The SEC enters a feeding frenzy and someone spends a quarter million dollars on a fart.
Thanks for this issue Molly. Outstanding! I'm a new paid subscriber and am so impressed by your work (it's so much needed) that I'm gifting a subscription to my son who's just starting his career in the business and digital space after graduating from USC's Marshall School of Business. I'm also sharing with my global community on Monday. Much continued success! -Mitch
I recently set up a FB group to discuss cryptocurrency, blockchain, and other collective delusions. This morning, I posted:
"When I woke up this morning, I was momentarily discouraged. I've set up a FB group to discuss cryptocurrency, and it seemed that there hadn't been much about it in the news this week.
And then I read Molly's weekly summary! Wow. There's enough crazy shit in this one piece to keep us busy for a week. Here you go...."
After that, I felt I really ought to upgrade to paid.....
Once again, excellent reporting. Appreciate your great work and sending it to friends.
Nothing on Kraken/Coinbase and staking for this week? Or did that happen last week? 🤔 I’m starting to lose track; so much is happening so quickly. I’d be interested to hear your take on Paul Grewal’s post about why Coinbase staking isn’t a security, nonetheless. I have a feeling we’ll be reading another SEC related headline before the end of this year that goes something like “Coinbase settles with the SEC and agrees to pause it’s staking program”. They’re definitely offering an unregistered security.
I saw someone make a similar comment recently so I doubt I'm alone, but as a generally pro-regulation person, there's a part of me that wants to keep crypto deregulated and let it all burn. However, Lee Reiners' quote and the heartbreaking letters to bankruptcy judges make it clear that it's very hard to keep innocent, well-meaning people from getting scammed. So here's my maybe-very-dumb idea. Do you think it's possible to create regulations enough so that people putting their money in to crypto must at least understand how unregulated it is? And THEN enjoy the schadenfreude as the crypto-bros discover why regulations exist? Or is that just too simplistic? Great work as always!
The murmurs about Nishad Singh entering a plea have apparently been confirmed...
SBF was probably let out cause they wanna see him dig a deeper hole. Really makes the prosecution job a lot easier.