Welcome to BitBoy Crypto!
My name is Ben.
Today, we're going to be talking about two things that happened yesterday
that were absolutely huge for the future of this bull run
both mid and long term.
Now, what are these two things? And then what ties them together?
Well, the first thing is we had the news that Binance will be able to complete
its purchase of Voyager Digital.
It's very bullish for two reasons.
No. 1, Voyager users are going to actually get funds back.
Not all of their funds,
but they're going to get a haircut.
Not like this one,
but they're going to get a haircut on their funds
and they're not going to have to wait much longer to see what's going to happen.
They're finally going to get closure.
They're going to be able to move on.
It will also provide a blueprint for how acquisitions, you know, can go forth
and actually go through and give customers their money,
unlike what FTX did when it tried to falsely acquire Voyager Digital.
It turned into a much bigger debacle.
So it's really bullish for its holders.
However, it's also really because it's a gigantic loss for Gary Gensler and the SEC.
You see, they tried to step in the middle of that transaction.
They tried to prevent the Voyager users from getting their money off
so Gary could get an enforcement payoff from, you know, Bina-- or from Voyager
or Binance, or whoever it might be, you know, ultimately that would pay that fine.
So, they've been removed from the situation.
The SEC is now removed.
And the judge in the case was very harsh and dismissive of the SEC.
Basically, what they said was is,
"Hey, we're not going to listen to this
because you haven't proven that anything is an exchange of registered securities.
And you haven't created any regulation.
You haven't created any clarity.
And so I'm not going to basically put a pause on this case
until you come up with enforcement, or until you come up with these regulations.
You've already shown you're not going to do it. There's no timetable."
So that's really bullish because that shows that court system is losing faith in the SEC
and losing faith in Gary Gensler.
The second thing that we saw that was absolutely huge is it looks like
we're going to get a Bitcoin spot ETF from none other than Grayscale.
Grayscale had their application denied by the SEC for a futures platform.
And what happened?
Well, you had Grayscale step up and sue the SEC.
Today-- or yesterday, the judge in the case basically said
that what the SEC is doing to Grayscale is unfair.
They're being unfairly targeted when we have futures exchanges out there
and then also when we have, you know,
when we have, you know, Bitcoin spot trading on regular exchanges.
We've got all the elements that we need to make a spot ETF
and they just are denying it for no reason.
So, once again, here's why that's bullish.
Gary Gensler takes another loss.
The SEC takes another loss.
The further this continues and the more they try to power grab,
the less they're actually going to end up getting.
They're going to kind of discover, like a game of musical chairs,
they're going to look around and all the chairs are going to be gone
and they're going to be left on their feet losers.
Absolutely losers.
And the SEC.
As they are going to lose out on the opportunity
to be able to have any say so in crypto, in my opinion, over the long term.
Now, why is this bullish?
This is bullish because a lot of the regulatory concerns right now are coming from the SEC.
There's a lot of pressure companies are feeling that they can be targeted next by the SEC.
But with each one of these losses that the SEC tallies up,
that alleviates the fear and the tension over the entire space.
And that has an effect on retail investors and institutional investors
that may be hesitant to invest,
but if they start seeing the SEC isn't as powerful as they thought they were,
which somebody told you,
then that's going to be maybe a sign for them to feel confident enough to get in the market.
So, overall, yesterday, after Jerome Powell's meeting,
it looked like things were turning very bearish,
but then we had some big news,
spelling what could be the end of the SEC's attempt to stranglehold the industry.
Very good news.
We'll see what happens in the markets.
We're going to wait for the CPI data to come out next week.
That's going to be very important to determining what is going to happen,
you know, with the Fed with the Fed meeting on the 14th.
So these are key pivotal things that we need to be looking at.
We're taking in all of our research to figure out where the Bitcoin price is going.
And I'm going to go get ready for my meetup around later tonight.
That's all I got.
Be blessed.
BitBoy out.