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SEC spanks 🤦 FED bumps 🤷♂️
SEC sends Coinbase a Wells Notice for unregistered securities. Stock crashes. SEC charges Tron's Justin Sun for securities violation. Token crashes. FED hikes interest by 25 basis-points. Banks crash.
Hello y'all. This is The Token Dispatch. FED was not enough, we are back writing about SEC. Give us love on telegram, eh? 🤟
Breaking news - Not so @stablekwon arrested.
Dispatched reminding ourselves, each day, everyday 👇
SEC vs Coinbase. The affair. Chapter 31.
The SEC has accused Coinbase's staking products of being unregistered securities, and the company has been sent a Wells Notice. The SEC also have issues with the their wallet. What does that do? A sell off 👇
Here's all the drama explained:
Coinbase knew what was going to happen after they saw what happened with Kraken and the $30 million settlement.
Coinbase had been having conversations with the SEC. The petition, the letter, all calling for clarity on staking and on which digital assets are considered securities. Then, SEC called and said they would be pursuing enforcement action. That's when Coinbase's chief legal officer, Paul Grewal, wrote a blog post and said: "We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead."
CEO, Brian Armstrong also had something to say:
All of this led to Coinbase suspending Algorand token rewards for customers, effective March 29.
But, not just Coinbase
The SEC has charged Tron founder Justin Sun and his companies with securities violations. They say Tronix (TRX) and BitTorrent (BTT) are unregistered securities and that Sun manipulated them on the secondary market, as did his companies. What does that do? A sell off 👇
Even celebrities like Jake Paul, Lindsay Lohan, and Michelle "Kendra Lust" Mason got charged for not disclosing they were paid to promote the Tronix and BitTorrent tokens.
Why not sponsor us, eh?
The big day is done. Mr Powell and Co. have said and done what they had to. It didn't quite turn out to be the drama as anticipated.
Interest-rate increased by 25 basis-point, 9th hike in a row to lift the Fed fund rate range between 4.75% - 5.00%, the highest level since 2007. Further hike will be based on the situation with the bank credit. Seven out of 18 FOMC officials saw inflation risks as balanced, and had considered skipping a rate hike after banking stress intensified last week. This hike could be the last one for now depending on the extent of any lending pullback that follows a bank run. As per the projection, all 18 FOMC members are looking for Fed fund rate to be peaked around 5.1%, implying one more hike in this year and no rate cut.
TTD Blockquote 🔊
“ …pathway still exists, and we’re just trying to find it.”
Right then. Where is the exit lane? 🤐
TTD What we following 👨🦯
A new bill has been proposed to the Texas State House of Representatives that aims to fully protect and welcome the Bitcoin economy. Atta-boy.
The bill protects holders, miners and those who work on the code for the decentralised cryptocurrency. Governor of Texas, Greg Abbott, has referred to himself as a "crypto law proposal supporter." That's not all, the bill called out the Chinese government for straight-up banning Bitcoin in 2021. China ban is an "authoritarian form of rule [that is] in complete opposition to the values of the United States."
TTD Number picker 🔢
An Atlanta home tokenised on the Ethereum blockchain was sold for $214,882 in under three minutes. Property was divided into 6,000 tokens, each representing a fraction of the ownership. This allows investors to own a portion of the property without having to purchase the entire asset. The property was listed on the RealT platform, allows fractional ownership in real estate. Talk about revolutionising the real estate industry. Yes please.
TTD Give it a try 👻
Swipe left to short or swipe right to go long on NFTs, with up to three times leverage. And don't worry, even if you don't find your soul mate here, you can still make some sweet profits. You can determine whether a blue-chip profile picture NFT is overvalued or undervalued with just one swipe. It is currently in alpha and is live for select users.
Sign ups are on and swiping is back in vogue.
TTD Surfer 🏄
Telegram's wallet function has levelled up and now supports USDT-TRON (TRC20). Now you can send USDT to your Telegram contacts.
Ripple has teamed up with Great Ormond Street Hospital Children's Charity to support children with cancer and their families.
Hackers found a loophole and drained a whopping $1.5 million in digital coins from cryptocurrency ATMs made by General Bytes.
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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.