Grant Friedman

Private Client Desk @CoinCloudDCM,
Digital asset facilitator, avid poker and tennis player, investor, and dad to Owen.

[Grant Friedman @gfriedman310]

@sircollectalot you did that.

[Watcher.Guru @WatcherGuru]

JUST IN: $9 trillion asset manager BlackRock CEO says #crypto will transcend international currencies due to global demand.

[Grant Friedman @gfriedman310]

@Jason @GaryGensler @bgarlinghouse You should have done a JasonDAO years ago.

[Cameron Winklevoss @cameron]

The sale of XRP on exchanges is NOT a security. Which means the sales of all cryptos on exchanges are NOT securities and @SECGov and @GaryGensler have NO jurisdiction over them. This is a watershed moment that relegates the SEC to TradFi and makes it a dinosaur regulator. Buh-bye

[MetaLawMan @MetaLawMan]

The ruling that XRP is not itself an investment contract is a significant blow to the SEC's case against @Coinbase and the other crypto exchanges.

While Judge Torres' decision is not "binding precedent" it is extremely well reasoned and will be cited in all motions to dismiss.

[Milk Road Crypto @milkroaddaily]

This month in crypto:

June 5: SEC sues Binance
June 6: SEC sues Coinbase
June 14: Bitcoin falls below $25,000
June 15: BlackRock files for spot Bitcoin ETF
June 19: Fidelity planning to file spot Bitcoin ETF
June 20: Crypto exchange backed by Citadel, Fidelity, and Schwab launches
June 21: Fed Chair Jerome Powell says crypto has staying power as an asset class
June 23: SEC approves first leveraged Bitcoin futures ETF
June 23: Bitcoin climbs above $31,000

[Grant Friedman @gfriedman310]

@CarpeNoctom shoot I missed it, did you record it?

[MetaLawMan @MetaLawMan]

1/ The stakes just keep getting higher for the ruling in SEC v. @Ripple.

Here's why.

If Judge Torres rules that $XRP tokens trading on secondary markets are Not Securities--it would undermine the entire basis for the SEC's case against @Coinbase and much of the @Binance case.

[Coinbase 🛡️ @coinbase]

The numbers don't lie.

[exlawyer @exlawyernft]

Gary, the SEC approved Coinbase’s IPO, with full knowledge of Coinbase’s business model and after seeking clarification on CB’s operations on multiple occasions. If CB was not compliant with the law, the SEC should not have approved it to become a publicly traded company in the first place.

While you allege that the “rules are clear”, you are lying and you know full well that they are not. In fact, years ago, before you were Chairman of the SEC and in Elizabeth Warren’s pocket in a position that would allow you to manipulate the SEC to protect your incumbent banking friends who made you rich - to the tune of $100 million net worth - you promoted ALGO and said that most tokens were not securities. You were either lying then, or you are lying today.

As chair of the SEC, your mission is simple: 1: to protect investors, 2. to maintain fair, orderly, and efficient markets, and 3. to facilitate capital formation. You are not only failing at all 3 goals, you are actively sabotaging investors, intentionally creating an unfair regulatory environment, and driving capital formation offshore.

Your actions as chair have hurt investors in all crypto tokens, including those not sold as securities (I will concede SOME tokens were once sold as securities - but your statements and actions are so broad that they negatively affect all crypto), and investors in CB which your agency approved to be publicly traded.

Your refusal to issue clear and reasonable rules for crypto creates an unfair environment that maintains the power and profitability of legacy financial institutions at the expense of entrepreneurs and a fledgling agency.

The hostile regulatory environment you have created is actively driving capital formation and investment in the crypto industry offshore and will set the US back in the technology race for decades to come.

You are a disgrace who has not only failed in your job; you have thumbed your nose at Congress, the business community, and American investors.

[Grant Friedman @gfriedman310]

@aswinn @UChicago Can’t believe it, congrats to cam and of course to you for the gentle nudging.

[Crypto Dreams @thecryptodreams]

🚨 BREAKING: #binance has just seen the largest Bitcoin outflow on record.

Over $4.6 billion (162,000 BTC) has just left the exchange and moved to cold storage.

🐋 Whales are stacking

[@jason @Jason]

I've given political donations a handful of times in my life, typically tiny ones, in the $100 or $500 range.

At this point, however, I think I will sit it out and just keep giving huge tips to waiters and baristas.

[Balaji @balajis]

Deposits are fleeing banks
So they'll try to ban shorts
And impose capital controls
But eventually be forced to revert to ZIRP
So, buy Bitcoin

Agree with all that. Overall a great clip. The interesting part of @hendry_hugh's thesis is that he also recommends buying ultra-long bonds. Probably because he's thinking treasuries at peak rates will appreciate dramatically in nominal terms when rates crash, and you could lock in high rates now if you time the top before the Fed cuts.

And indeed, a 30-year bond with a 5% coupon is much more valuable if rates are again slashed to 0.1% for years. However, those nominal gains could be offset by all-out currency debasement...

[Balaji @balajis]

"I almost think you'd scare the public.
If you put this out, like why are they telling me this?
Should I be concerned about my bank?
...I would be careful about the unintended consequences of starting to blast too much of this out in the general public."

— FDIC, Nov 9 2022

[Grant Friedman @gfriedman310]

@SievaKozinsky you sure it isn't with a small regional bank?

[Grant Friedman @gfriedman310]

@SievaKozinsky Now you need to ask him the follow up question, which is how he best hoards cash?

[Balaji @balajis]

I just burned a million to tell you they're printing trillions.

[unusual_whales @unusual_whales]

BREAKING NEWS: Another Congressman literally traded banking stocks again.

Lois Frankel sold $FRC on March 16th, avoiding the remaining 80% drop.

She THEN BOUGHT $JPM, the bank buying FRC on March 22nd.