$WIF is showing significant BULLISH MOMENTUM. It is currently taking support and may Rise to $4 soon.
IM ALL IN ON IT!
#profit #cryptotrading

Big Breaking: SEC’s Gensler Threatens Elon Musk with Charges Unless He Settles in 48 Hours

SEC Chair Gary Gensler has issued a settlement demand to Elon Musk, warning him of potential charges unless payment is made within 48 hours.

The Securities and Exchange Commission is reportedly preparing multiple charges, but the letter remains vague about the specifics, such as the exact nature of the charges and how many of Musk’s companies are involved.

The SEC is investigating his brain-computer interface company Neuralink and the latest letter stated that the SEC had “reopened” its probe into Neuralink this week. It also revealed that Musk’s attorney, Alex Spiro, was subpoenaed by the SEC, with threats of a process server if he didn’t comply.

Amid the chaos, Musk took to his X handle and wrote, “The SEC is just another weaponized institution doing political dirty work.”

For the unversed, the SEC has been investigating Elon Musk for delaying the disclosure of his 9.2% stake in Twitter. He only revealed his stake on April 4, 2022, about ten days after surpassing the 5% disclosure threshold required by law.

According to the Hart-Scott-Rodino Act, anyone who acquires at least 5% of a public company must disclose it within ten days.

In May 2024, Musk agreed to testify in the SEC’s investigation but failed to comply with their deposition request, leading the SEC to seek sanctions in a San Francisco court.

Experts React To Gensler’s Latest Action

Pro-XRP lawyer John Deaton reacted to the news, saying this is how the SEC treats the richest man in the world. He pointed out that small businesses and entrepreneurs, without the resources Elon Musk has, are likely treated even worse.

Deaton brought to attention how the SEC’s actions in the LBRY case show their aggressive tactics, threatening to bankrupt Jeremy Kauffman and LBRY before even filing a lawsuit.

He also said that Ripple and CEO Brad Garlinghouse spent over $150 million defending themselves in a case that didn’t involve fraud, but a failure to register and explained how most companies don’t have the resources to fight back like that.

#ElonMusk #SEC #cryptotrading #cryptomarket #cryptonews

The U.S. Department of Justice in Washington and Manhattan were investigating possible lax monitoring at Signature Bank to prevent money laundering, Bloomberg reported Wednesday, citing people familiar with the matter.

The U.S. Securities and Exchange Commission was also looking at the bank, the people said.

New York-based Signature Bank, which has a number of crypto clients, was shut down on March 12 by state regulators, the Federal Reserve announced at the time.

READ MORE: Crypto-Friendly Signature Bank Shut Down by State Regulators

The DOJ was watching new accounts and looking for signs of criminal activity in transactions, the people told Bloomberg.

Spokespeople for the Federal Deposit Insurance Corp. (FDIC), DOJ, the U.S. Attorney's Office in Manhattan and the SEC declined to comment to Bloomberg.

#nftcommunity #BNB #cryptotrading #Binance

Ether and altcoins gained as bitcoin was treading water a day out from the Fed's latest interest rate decision.

There's been a rotation in gains over the past day, with ether higher by about 2% and bitcoin relatively flat around $28,000. Ether was trading at $1,810 by 11 a.m. EDT, up 4% according to TradingView data. Bitcoin slipped about 0.1% in the same period to trade at $28,070.

ETHUSD chart by TradingView

Some altcoins popped after a sluggish start to the week. Ripple's XRP jumped over 11%, Cardano's ADA was up 2%.

This week is all about Federal Reserve Chair Jay Powell, according to market maker B2C2's Adam Farthing. SoFi's head of investment strategy, Liz Young, told the On The Tape podcast on Monday that this is the central bank's most important decision yet.

"Two weeks ago, the market was evenly split between 25- to 50-basis points, and is now pricing in zero basis points and later rate cuts, despite inflation re-accelerating and the job market staying tight," Farthing said, adding that whatever the Fed decides, "crypto could do its own thing entirely."

"We have seen plenty taking profit at current levels, which makes sense as the $28,500-$28,800 is a historically important area: where the market stopped dropping in mid-2021," he said. A lot of those long traders have "simply recycled profits into call options, so it does feel that the market is short gamma to the topside. Either way, it's going to be a big week - strap in!"

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

#BNB #cryptotrading #bicasso

Amid the recent banking turmoil, BeInCrypto talked to renowned investor Tim Draper. We discussed how Bitcoin can prosper from this financial crisis, and what makes a weak leader.

The recent banking crisis has led to growing distrust in once-solid banks. The acquisition of Credit Suisse by UBS has added to this climate of uncertainty and distrust of the banking system. There have been significant withdrawals from Silicon Valley Bank, First Republic Bank, and Deutsche Bank has come under scrutiny.

Tim Draper, a well-known venture capitalist and entrepreneur, and one of the biggest personalities on Wall Street, takes the view that there is a simple way to safeguard against the dangers.

“I have recommended to all CFOs as a hedge against bank or government failures to have at least two payrolls worth of Bitcoin to avoid catastrophic failure,” Draper told BeInCrypto. “I continue to advocate Bitcoin as a hedge against the current antiquated and over-regulated banking system and as a hedge against bad governments with too many regulations.”

In the recent flight to safety, depositors have moved assets to “too big to fail” banks as they have questioned the viability of smaller institutions. Unlike traditional banks, which have intermediaries, DeFi can provide financial services to anyone with an internet connection, with recorded transactions on a public ledger. In recent weeks, some people have particularly appreciated the benefit of increased accountability.

Draper told BeInCrypto that this will only accelerate the adoption of crypto as an alternative to the traditional banking system.

“I think the SVB failure was a wake-up call for the people who have been reluctant to buy Bitcoin,” he said. “Now, it is mission-critical to keep the trains on the tracks.”

Crypto Is Inevitable

Crypto adoption rates and motivations vary widely between developed and underdeveloped countries and those with stable and unstable currencies. According to a report by the United Nations, Venezuela ranked third among the countries with the most cryptocurrency adoption. Russia and Ukraine beat it in the league tables.

“Bitcoin is loved by the people from countries with weak currencies,” said Draper. “It gives the people a chance to build and store value without the risk of [the] government over-printing and devaluing their work. The US seems to be heading down that inflationary, high-interest-rate path, and I believe that more and more people will be using Bitcoin to store value now.”

“Banking crises can only really be prevented by allowing the banks to accept and operate in Bitcoin. Otherwise, banks will be operating with a smaller and smaller market as people transition to the better technology,” he added.

Cryptocurrencies have recently come under fire for their use to evade sanctions. But Draper believes the effort to stop them is futile. Much like King Canute trying to stop the tides from rolling in. “We are going through an anthropological leap forward with Bitcoin,” he said. “The landscape is shifting. During shifting landscapes, great leaders embrace the change. Weak leaders try to resist the wave. Sanctions are porous. Sanctioned countries will use the tools they can to get around them.”

Embracing Change

Draper’s thesis on economics is equally libertarian—not unlike many crypto enthusiasts. But in this interview, Draper was unafraid to take the philosophy to its logical endpoint. It’s a view that is deeply entwined with the individualism and enterprise-first values that crypto enables. “I have noticed that great leaders trust their people and set them free,” he explained. “That trust and freedom builds great economies, encourages rapid adoption of new and improved products and services. [It] creates a happy, wealthy society. Weak leaders control and regulate their people, creating a fearful, unproductive, impoverished society.”

The current banking crisis seems to have fizzled out, for now. However, Draper is convinced that without regulators bringing crypto into the tent, there is more turbulence to come. “If regulators persist in keeping banks out of the lucrative crypto market, more banks will fail, as more and more of the economy goes crypto. If they embrace the change, banks will be able to adapt, and they will thrive in the new Bitcoin economy.”

Leave It to the Market

Draper’s relentless enthusiasm for the crypto market will inevitably be a welcome tonic to some investors. 2022 was a volatile year for cryptocurrency, with values dropping over 60%. A new study of over 1,200 Americans found that awareness of cryptocurrency has increased by 9% since 2022, but ownership rates dropped from 33% to 30%. Only 1 in 3 owners turned a profit that year. Considering the choppy water of the recent past, what is the best way to ensure the future health of crypto?

“The market will ultimately arbitrate the best outcome,” said Draper. “FTX was a clear signal that centralized authority of any money supply is not as good as a decentralized system like the Bitcoin blockchain.”

Could he share examples of cryptocurrencies providing financial stability and resilience during the recent crisis? “I know that companies in the Bitcoin world that held their fiat in SVB but also held Bitcoin were not in panic mode. Since they knew they could always make payroll in Bitcoin,” Draper reflected.

#BTC #bitcoin #Binance #crypto2023 #cryptotrading