EDUCATIONAL CYBERPLAYGROUND NETHAPPENINGS NEWSLETTER 7/13/23
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#NetHappenings Newsletter Headlines contain #Crypto, #Banksters, #K12Education
CRYPTO
From fiat to crypto explained.
The major difference between an ETN and an ETF is that the ETF shareholder owns a portion of the fund’s underlying assets, while ETN investors own debt security. ETFs, unlike ETNs, cannot be leveraged or use derivatives, which could otherwise lead to market manipulation risks. The United States Securities and Exchange Commission (SEC) has rejected all spot Bitcoin ETFs to date. However, in 2023 alone, nearly half a dozen institutional giants, including the likes of BlackRock and Fidelity, have filed fresh spot Bitcoin ETF applications in hopes of becoming the first U.S approved spot BTC ETF.
Fidelity’s Spot bitcoin ETF FBTC is trading in Canada, while its US fund is still waiting for the SEC’s green light.
The SEC officially acknowledges Bitwise’s spot #Bitcoin ETF application.
Gensler Admits THE SEC DOES NOT HAVE AUTHORITY FROM CONGRESS TO REGULATE CRYPTO EXCHANGES.
@MetaLawMan
After Gary was confirmed to his post as Chairman of the SEC, Gensler testified to Congress, on May 6, 2021, that: THE SEC DOES NOT HAVE AUTHORITY FROM CONGRESS TO REGULATE CRYPTO EXCHANGES.
He will lose his case against Coinbase.
The problem for the SEC is, of course, that Gensler’s testimony was entirely correct.
Which agency may be given authority to regulate crypto exchanges is a Major Question that can only be answered by Congress–the SEC can’t simply wish its own legal authority into existence. If the SEC follows through on its threat to sue Coinbase, the Coinbase legal team will surely zero in on the communications within the SEC leading up to Gensler’s May 6, 2021 testimony.
All testimony of an SEC Chairman is thoroughly vetted internally before they testify.
So there will be emails, meeting notes, memos, text messages, chats and deposition testimony showing that: There was a consensus within the SEC that it lacked legal authority from Congress to regulate crypto exchanges.
How do I know this? Because no Chairman in their right mind would testify before Congress that the SEC does NOT have authority to do something unless they were absolutely sure that there was no legal basis at all to claim that authority. If they sue Coinbase, the SEC’s lawyers will have the unenviable task of trying to explain away their own Chairman’s testimony to Congress and all the documents and discussion that preceded it internally within the SEC. It’s a highly embarrassing prospect for the SEC. Even more damaging will be all the discovery Coinbase will conduct around Gensler’s decision to pull a 180 degree reversal and suddenly claim that the SEC DOES have the authority to regulate crypto exchanges in the absence of any Congressional authorization. Imagine the emails, meeting notes, texts and testimony from SEC staff saying essentially–
What is he talking about? We suddenly claim this authority that we told Congress and the American public we Do Not Have? Where did he get his law license? (Gensler is not a lawyer)
His unequivocal testimony before Congress and his bizarre 180 degree reversal make Gary Gensler himself the star witness at trial–for Coinbase. I can only imagine this is why @brian_armstrong & @iampaulgrewalhave been so clear publicly that they will fight, if necessary.
Telegram Lets Users Pay Merchants in Bitcoin – Here’s How it Works
TON, which stands for The Open Network, is a layer-1 blockchain network based on the proof-of-stake consensus mechanism, originally developed by the Telegram team. Toncoin (TON) is the native gas-paying token of The Open Network.
Merchants must apply Wallet Pay Website Users need to add @wallet on Telegram as a new contact and create a new crypto wallet instantly linked to their Telegram account. There’s no need for saving seed phrases or private keys. This can be created using a regular phone number, or an anonymous tokenized phone number built by Telegram on the TON blockchain
A new third-party chatbot powered by the TON blockchain allows instant Bitcoin, USDT, and TON payments via Telegram. Users can now directly pay merchants in crypto on Telegram via an independent chatbot called Wallet. Built on TON blockchain and Telegram, the Wallet chatbot provides a way to store, trade, and transfer three cryptocurrencies: Toncoin (TON), Tether’s USDT on Tron, and Bitcoin (BTC).
According to Kaiko, currently, 74% of cryptocurrency trades on CEXs involve stablecoins. Tether/USDT holds a market share as high as 70%, while TUSD, supported by Binance, has seen its market share rise from below 1% to 19% in just three months. BUSD, on the other hand, has faced regulatory challenges and dropped from its peak of 30% to the current 6%.
Its critical that you understand two points:
1. CCP is $ETH’s biggest whale, masked behind Wanxiang and others.
Is ETH a Security or Not
2. Wanxiang was perfectly positioned to wear the Mask.
I just want you to know, that you idolize and adopt the men who developed the Social Credit System built for China (first) & the rest of the Globe. Are you too late? Do your bags even matter then? They don’t. The CCP will take what they want, like they do with DEX/CEX‘s
Ex-Celsius CEO Mashinsky Arrested
This crypto bro CEO, Alexander Mashinsky, just got arrested by the Feds.
These people were warned and given options. They chose prison.
Mashinsky who has been out walking around free as a bird for the past year! defrauded hundreds of thousands of investors out of billions of dollars at the now-bankrupt Celsius cryptocurrency exchange.
New York AG accuses Celsius ex-CEO Alex Mashinsky of defrauding hundreds of thousands of crypto investors in $20 billion collapse. The suit was brought under the Martin Act, which gives state prosecutors widespread authority to investigate securities fraud and potentially build a criminal case. @TheJusticeDept charged @Mashinsky and others on seven counts including securities fraud, commodities fraud, wire fraud and conspiracy to manipulate the price of $CEL.
*FTC: EX-CEO ALEXANDER MASHINSKY HAS NOT AGREED TO SETTLEMENT
Binance has appointed Eleanor Hughes as its new general counsel. She joined Binance’s legal team in November 2021 and will lead Binance’s legal affairs with a team of 85 lawyers. Former general counsel Han Ng has recently departed, along with a number of other senior executives. TheBlock reported.
85 lawyers. Eighty Five. CZ of Binance requires a lot of protection.
According to Kaiko, currently, 74% of cryptocurrency trades on CEXs involve stablecoins. Tether/USDT holds a market share as high as 70%, while TUSD, supported by Binance, has seen its market share rise from below 1% to 19% in just three months. BUSD, on the other hand, has faced regulatory challenges and dropped from its peak of 30% to the current 6%.
@JohnEDeaton1
The SEC sued Alex AFTER investors were defrauded and lost money. The SEC sued FTX AFTER investors were defrauded and lost money. The SEC can’t catch every thing, I understand that. But the point here is look at the level of resources, energy and time spent focusing and suing good actors who may or may not have violated Section 5 – in essence, failure to make disclosures. The SEC has spent all this time and energy on @Ripple
@coinbase @dragonchain and the list goes on. All non-fraud cases.
Where are the meeting notes, emails and correspondence between Gensler/SEC and SBFraud/FTX? Was there a deal being cut as the rumors suggest?
BANKSTERS
Confidence in U.S. Banks Stood at 60 Percent in 1979. Today, It
Stands at 26 Percent. The polling organization, Gallup, conducted a survey between June 1-22 to update its annual poll that measures the confidence that Americans have in key U.S. institutions. Banks, as might be expected, continued their downward trend, registering an abysmal 26 percent of Americans who have “a great deal”…..
Lawsuit Bombshell: Sex Trafficker Jeffrey Epstein Was “a Business Partner”
with Members of JPMorgan’s Board of Directors
Jamie Dimon Being Sworn In at House Financial Services Committee Hearing, May 27, 2021 For months now, the largest federally-insured bank in the United States, JPMorgan Chase, represented by WilmerHale, a law firm with more than 1,000 attorneys, has been attempting to bamboozle the American people with the …..
Large Banks Have Bled $921 Billion in Deposits Since April 2022 — the Fastest Pace in 40 Years — and a Much Larger Decline than Small Banks
You may recall reading a burst of headlines during the banking crisis in March of this year about depositors fleeing small banks for the perceived comfort of the largest banks. Unfortunately, those headlines were never put in context or updated to reflect a broader picture. In fact, using ….
These Charts Show Why the Fed Is Terrified to Stop Raising Interest Rates and Why Nasdaq Is Ripping Higher
The top chart above shows one of the most erratic eras in Federal Reserve
policy-making history. In the 70s and early 80s, the Fed would slam on the
brakes to bring down inflation by raising its benchmark rate (known as the Fed Funds rate), then slam its ….
Apple Hits $3 Trillion Market Cap After Spending More than Half a Trillion
Dollars on Stock Buybacks Since 2013
According to S&P Dow Jones Indices, component companies of the Standard & Poor’s 500 spent $922.7 billion in 2022 buying back their own stock. That
was $41 billion more than the S&P 500 companies spent in 2021, which came in at a lofty $881.7 billion. One of the …..
CRIMINAL BANK OF AMERICA NO ONE IS ARRESTED ROHIT AND MISS.
A PUNY 190 MILLION IS A SLAP ON THE PINKY JUST THE COST OF DOING BUSINSESS AND NO ONE GOES TO JAIL
By opening fake accounts and overcharging junk fees, Bank of America broke the law. Vital action by Rohit Chopra @chopracfpb to start holding this Wall Street bank accountable and put money back in Americans’ pockets. We need to end these abuses in the banking system.
Official account of @CFPB Director Rohit Chopra. Member of @FDICgov Board. Former @FTC Commissioner.
@chopracfpb @CFPB @FDICgov fuck you! Bank of America broke the law. Nobody charged, arrested or jailed. We need to end these abuses in the banking system. What the hell are you doing about it? Bank of America to pay over $250 million over junk fees, other issues.
@CFPB is ordering @BankofAmerica to pay more than $100 million to harmed customers and $90 million in penalties for wrongfully withholding credit card rewards, double-dipping on fees, and opening accounts without consent. $BAC
BANK OF AMERICA FREEZING COINBASE LINKED ACCOUNTS
“Chainlink could accelerate the adoption of next-generation blockchain use across finance, insurance, supply chain, gaming and gambling, Bank of America said in a research report”
Bank of America says Coinbase’s stock is due for a 40% drop even if bitcoin ETFs are approved, Bank of America says. The decentralized oracle network has secured more than $60 billion deposited into smart contracts.
K12 EDUCATION
Cyril Mychalejko @cmychalejko
Right-wing political operative Jordan Adams used Moms for Liberty conference not only to instruct the audience on how to sow chaos in their school districts, but undoubtedly to sell his “consulting” company Vermilion Education to potential clients @rweingarten @DianeRavitch @PSEA