ACE’S TAKE:
After a series of very brazen lawsuits and an outrageous interview on CNBC, the SEC is easing up with their regulatory iron fist. Last week, a leveraged futures Bitcoin ETF was approved by the SEC after 5 spot ETFs were applied for. It seems the SEC chairman, Gary Gensler, is being declawed by the administration. Many big Biden and Democratic donors are unhappy with the heavy handed regulatory approach by the SEC, which has been particularly targeted towards cryptocurrency companies. Gensler famously whiffed on the FTX scam and has been overcorrecting against legitimate actors and teams looking to come into compliance.
Even former SEC chair Jay Clayton believes Gensler has overstepped. Either way, there’s been a chink in the armor and there’s a window for cryptocurrency companies to get some wins and set precedent for sensible regulation out of congress.
MARKET:
Was it all just Microstrategy buying up supply after the BTC ETF applications? This is actually very bullish assuming the ETFs are approved because consistent flows will come into crypto after the fact.
NEWS:
Prime Trust goes into receivership. The custodian lost private keys and are in a massive hole:
Fidelity joins the list of large asset managers to file for a Bitcoin spot ETF:
Bitcoin leveraged futures ETF approved by the SEC:
Crypto ETFs make progress in Asia:
Superstate launches tokenized real world asset company:
NFTs:
Azuki’s Elemental collection disappoints, but raises nearly $40 from holders:
REGULATORY:
Judge will decide whether SEC lawsuit against Coinbase is justifiable:
RUGS:
Frauds, Three Arrows Capital, served with $1.3b lawsuit:
POD O’ THE WEEK:
This was an excellent lesson in crypto market dynamics and how to effectively use options:
Support Ethropy!
Canto validator for Four Moons - delegate $CANTO
Ethropy Wallet - ethropy.eth
Buy a Ledger Hardware Wallet (Affiliate Link)
TradingView Referral - Get $30 off annual Subscription
None of this is financial advice