Bankless Weekly Rollup
 3rd Week of June 2023 
 ------
 🚀 Unlock $1,000+ in Perks with Bankless Citizenship 🚀
 https://bankless.cc/GetThePerks 
 ------
 📣 CYFRIN | Smart Contract Audits & Solidity Course
 https://bankless.cc/cyfrin 
 ------
 BANKLESS SPONSOR TOOLS: 
 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
 https://k.xyz/bankless-pod-q2   
 🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE
 https://bankless.cc/MetaMask  
 ⚖️ ARBITRUM | SCALING ETHEREUM
 https://bankless.cc/Arbitrum  
 🧠 AMBIRE | SMART CONTRACT WALLET
 https://bankless.cc/Ambire 
 🦄UNISWAP | ON-CHAIN MARKETPLACE
 https://bankless.cc/uniswap 
 🎮IMMUTABLE | GAMING ECOSYSTEM
 https://bankless.cc/Immutable  
 🛞MANTLE | MODULAR LAYER 2 NETWORK
 https://bankless.cc/Mantle 
 ------
 Timestamps & Resources
 00:00 Intro
 4:30 MARKETS
  https://www.nbcnews.com/business/economy/federal-reserve-interest-rate-decision-june-2023-pause-how-much-rcna88922 
  https://twitter.com/cryptobyrde/status/1667397644975742977 
  https://messari.io/screener 
 15:20 SEC Shenanigans #1 - Prometheum
 https://twitter.com/RyanSAdams/status/1669076846070341633 
  https://twitter.com/MattWalshInBos/status/1669061636953366528 
   https://www.linkedin.com/posts/laurashin_prometheum-just-got-the-nod-from-us-activity-7069417456787681280-3Xrj 
  https://twitter.com/collins_belton/status/1669081113191391236  
  https://twitter.com/adamscochran/status/1669143092274888704  
 29:40 SEC Shenanigans #2 - Hinman’s Emails
  https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.831.70.pdf 
  https://twitter.com/MikeSeligEsq/status/1668591059968950272 
  https://twitter.com/nic__carter/status/1668606359078567937 
  https://twitter.com/venturecoinist/status/1667172894307229703 
 35:00 SEC Shenanigans #3 - SEC Wants 120 Days
 https://twitter.com/iampaulgrewal/status/1668742688689070083 
  https://twitter.com/0xPolygonLabs/status/1667643925232852996 
  https://twitter.com/SolanaFndn/status/1667578529612017666 
  https://robinhood.com/us/en/support/ articles/cardano-polygon-solana-update/  
 38:50 SEC Hypocrisy
 https://twitter.com/twobitidiot/status/1667488291216584705 
  https://twitter.com/twobitidiot/status/1668328519334780928 
  https://twitter.com/TrustlessState/status/1667957205864202243 
 42:30 SEC Stabilization Act
 https://twitter.com/WarrenDavidson/status/1668305460368121857 
  https://twitter.com/WarrenDavidson/status/1668316484198596627  
  https://twitter.com/NTmoney/status/1666108498747457536 
 45:10 CFTC v Ooki DAO
 https://www.cftc.gov/PressRoom/PressReleases/8715-23 
  https://twitter.com/lex_node/status/1667351457861971969 
  50:37 Uniswap V4 
 https://twitter.com/Uniswap/status/1668603580184502276 
  https://eips.ethereum.org/EIPS/eip-1153  
 1:02:10 Eigenlayer Mainnet Launch
 https://twitter.com/eigenlayer/status/1669065156427681792 
  1:04:35 Polygon 2.0
 https://twitter.com/0xPolygonLabs/status/1668312616459030528 
  1:06:35 Optimism's Bedrock Migration
 https://twitter.com/hildobby_/status/1667097126482984960 
  https://imgur.com/f2hqf1q 
 1:07:05 NFTs
 Kraken is launching Kraken NFT
 https://twitter.com/krakennft/status/1666821582004846593 
 1:08:24 Blackrock will file for BTC ETF soon
  https://www.theblock.co/post/234910/blackrock-bitcoin-etf-coinbase-coindesk 
   https://www.theblock.co/post/167392/blackrock-taps-krakens-cf-benchmarks-to-power-its-bitcoin-offering-exclusive 
  1:09:14 Hong Kong tells Banks to accept crypto
  https://www.coindesk.com/policy/2023/06/15/hong-kong-put-pressure-on-three-major-banks-to-take-on-crypto-exchanges-as-clients-report/ 
  1:10:10 Bank of China issues $28M in structured digital notes on Ethereum blockchain
  https://www.ubs.com/global/en/media/display-page-ndp/en-20230609-tokenized-notes.html?caasID=CAAS-ActivityStream 
 1:10:45 Taiko alpha-3 testnet is live! 
 https://twitter.com/taikoxyz/status/1666429573737877505

And they're saying, why can't everyone in crypto be compliant like us?

They don't even have a product that anyone's using or works.

And meanwhile, David, you have Kraken, you have Coinbase.

Companies have been in the space servicing people in the crypto industry and protecting investors, giving them exposure to this asset class for over a decade.

American-based companies, pristine reputations, And the SEC is busy sending them Wells notices.

And somehow this guy gets in front of Congress.

Bankless Nation, it is the third Friday of June and it's Friday morning.

It's the Bankless Friday Weekly Roll-Up, Brian, where we cover the entire weekly news in crypto, which is always an ambitious endeavor, which is why I'm on my third coffee.

I drank a pot this morning, so I haven't gone to the second pot yet.

You know, like a pot can be a different size.

We actually have some crypto news this week.

So we got Uniswap v4 announced this week and why I'm calling it the hook centric roadmap

Yes Forcing it I am forcing the topic And while I'm very very happy that all this crypto news has happened in addition to a Uniswap We have eigen layer going live.

We have BlackRock that wants a Bitcoin ETF.

And half of this goddamn weekly rollup is going to be dedicated to the SEC shenanigans, which I'm sad to say, but they were extra shenanigan-y this week.

I don't know what's going on, man, but it seemed like the SEC may have put a Fed plant in front of Congress.

All right, that sounds like conspiracy tinfoil hat stuff, but we're gonna drop the details on that and you guys can decide for yourself what is going on.

It kind of exposes the SEC was sort of two-faced with respect to its stance on whether ETH is a security or not.

It really undermines the SEC's current words with the SEC's previous words.

The court ordered the SEC to not edit or change anything about its historical statements out of fear that it might do that.

The fact that you have to say that as the court, right?

And also, Warren Davidson is fed up with the SEC's shenanigans and he has proposed the SEC Stabilization Act, aka hashtag fire Gary Gensler, and completely rebuild the SEC.

That's literally, that was his hashtag, fire Gary Gensler.

That sounds like something you would tweet out, David.

I've tweeted out a little bit worse than that

I would welcome him though and I know you would too.

We would have a productive words for him to hear.

speaking productive You know what's really productive is having a smart contract with a good security making sure it's audited our friends and sponsors at Cypherin want to let you know that they are some world-class smart contract auditors Okay So if you're building a protocol Cypherin wants to make sure your code is secure and using the most modern tooling and best practices available You know Patrick from the Cypherin team He's a YouTube content creator to where he talks about solidity blockchain development and smart contracts This is a lot of views on this content, alright?

He's been doing this for apparently like 5, 3 years?

He's released a course every single year with a combined 5000000 views, which I mean, 5000000 views isn't impressive.

The 5000000 views of onboarding Solidity devs into Web3, that's a lot of onboarding

And so not only can Siphon audit your smart contract, it can also teach you how to be a good, secure, solidity dev.

Because if you have 27 hours, this bear market, because I'm sure you do, it's what we call the boar market, you can go from 0 to 60 using Cypher.

Well, speaking of education, Why don't you educate us on the crypto markets today David?

it's a bad bad Yes, go down everything things go down the color is red blood in the streets Bitcoin started the week at 26700 dollars down 6 and a half percent down to 25000 dollars.

I'm worse when when when Oh Bitcoin down 6.5 percent is not great.

Starting the week at 1850, ending the week at

Yeah, the ratio of course takes a beating down 5.5 percent.

I totally think that this price action could have totally happened in a vacuum.

We were talking about that mid bear market high that we have recently been to that kind of matches where we were in 2019 if you're into that kind of voodoo stuff.

And then also at the same time, Gary Gensler told us that basically crypto assets, 3 through 15 on the crypto market cap are all securities.

And so I think that has also set in as well.

The mood is bad and then like things become real when the price drops.

Remember in March of 2020, early March, Everyone was talking about COVID, but no 1 was taking it seriously.

And like the trad market dumped, crypto markets dumped, and then everyone started taking COVID extremely seriously after the markets reacted.

I think that's kind of what's happening with the crypto securities is like, for the first couple days it was like, oh Gary, just sue in Coinbase and Binance and now we're

And now I'm like, oh shit, this is gonna be bad.

I mean, It could take a while for the US to turn course on this right.

This is doing some damage I would say in crypto right now, so I think you might be right about that.

It's the market sort of Realizing coming to terms.

Yeah coming in terms of the fact that the US regulatory environment Might look ugly for some time We're still above a trillion though in terms of market cap.

David should we go down market a little bit and take a look at the the other assets besides Bitcoin and ether so this is 1 of my favorite it's not a chart exactly but kind of like a Metric to look at

percent down from all-time high just to recap where we are So just

Yeah Just Just because we we want to hate ourselves this week for just a second and we'll bring some hope near the end of this episode bitcoin price down From all-time high about 64 percent ether price down 66 percent by the way those on themselves not too bad

I mean this just feels like a flesh wound to me.

But then we go down market and we look at some of the non-ETH, non-Bitcoin tokens.

Interestingly, up 30% on, I believe, I don't know, the day or something?

So up on the year, which is interesting but down 85% Cardano Down 91% dogecoin down 91% Solana down 94% polka dot down 92% There's definitely some pain down market you even get to some of the like the d5 blue chips you wanna swap down at 90% Wow Still a lot of pain a lot of blood in this market, particularly when you get outside of Bitcoin and Ether.

Yeah, the altcoin market cap has been absolutely pummeled.

Holding our alts in a bear market has proved to be very dangerous.

And that was before Gary deemed them to be securities.

You know, something we actually haven't talked about in a while that was in this news, in the markets news this week, Ryan.

Remember the word raising or lowering or pausing interest rates?

Something happened this week, what happened?

So the FOMC had their meeting of course, where they tell us what they're going to do with interest rates.

That's news that they decided to do nothing.

That is actually big news that they decided to do nothing.

This is kind of a skip the rate hike type of announcement.

The reason that's notable, that this breather is notable, is this is the first time they haven't raised of the last 10 times.

So we've had 10 consecutive increases that stretch all the way back to March 2022 when the Fed basically capitulated at that point in time.

They had the Previous summer in summer of 2021 been saying yeah, don't worry about inflation.

Don't worry about it They had been kind of late to the game to start increasing rates But then they did and they did so 10 times all the way up to 5% here We are they're taking a break this particular time and why it's because the Fed says inflation appears to be easing and they want to assess whether they've already Raised enough and I will say inflation is at about 4% at this point in time So it's definitely

All things considered, look at this chart, David.

Yeah, I am seeing a chart come down to what was previously considered high, but in recent terms can now be considered very low.

So, I mean, in 2022, inflation got up to 9%.

It got in previous years, 2017, it gets to 3%.

It almost gets back to 3% at the start of 2020.

so it feels like we are in range of historic levels and we are down from 9%.

This is all kind of past past data So we're not looking at kind of the current month inflation, but yeah annualized at 4% not too bad now Keep in mind the Fed's target is 2% So the Fed is basically saying yeah, it's a wait-and-see but right now for this time but we expect to continue raising rates later in the year.

And I think the market kind of believes that.

What's interesting about this is the stock market equities risk on type assets, they don't really know.

I feel like they're in this undecided territory.

And so on this news, you'd think a pause would be good news for stocks.

Stocks traded like a little up, but basically flat.

I think the market's trying to figure out what's going to happen next and hasn't quite decided on that yet.

I wonder if the trad markets forgot, I mean, I'm just speaking for myself, I've completely forgot about this whole like inflation interest rates phenomenon for the last quarter.

Like this is once again like, oh yeah, I forgot that's happening

That was like, that was almost a quarter ago.

It seems like, but yeah, SEC has just completely dominated that.

I wonder if the trad markets are hanging on tooth and nail to inflation like we once were it just doesn't feel like people care anymore Yeah, my being naive here.

I don't know I we've got a lot of interesting indicators in the economy right now So we've got inflation.

It's about 4% we unemployment actually isn't so bad right now 3.7% at this point in time right does ice we haven't seen the kind of the unemployment that you might see if we were creeping toward a recession.

That said, there's like just some weirdness in the market.

I mean, go ask a millennial about like, who's trying

And so there's a lot of weirdness going on and I think the market's just trying to figure out where this is going.

What do we got to talk about in the rest of this episode?

So we're gonna probably have to prepare the Bank of the Nation for like

See all Bankless transcripts on Applepodcasts

ROLLUP: Prometheum SEC Psyop Exposed