Newsletter: Coinbase calls the shots in the Senate, former New York City Mayor Eric Adams faces rug pull allegations, and a crypto executive is breaking up with Trump

Newsletter: Coinbase calls the shots in the Senate, former New York City Mayor Eric Adams faces rug pull allegations, and a crypto executive is breaking up with Trump

https://www.citationneeded.news/issue-99/

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The crypto lobby wrote their dream bill. Senators proposed some amendments. Coinbase tweeted their disapproval, and Senate Banking Chair Tim Scott immediately canceled the markup. When you spend $130M, you expect to get exactly what you want.

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But Coinbase’s flex may have caused something of a power struggle with the White House. “This is President Trump’s bill at the end of the day, not Brian Armstrong’s,” said a source close to the Trump administration.

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Former NYC Mayor Eric Adams is fending off rug pull allegations after a wallet connected to his “NYC Token” project extracted almost $1 million in liquidity less than an hour after launch, crashing the token price.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

Trump has claimed “the leaker” has been jailed, seemingly referring to a group of wallets that made large profits from Polymarket bets with apparent advance knowledge of US military action against Venezuela. One such wallet profited around $410,000.

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The Trump family’s World Liberty Financial crypto project has applied for a national trust bank charter. If approved, the Comptroller of the Currency — who serves at the pleasure of the President — will be expected to enforce the law against Trump’s own company and its competitors.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

Former NYC Mayor Eric Adams is fending off rug pull allegations after a wallet connected to his “NYC Token” project extracted almost $1 million in liquidity less than an hour after launch, crashing the token price.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

The Senate has confirmed the CFTC’s new Chairman, Michael Selig. He has very minimal regulatory experience, and is now the only Commissioner on what is supposed to be a five-person bipartisan Commission.

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The SEC is in a similar situation, having just lost its last Democratic and crypto-cautious Commissioner, Caroline Crenshaw. In her last speech as a Commissioner she warned of “dire repercussions” from the SEC’s deregulatory pivot, drawing comparisons to the period prior to the Great Depression.

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@molly0xfff I know this is probably a dumb question, but why in the world would anyone actually invest money in these pretty obvious scams?

@PaulDitz There is a common sentiment among crypto traders of “I know this is a scam, but if I can just get in and out quickly enough, I can make some money off the other suckers”

The SEC is in a similar situation, having just lost its last Democratic and crypto-cautious Commissioner, Caroline Crenshaw. In her last speech as a Commissioner she warned of “dire repercussions” from the SEC’s deregulatory pivot, drawing comparisons to the period prior to the Great Depression.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

The Senate has confirmed the CFTC’s new Chairman, Michael Selig. He has very minimal regulatory experience, and is now the only Commissioner on what is supposed to be a five-person bipartisan Commission.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter

@molly0xfff Out of curiosity how many Democrats voted to confirm

@mcc zero
https://www.senate.gov/legislative/LIS/roll_call_votes/vote1191/vote_119_1_00655.htm

@molly0xfff 1929, huh? Calling it now, stock market crash is 2029.

I'm one person writing about an enormous amount of corruption and chaos in a sector that few publications cover well — or at all. Please consider supporting my work with a pay-what-you-want subscription: https://www.citationneeded.news/signup

@molly0xfff Could a person do one time donations? I am trying to stay away from paid subscriptions.

That’s a long long time away

mixed feelings about that

@netopwibby

The Trump family’s World Liberty Financial crypto project has applied for a national trust bank charter. If approved, the Comptroller of the Currency — who serves at the pleasure of the President — will be expected to enforce the law against Trump’s own company and its competitors.

#crypto #cryptocurrency #USpol #USpolitics #CitationNeededNewsletter