EddieJayonCrypto
16 May 23
The SEC is being backed by democrats while Gary Gensler refuses to update rules to the current century. Here is what is on my mind today.1. If you were wondering why Gary Gensler and the SEC feel so emboldened it may be because there are Democrats as enablers. A memo has been leaked to the media and...
The SEC is being backed by democrats while Gary Gensler refuses to update rules to the current century. Here is what is on my mind today.1. If you were wondering why Gary Gensler and the SEC feel so emboldened it may be because there are Democrats as enablers. A memo has been leaked to the media and it is pointing to democratic leadership support for the way the agency is currently being run. The memo makes it clear that the line is crypto is bad and they are instructed to toe the line. In a quote, "Both the SEC and CTFC are aligned on the fact that the SEC is the regulator to determine if crypto assets are securities. And the SEC has made clear that nearly all crypto assets are securities. End of story." Enough said. 2. The SEC has responded to the Coinbase lawsuit demanding clarity for crypto and the SEC's stance should be of no surprise. In a matter of speaking, the SEC has told Coinbase to go pound sand. I think we are clearly headed to yet another Ripple-level battle. 3. There is a good amount of fear that the US government could freeze accounts via its FedNow network. I am not sure about the ability to outright freeze an account (although the leap is little more than a step), but I do realize the network would absolutely have the ability to deny service. Some would say it is a manner of freezing. I agree, but there are differences. A outright freeze would not even allow you to request a transaction. In this manner, an account request could just be placed in a virtual limbo. In any event, I would say there is a great deal of legitimate reason behind the fear. The federal government is trying to quell concerns, but I do not think it is working. I am also quite secure in knowing There is no stopping the service. 4. Two things have come out of the G7 recently and both are worthy of mention. First they must do more to combat crypto hack attacks from North Korea. The second is supporting CBDCs. I think they could find themselves in a rather precarious situation. No one has told me how CBDCs are any different than crypto besides being fiat. Secondly, if crypto is being hacked by North Korea, then why wouldn't they attempt to hack the various CBDCs being developed? 5. The VC wallets have loosened up in Europe because of MiCA. Having made progress in crypto regulation (read that as clarity), it seems that venture capitalists have increased their interest in backing crypto startups in the region. Both Binance and Circle revealed increased regional activity. The message is clear, clean up your crypto legislation and the money will flow. I wonder in the United States will ever get that message. So far, only the old way of thinking has prevailed and is leading to crypto beginning to exit. 6. In other news, it looks like Apple may be nearing the release of their Metaverse headset very soon. I think this is going to renew Metaverse interest and that could be a catalyst for a rise in the crypto market in general. Rumor has it that the headset is for a mixed reality experience. Now I am wondering how expensive it will be. Apple has had a history of pricing products much higher than they should but still garnering revenue. I guess they have a knack for walking that very thin pricing line.