The Last 168 Hours in DeFi
The Regulatory Fight is ON - Coinbase, Binance, Justin Sun Take Center Stage
ALPHA:
ACE’S TAKE:
Cryptocurrency has become political thanks to the regulatory agencies (CFTC and SEC). The phrase “regulation by enforcement” has been used often, but essentially means regulators are punishing cryptocurrency individuals and companies for either antiquated rules, rules that don’t apply to cryptocurrency and decentralized organizations, or rules that simply don’t exist for crypto.
The ethos and posture regulators are demonstrating are very anti-innovation, and dare I say, anti-American. This can be a triggering term now, but the US was founded on encouraging experimentation, rewarding risk takers and hard work, and cultivating a diverse business environment. Regulators are unfairly clamping down on law abiding, compliant cryptocurrency firms, which hurts all good actors who are building businesses and empowering the world through blockchain technology.
tl;dr when government imposes on the ability for individuals and families to make a living, this becomes a significant issue for voters. 21% of individuals own crypto in the US (70 million people), many of which are in the younger generations (Zoomers and Milennials), and they will vote with their wallets. Previously, Andrew Yang, was the first presidential candidate to openly support crypto, and I expect it to be a debate topic in the coming months. My hope is there isn’t a party split, but so far the current administration (D) has not supported crypto, while leading Republicans have.
MARKET:
This is the most liquidity the banks have borrowed since the 2008 financial crisis, so there are clearly serious problems:
The markets have mostly shrugged off JPow’s hawkish comments and continued up:
NEWS:
Sad state of affairs between the SEC and regulated crypto companies:
Crypto will now be a meaningful issue in the upcoming election cycle:
Folks, we got him:
What a crook:
More charges for Do Kwon:
DeFi continues to take market share from Centralized exchanges:
Saylor added to his bags:
REGULATORY:
CZ sued by CFTC:
SEC sues Justin Sun and claims TRX, BTT are unregistered securities:
Coinbase Global receives a Wells Notice from the SEC:
District Court blocks sale of Voyager to Binance:
GOP Whip calls for regulatory clarity:
RUGS:
POD O’ THE WEEK:
Macro podcast discussion that highlights big problems in commercial real estate:
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None of this is financial advice