Happy Friday, DailyCoiners,I hope you’ve made it through the week unscathed and have some great plans for the weekend!It’s been a bit of a 🎢 week in the markets; ⏫, ⏬, 🔴, 💚...not to mention the golden, and death crosses.So if you’re still here, congrats!

Today we have another trio of stories to poke our 🐽 into:

• Kraken Fallout; SEC in Turmoil!

• 3AC Launch A New Exchange; Crypto Community Not Amused!

• Bitcoin Miners, CleanSpark Scooping up Failed Competitors.

Gensler Embraces the Dark Side of the Force

Following on from yesterday’s news that U.S. centralized exchange was being probed by the Securities and Exchange Commission (SEC), the crypto markets reeled in response to the settlement and subsequent shutting down of Kraken’s staking products.

Not only did Kraken have to shut down their staking, but they were forced to pay a $30 million penalty 💰The outrage shown by crypto supporters was even mirrored inside the SEC, with their own commissioner, Hester Pierce (AKA Crypto-Mom) stating:“Today, the SEC shut down Kraken’s staking program and counted it as a win for investors. I disagree and therefore dissent.”She went on to say:“Using enforcement actions to tell people what the law is in an emerging industry is not an efficient or fair way of regulating. Moreover, staking services are not uniform, so one-off enforcement actions and cookie-cutter analysis does not cut it."Most people around crypto agree that regulation is essential for mass adoption.With other countries making sensible headway in their own regulation plans, why are U.S. regulators making such an absolute mess of it?

Crypto big boy, Brian Armstrong, whose own exchange, Coinbase, is the subject of a similar SEC investigation, tweeted earlier in the week about rumors of a Kraken probe.The question on everyone’s lips is; why is “crypto doomsayer” Gensler targetting two of the most compliant U.S. exchanges, while SBF and his FTX cronies got welcomed with open arms…

I wonder what skeletons are crammed into GG’s closet!!

3AC Fail to Read the Room with their New Exchange

“Open Exchange” (OPNX), a new crypto exchange backed by bankrupt hedge fund 3 Arrows Capital (3AC), has met with outrage across crypto Twitter yesterday 🤬.Hedge fund founder, Zhu Su, claimed the new exchange would be a step towards redemption for all the pain caused by the 3AC collapse.Understandably, this was not taken well by…well…pretty much everyone.

and...

Sometimes you really have to wonder what 🌏 some people are living on! Trust; it's hard to win, and impossible to win back.Turns out cheating spouses and bankrupt hedge fund founders have more in common than previously thought!

CleanSpark, Cleaning Up!

From the desolation of the 2022 Bitcoin bear market emerges the battle-worn, bloodied survivors.

Sustainable energy-based Bitcoin mining company, CleanSpark, seems to be just such a warrior!They continue to pick the battlefield clean of fallen comrades, buying up dead companies and equipment on the cheap.Chief financial officer Gary Vecchiarelli stated:“With respect to our strategy regarding M&A (mergers and acquisitions), we have been one of the most active miners to date in acquiring infrastructure and machines, and we will continue to be active.”He then went on to say:“We don't feel compelled to go out and have to do M&A. But obviously, if we see a good deal, we'll take advantage of that.”CleanSpark reported a 132% increase in BTC mined in Q1 2023 over the same time period in 2022.

Is it a natural maturing of the industry or Vulture-Esq carrion feeding?

What do you think?

DailyCoin Daily Meme

Cardano’s Valentine’s Upgrade to Bring More Cross-Chain Love

Input Output Global (IOG), the blockchain technology firm responsible for the development of Cardano (ADA), has announced that...

Dogecoin to the Rescue: Elon Musk’s Chinese Doppelganger Tamed

Yilong Ma, the Chinese twin brother of Elon Musk, lost his temper in the recent TikTok video, which scooped up over three million views in...

Kraken Pays $30 Million Fine and Shuts Down Staking Service in SEC Settlement, the Crypto Mom Reacts

Kraken, a U.S.-based cryptocurrency exchange, has been hit with $30 million in penalties and agreed to shut down its crypto staking program as part of...

After all of that, I think we've earned ourselves a stress-free weekend.

However, if you're a glutton for punishment, there's always more on 

our website

.

See you next week!