The SEC Karate Chops Steven Seagal For ICO

Plus SEC rejects another bitcoin ETF and commentary around ProgPoW

Almost the weekend, Blockfolians!

The Lede

Steven Segal - yes that one, the 1980s actor - has reached an agreement with the SEC to pay $157,000 in disgorgement around his involvement with “Bitcoiin2Gen” (I mean seriously, what could go wrong with a name like that?). The reason we highlight it is not that somehow that in and of itself is huge news. But it reflects the theme of the day: the longer crypto lives, the more governments are getting serious about regulating this space.


Highly Relevant Reading

💰Crypto exchanges and miners feature on the Hurun Global Rich List | 6 crypto billionaires made it to the global version of Forbes, including Binance’s CZ and a number of other founders of exchanges and mining concerns.

🇭🇰FATF rules go global | There is growing global consensus around rules that govern crypto exchanges. Hong Kong is set to implement recommendations while Binance prepares for a new reality as well.

🚫SEC rejects another ETF (but Crypto Mom dissents) | Again citing concerns about market manipulation, the SEC has rejected Wilshire Phoenix’s BTC ETF application. The decision was expected, but still somewhat demoralizing. At least we have Hester Peirce.


Community Commentary

Chris Blec gives an impassioned plea for explanations for why ProgPoW shouldn’t go forward - the threat to DeFi
Tyler Winklevoss argues that BTC *is* a safe haven - but the fact that markets don’t know it yet is our opportunity

A Really Big Number You Should Be Paying Attention To

$190,000,000

That’s the amount of bitcoin liquidated on BitMEX yesterday. Ouch.


A Final Thought

Permabears, man.