18th December 2024 > > Dirty money & the SEC.

tl;dr

Cash is always the vehicle of choice for the movement of illicit funds. Gensler sullies his reputation once again, taking full advantage of his last opportunity to do so.

Market Snap

Market Wrap

Another ATH yesterday $108.3k, which is a nice thing to see. I will never get bored of it.

BTC dominance is on the rise, and that’s OK. Alts will have their day, meanwhile a bit of DCA for your favourite picks probably won’t go amiss.

Clearly next week will see much reduced liquidity, increased volatility, and the risk of a major geopolitical event (which is on the rise) poses some short-term challenges to all risk markets. Once we get into the second week of January, all eyes will be on just how quickly other countries follow El Salvador’s lead and start to accumulate BTC for their own strategic reserve.

Curious Cryptos’ meme corner (h/t Milk Road again)

Curious Cryptos’ Commentary – Cryptos are dirty money … oh hang on, I got that wrong

The EUR 500 note (“mine is bigger than yours”) was created because of hubris, to the delight of drug-dealers, terrorists, and money-launderers worldwide.

You just know that the FT will forget this story next time its Editor bangs the anti-crypto drum.

Curious Cryptos’ Commentary – SEC

This is frankly astonishing.

The SEC has issued a Wells notice against CyberKongz, an NFT platform. A Wells notice is a precursor to enforcement action.

Gensler has announced he is stepping down on 20th January 2025 as his reign of terror of regulation by enforcement reaches its sad and painfully pitiful demise. This last gasp attempt at stifling one specific crypto platform is childish, spiteful, and in very poor taste. Clearly the enforcement action will go nowhere as the new administration gets to work on developing unambiguous regulations and legislation that will foster innovation, encouraging creativity to flourish, whilst unleashing a flow of investment money, supplying all the attendant tax dollars to accrue to the voracious maw of the US public sector.

If proof were ever needed that Gensler was merely a puppet for Warren’s anti-freedom and anti-liberty army, we have it now. Shame on Warren, but there is no chance of any honest self-reflection on her part. There is a smug assumption of righteousness that brooks no dissent amongst a certain cohort of politicians, of which Warren is a glaring example. The others are not hard to spot.