EddieJayonCrypto
30 Jun 22
• Grayscale sues SEC after being denied spot Bitcoin ETF• Crypto took a dive preceding consumer numbers; consumer spending is down, unemployment is down a with earnings also slightly up• Customer.io employee leaks OpenSea customer emails; phishing attacks expected to rise• Looking like the Harmony h...
• Grayscale sues SEC after being denied spot Bitcoin ETF• Crypto took a dive preceding consumer numbers; consumer spending is down, unemployment is down a with earnings also slightly up• Customer.io employee leaks OpenSea customer emails; phishing attacks expected to rise• Looking like the Harmony hack was done by North Korea's Lazarus Group• European Parliament and the Council of the European Union have a provisional agreement on the Transfer of Funds Regulation on non-custodial wallets• JPMorgan strategists thinks the crypto winter doesn't have that much longer to goSo, the crypto market took a nosedive last night and that should have been the hint.1. The fight is on! The SEC rejected Grayscale's request for a spot Bitcoin ETF conversion and Grayscale immediately files a lawsuit against the regulator. They have a strong case given the SEC is supposed to treat like applications in a similar manner. The case is not expected to be resolved until later next year or early 2024. Bitwise's spot ETF was also rejected. The SEC needs to get its act together. The ruling is inconsistent compared to other applications they have approved. 2. BREAKING: Inflation data come in with higher personal income, spending was down core PCE Price index is up .6% in May and jobless claims are 2K lower, continuing claims are lower. All of that is month-over-month. When you view things year-over-year everything is up. The only thing that is going to decrease inflation is demand destruction. 3. Customer.io employee leaks OpenSea customer emails. Law enforcement is involved, but a slew of phishing attacks are expected. 4. I didn't want to say anything, but the $100M Harmony hack smelled like North Korea's Lazarus Group. Well, I'm not the only one and reports say signs lead to them as the hackers of the Horizon Bridge. Apparently. Elliptic Enterprises, a firm that tracks stolen digital assets, says laundering tactics used for this heist seem very similar to those used previously by the hackers. 5. Well, the European Parliament and the Council of the European Union have a provisional agreement on the Transfer of Funds Regulation (TFR). The regulation is meant to allow the EU to track or even block digital asset transfers considered suspicious. The provision extends Brussels' oversight of non-custodial wallets. Many industry insiders see this as a move that will further hamper industry development in Europe. Frankly, I think that's the point. A lot of the countries in the EU are exploring CBDCs where they can control the financial industry as a whole. Giving power to the people does not seem to be a part of their overall agenda. I think this will wind up being major setback for the union. 6. JPMorgan thinks the current crypto winter, as it is being called, will not be protracted. Strategists at the firm cite people like Sam Bankman-Fried are stepping in to bolster certain companies along with healthy investment from venture capital firms. My thought is we needed some of the more reckless DeFi companies to be shaken out of the industry. I think we still a little more to go, but that is actually going to strengthen the space and pave the way for more reliable ventures. Again, I point to the likes of JPMorgan, Citi and Goldman Sachs vying to get directly involved in the space.