Remember when the Hinman emails came out

And an SEC official cautioned Hinman against mentioning Ether by name because 'it would be difficult for the agency to take a different position on Ether in the future.'

I guess they got over that 'difficulty.'

Commissioner Hester Peirce is in a weird spot right now.

She would probably like to criticize publicly the SEC Enforcement staff for claiming ETH is now a security--after Hinman/Clayton said it wasn't in 2018.

But Commissioners don't comment on pending cases, and she is…

One of the redactions removed from the Consensys complaint says the SEC 'issu[ed] a [formal] order of investigation designating ETH as a security' on April 13, 2023.

IF that word choice {by Consensys's lawyers) is correct, it would mean the SEC approved futures ETFs based on…

April 2023--SEC approves a formal investigation into Ethereum.

October 2023--SEC approves 9 $ETH futures ETFs.

Is it weird that Gary Gensler approved the ETFs without disclosing to investors that there was a pending investigation into whether $ETH was an unregistered security?

Another fractional-reserve bank bites the dust.

Republic First Bancorp failed last Friday, costing the FDIC’s Deposit Insurance Fund $667 million.

This should not be confused with fractional-reserve bank First Republic Bank which failed last May, costing the FDIC $13 Billion.

The Fed denied a master account to Custodia Bank ™—a 100% fully-reserved bank.

Meanwhile, the Fed routinely grants master accounts to fractional-reserve banks which are inherently vulnerable to failure.

Luckily for all of us, CEO Caitlin Long 🔑⚡️🟠 is a fighter.

She won’t back down.

I understand they are busy running up the debt, approving warrantless searches, and keeping our borders open, but maybe Congress should find some time to pass laws to clear this all up. 👇

The SEC's response to @Coinbase's motion for interlocutory appeal is due May 10.

Here's the big question.

Will the SEC say the exact opposite of what they argued in the Ripple case, when the shoe was on the other foot and the SEC was the one seeking interlocutory appeal?

We…

The Consensys complaint names Gary Gensler, the 4 other Commissioners & the SEC itself as defendants.

Consensys has hired the Wachtell Lipton law firm--who also represents @Coinbase in its case against the SEC.

The complaint alleges that the SEC has exceeded its statutory…

What do you know.

This appears to be confirmation that the SEC is investigating sales of ETH by Consensys.

Interesting redaction in the Consensys complaint against the SEC.

What is this about? 👇

With the lawsuit by Consensys being filed against the SEC today...

I think we can move the approval of the $ETH ETF on May 23rd out of the 'highly unlikely' bucket and drop it into the 'not gonna happen' bucket.

Fortune is reporting that Consensys got a Wells Notice from the SEC earlier this month claiming that:

1. $ETH is now a security as a consequence of its transition to proof of stake.
and
2. MetaMask 🦊🫰 wallet qualifies as a broker/dealer.

fortune.com/crypto/2024/04…

This is not a joke. 👇

'How did you go bankrupt?' Bill asked.

'Two ways,' Mike said. 'Gradually, and then suddenly.'

--Ernest Hemingway, The Sun Also Rises (1926)