion. As a memecoin, it intentionally lacks utility features. Pepe developed a large community of supporters and made huge gains over the last year.

Why do we hold: Pepe largely represents the ways in which communities and narratives can rally behind and drive a coin, even if it has no perceived function. Pepe primarily represents tokenized culture and how building community is a key way to build value in crypto.

Performance: Pepe is up 1032% YTD.


Crypto News Recap

SAB121 Will Not be Overturned 

On May 31st, US President Joe Biden vetoed a resolution to overturn the Staff Accounting Bulletin (SAB121). The veto reverses the Senate’s decision to repeal the bulletin earlier this month. SAB121 outlines requirements for financial institutions who want to be involved in crypto. Under the bulletin, banks must hold a customer’s digital assets on their balance sheet.

ETH ETF Approval 

On May 23rd, documents for the Ethereum ETF were approved by US regulators. The approval was a surprise to many in the crypto community, with most pundits speculating that an Ethereum ETF was far away. Cathie Wood, CEO of ARK Invest, discussed the matter at Consensus 2024. She said “it was not going to be approved”, explaining that the approval had been unexpected and different from the typical approval process. Wood speculated that crypto will be a key election issue and that this factored into the approval.

Stablecoins and US Treasuries 

Stablecoins are a fast growing purchaser of US treasuries. This places cryptocurrencies in a unique position in relation to the US. With treasury bonds falling out of favour and as China and Japan purchase less, stablecoins are positioned to become one of the largest holders of US treasuries. This is an important trend that could have a significant impact in upcoming years. 


📚 N+1 Recommendations 

The N+1 reading and media recommendations are sourced from our team of experts and offer weekly suggestions for learning more about blockchain, crypto, finance and technology.

This weeks recommendation: Paypal X Solana


📊Charts of the Week


🤩 This Week on X (Formerly Twitter)


🚨 Follow us


N+1 Insights is meant for informational purposes. It is not meant to serve as investment advice.