Exchanges Under Fire
The SEC sues Coinbase and Binance
Cheat Sheet -
Current support and resistance ranges plus our bias on top cryptos, oil, and stocks.
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What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
First Mover Americas: SEC-Targeted Tokens Tumble (CoinDesk)
DeFi Protocol Curve Finance Now Lets Users Mint crvUSD for Staked Ether (CoinDesk)
Former CFTC head joins Circle as chief legal officer (The Block)
SEC says Binance and US affiliate redirected billions in customer assets to Zhao's funds (The Block)
EU to use blockchain for educational and professional credential verification (CoinTelegraph)
SEC’s crypto actions surged 183% in 6 months after FTX collapse (CoinTelegraph)
UK Regulator’s New Crypto Rules Include ‘Cooling-off Period’ for Investors (Blockworks)
Swan Bitcoin Customers Struggle to Buy BTC (Blockworks)
SEC Chair Gensler Offered to Serve as Binance Advisor in 2019, Lawyers Claim (Decrypt)
Did Barry Silbert safeguard his personal funds at the expense of DCG? (Protos)
Arbitrum just came to a sudden halt — it ran out of money for gas (DLNews)
What’s surprising about this entire debacle around Binance and Coinbase getting sued is why there is not a larger established player in the US attempting to compete with them. In general, there aren’t that many players in the crypto exchange arena. Kraken and Gemini are the only major competition for Coinbase in the US with much smaller volumes, the CME has futures for BTC and ETH, Robinhood and Paypal offer a limited number of cryptos, and Fidelity provides some options for their clients.
Since none of the established players became a leader in the crypto exchange market it seems now the SEC wants to reign in Coinbase so it falls inline with good old American regulations. I do personally disagree with regulating cryptos as securities because they have features such a decentralization that requires a new brand of regulations. It’s a fools errand anyways as the cat is already out of the bag and delisting some token from Coinbase won’t stop investors from buying them on decentralized exchanges.
If the goal is consumer protection than something better than “this is a security” is needed. On top of that, is a bit hypocritical that Coinbase had it’s IPO, which required a S1 filing and other disclosures that were all rubber stamped. Then only a few months later Coinbase listed ICP which was a complete rug pull by the VCs who got in early and had it listed. Both the ICP and COIN stock listings were the mechanism that allowed insiders to get to sell at enormous valuations that came crashing down. One was a regulated security, the other was a shitcoin and both caused harm to investors. Except Coinbase didn’t say it was safe to invest in ICP, and the SEC said it was safe to invest in Coinbase.
COIN is down -80%+ from listing price
ICP is down -99%+ from listing price
Join us in discord where we will actively be following Bitcoin’s price action.
Possible Course of Action
Do nothing and wait price to rise above 50 day MA or hold 200 day MA as support
Short expecting 50 day MA to act as resistance
The Bulls’ Defense:
Price above the 200 day MA
SEC suit could cause continued sell off of altcoins into Bitcoin
The Bears’ Prosecution:
Price Below 50 day MA
Potential Head And Shoulders top
SEC suits against top crypto exchanges