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tl;dr
Sadly, you just cannot keep the politics out of cryptos.
Market Snap
Market Wrap
BTC is very tightly range bound though leveraged shorts are convinced there will be further fall-out from the fraudulent FTX fiasco. They might be right.
Curious Cryptos’ Commentary — US politicians
Though the CCC remains unashamedly and robustly apolitical in outlook, it is not possible to divorce cryptos from the political arena. The philosophical divide between supporters of cryptos and the naysayers splits firmly along political lines, especially in the US.
First up we have Senator Raymond Jon Tester who made this statement yesterday:
“I see no reason why this stuff should exist.”
In that simple and plain sentence Tester makes clear that he hasn’t done any homework, and that his antagonism towards cryptos derives from a deep-seated fear of losing control.
His justification is that cryptos are “… not able to pass the smell test” which is an overused excuse when someone takes a position based on emotions and not facts.
He supports either regulating or banning crypto, but that first option doesn’t appeal to him anyway:
“The problem is that if we regulate it — and I pointed this out to some of the regulators here a week or two ago — if we regulated it, it may give it the ability of people to think it’s real.”
That is a mangled sentence, but I think we know what he means.
Which leaves the option of banning cryptos, which is simply not possible in any meaningful way, and amply demonstrates the depths of his ignorance.
And just in case anyone was left in any doubt, I leave you with his other meaningful quote:
“It’s all bull****”.
Using swear words when talking about cryptos is straight out of the Financial Times playbook. Perhaps he is thinking of embarking on an alternative career.
…
On the other side of the divide, Senator Tom Emmer has Gary Gensler, chair of the SEC (Securities and Exchange Commission) firmly in his sights. First reported in the CCC of 27th November 2022, Tom has doubled down on his efforts to hold Gensler to account:
“[Gensler] must testify before Congress and answer questions about the cost of his regulatory failures.”
Tom continues:
“He declined to provide Congress with the information requested in the letter, which would’ve informed Congress of the apparent inconsistencies in Gensler’s approach that caused him to miss Terra/Luna, Celsius, Voyager, and FTX.”
The information that was requested relates to the methods and processes that the SEC has adopted in its approach to the crypto industry. In failing to provide answers to those questions, Tom publicly rebuked Gensler once more:
“Congress shouldn’t have to learn the details about the SEC’s oversight agenda through planted stories in progressive publications.”
I think we know which journals he is referring to.
And just in case anyone was left in any doubt:
“FTX’s collapse is not a crypto failure. It’s a failure with CeFi, @GaryGensler, and Sam Bankman-Fried. Decentralization is the point.”
…
No prizes for guessing which Senator supports which political party.
Compliance Stuff
Trigger alert warning.
If any reader feels that they are “literally shaking” (a claim made by a Durham student who cannot cope emotionally — and certainly not intellectually — with a different point of view expressed by Rod Liddle) after reading my commentary, then I can only suggest you don’t read, or don’t shake. It’s up to you.
Cryptos — none of my commentary should be seen as a recommendation to get involved in cryptos. I might be talking complete nonsense without knowing it. Any crypto investments must be viewed as extremely high risk and treated as if they are worth zero until sold.
Stocks — just to make it clear this is not a stock advisory service. The CCC team does not provide financial advice in any way at all. Any reference to asset prices in this commentary are there to simply give context to the commentary and to give colour to the performance of certain stocks related to cryptos.
For the avoidance of doubt, this newsletter is not an incitement to buy cryptos, buy stocks, or even to sell family members in the hope of buying cryptos or stocks.
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