🔥 Gary Gensler Gets Grilled

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Hawaii, Ibiza, or Pattaya….whatever it may be, we’ll take you there. 😎

And we are in your inbox every day. Vacation every day! 🍹

Here’s the itinerary for today:

• 🔥 Gary Gets Grilled

• 🏜️ Crypto Party in UAE

• 📈 Ethereum vs YouTube

• 🛠 Master zk-Voting

• 🍼 Coinbase Movin’ Out?

🔥 Gary Gets Grilled

Gary Gensler.

He’s the actor who played the role the evil Sith Lord in Star Wars.

Well…no. (although he’d be the perfect casting 😉)

Gary Gensler is the chairman of the SEC.

What’s SEC? 🤨

When it comes to crypto, the SEC often uses vague regulatory frameworks to control and sometimes go after crypto projects and exchanges. 💰

Some of the big names they have gone after are:

• Coinbase

• Telegram

• Ripple (XRP)

Yesterday, Gary went before the US Congress to testify regarding the “oversight of the SEC.”

Basically, Congress wanted to know wtf the SEC has been up to lately with all the new lawsuits against crypto exchanges.

And here’s a quick recap of the whole testimony 👇

1️⃣ ETH: Security or Not?

This was the part that crypto Twitter replayed over and over again. 🔄

Why?

Cuz’ Gary turned into a bumbling little boy to answer this one. 😬

What was the question?

Is Ether (ETH) a commodity, or a security?”

It should be a simple question for the chairman of the SEC to answer. 🧐

SEC has been going after exchanges because they have been categorizing a few tokens that exchanges list as Securities.

So they must have a standard to assess if a token is a security or not…right? 🤷‍♂️

Or have they just been going on a whim until now?

2️⃣ Bank Crisis? Blame Crypto

The recent failure of the 3 big banks:

• Signature

• Silvergate

• Silicon Valley Bank

What’s the reason behind them, Gary? 🤔

“C-R-Y-P-T-O”

Bro didn’t even hesitate to blame crypto as the reason behind the bank crisis.

And clearly not because of the US Government raising rates. 😅

3️⃣ Time To Go!

Given how the whole regulatory landscape is still SOO vague in the US…

….Brian Amstrong, the CEO of Coinbase, actually said they might consider leaving the US. 😬

And the SEC under Gary Gensler has done nothing to bring clarity.

Instead, they have been using it to their advantage.

Imagine a $15 BILLION company like Coinbase leaving the US.

Not just that…

But all the other huge crypto companies leaving.

That’s A LOT of capital lost for the US. 🇺🇸

This is why one of the Congressmen yesterday introduced legislation to remove Gary as SEC Chairman and restructure the SEC. 🔥

But will this legislation actually go through?

We just have to wait and see. 🤷‍♂️

🏜️ Crypto Party in UAE

Ain't no party like a UAE crypto party 'cause a UAE crypto party is... regulated! 😜

That’s right!

UAE is about to turn CRYPTO-NOMENAL! 💥

The UAE Securities Regulator just dropped the bomb – they're welcoming business and accepting license applications from crypto firms. 📄

Yes, it's like a gala event for all you crypto buffs in the UAE! 🥳

But wait a sec!

Before you book your tickets to Dubai, let's dive deeper. 😏

This new licensing game is for ALL companies that wanna provide crypto services in the UAE, except those already licensed in financial-free zones.

You know, those swanky VIP lounges where the cool Habibis chill sippin on some fine camel milk. 😎

So, what's cooking with this licensing affair? 🤔

The SCA (Securities and Commodities Authority) is stepping up to regulate the sector, which means crypto in the Emirates is about to get REAL.

Dubai and Abu Dhabi, those glitzy, ritzy crypto wonderlands, already have licensing structures up and running.

And, let's be honest, the local industry is head over heels for Dubai's freshly revealed crypto regime. 💖

To set up your crypto empire in Dubai, you'll need licenses from:

• Virtual Assets Regulatory Authority • Securities and Commodities Authority

But, no pain no gain, right? 🍳

To snag that golden authorization, firms must demonstrate "operational efficiency and flexibility"

WTF goes ☝️ mean?

Basically, they have to prove to not be a scam...cough cough...SBF...and completely legit.

So, bring out your best! 🌟📈

The virtual-asset rule book got a swanky revamp in 2022, adding financial activities like brokerage and custody of virtual assets.

They even rolled out a spanking new category of virtual-asset service providers! 💼 🌐

But wait, there's a catch!

To be part of the UAE crypto fiesta, you'll need a

🏠 local HQ

📜 legal form

And ☝️ these need to be approved by the big guns.

So, what's in store for crypto companies in Dubai? 🤔

Well, it might be a mixed bag of goodies. 🥜

🫳 On one hand, regulation could boost credibility, trust, and investment in the sector.

🫴 On the other hand, tighter rules might send some daring risk-lovers packing. 🎲

Only time will unveil the impact of this new licensing system on the UAE's crypto landscape. But one thing's certain – it's gonna be a wild ride! 🎢🔥

📈 Chaach and Charts: Ethereum vs YouTube

Remember when Bruce Banner in Avengers says, "That's my secret, Cap. I'm always angry," and turns into Hulk, saving the day?

Ethereum pulled off something similar with "The Merge"! 💥

But wait, what was The Merge?

This eco-friendly move made ETH the perfect pick for environment-conscious crypto enthusiasts! 🌿

Here's a wild comparison for ya:

Ethereum now consumes a teeny-tiny 0.001% of the energy YouTube devours annually. 😱

Let's talk numbers (terawatt-hours):

🎥 YouTube: 244 TWh (That's a lot of cat videos!)

🌐 Ethereum: 0.0026 TWh (Barely a nibble!)

That's 94,000x less! 😱

The eco-friendly benefits don't stop at energy conservation.

Ethereum's shift has also attracted a wave of environmentally conscious investors and projects. 🌊

The question is, can Ethereum's green makeover inspire other blockchains to follow suit?

Will we see a crypto world that's not just about the 💰 but also about saving the 🌍?

Will this change the game for other blockchains, too?

Hit REPLY and let's dive into this earth-lovin' discussion! 🌿

🛠 Resourcewala: Master zk-Voting with zkBlock.app 🗳️

Ready to explore the future of secure and anonymous voting?

Look no further than zk-Voting! 😎

With the power of Zero-Knowledge Proofs…you can now create a decentralized voting system that's both private and verifiable. 🔐

Get ready to explore:

• zk voting: What's the buzz? 🧐

• zkBlock.app: Your key to zk-voting success 🔑

• Creating a zk-vote with zkBlock.app: A step-by-step guide 📝

Ready to become a zk-voting maestro? 🎶

🍼 Doodhshots: Coinbase Movin’ Out?

• 📈 77% BTC Bliss: About 77% of the total Bitcoin supply is now in profit, leaving hodlers smiling all the way to the bank. HODLers, rejoice!

• 🇺🇸 Coinbase Warns: Coinbase could move away from the U.S. if regulatory clarity remains elusive, warns CEO Brian Armstrong. Bye-bye, Uncle Sam?

• 💪 Sweat & Vote: Decentralized app Sweat Economy introduces a one-person, one-vote governance system, making fair play the name of the game. Power to the people!

• 🔐 Wallet Wonder: Blockdaemon launches an all-in-one wallet service, helping large-scale institutions and custodians secure their assets without third-party reliance. Trust no one?

• 🤖 MarginFi Magic: MarginFi's AI chatbot plugs into your crypto wallet, making it easier than ever to manage your digital dough. Say hello to your new digital BFF!

🤣 Milky Meme Of The Day

💰 Don’t be dumb, be crypto smart

Look we dunno how to invest in crypto. 🤷‍♂️

So what we do is buy everything in one shot, through something called Coin Sets.

Tf are Coin Sets?

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That’s all for today folks! See ya tomorrow!

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer.None of what you read here is financial advice. We aren’t here to get you to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.