2023-07-20

👽 Gensler to Congress: Fund Crypto Regulation!

July 20, 2023

Good morning Folks,

Today someone explained to me how the cryptocurrency market was changing, even though I already knew.

It was a bit coin descending! 🤣🤣

Ok, let’s hit the road.

🚼 Rebirth in Terraform
🙅‍♂️ No New Tesla Bitcoin
👽 Gensler Begs for Cash

🤦‍♂️ Terraform's Rise: New CEO?

In an attempt to resuscitate itself, Terraform Labs has appointed Chris Amani as its new CEO.

Amani, the firm's former COO and CFO, steps up as former CEO co-founder Do Kwon serves a four-month sentence in Montenegro. 🔒

The company, synonymous with last year's crypto crash, hopes to rise like a phoenix under Amani's guidance. "We have a vision to salvage this, despite the challenges and the long road ahead," Amani confessed to WSJ.

Good luck scrubbing that mud off, chief! 💩

The company will focus on creating new products with real utility for its users, ensuring the firm's rebirth isn't just a mirage in the crypto desert.

With about 40 people currently in the company's employ, Amani expressed his hope for Kwon's quick legal resolution, looking forward to a future of creating value for Terraform users.

I don’t know about you, but if a company's demise brought loss and pain for everyday folk, I’d be super hesitant to jump back in bed with them!

🐥 Tesla's Bitcoin Stance: A Tale of Q2 Earnings

Tesla Inc. has once again outpaced market expectations, as highlighted in its Q2 2023 earnings report.

Notably, the company has neither bought nor sold Bitcoin (BTC) during this quarter, marking the fourth consecutive quarter with no change in its BTC holdings.

It’s the summer…they’re all off on vacation, surely that’s the reason.. right? 👙

The move seems to reflect Tesla's long-term commitment to the leading cryptocurrency.

In Q2 2023, Tesla's digital assets were worth $184 million, a steady figure despite Bitcoin's price hike during the same period.

Under current accounting rules, companies cannot realize gains from digital asset appreciation unless sold, meaning Tesla's unrealized gains remain on paper. 🙊

Well…where else would they be? 🤣

This conservative accounting approach could shape the future of corporate digital asset handling.

👽 SEC Chair Gensler Requests $109M to Tame Crypto “Wild West”

SEC Chair Gary Gensler is making moves to tame the crypto "Wild West."

Speaking to a panel of senators, he requested an additional $109 million for the agency’s enforcement budget.

Has he no shame? 🤣

If approved, this would bolster the SEC's enforcement budget to a substantial $1.4 billion, indicating a strong resolve to counter potential abuses and safeguard the public in the often-intricate crypto sphere.

Addressing the Subcommittee on Financial Services and General Government US Senate Appropriations Committee, Gensler underscored the importance of the SEC in protecting consumers amidst the rapid evolution of markets.

Well, seeing as he’s the head of the SEC… he would say that! 🙄

He painted the crypto market as a "Wild West," rife with noncompliance and speculation.

Gensler's request for additional resources aims to equip the SEC with the necessary tools to navigate this ever-changing landscape and uphold market integrity.You can paint spots on a dog, but it doesn’t make it a hyena, Gary!