Three separate crypto stories made headlines in 2024: President Joe Biden vetoed a resolution that would have overturned SEC staff accounting guidance for crypto custody, Hulk Hogan said social posts promoting a Solana memecoin were not his, and Robinhood announced a deal to buy Bitstamp. The acquisition later closed on June 2, 2025. The records establish the veto and completed transaction; they do not establish whether Hogan’s X account was hacked.
What happened in these three crypto stories?
| Story | Action and date | What is established |
|---|---|---|
| SAB 121 | President Biden vetoed H.J. Res. 109 on May 31, 2024. | The veto message is an official record; the resolution would have disapproved SEC staff guidance. |
| HULK memecoin | Hulk Hogan disavowed social posts on June 5, 2024. | Contemporaneous reporting described posts promoting HULK on his X account, but the account’s security status was unclear. |
| Bitstamp | Robinhood announced an acquisition agreement on June 6, 2024; it closed June 2, 2025. | Robinhood reported the agreement and later confirmed the closing. |
Why did Biden veto the resolution against SAB 121?
SAB 121 is SEC staff interpretive guidance for entities that have obligations to safeguard crypto-assets held for users. The bulletin addresses the accounting treatment when an entity is responsible for protecting those assets and the related cryptographic-key information. Staff said the entity should recognize a safeguarding liability and a matching asset, each measured at the fair value of the crypto-assets while that responsibility continues. It also calls for disclosures about the assets, custody arrangements, risks, and potential loss exposure. The SEC bulletin expresses staff views; it is not itself a statute.
H.J. Res. 109, a Congressional Review Act resolution, would have disapproved SAB 121. Biden returned the resolution without approval on May 31, 2024. In his veto message, he called the bulletin “considered technical SEC staff views” and argued that overturning it could constrain the SEC’s ability to set guardrails and respond to future issues. That was the administration’s stated rationale, not an established finding about what the resolution would have caused. The veto message states: “Therefore, I am vetoing this resolution.”
What did Hulk Hogan say about the HULK coin posts?
HULKAMANIA (HULK) was a Solana-based memecoin. In an Instagram message on June 5, 2024, Hogan said that posts made that day were not from him and would be removed. As reproduced by Cointelegraph, he wrote: “Please do not take notice of any posts posted today,” and added, “They are not from me and will be promptly removed.” Cointelegraph’s contemporaneous account described now-deleted posts promoting HULK from his X account.
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That evidence supports reporting that the posts appeared and that Hogan disavowed them. It does not show who published them or establish that the account was hacked; the report said the cause was unclear.
How sharply did HULK’s reported market cap move?
Cointelegraph, citing DEX Screener, reported that HULK’s market capitalization reached $18.8 million at 7:40 p.m. UTC on June 6, 2024, then fell to $2 million about 20 minutes later. These are historical reported market-cap figures, not token prices or current valuations. The same coverage attributed to analytics firm Bubblemaps a claim that five wallets bought 15% of the supply before the posts. That is an attributed analysis claim, not proof of Hogan’s involvement or wrongdoing. Cointelegraph reported both claims.
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Did Robinhood buy Bitstamp?
Yes. Robinhood announced on June 6, 2024 that it had agreed to acquire Bitstamp for approximately $200 million in cash, subject to customary purchase-price adjustments, closing conditions, and regulatory approvals. The original announcement expected the deal to close in the first half of 2025; Robinhood later reported that it closed on June 2, 2025. Robinhood’s announcement and its closing update distinguish the proposed deal from the completed acquisition.
Why did Robinhood say it wanted Bitstamp?
Robinhood said the acquisition would expand its crypto business across the EU, UK, US, and Asia, and add an institutional business. In its 2024 announcement, the company described Bitstamp as founded in 2011, operating in Luxembourg, the UK, Slovenia, Singapore, and the US, and holding more than 50 active licenses and registrations. Robinhood also cited more than 85 tradable assets and institutional services including API connectivity, Bitstamp-as-a-Service, lending, and staking. These were company-reported details at announcement, not independent assessments of service quality or regulatory coverage.
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Johann Kerbrat, Robinhood Crypto’s general manager, called the agreement “a major step in growing our crypto business.” Bitstamp CEO JB Graftieaux said the combination would bring Bitstamp’s platform and expertise into Robinhood’s ecosystem. Those statements described the companies’ rationale when the agreement was announced; the later closing confirms completion, not any particular effect on customers.
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