We’re making today’s post free for all readers on Substack, to give you an idea of what you’re missing through the week… happy reading!
You can say that old line attributed to Einstein erroneously (about doing the same thing and expecting a different outcome) but the reality is lots of crypto folk are stuck in this cycle. The one clear conclusion is that none of these people are ever going to challenge Einstein's legacy.
I suppose the Worldcoin rebrand is an example of trying to change the narrative but this whole project just looks like Google glass worn by somebody without the ability to appreciate when they have lost the audience.
Worldcoin Rebrands As World, Launches New Eyeball Scanning Orb
Decrypt
Sam Altman's Rebranded Worldcoin Ramps Up Iris-Scanning Crypto Project
Reuters
Sam Altman’s Eyeball Scanning Crypto Project Is Rebranding To 'World'
Forbes
In crypto lawfare, SEC Officially Appeals XRP Ruling — Will the Court Reverse Ripple's Win? (Bitcoin News), albeit that one might see a different result. Also, Crypto.com Sees ‘Strong Legal Footing’ In Crypto Rulings Against SEC (Cointelegraph) / SEC’s Ripple Appeal Doesn’t Challenge XRP Non-Security Status (Cointelegraph).
Coming to court soon and probably with a spot of slammer time too, the SEC reckon they have got their man from the January 9th hacking of the SEC which resulted in Twitter/X saying all manner of pro-crypto things: Alabama Man Accused Of Hacking SEC Account, Causing Price Of Bitcoin To Spike, Arrested (WXYZ) / FBI Arrests Hacker Behind SEC X Account Fake Bitcoin ETF Announcement (Forbes) / FBI Arrests Alabama Man For SEC X Hack That Sent Bitcoin Price Higher (CNBC).
Eric Council Jr., 25, of Athens, Alabama, may not quite match up to say the great classical philosophers of antiquity from that other Athens but he deserves a footnote in history as a criminal dweeb with the epic iPhone search “What are the signs that you are under investigation by law enforcement or the FBI even if you have not been contacted by them.” Clearly he did have a sense of foreboding that the long arm of the law was closing in…
Elsewhere news emerges that if you set up “Conbase” - or essentially clone COIN, you get 5 years prison time: How A Fraudster Set Up A Fake Coinbase Website And Stole $20 Million From Its Customers (Morningstar).
The bigger product news from the US cash market regulator is that SEC Approves NYSE, CBOE Listings Of Bitcoin Options ETFs (TradingView).
The worry underpinning the election remains Crypto Industry Buying Congress And Understaffed CFTC 'Oversight' (Mitchell Republic) notes a syndicated column. I cannot agree that CFTC “doesn’t have the capability, understanding, or wherewithal to do its current job” per se but it clearly lacks much in the realm of prescient thinking and we’re now on a second generation of Commissioners who seem to feel their ambition is to be in crypto someday which is, frankly, as worrying as it was when Mark Wetjen leapt into the FTX frying pan and seemingly noticed nothing whatsoever amiss. Anyway, the notion SEC is going to regulate ‘better’ than CFTC is a misnomer but the worry about the political classes being bought by crypto interests is a huge issue.
With the introduction of MiCA, some regulators are presumably overwhelmed: Cyprus Freezes Crypto Applications Ahead Of EU-Wide MiCA Transition (Cointelegraph) / Cyprus SEC Enforces EU Crypto Regulation — Key Deadlines Loom (Bitcoin News).
A new product from one exchange Kraken Crypto Exchange Launches Own Wrapped Bitcoin Token (Cointelegraph) while complaints are raised India is trying to kill crypto: India’s Crypto Tax Is A Gov’t Attempt To ‘Displace’ The Tech — Lawyer (Cointelegraph)
Finally a discussion on property tokenisation, albeit the idea it’s a new new thing, ignores the likes of SAPCO securitisation on LSE nearly 40 years ago… Crypto Has Designs On Real Estate (FT).
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