EddieJayonCrypto
12 May 23
The crescendo against Gary Gensler and how he is running the SEC is growing. Here is what is on my mind today.1. The SEC has been ducking the House of Representatives. Rep. Patrick McHenry has been asking question of the rogue agency and is now accusing it is stonewalling. I think he is correct and ...
The crescendo against Gary Gensler and how he is running the SEC is growing. Here is what is on my mind today.1. The SEC has been ducking the House of Representatives. Rep. Patrick McHenry has been asking question of the rogue agency and is now accusing it is stonewalling. I think he is correct and if it continues, he is threatening with another hearing. Then you have the US Chamber of Commerce slamming the agency and siding with Coinbase. The agency went as far as stating the regulatory chaos is by design. The President has larger things on his mind, but Gensler needs to be addressed and soon. As for what is going on with Ripple, CEO Brad Garlinghouse thinks everything will come to a head within the next two to six months. 2. MetaMask has partnered with PayPal to allow PayPal's users to buy, sell and hold ETH directly within the wallet. This is not the first deal of its kind for MetaMask. They have a long list of payment providers that already work with them, including MoonPay, Transak, Wyre and even Coinbase Pay. Currently, the service is offered across the United States, except Hawaii. 3. JPMorgan's Jamie Dimon comes out with some heavy news. "It's going to get worse for banks". This is on the heels of PacWest dumping another 22% and, of course, following the collapse of Silicon Valley Bank and others. He is warning regulators to not overreact to the current market climate saying they are most likely going to implement more regulation. Let us not forget that JPMorgan was able to snatch up First Republic Bank during this tumultuous market. I tend to listen to what Dimon says, but actually pay attention to what JPMorgan actually does. 4. Nexo doesn't seem to be doing so great. They are closing two of their UK offices and both companies, Nexo Financial Services Ltd. and Nexo Clearing and Custody Ltd. Have been removed from the UK's registry. First reported by Bloomberg, the CEO of Nexo says they are restructuring, but does not ultimately intend to exit the country. 5. Binance CEO is contemplating decreasing his majority hold on Binance.US. The move is to help decrease the US regulatory scrutiny over the US business. I think this would be a smart move, but I do wonder if this would actually alleviate regulatory pressure. 6. Yesterday I told you how big finance was getting deeper into crypto. Well, Cantor Fitzgerald agrees. They are saying there is even more interest coming from institutional investors and that interest is growing. I keep telling people that crypto is not going to go away no matter how many regulators and politicians try to stamp it out. Learn to work with it or get steamrolled by it.