Poland’s Einstein

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The stubborn folks of Polish politics (all of them IMHO) are locked in a battle over MiCA. The President is refusing to sign a bill he deems restrictive and the PrimeMinister has a fundamental conflict of interest as he receives a pension from the EU for his time as a President there…which amounts to more than his salary as Prime Minister. Poland Resubmits Vetoed Crypto Bill With ‘Not Even A Comma’ Changed (Cointelegraph).

From Oslo, Norway’s Central Bank Says CBDC ‘Not Warranted,’ Cites Strong Payment System (Cointelegraph). In Mexico City, Bank Of Mexico Maintains Crypto Caution Despite Global Shift (Bloomberg).

A lot of exchanges old and new have joined the CEO Innovation Council of CFTC: Polymarket, CME Group, Kalshi, Crypto.com and Kraken Join CFTC’s New CEO Innovation Council (Finance Magnates).

An interesting aside from DC as Gemini Wins CFTC Approval For Prediction Market, May Expand Into Crypto Futures, Options And Perps (The Block).

In the courts:

Crypto Mogul Do Kwon To Be Sentenced For Misleading Investors Who Lost Billions In Stablecoin Crash
ABC News
Crypto Trading Site Faces $7.5M In US Fines For Enabling North Korean Laundering
NK News

Bloomberg notes the Lambo flash era might be ending? Crypto’s Nouveaux Riches Seek Privacy After Years Of Ostentation (Bloomberg). See also, Crypto Flexing Turns Deadly As Criminals Hunt The “Chronically Online” (Crypto News Australia).

A crypto fund moves east… a16z Crypto Is Expanding To Asia (a16z).

The Ticinese heartlands embrace crypto: The Swiss City That Lets You Pay For Most Things With Bitcoin (BBC).

Startup news… Crypto AI ‘Four Times Better’ Than ChatGPT And Grok Raises $15 Million (The Block).

Bro frustration at an index policy as Strategy Slams MSCI Proposal To Exclude Digital Asset Treasuries From Indexes (CNBC).

Finally, Satoshi Nakamoto Statue Lands On NYSE In Sign Of Changing Times (Cointelegraph).

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BITCARNAGE

Turkey Day Postponed?

As Crypto Exchanges Race To Woo Corporate Clients (The Korea Herald), CNN notes sagely, The Crypto Industry Got Everything It Wanted. It’s Still Having A Meltdown (CNN). As I have not tired of pointing out for a year or more now, the price action of crypto is anything but bullish despite ALL the news appearing overwhelmingly positive.

There may be funds for turkey this year but at this rate next year it may be more a case of tokenised turkey in sub satoshi sized fragments - far less than bite-sized chunks.

The Brussels Bugle has a brace of stories, neither heartwarming for the crypto bros including a market report Crypto Hoarders Dump Tokens As Shares Tumble (FT) - which presumably infers there are now a lot of once smug corporate holders whose treasuries now have that unmistakable stench of mark to market markdown loitering around their very being…

The other FT story is The Fatal Flaw In Using Bitcoin As A Currency which I find impressive as it sees a single fatal flaw where even when PLY really believed in the power of crypto more than a decade ago, my Copernican Revolution in finance theory noted that Bitcoin was at best the gateway drug to a proper crypto economy (or the “Model T Ford of crypto” as I described with a suitably for me, petrolheaded metaphor).

The ongoing bearishness of the DLT token biz thanks to underlying value absence is weighing on a lot of now penny stocks but also killing a path to market for those who didn’t get there a few months back when even with prices static there was still a more bullish cash: Crypto Crash Weighs On US IPOs As Candidates Push Out Timing (Bloomberg).

After a similar theme, an example of crypto hubris gone sour, A New Crypto Project Vowed to Transform Stablecoins. Then Its Token Crashed 90% (CoinDesk).

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