Trump’s memecoin dinner happened on May 22, though the people who spent millions of dollars on $TRUMP memecoins to secure invitations were treated to mediocre food and only a brief appearance by the president.
The crypto industry is trying to ram through the CLARITY Act, a flawed market structure bill that reads like it was written by industry lobbyists.
SEC Commissioner Caroline Crenshaw is warning of “regulatory Jenga” that “feels all too familiar to those of who have lived through 2008”.
![She then went on to outline the agency’s recent actions to push out experienced staff, statements that “dilute or effectively rescind” securities laws, failures to enforce securities laws, and choices to ignore significant risks in crypto and other portions of the market. She concludes: “This is a dangerous game. We are pulling apart our own regulatory foundation – block by block, case by case, and rule by rule. It feels all too familiar to those of who have lived through 2008.”27
Crenshaw’s concerns certainly haven’t slowed down the agency any, though. After submitting a joint filing quickly after Trump’s inauguration to stay the ongoing enforcement case against Binance [I77], the SEC has now submitted a joint stipulation to dismiss the case with prejudice.28 The SEC says they have decided as an “exercise of its discretion and as a policy matter” to dismiss the case, which features a written statement from a Binance Chief Compliance Officer that “we are operating as a fking unlicensed securities exchange in the USA bro” and evidence that Binance was not just violating securities laws pertaining to registration but was also committing fraud. A week before the dismissal, Binance listed World Liberty Financial’s USD1 stablecoin for trading on their platform. Trump owns a 60% stake in World Liberty, and receives a substantial share of token and protocol revenues. The stablecoin has also been used to facilitate a $2 billion investment from the Emirati MGX investment firm into](/proxy/post_attachment/512920/6fefb0bda4.png "She then went on to outline the agency’s recent actions to push out experienced staff, statements that “dilute or effectively rescind” securities laws, failures to enforce securities laws, and choices to ignore significant risks in crypto and other portions of the market. She concludes: “This is a dangerous game. We are pulling apart our own regulatory foundation – block by block, case by case, and rule by rule. It feels all too familiar to those of who have lived through 2008.”27
Crenshaw’s concerns certainly haven’t slowed down the agency any, though. After submitting a joint filing quickly after Trump’s inauguration to stay the ongoing enforcement case against Binance [I77], the SEC has now submitted a joint stipulation to dismiss the case with prejudice.28 The SEC says they have decided as an “exercise of its discretion and as a policy matter” to dismiss the case, which features a written statement from a Binance Chief Compliance Officer that “we are operating as a fking unlicensed securities exchange in the USA bro” and evidence that Binance was not just violating securities laws pertaining to registration but was also committing fraud. A week before the dismissal, Binance listed World Liberty Financial’s USD1 stablecoin for trading on their platform. Trump owns a 60% stake in World Liberty, and receives a substantial share of token and protocol revenues. The stablecoin has also been used to facilitate a $2 billion investment from the Emirati MGX investment firm into")
All this plus Circle’s IPO, the Department of Labor’s rescission of guidance around crypto in 401(k)s, another crypto kidnapping, fifteen lawsuits against Coinbase, and even more in this recap issue of Citation Needed.
@molly0xfff > “feels all too familiar to those of who have lived through 2008”.
I've been thinking of shorting the crypto market, but it's hard to tell when exactly it's going to go pop. Y'know, same problem as the main characters from The Big Short had.
@molly0xfff Exactly like 2008, a bunch of coked up assholes invented too many acronyms and blew up the economy. Surely it won’t happen a _third_ time!