May 9: The SEC is Unhinged
Even thought Robinhood is a b*tch, they still need our support.
Good morning, everyone! If you enjoy this format, consider subscribing on Substack for just $5 a month. You’ll get ad-free versions regularly, along with exclusive content like our weekly roundup, in-depth political discussions, and more. Don’t forget to check out our Twitter at DCNDailyCrypto for additional updates.
Robinhood, the app many use to trade stocks and cryptocurrencies, has been in a tough spot with the SEC. CEO Vlad Tenev disclosed that despite meeting with the SEC 16 times to discuss crypto asset registration, Robinhood received a Wells notice indicating impending legal actions. This development is a blow to the company which has been striving to comply with SEC regulations transparently.
Furthermore, there’s an alarming revelation from Binance reported by the Wall Street Journal. A member of their market surveillance team was fired after uncovering evidence of market manipulation by one of its VIP clients, DWF Labs. This raises serious concerns about the ethical operations within Binance, contrasting sharply with the SEC’s aggressive stance.
AI’s role in modern music continues to grow. Metro Boomin, a prominent producer, recently showcased an AI-generated beat on Twitter called BBL Drizzy, highlighting how artists are now using AI to quickly create and test new music. This rapid production capability is revolutionizing the music industry, allowing artists to respond swiftly to trends and feedback.
Donald Trump has voiced support for cryptocurrencies, suggesting that the Biden administration's approach is driving crypto businesses out of the US. He expressed a willingness to accept campaign donations in Bitcoin and other tokens, pointing out the growing political divide over cryptocurrency regulation.
Happy Hodling!
_______
News Links 👇
https://decrypt.co/230035/robinhood-met-with-sec-16-times-in-good-faith-ceo
https://decrypt.co/229948/how-ai-supercharged-drake-kendrick-lamar-rap-beef
https://decrypt.co/230023/trump-supports-crypto-at-nft-event-boden-meme-coin