A Californian investor files a class action suit against Solana. The Wall Street Journal puts Gary Gensler on blast for holding investors hostage. And the US Office of Government Ethics doubles down on double standards. My name is Ben. This is your nightly crypto news wrap-up. Let’s get it!
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I hate to say it, but Solana has been having quite a bumpy ride this year. Between a dozen power outages, the price dropping over 75% since the start of the year, and more recently losing $8.8 million from a hack on their liquidity protocol Crema Finance, it’s safe to say 2022 isn’t exactly going in their favor. To add insult to injury, Solana is now getting sued by a Californian investor Mark Young because he claims that many members of the team took illegal profits from the sale of the Solana coin, which he also claims is centralized and an unregistered security. In the lawsuit, Young brings many things to light, such as the power outages, questionable loans, the legality of Solana’s IPO, and the impact of their promotional efforts. He kind of sounds like a baby to me. Cryptonews.com reports that the plaintiff is requesting a jury trial and is seeking damages and a declaration that Solana is a security. Not to agree or disagree with Mr. Young, but it did raise my eyebrows to see that in section 7 of the introduction of the lawsuit, it mentions that Solana’s website states they’re decentralized and unstoppable. Section 9 of the introduction, it says, as of May 2021, insiders held 48% of the Solana supply. It doesn’t seem exactly decentralized to me either, but we’ll keep you updated on this case as it progresses. He probably has got a lot more whining to go.
Let’s jump in and do a little market watch here as Bitcoin has finally gotten some green candles. Bitcoin coming in at $21,662 Up 5% for the day You can’t hate on that. Ethereum coming in at $1,239 Up about 4.3% for the day Some green candles, as I said. Super exciting! Let’s check our top movers. Storj up 13% Aave up almost 13% ICP up about 11% on the day Neo up 9% SHIB up 8.3% And Curve DAO Token up about 8% on the day Guys, this hasn’t been a complete surprise as we do have the bullish signals popping up on the longer timeframes. So this would indicate that we are going to see a bigger move up. Now, some local targets I do have, we do have a lot of resistance at $23K. So I think, in a pretty bullish situation, we could get up there. But expect some resistance. We have some spider lines up there. And if we do make it up there, we can reassess the situation. But right now, we’re coming up to resistance. So expect a possible cooldown period.
Sometimes, it feels like only us and a few other channels are the ones putting dirty Gary Gensler on blast for being a corrupt two-faced politician. But now that the Wall Street Journal has voiced their opinion on the matter too, it’s nice to know we’re not alone in this. I applaud the editorial board at the Wall Street Journal for this. Not only for making it well known that Gensler is holding investors hostage, but for also bringing the story to the mainstream media to hold him accountable for his actions. Let’s make something perfectly clear. His job is to do one thing and one thing only. It’s protect investors. That’s the exact opposite of what he’s done since he’s become the chief of the SEC. This article was written because Gensler has systematically shut down every Bitcoin ETP that landed on his desk, and now his motives and integrity are in question. Gensler’s argument is that investors could get hurt by spot Bitcoin ETPs because Bitcoin is vulnerable to market manipulation.
Well, riddle me this. What’s earning investors more? Market manipulation on the crypto with the largest market cap? Or dirty Gary’s stranglehold on regulation? It’s all about control and nothing else. He knows that having a spot Bitcoin ETF will make it harder for the market to be manipulated because there would be more liquidity. He notes that Grayscale suing the SEC for violating the Administrative Procedure Act. And now he has Congress members on both sides of the aisle writing him letters, asking him why he’s stifling innovation. Gensler’s a joke. And I hope the pro-crypto SEC commissioner Hester Peirce gets his job when he gets canned. Gensler must have some friends over at the Office of Government Ethics because the new ban they just passed might be the biggest double standard in the history of America. Thanks to this new ban, now, government officials will not be allowed to work on crypto policies if they own crypto. Just great. So, now, the people who are regulating the space, the people making the rules, are the people who don’t know what they’re talking about?
So should army vets with battlefield experience not be allowed to help strategize in future wars? Nancy Pelosi, who’s basically the gatekeeper of the stock market, will she stop insider trading now or no? You can’t spend a few months or even years reading books about basketball and expect to go beat Lebron in a game of one-on-one with no actual experience on the court. And even with my experience, I might not be able to beat him. This might be the worst ban I’ve ever seen put into action. People who need to regulate the space that will help shape the future of finance need to be well informed about the ins and outs of the industry, and to do that, you need to be involved. Another day, another double standard.
This article is a transcription of a video made by BitBoy Сrypto
Original video: https://youtu.be/rVY09F-cCpQ