Discover more from Token Dispatch
Cheese Grill Gary 👁️🗨️
Gary Gensler gets grilled by the US House of Representatives Committee on Financial Service. Liquidations send crypto in the sea of red - BTC ⬇️ $30K, ETH ⬇️ $2K. Donald Trump cards are back #Season2.
Hello, y'all. Donald Trump runs what the whole of humanity could do without.
Result: Truth Social flops. Trump’s net worth🔻 $700 Million.
Truth Social reminds us of Twitter. In more ways than one.
Result: Elon Musk buys Twitter. Musk's net worth 🔻 $9 Billion.
This is The Token Dispatch, show us some love on telegram 🤟
A tough day for Gary
It's not often that we get to witness a financial regulatory hearing that has the potential for fireworks, but Gary Gensler, Chair of the Securities and Exchange Commission (SEC), delivered just that on April 18th.
And let's be honest, we all knew Gary wouldn't miss the opportunity to badmouth crypto.
First appearance before the House Financial Services Committee (HFSC) since October 2021 - a big day for him.
And we know Gary, Gary never misses an opportunity to badmouth crypto.
"I've been in and around finance for 40 years, and I've never seen a field that is so non-compliant with securities laws."
"The vast majority of crypto tokens are securities,"
"It's the law; it's not a choice. Calling yourself a DeFi platform, for instance, is not an excuse to defy the securities laws."
And he was on the hot chair because, with over 50 regulatory priorities identified since taking office, Gensler has already proposed twice as many rules as his predecessor in just half the time.
I mean … please chill?
Last month, he even asked for $2.4 Billion USD in funding from Congress to crack down on crypto (and also other stuff).
Gary always thought proof-of-stake cryptocurrencies, like Ether were securities. And when actually asked about ETH, the answer was a bit unclear.
"Actually, all securities are commodities under the Commodity Exchange Act. It's that we are excluded commodities. But I would agree that a security cannot be also an excluded commodity and an included commodity,"
In Gary's eyes, everything except Bitcoin is a security. Even you and me.
Is Gensler right though?
Can we all agree that the Howey test is a little outdated? Like attorney Mark Bini said, using a 1946 case about orange groves to determine if crypto is security is just bananas!
May be have a chat with Jay Clayton
Today's red hot stuff
The slide which followed a huge market sell order at Binance – flushed millions of dollars worth of futures positions.
Why? Leverage washout. Long squeeze. ~ $238 Million in liquidations.
Still going strong: Crypto’s total market cap reached $1.2 Trillion by the end of Q1 2023, led by the rise is trading volume due to banking collapse, CoinGecko report. Bitcoin outperformed the NASDAQ, gold, and crude oil. With a quarter on quarter gain of 72.4%.
Why not sponsor us, eh?
TTD Duel ⚔️
Gary Gensler vs House Financial Services Committee
The committee wasn't chuffed about how the Securities and Exchange Commission (SEC) has gone about dealing with crypto.
Essentially, Gary's crypto crusade - Operation Choke Point 2.0
Get that popcorn pronto.
Buckle up and ▶️
Congressman, Warren Davidson wants to introduce new legislation to fire Gensler.
Yep, you heard that right. Gensler might be hitting the job market soon.
Why is Davidson doing this?
"You have, essentially a hotel California rule for crypto where you can checkin anytime you like, but you can never leave.”
You hear that Gary? 👆
Some Republicans on the House Financial Services Committee threw some serious shade at Gary Gensler.
In a letter signed by committee Republicans, they argued that Gensler's use of national securities exchange (NSE) regulations just doesn't cut it when it comes to digital assets.
Also Last week: House Republicans issued a threat to subpoena Gensler if the SEC did not disclose information regarding charges against SBF.
TTD Trump 💊
Trump cards are back #Season2
1,000 NFTs held back by the developer.
Each sells for $99, with some cards featuring Trump’s digital signature.
Trump speak. All truth.
Trump is pleased with the success. You can go and have fun.
Bugs. Problems. 405 not allowed.
A good man seeking truth has to deal with all them issues.
TTD Shutdown 🔐
Intel will stop accepting orders for its bitcoin mining chip, Blockscale, on October 20. It will phase it out completely next year.
The company had announced the Blockscale 1000 chip series just about a year ago, but the plunge in Bitcoin prices and the crypto winter has affected Intel clients’ businesses - more Bitcoin miners to go bankrupt in 2023.
As the company prioritises its investments in IDM 2.0, it decided to pull the plug on the Intel Blockscale 1000 Series ASIC. IDM 2.0 refers to Intel’s strategy of utilising third-party foundries to manufacture products including graphics and chipsets. It will continue to support existing Blockscale customers.
TTD NFT 🐝
Starbucks is launching The First Store Collection
Its their 2nd limited-edition collection, featuring 5,000 unique NFT stamps on Polygon.
It goes live on Wednesday, April 19, on Nifty Gateway for $100 a piece.
Each NFT will showcase a multimedia collage of photos paying homage to the chain’s first store in Pike Place Market, Seattle.
Why should you mint? Unlike the previous collection, buyers can earn 1,500 loyalty points in the Starbucks Odyssey app.
What's the catch? Only for users with access to the Odyssey app.
Free NFTs to celebrate Brazilian Soccer League kick-off
Binance has released a series of NFTs featuring images of Brazilian soccer players. It can be claimed by Binance users through the exchange's NFT marketplace. Free Season Pass NFT, users must register on the dedicated Brasileirão Assaí website and get the code.
TTD Surfer 🏄
FED Governor Michelle Bowman reckons that US digital dollar (CBDC) poses risks, and the FedNow program can achieve most of the benefits of CBDCs through other technologies.
Central Bank of Russia Governor Elvira Nabiullina has said that the use of cryptocurrencies in external settlements may start as an experiment.
A Hong Kong court has recognised crypto as property "capable of being held on trust" in a case involving shuttered crypto exchange Gatecoin.
Mysten Labs CEO Evan Cheng feels that AI’s broad consumer appeal has pushed crypto to the back seat, as VCs have accelerated AI Investments.
If you like us, if you don't like us .. either ways do tell us✌️
So long. OKAY? ✋
The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.