SEC Attacks OpenSea w/ Wells Notice
Unhinged Gary Gensler throws another Hail Mary in an effort to collect million-dollar fines
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OpenSea Served Wells Notice
Gary Gensler is back at it again.
I wondered what he’s been up to, as he’s been relatively quiet over the last several months.
This attack raises the question – What’s the difference between digital and physical collectibles?
We’re quickly careening into a digital-first world, where our digital persona is more important, and we hardly ever handle physical money.
So why attack other than to collect fines and destroy crypto? Crypto has become the honey pot of the SEC!
Many denounce this attempt as another example of regulation through enforcement action or a Hail Mary pass.
The most likely outcome is that Opensea pays a hefty fine to make it disappear, similar to what Kraken and most other crypto companies have done over the last several years.
The SEC is basically a mafia arm of whoever is in office – Pay us, or there will be more attacks and heftier fines.
But will the attacks really go away?
Not likely if Kamala Harris wins in November.
While she has postured and said she is open to crypto, there hasn’t been any action to prove it.
The Democrats left crypto off their 2024 platform while including other technology, such as AI.
Rumors are also circulating that Kamala will nominate Gary as treasury secretary if elected.
If that’s true, it would make sense that crypto isn’t in their party platform because they want to leave a gray area to continue their attacks.
This is counter to Trump's strategy, which is to go all-in on crypto.
But who's in the lead to win?
According to Polymarket, the election is still a coin flip, which is insane considering how much hangs in the balance.
Crypto Market News
Just last week, the bull market was back, baby!
And now, this week, it’s all over again, as Bitcoin rallied from $58,000 to $65,000 and quickly reversed over the last few days.
Using Trading Alpha indicators, the daily chart showed a double bottom signal, meaning it was a high-probability buy zone.
Just a few days ago, there was a top signal (yellow T), a reversal signal (yellow R), and an 8 (bearish signal).
The daily chart now has red dots, meaning the trend is bearish. The bullish structure has been destroyed, and the bulls have some work to do to recover.
It may be too much to ask with the current macro environment.
The total market cap of crypto has a very similar chart pattern, which means the future is volatile and choppy.
Why the selloff?
There’s a lot of uncertainty in the markets, with the election a coin flip and many predicting a massive stock market sell-off in September.
Looming rate cuts also signal a weakening economy, which means the market corrects before it recovers and runs up again.
Many are bracing themselves for this situation to play out in September and selling in advance to try and catch the bottom.
Anything Else?
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