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| | | Good afternoon. Another week, another milestone. Interest payments on the US’s ballooning debt during the first 7 months of 2024 ($514 billion) just eclipsed spending on Defense ($498 billion) and Medicare ($465 billion). | Today’s Big Stories:
🚀 SECs bittersweet approval
💸 Trump doubles down
🌦️ Weather reporting <> Crypto
🏦 Crypto regulation takes big step forward
🥊 RIOTing for a hostile takeover | Today’s edition is brought to you by Bitcoin IRA – the world’s first crypto IRA platform that is trusted by over 200,000 investors. | Today's newsletter is 1,129 words, a 7-minute good read. |
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Bittersweet: ETH ETFs Get Approval |
As many of you know by now, on Friday of last week, the SEC officially approved spot Ethereum ETFs. The SEC's last-minute pivot represents one of the wildest stories in crypto so far this year. |
For many months, it seemed that the BTC ETF was all we were going to get before the election cycle. Then, on Monday, rumors started circulating that the SEC was making a pivot. By Friday afternoon, the SEC made the unusual decision to approve 19b-4 filings while S-1s were still being finalized. The entire turnaround took less than five days. |
Quick Thoughts: This is a massive win for the industry. Having both BTC and ETH ETFs in conjunction with an increasingly bipartisan pro-crypto government (see stories below) are two new bullish narratives for 2024 that most didn't see coming. |
We can only wonder if we'll ever truly know the behind-closed-doors details of what happened in the Democratic party over the last couple of weeks. |
We'll take these wins, no doubt about it. But these decisions and quick pivots are so obviously political that it's almost depressing. What kind of leverage will the administration or SEC have now? Are our government officials actually listening? Are they proponents of the underlying tech here? Or are they just fighting for a longer term? |
So far, the situation remains shrouded in mystery. |
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Trump Doubles Down on Crypto |
President Trump continues doubling down on his stance as the pro-crypto candidate, pulling on every crypto-lover's heartstring he can get his hands on. In a speech Saturday at the Libertarian party convention, Trump vowed to ensure crypto stays in the US, to support the right to self custody, to stop any development of a CBDC, and promised to “keep Elizabeth Warren and her goons away from your Bitcoin.” |
Trump also promised to commute Ross Ulbricht, who is serving a life sentence for creating the darknet marketplace known as Silk Road, stating: |
"If you vote for me on day one I will commute the sentence of Ross Ulbricht. He's already served 11 years. We're gonna get him home." | | | | See video here |
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Crypto Regulation Takes a Major Step Forward |
Late last week, behind all the ETH ETF chaos, crypto market structure bill FIT21 passed the House with a decisive 279-136 vote, including support from 71 Democrats. The vote signals a shift in the political landscape, with prominent leaders like Nancy Pelosi voting in favor. |
While the bill faces an uphill battle in the Senate, this overwhelming bipartisan support demonstrates that the era of anti-crypto sentiment is waning. The vote is a clear message to the Biden administration that opposing crypto might be a losing strategy this year. |
Related: Coinbase makes another push to appeal its case against the SEC, citing lawmakers' FIT21 vote |
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Can Crypto Fix the Weather? |
From time to time in this rag, we love to highlight real-world use cases of crypto outside of hedging against corrupt fiat systems. Our latest comes from a company called WeatherXM, which just raised a $7.7 million Series A to make better weather forecasts. Here’s how it works: |
Individuals invest in small weather stations (starting at $400), placing them in underserved areas Provide your community with more accurate hyper-local weather reports and forecasts. Get rewarded in WXM tokens as your contribution to the weather network grows.
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Speaking of WXM, the token will hit exchanges tomorrow. Here's a bit more detail on the raise and what WeatherXM is up to. |
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Crypto Miners Are Getting Hostile |
Crypto miner Riot Platforms (RIOT), having acquired a 9.25% stake in competitor Bitfarms (BITF), is pursuing a takeover attempt at $2.30 per share – a 24% premium over Bitfarms’ prior share price. |
Bitfarms has rejected the offer, responding that it “significantly undervalues the company and its growth prospects.” If the combination is consummated though, RIOT will become the largest publicly traded Bitcoin miner. |
Regardless of the outcome, the potential takeover is a significant event that will be closely watched by all in the industry. It could mark a new era in publicly traded crypto companies, potentially reshaping the landscape of the industry. |
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 | Alessandro Ottaviani @AlexOttaBTC |  |
| The flippening $IBIT vs $GBTC just happened!! Now $IBIT is the Bitcoin ETF that holds the higher amount of #Bitcoin : 288,670 Source: @HODL15Capital |  | | | May 29, 2024 | | | |
| | 167 Likes 24 Retweets 17 Replies |
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Other Content You Might Enjoy |
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