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Bankless Friday Weekly Rollup
Second Week Of May
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Bankless Premium | Use Code "FEED10"
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BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://k.xyz/bankless-pod-q2 

🔗CELO | CEL2 COMING SOON
https://bankless.cc/Celo   
 
⚖️ARBITRUM | SCALING ETHEREUM
⁠https://bankless.cc/Arbitrum 

🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle 

🏠 CASA | SECURE YOUR GENERATIONAL WEALTH
https://bankless.cc/Casa 

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION
https://bankless.cc/toku   

🌐 CARTESI | APPLY FOR A GRANT
https://bankless.cc/CartesiGovernance   

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TIMESTAMPS & RESOURCES
00:00 Intro

01:28 Markets 
https://pro.kraken.com/app/trade/btc-usd 
https://pro.kraken.com/app/trade/eth-usd 
https://www.coingecko.com/en/global-charts 

03:40 M2 Money Supply
https://twitter.com/thomas_fahrer/status/1786196603931644086 

08:18 GBTC Inflows
https://x.com/JSeyff/status/1787506564267393037 
https://twitter.com/JSeyff/status/1787610459413102688 

09:49 Stablecoin Mkt Supply
https://twitter.com/alpha_pls/status/1787405833279545393 

10:55 Bullish for Solana
https://twitter.com/smyyguy/status/1787892675145781611 

18:43 Robinhood Wells Notice
https://newsroom.aboutrobinhood.com/robinhood-response-to-receipt-of-wells-notice-from-the-u-s-securities-and-exchange-commission/ 
https://x.com/vladtenev/status/1787595555981668751 
https://twitter.com/BSCNews/status/1787811373361107092 

22:32 Gary's Take
https://x.com/RyanSAdams/status/1788313202024915178 

28:27 Biden Administration Against Crypto
https://twitter.com/BitcoinMagazine/status/1788274505753755836 
https://twitter.com/jchervinsky/status/1788281811086221646?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g 
https://x.com/RyanSAdams/status/1788289854574322049 

34:09 Trump Response
https://twitter.com/frankdegods/status/1788359051031761269?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g 

42:16 FTX Creditors Make 118%?
https://www.bloomberg.com/news/articles/2024-05-07/ftx-has-billions-more-than-needed-to-repay-bankruptcy-victims?cmpid=BBD050824_MONEYSTUFF&utm_medium=email&utm_source=newsletter&utm_term=240508&utm_campaign=moneystuff 

44:42 Friend.Tech Token
https://x.com/friendtech/status/1786573081240297926 

47:06 Eigen Stakedrop Update
https://twitter.com/TrustlessState/status/1786172333717066237 
https://x.com/BanklessApp/status/1786055564629348383 

48:28 $MODE Token
https://x.com/modenetwork/status/1786115439212294386 

49:43 Optimism L3
https://optimism.mirror.xyz/6idqs2nEDLdezbSynrYsakliSCm3VyzA3WWj6esBbbM 

51:29 BOB Bitcoin Chain
https://twitter.com/build_on_bob/status/1785601054966771970 

52:10 Autonomous Worlds
https://twitter.com/redstonexyz/status/1785715921014960188 

54:48 Nigeria Banning P2P Crypto Trade
https://www.bloomberg.com/news/articles/2024-05-07/nigeria-to-ban-person-to-person-crypto-trade-in-battered-naira 

57:05 Revolut X
https://www.revolut.com/blog/post/revolut-x-launch/ 

57:59 Meme of The Week
https://x.com/jonwu_/status/1787512817303629962 
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠ 

“The U.S. is trying to disconnect from Ethereum," that’s what Joe Lubin the CEO of Consensys said in today’s conversation. He was talking about those in power trying to unplug Ethereum from the citizens.

The SEC is going after Kraken, Coinbase, Uniswap and Metamask. They’re trying to turn every non-custodial wallet into a broker-dealer.

We brought on Joe Lubin, a crypto OG and CEO of Consensys the company behind a number of massive crypto projects including the popular Metamask wallet, and Matt Corva, the General Counsel at Consensys, leading the charge against the SEC 

Joe and Matt are producing evidence that the SEC is coming after Ethereum itself. Sending discovery requests to Ethereum core developers, threatening their employers - pushing a coordinated effort to claim Ether is a security so they can control it.

So Consensys is taking them to court to settle the issue. If they’re successful it’ll be the first time we get a clear court ruling that Ether is a commodity and not a security.

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BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://k.xyz/bankless-pod-q2     ⁠  

🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle  

🌐 CARTESI | APPLY FOR A GRANT
https://bankless.cc/CartesiGovernance 

🔗CELO | CEL2 COMING SOON
https://bankless.cc/Celo  

🏠 CASA | SECURE YOUR GENERATIONAL WEALTH
https://bankless.cc/Casa  

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION
https://bankless.cc/toku  

🏙️ CONSENSUS | SAVE 20% WITH CODE BANKLESS
https://bankless.cc/4aykesD  

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TIMESTAMPS

0:00 Intro
6:35 SEC vs. Ethereum 
9:45 The Uniqueness of This Case
11:15 88,000 Pages to the SEC
12:11 SEC Going After Devs? 
14:47 The Wells Notice
16:27 ETH ETF
17:58 Outcome of Consensys Winning  
21:29 U.S. Law Process & Timeline
25:55 Ether Isn’t a Security
34:50 Gary’s Confidence Conspiracy  
41:17 MetaMask Isn’t a Broker Dealer
47:10 What is Prometheum? 
51:10 How Can the SEC Win? What Happens to Crypto? 
55:49 What the Crypto Community Can Do
59:50 What Happens Next?
1:03:15 Closing & Disclaimers

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RESOURCES

Consensys Complaint 
https://consensys.io/crypto-regulations/defend-ethereum 
https://assets.ctfassets.net/gjyjx7gst9lo/Bu1bK7DF3tSig9Atde0lM/2fcaadea2b111a8c3f3ebce4a6a2386c/Consensys_sues_the_SEC_in_defense_of_the_Ethereum_ecosystem.pdf  

Joe Lubin
https://twitter.com/ethereumjoseph  

Matt Corva
https://twitter.com/MattCorva  

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures 

GTI Sharesight Link

This week, Sim and Maia delve into the world of financial regulators, exploring the roles of the Federal Reserve, FINRA, and the SEC in a way that’s both engaging and easy to understand. Using creative analogies like school playgrounds and peacekeeping, they break down complex concepts to help listeners grasp how these agencies influence personal finance and investing. Join them to get a fresh perspective on these financial institutions and discover how they can impact your financial journey.

For more Girls That Invest:

• Sign up for the weekly Stock Market Tea newsletter
• Instagram
• TikTok
• Twitter
• Facebook

'Til next week, team! 💖

Hosted on Acast. See acast.com/privacy for more information.

While there is always a lot of activity on Crypto Legal Front, this particular moment in time feels especially active. Today on the show we have Jake Chervinsky and Amanda Tuminelli, two of crypto’s most impressive lawyers. 

Every single court case, of which there are 5 different ones discussed in this episode today, brings new precedent and new clarity to the crypto space. The theme of this episode today might be… crypto bites back.

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BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://k.xyz/bankless-pod-q2    ⁠ 

🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle 

🏙️ CONSENSUS | SAVE 20% WITH CODE BANKLESS
https://go.coindesk.com/4cBztCA 

🏠 CASA | SECURE YOUR GENERATIONAL WEALTH
https://bankless.cc/Casa 

🔗CELO | CEL2 COMING SOON
https://bankless.cc/Celo   

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION
https://bankless.cc/toku   

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TIMESTAMPS
00:00:00 Start
00:05:18 Life as a Crypto lawyer
00:10:20 Coinbase Court Case
00:15:21 Are Airdrops Securities
00:19:34 Amanda's Take
00:22:22 Some Bad News
00:27:32 When Can We Expect Clarity?
00:30:11 Politics vs Policy
00:32:39 SEC vs ETH ETFs
00:36:55 ETH ETF Denial?
00:42:59 SEC Lying?
00:50:41 Leveraging Against Corruption
00:55:17 DeFi Education Fund vs SEC
01:03:56 Roman Storm
01:15:06 Can Courts Remain Impartial?
01:16:57 Elections Impact

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RESOURCES

Amanda
https://twitter.com/amandatums 

Jake
https://twitter.com/jchervinsky 

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

When a company pushes false claims about using artificial intelligence in its  business, that’s known informally as “AI washing.” It can feel like everybody’s doing it, but the Securities and Exchange Commission is cracking down on the practice. Plus, is the government’s communication with social media companies persuasion or coercion? The Supreme Court heard arguments this week in yet another case involving online speech. But first, the Department of Justice on Thursday announced that it’s bringing antitrust charges against Apple. Marketplace’s Lily Jamali spoke with Reuters Breakingviews columnist Anita Ramaswamy about all of these stories for this week’s episode of Marketplace Tech’s Bytes: Week in Review.

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:
(1) A highly anticipated decision by the US Securities and Exchange Commission on whether to approve a spot-Bitcoin exchange-traded fund quickly morphed into a major cybersecurity incident on Tuesday.

(2) Boeing CEO Dave Calhoun fought back tears as he said the plane maker must own up to its shortcomings as it grapples with a safety incident that has renewed questions over the quality of its manufacturing.

(3) BlackRock will dismiss about 600 employees, or roughly 3% of its global workforce, as it seeks to reallocate resources amid rapid changes in asset management.

(4) Britain's foreign secretary, David Cameron, said he's "worried" that Israel might have broken international law during the conflict in the Gaza Strip, and that the country must to do more to allow aid to flow.

(5) The UK government is pressuring councils to run down their reserves to help stave off a financial crisis beginning to rip through the country's town halls.

See omnystudio.com/listener for privacy information.

Kraken is one of the two most important exchanges in the US right now, it's also an essential bridge across many other jurisdictions. Recently Kraken has come under fire by the SEC for the second time this year.

In today’s episode we're joined by Kraken CEO, Dave Ripley. Dave walks us through what it's like to take the reigns of one of the largest US crypto exchanges and how he plans to navigate the constant battles they have to face from US regulators. 

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🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
⁠https://k.xyz/bankless-pod-q2  ⁠

🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING
⁠https://bankless.cc/MetaMask  

⚖️ARBITRUM | SCALING ETHEREUM
⁠https://bankless.cc/Arbitrum  ⁠

👾GMX | V2 IS NOW LIVE 
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🔗CELO | CEL2 COMING SOON
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🦄UNISWAP | ON-CHAIN MARKETPLACE
⁠https://bankless.cc/uniswap 

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TIMESTAMPS

00:00 Intro
04:27 Regulatory Action Around Kraken
09:27 Is This a PR Stunt By The SEC?
11:31 "Co-Mingling Funds" & Fighting The SEC
16:28 Hostility Towards Crypto
21:03 Leaving The US?
24:32 Getting To Know the New CEO
28:50 Finding Bitcoin In 2013
32:48 Kraken Values
38:40 Custody & Proof Of Reserves
42:18 Kraken Endgame

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RESOURCES

Dave Ripley:
https://twitter.com/DavidLRipley 

Why Kraken:
https://www.kraken.com/why-kraken 

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Not financial or tax advice. See our investment disclosures here:
https://bankless.com/disclosures 

General Motors is planning higher-octane cash returns for investors in an attempt to restore confidence in its main gig — making vehicles that are not electric. We’ll get into what this could signal for the broader EV industry. And, many of the Securities and Exchange Commission’s regulatory powers are on the line in a current Supreme Court case. We’ll examine what the case has to do with conservative justices’ disdain for the administrative state. Plus, a National Spelling Bee champion’s secret to success.

Here’s everything we talked about today:

• • “GM Plans $10 Billion Stock Buyback in Bid to Assuage Investors” from The Wall Street Journal

• • “Supreme Court’s conservatives voice concerns about SEC’s in-house enforcement” from The Hill

• • “Supreme Court to consider multi-pronged constitutional attack on SEC” from SCOTUSblog

• • “Major OxyContin case headlines December session” from SCOTUSblog

• • Opinion | “I won the National Spelling Bee. This is what it takes to master spelling.” from The Washington Post

If you’ve got a question, comment or submission for a state drink, send them our way. We’re at 508-UB-SMART or email makemesmart@marketplace.org.

Grayscale Investments manages funds of digital assets – cryptocurrency – for investors. They just won a case against the US Securities and Exchange Commission, which could eventually let it, or another manager, offer an ETF that holds bitcoin. US Financial Editor Brooke Masters and podcast regular Rob Armstrong talk with Ethan about what a world of crypto for regular investors might look like. Also we go long the US Treasury, and short the administrative state. 

For a free 90-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer

Follow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on X, formerly Twitter. You can email Ethan at ethan.wu@ft.com.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Wagner mercenary group leader Yevgeny Prigozhin has reportedly died after a plane crash north-west of Moscow, Nvidia’s revenue more than doubled in the latest quarter on soaring demand, and US regulators are imposing tougher disclosure rules on private funds. Plus, the FT’s Eli Meixler unpacks the latest developments in Thailand’s government. 

Mentioned in this podcast:

Yevgeny Prigozhin in fatal plane crash, Russian officials say

Nvidia’s AI boom exceeds Wall Street’s lofty hopes

US regulators impose tougher disclosure rules on private funds

Thailand’s former PM Thaksin Shinawatra jailed after return from exile

Looking for a fresh perspective on the news? Meet FT Edit - the new app from the Financial Times. FT Edit brings you eight hand-picked stories to surprise and inform you, every weekday. Try FT Edit now: https://on.ft.com/446sxYS

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Monique Mulima, Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. 

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.