2023-06-29

🔨 Ex-SEC Chair Bashes Gensler's Crypto Crusade!

June 29, 2023

Hey hey, DailyCoiners,

A vegan, a Bitcoin trader, and somebody who didn’t vote in 2016 walk into a bar...

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Time for the news.

🚶 SEC Suit Dismissal?
🤝 Mastercard Embraces Blockchain
🥊 SEC Infighting Begins

🙅‍♂️ Coinbase Calls 'No Merit!' on SEC Lawsuit

Coinbase has called "foul" on the Securities and Exchange Commission (SEC) as the crypto giant files for a dismissal of the SEC's lawsuit.

Coinbase argues that the SEC is swinging for the fences with their accusations of unregistered securities, claiming that the commission let them step up to the plate with the same digital assets when they went public in May 2021.

Double standards! 🐫

The request for dismissal, a pitch back to the SEC's court, highlights that six of the twelve assets in question were already trading on Coinbase at their IPO.

The crypto exchange giant has openly stated its willingness to engage in dialogue with the SEC or any other regulatory body.

It's now up to the legal umpires in the United States District Court for the Southern District of New York to make the call.

The SEC should study the rule book! 📚

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💳 Mastercard To Launch Ethereum-Based App Store

Mastercard, the credit card titan, is set to launch a blockchain-based "app store" for regulated financial applications, marking a deeper exploration into the crypto and blockchain realm.

Mastercard's planned "Multi Token Network" will offer developers access to a private version of the Ethereum blockchain to stimulate the creation of new applications.

This is where mass adoption starts!

Executives from the firm highlighted the potential of blockchain, which is often overlooked amidst the crypto regulatory discussions. 🙈

Mastercard has been building tools that fortify confidence in the future of digital assets, laying the groundwork for this "natural evolution."

Developers will use the Ethereum programming language, Solidity, and can experiment with tokenized commercial bank deposits.

Although initially available in the UK, Mastercard will eventually roll out the MTN in more global markets.

This is going to be something to watch! 👀

😤 Ex-SEC Chief Criticizes Gensler's Crypto Lawsuit Strategy

In a recent twist, former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton criticized current chair Gary Gensler's strategy of issuing lawsuits to major crypto players.

Clayton's criticism came following June's lawsuits against industry giants Coinbase and Binance.

Clayton's bone of contention? 🦴

Gensler's approach, which he believes indicates a shift in the government's role perception.

Clayton argued regulators should pursue cases they're convinced of winning judicially, not just for the sake of it.

Oooh…burn! 🔥

Gary Gensler has been accused of acting more like a politician than a regulator.

The industry now eagerly anticipates his appearance before the U.S House Committee to discuss digital assets market structure amidst calls for his removal by some Congress members.