🤫 Crypto Exchanges to the SEC: Be humble, sit down!

Gm, this is the doodhwala, the crypto newsletter that doesn’t stop writing and delivering. At least, not yet! 😅

Here’s what writin’ about today:

• 🤫 Humbled: The wild, the loud, the abrasive SEC is being humbled by crypto exchanges.

• 🤷‍♂️ Multichain Problems: Binance halts activity on 10 different tokens. Why tho?

• 📈 Future of Staking: Is Lido really the future of staking or are there other big players emerging?

• 🛠️ Resourceswala: Everything you ever wanna know about Starknet.

• 🍼 Doodhshots: Bankrupt leverage anyone?

🤫 Crypto Exchange to the SEC: Be humble, sit down

Remember when the SEC sued – Binance and Coinbase.

Yeah. THAT.

And then went on to call a bunch of cryptocurrencies “securities” and said that crypto exchanges are offering the sale of “unregistered securities.”

Yeah. THAT.

Crypto exchanges are calling this BS. 💩

But they’re not just calling BS on Twitter like every anonymous account on Twitter, they’re taking the SEC to court. 💀

In the past week, 2 exchanges have submitted a letter to the court challenging the SEC’s definition of what a security is. And it gets spicy. 🌶️

The 2 exchanges:

• Coinbase

• Bittrex

Coinbase and Bittrex submitted a letter to the courts calling the SEC’s lawsuits…baseless.

This is what they said:

1️⃣ The SEC caught crypto exchanges trading cryptocurrencies. And then filed a lawsuit against them because they are “unregistered securities.”

2️⃣ But there is no resolution (by the US Congress) that these cryptocurrencies are “securities”

3️⃣ So, how (tf) can the SEC sue the exchanges?!

Think of it this way:

1️⃣ The teacher caught you trading Pokemon cards. And then suspends you because they are “not allowed in the school”

2️⃣ But there is no resolution (by the principal) that Pokemon cards are “not allowed in the school”

3️⃣ So, how (tf) can the teacher suspend you?!

(BTW: Which was your best Pokemon Card. Mine was a Shiny Mewtwo 😍)

Makes sense right?!?!

That’s what these exchanges are arguing. ✊

But isn’t the SEC the biggest financial body in the United States? Can’t it just call cryptocurrencies securities.

YES. Yes, it can.

But it needs the power of the US Congress.

And they don’t have it.

(in fact – some US politicians want to fire Gary Gensler 🤡)

So, the SEC is:

• calling crypto assets = securities

• suing exchanges that offer their trading

Despite ☝️ not having the authority to do so.

They are literally making up laws as they go.

Gensler rn:

Doodhwala’s take:

Coinbase and Bittrex are going hard against the SEC.

And we know just the song they’re singing along to.

📢 Alexa, play Humble. by Kendrick Lamar

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🙅‍♂️Binance’s Beef with Multichain isn’t over

Multichain, a cross-chain bridge, is causing all sorts of chaos to its associated arms now.

And it’s no surprise that Binance is beginning to pull the straws on them soon.👎

Binance announced that they will be halting—

• Withdrawals

• Deposits

• Doodhwala Reviews

…associated with 10 pairs linked to Multichain.

But what exactly is happening?

Take a sip and hop in, we’re all here to understand how they’re cutting off ties.👇

WTF is happening with Multichain?

Multichain is in a state of panic, and no normal doodh drinking person knows how to handle it. 🤷

When they realized that a lot of their transactions were getting frozen—

Exchanges had no choice but to suspend deposits to those pairs.

And the 🍒on top of all this?

Their CEO is nowhere to be found, and he's the man who has the keys to access the servers. 🥴

Some even say that the CEO has been arrested by Chinese police. 🚓

We wrote all about it here.

Binance’s Exposure to Multichain

The effects of multichain will have ripple effects in the market.

Coz they have 5️⃣ chains that are caught in the mess—

👉 Binance Smart Chain.

👉 Ethereum.

👉 Avalanche.

👉 Fantom.

But CZ being an elite doodh drinker has assured that Binance isn't affected by Multichain.🥛

Their exposure is very small and insignificant → Not a big deal for a company that deals in billions. 🫰

Le Binance to their users rn👇

F* you Multichain - CZ

Well, today Binance said goodbye to multichain. 🫂

Binance announced that they would be suspending all deposits and withdrawals to the rekt Multichain pairs. 📉

Users can still withdraw their funds in a SAFU way through other chains that aren't affected.⛓️

But all of this puts one important question out there.

Could this have been avoided if the CEO of Multichain was drinking pure cow milk? 🐄

I guess we'll never know the answer to that one.

But we'll never stop asking the proper hard-hitting questions. 😤💪

📈 Cheese and Charts: Is Lido The Future of Staking?

Lido is literally unstoppable at this point y’all!

It’s almost like they run the frikkin Ethereum Mafia.😎

Being a monopoly in the game, they are pushing the staking game to new bars.📶

Lido Finance is pushing the LSD game for better adoption, and their number justify all this.

They recently executed an on-chain proposal (161)—

Allowing all their ETH to be moved to → stETH.

This is a huge move, considering the fact that people are still on the learning curve for LSDs.

Learning staking in ETH today is like learning how to milk alien cows. 👽🐄

(Wondering how alien cow doodh would taste tho NGL.)

Anyways….Here’s how LIDOs doing👇

👉 Over 20% of Lido treasury is now in stETH = $63 million.

👉 Lido is now the 13th largest stETH holder, with over 33k in stETH. 😮

👉 Lido is now a go-to staking platform, with a 31.91% staking market share. 📊

A lot of ETH Maxis said that Lido would get rekt after the Shapella upgrade.

However, Lido is leading the LSD market (pun intended)—

But do you think it’ll continue to dominate?

Hit reply and let us know what you think! 👇

🛠️ Resourceswala: Starknet Syndrome

The zk race has been INTENSE. 🔥

So many players in the game, from Polygon’s zkEVM to Matter Labs’ zkSync.

But among all this, one particular long running zk based chain has been quietly increasing its TVL and daily active users. 📈

We’re talking about Starkware’s Starknet ofc!

But what exactly is it? That’s what today’s resource is all about! 😎

• zkSync vs Starkware

• How will you run Starknet

• Projects building on Starknet

Get learning! 👇

🍼 Doodhshots: Bankrupt Leverage Anyone?

📹 No ADs please: The UK’s financial regulator tells crypto companies to clean up their ads or face consequences. No James Bond advertising crypto then?

✈️ Another ONE: Valkyrie Digital Assets refiles application for their spot Bitcoin ETF two and a half years after their first filing. Follow the crowd huh?

🇩🇰 Get out (please): Denmark’s financial regulator orders Saxo Bank, a Danish investment bank to sell all its crypto holdings. At least the market is up, right? Right?

📏 Open-margin: 3 Arrows Capital’s crypto exchange launches margin trading called oUSD. Bankrupt leverage anyone?

🛳️ Hello World: Travala, the hotel booking service with a token, is listed on Google Hotels. Pay for Ibiza with PEPE anyone?

🤣 Milky Meme Of The Day

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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 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.

Today’s edition was brought to you by Ritik Gupta and Sumanth

Edited by: Arvind Krishna and Aakash Athawasya

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