Who’s up next for the SEC throne

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🤔 Rumors are swirling about who’s in line to be the subsequent 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 in the present day

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 just about $77K yesterday and lounging across the $76K mark ever since.

Over on the Federal Reserve, they did precisely what everybody anticipated: reduce rates of interest by 25 bps. They’re nonetheless attempting 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 keeping with CME FedWatch, there is a 67.8% likelihood we’ll see one other 25 bps fee reduce 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 unbiased since 1951, and their job is to make the robust 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 mentioned, “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 part the place Ethereum begins to outpace Bitcoin. Why? Rules are more likely to dramatically enhance for crypto, main to 2 large developments:

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

So, maintain 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. When you’re new right here, to begin with, heey 😏; second, you may 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 needs him out ASAP.

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

So, who’s the one? Nicely, y’all are gonna have to offer it a sec (haha, get it? 🤪 …pls do not depart). The method might drag out just a few weeks, so it is nonetheless too early to say something.

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

🎸 Smells like burnt tokens

When you’ve been in crypto for some time, you already know Cobie. And for those who’re new right here, to begin with, heey 😏; second, he is some of the common crypto influencers, who’s been within the house since 2012. He additionally seems to be like Kurt Cobain (+rep large 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 biggest 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 large names like Michael Saylor and Vitalik Buterin… so, you already know, he is kinda an enormous deal.

Nonetheless, 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 bought 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 meant for Ethereum’s Pectra fork.

🤔 Italy’s economic system minister mentioned 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 finances 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 means of PayPal. This might make Detroit the the most important US metropolis to just accept crypto funds.

🤨 Swiss Nationwide Financial institution’s bought its eyebrows raised at crypto. Chairman Martin Schlegel mentioned that regardless of their progress, 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 bought the thumbs-down. Solely 18.46% of voters have been in favor of bringing Maker again with a restricted model refresh.

🍌 Juicy memes