👀 Who’s up subsequent for the SEC throne?
Plus: Did Cobie simply burn $17M in tokens?
GM. Welcome to the Every day Squeeze juice bar – the place blockchain’s most interesting fruits get spun, shaken, and poured recent into your inbox.
🤔 Rumors are swirling about who’s in line to be the subsequent SEC Chair.
🔥 Cobie burned $17 million price of tokens.
🍊 Information drops: the Ethereum Basis launches Mekong, Detroit residents will be capable of pay taxes with crypto + extra
🍍 Market taste at the moment
The crypto market’s throwing a celebration, and everybody’s invited 🎉 The Concern and Greed Index is in “Greed” at a stable 75. Bitcoin is smashing data like they’re piñatas, leaping to almost $77K yesterday and lounging across the $76K mark ever since.
Over on the Federal Reserve, they did precisely what everybody anticipated: lower rates of interest by 25 bps. They’re nonetheless attempting to decelerate the unemployment charge, however not so onerous that inflation stops cooling. And apparently, Donald Trump’s grand entrance hasn’t modified their script. In response to CME FedWatch, there is a 67.8% likelihood we’ll see one other 25 bps charge lower on December 18.
Now, talking of Trump and the Fed, their relationship is about as fuzzy as hugging a cactus. In his final time period, Trump referred to as Fed Chair Jerome Powell – the man he appointed, thoughts you – an “enemy” for not reducing charges. However the factor is – the Fed’s been unbiased since 1951, and their job is to make the powerful requires the economic system’s long-term well being, even when it offers politicians a headache. So, when requested whether or not he’d resign if Trump tried to point out him the door, Powell merely stated, “No.” Mic drop.
Sliding over to the crypto crystal ball, Raoul Pal, CEO of Actual Imaginative and prescient, is serving some spicy predictions 🌶 He thinks we’re coming into the part the place Ethereum begins to outpace Bitcoin. Why? Laws are prone to dramatically enhance for crypto, main to 2 large developments:
1. Utility tokens in DeFi will cook dinner up rewards and yield from the underlying protocol, and most of it is taking place on Ethereum.
2. TradFi will in all probability begin constructing bigger use circumstances, and so they’re seemingly trusting essentially the most adopted chain (Ethereum) for it.
As for crypto ETFs – these guys are persevering with their large influx streak. Yesterday, BTC ETFs noticed a file $1.37B in inflows, whereas ETH ETFs had $79.7 coming in.
So, hold that eye on the charts, tiger – these bulls aren’t going wherever quickly 🐯
💼 SEC #Hiring
We have already talked in regards to the US SEC Chair Gary Gensler situash. In case you’re new right here, to start with, heey 😏; second, you may learn this version to make amends for the tea.
Or if ya lazy, TL;DR: Gensler’s LinkedIn is getting this replace quickly:
‘Trigger Donald Trump needs him out ASAP.
Now, the large Q: who’s subsequent in line to run the SEC? Nicely, a bit of birdie (Reuters) dropped some names, and this is the lineup to date:
– Dan Gallagher – ex-SEC Commissioner and the chief authorized officer at Robinhood, an funding firm that offers with shares, ETFs, and crypto. Learn that once more.
– Paul Atkins – one other former Commissioner, now advising The Digital Chambers, an advocacy group that promotes digital belongings and blockchain. Learn that AGAIN.
– Robert Stebbins – former SEC normal counsel, associate at regulation agency Willkie. Umm, the primary learn was sufficient, no crypto ties… however he is chill? Perhaps?
So, who’s the one? Nicely, y’all are gonna have to offer it a sec (haha, get it? 🤪 …pls do not depart). The method might drag out a number of weeks, so it is nonetheless too early to say something.
However from the seems of it, the struggle towards crypto is coming to an finish. We made it, people.
🎸 Smells like burnt tokens
In case you’ve been in crypto for some time, you already know Cobie. And for those who’re new right here, to start with, heey 😏; second, he is some of the in style crypto influencers, who’s been within the area since 2012. He additionally seems like Kurt Cobain (+rep large time).
And he is not your common dealer. Cobie launched a star token in 2014 (again when memecoins have been barely a factor), he helped develop Lido (the biggest DeFi protocol), uncovered insider merchants at Coinbase (which led to an SEC investigation), had a podcast referred to as UpOnly the place he chatted with large names like Michael Saylor and Vitalik Buterin… so, , he is kinda a giant deal.
Nevertheless, the notorious FTX collapse in 2022 hit him onerous, so he took a break… however guess what? He hinted that UpOnly would possibly return.
Naturally, a memecoin referred to as UPONLY was launched. Cobie acquired 60% of the token’s 1B provide despatched to him, however he did not wanna get entangled – so he burned all of the tokens, price a cutesy little $17 million. His parting phrases? “See you in hell.”
What a rockstar transfer.
📰 Information drops
🧑💻 The Ethereum Basis launched the Mekong testnet so devs can mess around with upcoming upgrades earlier than they hit the mainnet. It is a short-term testnet, filled with all of the EIPs supposed for Ethereum’s Pectra fork.
🤔 Italy’s economic system minister stated he is open to rethinking the plan to hike crypto capital positive aspects tax after some get together members pushed again. The present proposal within the 2025 funds goals to bump the tax charge from 26% to 42%.
🧾 Detroit’s making ready to let residents pay taxes and metropolis charges with crypto by means of PayPal. This might make Detroit the the most important US metropolis to just accept crypto funds.
🤨 Swiss Nationwide Financial institution’s acquired its eyebrows raised at crypto. Chairman Martin Schlegel stated that regardless of their progress, these currencies are nonetheless a distinct segment phenomenon… bro, outline area of interest.
🚀 Coinbase’s wrapped Bitcoin, cbBTC, is now stay on Solana. It is the primary token Coinbase has issued on this blockchain.
☁️ Sky introduced that its proposal to rebrand again to Maker acquired the thumbs-down. Solely 18.46% of voters have been in favor of bringing Maker again with a restricted model refresh.
🍌 Juicy memes
