EddieJayonCrypto
20 Sep 23
The SEC is on a rampage and it is going to wreck retail customers. That should tell you something. Here is what is on my mind today.1. The SEC is out of control and I think it is a concerted effort to wreck retail investors. I think this is why Hester Peirce is constantly speaking out. The agency is...
The SEC is on a rampage and it is going to wreck retail customers. That should tell you something. Here is what is on my mind today.1. The SEC is out of control and I think it is a concerted effort to wreck retail investors. I think this is why Hester Peirce is constantly speaking out. The agency is supposed to protect us from wrongdoing in the financial markets. Speaking at the SEC’s Securities Enforcement Forum Central, and enforcement official, David Hirsch, Chief of the Crypto Asset and Cyber Unit, said there is more enforcement coming. They seem to be directly focused on brokers, dealers and exchanges. I have to say, with the amount of people out there saying they are brokers my only concern is who they are going after. I shoot videos many times per week and write articles just as much. With all that I do I still get approached by these charlatans. I still think the SEC is more poised to go after big names rather than the ones flying under that radar. Those are the ones that are hurting people. 2. With the Fed expected to take a pause today, Treasury Secretary, Janet Yellen, is calling attention to a hot US economy the needs to be more aligned to its potential rate. Employment is currently operating at what is full employment, as proof of a hot economy. She is saying there is a risk of the economy overheating if it goes unchecked. She does acknowledge that labor demand is decreasing in some areas and that may lead to a cooling off. 3. News from the Metaverse space is going to start heating up. Major League Baseball is going to host its first live game in a virtual stadium. I do not know if you know that my company, Rebel Visions, is a founding member and principal of the Metaverse Standards Forum. We are acutely focused on interoperability for an open Metaverse. Today's Rays versus Angels game will be recreated in real-time to allow fans to enjoy a new experience. 4. DeFi protocol, Balancer has been hit. They have suffered a $240K loss, so far. I say so far because the last I checked they are still investigating. They have asked people to not interact with their API until further notice. I am interested in learning the type of attack and then looking across the space to see if there are similarities to other attacks. That information would be used to help the industry gird itself and be more secure. When looking at financial markets it is all about their security posture. Nothing is perfect, but the process should always be improving. 5. Going back to an ongoing topic, a16z's General Partner, Arianna Simpson, says she believes the US is hemorrhaging opportunities due to the lack of clarity in the regulatory space. That means we have companies leaving the US or expanding outside the US in preparation. That leads to job loss and loss of leadership in the innovation space. Companies can't do business in a climate where they can more easily see the demise of their hard work versus success in the country. This message is going to get louder. 6. Injective has launched inEVM and it is a very big deal. Injective is a cross-chain bridge connecting Cosmos, Solana, and Ethereum. inEVM is an Ethereum virtual machine that will allow Ethereum developers to deploy their project more easily on the Injective network. The new tool is going to be a big deal and is exciting! 7. OKX is a leading global crypto exchange and Web3 ecosystem and it has achieved what few others have: complete a SOC 2 Type II audit. It is an internationally recognized framework developed by the American Institute of Certified Public Accountants, and it is one of the most comprehensive audits in the market. As the SEC continues to crack down on centralized exchanges, this could be something they can do to help them stave off the attack from the far-reaching agency.