Content:
Fighting Fire with Fire
Personal Journey Update
Weekly Fact
Quote of the Week
Fighting Fire with Fire
Coinbase has thrown down the gauntlet by suing the SEC after the rejection of its petition for clearer cryptocurrency regulations.
Key Points:
Escalating Tensions in Cryptocurrency Regulation:
Coinbase's legal action marks a significant escalation in the ongoing tension between the crypto industry and regulatory authorities.
Chief Legal Officer Paul Grewal emphasizes Coinbase's frustration with the SEC's lack of specific regulations tailored to the unique aspects of digital assets.
The Lawsuit Against SEC:
Coinbase alleges that the SEC's denial of its petition violates the Administrative Procedure Act and constitutes an abuse of discretion.
This legal move underscores the industry's impatience with the SEC's enforcement-focused approach, seen as stifling innovation and creating an uncertain business environment.
Complex Regulatory Landscape:
Coinbase's legal challenge unfolds amid increasing regulatory scrutiny of the crypto industry, exemplified by the SEC's previous lawsuit against Coinbase.
SEC Chair Gary Gensler's stance on applying securities laws broadly to the crypto sector adds complexity to the regulatory landscape.
Potential Precedent for the Crypto Industry:
The lawsuit could set a precedent for how digital assets are regulated, influencing the trajectory of the crypto industry.
Coinbase's move signifies a pivotal moment in the ongoing debate over cryptocurrency regulation in the United States.
Personal Thoughts:
Coinbase's lawsuit mirrors the industry's assertiveness in seeking clarity and fairness in regulatory treatment. As this legal battle unfolds, it will be closely monitored by industry participants, regulators, and investors. The outcome has the potential to either pave the way for more innovation and growth or further entrench challenges and uncertainties in the crypto industry.
Gary Gensler Indicates a Willingness to Entertain Bitcoin Spot ETFs
SEC Chair Gary Gensler's recent comments suggest a potential breakthrough for Bitcoin ETFs, but not without highlighting concerns over industry compliance.
Key Highlights:
Gensler's Openness to Bitcoin ETFs:
SEC Chair Gary Gensler indicates a willingness to entertain Bitcoin spot ETFs, hinting at possible changes following recent court rulings.
In a CNBC interview, Gensler discusses the SEC's review of 8-12 applications for Bitcoin spot ETFs based on recent court decisions.
SEC's Review Process:
Gensler reveals that the SEC is currently reviewing 8-12 applications for Bitcoin spot ETFs, aligning with court guidelines.
When questioned about the Grayscale application, Gensler provides an unclear response, possibly avoiding a direct answer.
Concerns About Crypto Industry:
Gensler voices worries about non-compliance, fraud, and bad actors in the crypto industry.
Points out that practices considered illegal in other U.S. finance sectors are prevalent in most crypto exchanges.
Speculations on ETF Applicants:
While Gensler doesn’t name specific companies awaiting responses, speculations include new entries like Pando Asset AG and Valkyrie's updated Bitcoin ETF application.
Meetings with Major Players:
The SEC reportedly holds meetings with industry giants like Grayscale, Fidelity, and BlackRock.
This signals urgency in making a Bitcoin ETF decision, possibly linked to BlackRock's looming deadline in March 2024.
Bloomberg's Bullish Outlook:
Bloomberg analysts predict a bright future for Bitcoin, currently trading at $42,715 with a market cap exceeding $836 billion.
Anticipate a "supercycle" that could propel Bitcoin beyond $500,000, citing positive investor sentiment and upcoming events like the 2024 Bitcoin halving and potential ETF approvals.
Personal Thoughts:
The SEC's openness to Bitcoin ETFs marks a potential turning point for the crypto market. Gensler's expressed concerns about compliance add a layer of complexity, underscoring the need for regulatory clarity.
Meanwhile, Bloomberg's optimistic forecast adds to the positive momentum in the crypto space.
As the SEC reviews ETF applications and engages with industry leaders, the crypto community awaits crucial decisions that could significantly impact the trajectory of Bitcoin and the broader cryptocurrency market.
Exploring the GTA 6 Trailer
The buzz is real, with over 77 million views in less than 24 hours. While Rockstar remains tight-lipped about the game's details, the trailer itself offers some tantalizing glimpses into what's to come.
Key Points:
Inspired by Bonnie and Clyde:
Lucia, the focal point of the trailer, hints at being one of the protagonists alongside an unnamed male partner.
GTA 6 draws inspiration from the infamous duo Bonnie and Clyde, promising a narrative rich in robberies and complex relationships.
Potential Unraveling Story:
Despite the initial fun, the trailer suggests that the Lucia-partner relationship might not end well.
Lucia's prison interview frames the narrative, and the song choice, Tom Petty’s "Love is a Long Road," hints at potential betrayals and emotional twists.
Saints Row-like Features:
The cinematic trailer showcases dynamic scenes, suggesting a possible implementation of features allowing characters to climb around or on top of cars.
This feature, reminiscent of Saints Row, could be a nod to Rockstar's openness to drawing inspiration from other open-world games.
First-Person Mode Returns:
Historically third-person, GTA V introduced a first-person mode in 2014.
Several shots in the GTA 6 trailer hint at a return to first-person gameplay, offering a potentially immersive gaming experience.
Real Florida Vibes:
Set in Leonida, GTA’s fictional version of Florida, the game takes a satirical look at the "Florida Man" trope.
The trailer reflects Rockstar's commitment to critiquing American culture, politics, and generational shifts with a fresh perspective.
Personal Thoughts:
It’s finally here… well the official trailer is at least.
It looks incredible and although the game isn’t scheduled to be released until 2025, I can’t help but get excited.
The one thing I found ironic is the backlash of people complaining GTA has gone woke. In my opinion, if you make yourself a part of that conversion on what’s woke and what isn’t, you become woke yourself.
It’s funny because you know GTA 6 will take the piss out of everything it possibly can. You know it’s going to target its humour more frequently to people apart of the endless woke debate no matter what side of the fence you sit on.
but enough of that pointless discussion…
I honestly can’t wait, it’s going to be a truly historic game.
Personal Journey: Missing My Goals
Some of you may have noticed there was no newsletter last week and I’ll be honest with you, it’s because I completely forgot.
I have set myself the target of releasing a newsletter every week for more than 43 weeks in a row.
Why 43 weeks?
Because that was my last record streak of newsletter uploads.
I started my streak again a few weeks back and failed on week 2, pretty pathetic.
But I’m not one to dwell, it’s a personal goal and although I have been slacking when it comes to The Weekly Grow newsletter, I have been finding a lot of success in other areas of my life, like my career and general day-to-day life.
So as a reminder to anyone reading this, when you fail don’t dwell on the situation, just take the lesson it offers, learn from it and focus on other parts of your life that you are doing well in or even just thankful for.
Personal goals are set to help you improve and ultimately improve you as a person and the life around you. If the goals you are setting yourself are getting you down. It might be a good idea to change your goals, or at least approach them differently with a more open mindset.
Weekly Fact
A “jiffy” is a real measurement.
If you’ve ever said, “I’ll be back in a jiffy,” you were actually saying, “I’ll be back in 10 milliseconds.”
A jiffy is an actual measurement of time, referring to the length of one cycle of the computer’s system clock – about 10 milliseconds.
When used in physics, it stands for the amount of time that it takes light to travel one centimeter.
Quote of the Week
Let me know any ways you think this newsletter can be improved.
Also, feel free to drop your newsletter links down below, I’m always grateful for more inspiration.