EddieJayonCrypto
5 Aug 22
• Senator Lummis says the SEC has cases open on just about every exchange operating in the US• Ontario Securities Commission (OSC) says KuCoin and others are unlicensed in Ontario• Voyager Digital has been OK'd to return about $270M in frozen funds to customers• Federal Reserve Bank of New York says...
• Senator Lummis says the SEC has cases open on just about every exchange operating in the US• Ontario Securities Commission (OSC) says KuCoin and others are unlicensed in Ontario• Voyager Digital has been OK'd to return about $270M in frozen funds to customers• Federal Reserve Bank of New York says credit card debt jumped by $46B in Q2 2022• Block reports a $36M loss on its Bitcoin holdings• Shark Tank star, Kevin O'Leary (Mr. Wonderful) has bought even more crypto during the dipMajor fallout and news is going to have a lasting effect. Here is what is on my mind today.1. As you know I have long thought Gary Gensler and his immediate team were off their rockers, but we are just finding out there are open cases at the SEC on almost every crypto exchange in the United States. This is as per a claim from Senator Cynthia Lummis' office. Remember, it was June 9th that I told you about a bill Senator Lummis together with Senator Gillibrand that would put authority of the Cryptoverse in the hands of the CFTC. This information confirms what so many have been thinking, that SEC Chairman Gensler has been on a power grab for some time. He needs to go. 2. The Ontario Securities Commission (OSC) has released a list of firms they say are operating within the province without proper licensing. The list includes, KuCoin, FX-BTC Trade, PhenoFX and CrestsiftradeCom to name a few. This should serve as a shot across the bow as many governments are putting crypto firms on notice to get legal or face consequences. 3. Voyager Digital has been OK'd by the judge presiding over their bankruptcy to return about $270M of frozen customer funds. This is a big deal as it will provide at least some relief in what has been more than a harrowing experience for their customers. 4. In a quarterly report by the Federal Reserve Bank of New York, US credit card debt has increased by 13% annually amounting to $46B in Q2 2022. That is a 5.5% increase over Q1. I bring this to point out how much closer to cash crypto is versus credit cards. This is because purchases cannot be made unless your wallet has the funds. The ledger knows everything. The use of cryptocurrencies can bring us back to when cash was king and credit didn't even exist. Remember, the modern day use of credit cards didn't come about until about September 1958 when Visa was born. This introduced widespread adoption of debt as a way of life. 5. Not nearly as large as the almost $1B impairment loss taken by MicroStrategy, Block reports a $36M loss on its Bitcoin holdings. I am pretty sure the company is not shaking in its boots, but it is a bit of a wake-up call. The company also reported a 6% decrease in revenue, too. I am pretty sure this news is not going to hamper their Cryptoverse plans and is merely a bump in the road. Remember, it is a reliable crypto on-ramp. 6. Kevin O'Leary, Mr. Wonderful as he is known on Shark Tank, says he has taken a double-digit hit during the downturn of the Cryptoverse. He also said he has taken that opportunity to buy on the dip. He says he is, of course, buying Bitcoin and Ethereum, but other digital assets include, Polygon, Solana, and Hedera. The only ones I have low or no holdings are Solana and Hedera.