ACE’S TAKE - MAKING SENSE OF CRYPTOCURRENCY REGULATORY ACTION:
Many in the crypto space have been expecting regulatory action to come down on Binance, but nobody thought they would be accused of the same activities perpetrated by Sam Bankman-Fried’s FTX (commingling funds and trading). The next day, a lawsuit came down against Coinbase for operating an unlicensed broker/dealer. This one is incredibly puzzling considering the SEC approved the company’s application for IPO and public listing on a regulated stock exchange in 2021. It comes down to the fact the SEC believes everything is a security, but has not written down any guidance yet.
The US Government also controls a significant amount of seized $BTC they plan on selling through an “unlicensed broker” (Coinbase). This is just a microcosm of how dysfunctional the governing bodies trying to ‘protect investors’ and control financial markets truly are.
Let’s put a positive spin on the SEC enforcement and charges that are now out against the largest operators; The SEC will be forced to answer difficult questions from congress, judges, and opposing counsel about why they are acting as if they have any jurisdiction at all without clear guidance for companies to follow.
Now we wait because this will not be a fast process.
MARKET:
This is a very good take on the events that have transpired over the last several weeks. The equity markets have been ripping on good earnings, guidance, and the AI narrative, but crypto seems to have been left behind. Low and behold, major regulatory action from the SEC had been waiting in the wings.
NEWS:
Brian Armstrong rebuts the most recent SEC complaint and will take them to court:
Court says Coinbase has to give up customer records:
Hong Kong’s crypto push leading to some institutional adoption:
Singapore approves Circle digital payments:
TradFi circling crypto companies in distress:
NFTs:
Louis Vuitton to sell expensive NFTs that provide exclusive access to future products:
REGULATORY:
Binance and CZ charged by SEC:
SEC sues Coinbase for acting as an unlicensed broker:
The SEC is unhinged - they are making it personal with crypto:
New congressional bill proposes recognizing crypto as a commodity:x
RUGS:
UnshETH rewards stolen by a hacker:
POD O’ THE WEEK:
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None of this is financial advice