EddieJayonCrypto
20 Sep 22
• SEC Chairman Gary Gensler wants destroy US innovation just so he can rule over the Cryptoverse• US Treasury seeks public comments on specific aspects of the new regulatory framework for crypto released by the White House• WazirX is about to delist USDC, USDP and TUSD in favor of BUSD, following in...
• SEC Chairman Gary Gensler wants destroy US innovation just so he can rule over the Cryptoverse• US Treasury seeks public comments on specific aspects of the new regulatory framework for crypto released by the White House• WazirX is about to delist USDC, USDP and TUSD in favor of BUSD, following in Binance's footsteps• Global Head at JPMorgan, Marko Kolanovic agrees with my expected 75 basis point rate hike and bullish crypto sentimentYesterday was a nutty day. First you were hit with the Cryptoverse moving sideways but in big spurts. Then you get crushed by Gary Gensler trying to take over the world.1. By far, the biggest story out there is SEC Gary Gensler's attempt to take over the Ethereum ecosystem in its entirety. From Ethereum itself to everything that is running on the ERC20 network. Yes, you read that correctly. I had a whole bunch of news to comment on, but nothing is more important than this audacious move by exalted ruler Gensler. We are talking about dApps, DeFi, Layer-2s, sidechains, the whole damn gamut. This is following the CFTC stating Ethereum is a commodity and falls under its jurisdiction. This is at the same time the US Treasury solicits guidance from the public on the regulation of crypto. I think Gensler read the tea leaves and knew they were headed toward losing the case against Ripple. To change the course of that case he makes this insane declaration thinking if he says something it is then true. At least that is my theory. As a community we must speak up. This kind of move can destroy the standing the US currently has and moves us behind the rest of the world. 2. The US Treasury is asking the public for guidance on regulation the Cryptoverse. They have published reports stemming from the announcement of the framework on digital assets regulation and has issued a call for comments to the public. The notice poses specific questions with a good focus on curtailing illicit activities. This rubs against the latest land grab by the SEC. 3. Mimicking Binance's move, WazirX is delisting USDC, USDP and TUSD and will adopt BUSD as the sole stablecoin on their exchange. Interesting. I am still wondering who owns WazirX and who is actually in control of the tumultuous exchange. 4. Well, it would seem I am in very good company with my expectation of a 74 basis point hike by the fed and diminished, but still possible, 100 basis point move. Global Head at JPMorgan, Marko Kolanovic has stated he is bullish on the crypto market and cites better than expected performance of corporate earnings. So, all eyes are on the FOMC which begins today.