🤔 Can Trump Really Fire Gensler?
In today’s edition: 📝 What SEC's new stance means for tokens, 🚨 Terra blockchain hit by exploit using known vulnerability, 🚫 Starknet’s ZKX ceases operations, and more!
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Why Gary Gensler Will Likely Be Out as SEC Chair No Matter Who Wins the Election
Sheila Warren and Justin Slaughter explain why Gensler’s days are numbered, how Kamala Harris might do a crypto reset, and why it may not matter that Trump’s VP JD Vance is a bona fide bitcoiner.
As the 2024 elections approach, crypto voters are a real bloc that could be a deciding factor in what looks to be a tight race.
In this episode, Sheila Warren of the Crypto Council for Innovation and Justin Slaughter from Paradigm discuss the significance of Trump appearing at Bitcoin 2024, promising the crypto community pretty much everything on its bucket list, the Democrats’ seeming pro-crypto shift behind the scenes, and the game theory around Gary Gensler’s future (likely not at the SEC).
Plus, they cover the significance (and likelihood of passing) of the Bitcoin Strategic Reserve Bill proposed and to be introduced by Sen. Cynthia Lummis, what would it take for Kamala Harris to show that she truly is a crypto-friendly candidate, and what the Democrats would have to do to undo the damage done by Gensler and win some of the crypto vote.
Lastly, they explore the potential impact on the SEC of the Supreme Court’s decision to overturn the Chevron doctrine.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
What’s Poppin’?
by Laura Shin, Nelson Wang, and Sam Sriram
Can Gary Gensler Be ‘Fired’ If Trump Becomes President Again?
Former President Donald Trump promised he would fire Gary Gensler on “day 1” if he wins, but could he actually fire the head of the SEC? And for that matter, can Vice President Harris do it now?
Why the SEC’s Latest Decision Might Not Mean It’s Dropping the Case Against Third-Party Tokens Like SOL
The SEC said in a new filing in its case against Binance that it plans to abandon charges that “third-party tokens” should be considered unregistered securities. But just how meaningful is the SEC’s apparent change of heart?
Terra Blockchain Briefly Halted After Exploiter Steals Tokens Using IBC Hooks Vulnerability
An attacker took advantage of an IBC hooks vulnerability flagged in April to exploit the Terra blockchain.
Starknet-Based ZKX Protocol Shuts Down Citing Low Usage and Token Value
The ZKX team said the decision to halt operations was partly due to low user engagement, while the current value of its token wouldn’t be able to sustain the protocol.
Daily Bits… ✍️✍️✍️
💼 BitClout founder Nader Al-Naji was charged with wire fraud and selling unregistered securities, allegedly misusing $7 million of investor funds for personal expenses.
💸 Circle, the issuer of stablecoin USDC, has a valuation of around $5 billion in the secondary market ahead of its planned IPO, down from a $9 billion valuation in 2022.
📈 Grayscale's Bitcoin Mini Trust began trading under the ticker "BTC,” following SEC approval, aiming to offer low-cost bitcoin exposure to investors.
⚖️ Ripple executives criticized the SEC's plan to amend its complaint against Binance, calling it hypocritical and adding to the regulatory confusion in the crypto industry.
Today in Crypto Adoption...
🚗 California's DMV digitized 42 million car titles on the Avalanche network, allowing users to transfer vehicle titles in minutes instead of weeks.
The $$$ Corner…
🤖 Hyperbolic, a blockchain-based AI platform, secured $7 million in seed funding led by Polychain Capital and Lightspeed Faction to make AI more affordable amidst rising GPU prices.
🎨 NFT startup Mintify closed $3.4 million in additional funding to develop its NFT order book infrastructure for gaming, art, and real-world asset markets.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 0.7%, trading at $66,101
ETH is down 0.6%, trading at $3,313
BTC dominance: 52.31%
Crypto market cap: $2.49T
*All data as of today, 06:36 am ET. Source: CoinGecko
Recommended Reads
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CoinDesk: The U.S. Government May Begin Hoarding Bitcoin, But How and Why?
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