SEC Commissioner Hester Peirce refuses crypto bailouts.
Polygon takes steps to become carbon negative.
And Citibank jumps into the crypto space.
My name is Frankie Candles.
And this is your nightly crypto news wrap-up.
Let's get it!
Some of you might not know this,
but SEC Commissioner Hester Peirce is an angel compared to dirty Gary Gensler.
She's sort of the yin to Gary's yang.
And since she's pro crypto,
she's earned the nickname "Crypto Mom".
When it comes to regulation,
she says levelheaded things like this.
I do fear that there are consequences to try to move so fast.
Sometimes when you move really fast,
even as a regulator, you break things that are working well.
And so I think we need to be very careful.
We need to slow down, listen to what people are saying,
give people the time they need to consider what we're doing.
How refreshing!
She sees the bear market as a teachable moment
for the SEC to learn how to properly regulate the market
and as an opportunity for crypto users.
She recently stated,
"When things are a bit harder in the market,
you discover who's actually building something that's going to last
and what's going to pass away."
Because of this, she doesn't support the idea of crypto bailouts,
especially if the companies that need to be bailed out are over leveraged
or didn't use good risk management.
Like a version of Darwinism in crypto,
she wants to let the best companies stick around and the irresponsible ones to fizzle out.
The SEC doesn't have the authority to bail out a crypto company,
and Peirce states,
"Even if we did, I would not want to use that authority.
We really need to let these things play out."
When crypto companies become insolvent and fall off,
it's a bad look for crypto,
and the not-so-nice regulators use those examples to overregulate the rest of them.
Hopefully, she lets the cream rise to the top
and lets the companies that are doing a good job operate the way they were designed to.
Let's pass it over to Frankie Candles for a market watch.
Thanks, Frank!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at just about $20K even.
Ethereum coming in at $1,053.
Let's go ahead and check our top movers here.
We got MATIC up about 9%.
Uniswap up 6% almost
We got LEO up about 5%
Amp up about 4.5%
Sandbox up 3%
And Cosmos up 3%
Guys, right now, Bitcoin is battling with that $20K area.
Now, we are getting some bearish signals on the 16-hour timeframe.
There are some mixed signals here.
We have the daily bullish divergence,
which is a rare bullish sign,
but the 16-hour is now showing bearish signs.
So it is a fight to the death between the bears and the bulls.
So use good risk management
and make sure you're not over leveraged
or trading with money that you can't afford to lose.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Thanks, Frank!
In a political climate that brings the rain on those who consume too much power,
I'm glad to report that Polygon is taking steps to become a carbon-negative blockchain.
Polygon, also known as MATIC, is a proof-of-stake layer 2
that helps scale Ethereum,
and they have already achieved their first goal to become carbon neutral.
In April, they released the Green Manifesto that outlined their plans to create a sustainable future
as well as pledged $20 million to community initiatives
including funding projects that utilize technology to combat climate change.
They've partnered with KlimaDAO to achieve their next goal
to become carbon negative.
To eliminate their carbon debt since their beginnings in 2019,
Polygon purchased $400,000 worth of carbon credits
equivalent to almost 105,000 tonnes of greenhouse gases.
Sandeep Nailwal, Polygon's co-founder, told cryptobriefing.com,
"Polygon will lead the way as the whole industry moves
towards becoming a net positive for the environment."
Many top tier investors in this space consider Polygon a smart long-term play in crypto.
And stories like this only support their case.
Following in the footsteps of several other financial powerhouses,
Citibank is the most recent of the bunch to jump on the crypto train.
Although they are only launching Bitcoin custody services for institutional investors,
the fact that a bank who has $27 trillion in assets under management
once on board is very bullish news.
To help them develop their digital asset capabilities,
Citibank is teaming up with Metaco,
a crypto custody firm from Switzerland who also works with the digital asset division of IBM.
Okan Pekin, Global Head of Securities Services at Citibank, stated,
"We are witnessing the increasing digitalization of traditional investment assets
along with new native digital assets.
We are innovating and developing new capabilities
that are becoming increasingly relevant to our clients."
Widespread acceptance is in the cards.
And the masses, institutions and government officials know it.
John Bel Edwards, the governor of Louisiana, recently signed a bill allowing banks in Louisiana
to custody Bitcoin and crypto for their customers.
Despite being in a bear market,
we will continue to see many powerful institutions, countries and states jump on board now.
So when the next bull run comes,
everyone gets in on the gains.
That's all I got.
Be blessed.
Frankie Candles out.