Who's up next for the SEC throne

👀 Who’s up subsequent for the SEC throne?

Plus: Did Cobie simply burn $17M in tokens?

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🤔 Rumors are swirling about who’s in line to be the following SEC Chair.

🔥 Cobie burned $17 million price of tokens.

🍊 Information drops: the Ethereum Basis launches Mekong, Detroit residents will have the ability to pay taxes with crypto + extra

🍍 Market taste immediately

The crypto market’s throwing a celebration, and everybody’s invited 🎉 The Concern and Greed Index is in “Greed” at a strong 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 making an attempt to decelerate the unemployment fee, however not so onerous that inflation stops cooling. And apparently, Donald Trump’s grand entrance hasn’t modified their script. In accordance with CME FedWatch, there is a 67.8% probability we’ll see one other 25 bps fee 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 chopping charges. However the factor is – the Fed’s been impartial since 1951, and their job is to make the powerful requires the economic system’s long-term well being, even when it provides politicians a headache. So, when requested whether or not he’d resign if Trump tried to indicate 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 getting into the section the place Ethereum begins to outpace Bitcoin. Why? Laws are more likely to dramatically enhance for crypto, main to 2 massive developments:

1. Utility tokens in DeFi will cook dinner up rewards and yield from the underlying protocol, and most of it is occurring on Ethereum.

2. TradFi will in all probability begin constructing bigger use instances, they usually’re probably trusting essentially the most adopted chain (Ethereum) for it.

As for crypto ETFs – these guys are persevering with their enormous influx streak. Yesterday, BTC ETFs noticed a report $1.37B in inflows, whereas ETH ETFs had $79.7 coming in.

So, preserve that eye on the charts, tiger – these bulls aren’t going anyplace quickly 🐯

💼 SEC #Hiring

We have already talked in regards to the US SEC Chair Gary Gensler situash. If you happen to’re new right here, to start with, heey 😏; second, you’ll be able to learn this version to atone for the tea.

Or if ya lazy, TL;DR: Gensler’s LinkedIn is getting this replace quickly:

‘Trigger Donald Trump desires him out ASAP.

Now, the large Q: who’s subsequent in line to run the SEC? Nicely, a bit birdie (Reuters) dropped some names, and here is the lineup thus far:

– 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 property 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 provide it a sec (haha, get it? 🤪 …pls do not go away). The method might drag out a couple of weeks, so it is nonetheless too early to say something.

However from the seems to be of it, the conflict towards crypto is coming to an finish. We made it, of us.

🎸 Smells like burnt tokens

If you happen to’ve been in crypto for some time, you already know Cobie. And in the event you’re new right here, to start with, heey 😏; second, he is probably the most standard crypto influencers, who’s been within the area since 2012. He additionally seems to be like Kurt Cobain (+rep massive time).

And he is not your common dealer. Cobie launched a celeb token in 2014 (again when memecoins have been barely a factor), he helped develop Lido (the most important 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 massive names like Michael Saylor and Vitalik Buterin… so, you recognize, 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 may return.

Naturally, a memecoin referred to as UPONLY was launched. Cobie received 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 features tax after some occasion members pushed again. The present proposal within the 2025 funds goals to bump the tax fee from 26% to 42%.

🧾 Detroit’s getting ready to let residents pay taxes and metropolis charges with crypto by PayPal. This could make Detroit the the largest US metropolis to simply accept crypto funds.

🤨 Swiss Nationwide Financial institution’s received its eyebrows raised at crypto. Chairman Martin Schlegel stated that regardless of their development, these currencies are nonetheless a distinct segment phenomenon… bro, outline area of interest.

🚀 Coinbase’s wrapped Bitcoin, cbBTC, is now reside on Solana. It is the primary token Coinbase has issued on this blockchain.

☁️ Sky introduced that its proposal to rebrand again to Maker received the thumbs-down. Solely 18.46% of voters have been in favor of bringing Maker again with a restricted model refresh.