HSEP Update 2/17/23: Falling Knife Day
I was very active in the portfolio this morning. That activity has paid off (so far).
It’s been a busy week+ in the land of the finance. As had been foreshadowed last week, the SEC has really started bringing the hammer down on crypto. Here’s a run down of the last 4 major moves from Gensler’s clown crew:
Kraken charged with selling unregistered securities for its staking as a service product…
Paxos Trust sent a Wells Notice for issuing a Binance-branded stablecoin that doesn’t reasonably have an expectation of profit. Paxos' non-Binance-branded stablecoin is apparently fine.
Terraform Labs and Do Kwon charged with defrauding investors in the Terra Luna collapse that happened 9 months ago…
Settlement with Paul Pierce over pumping EthereumMax (EMAX-USD).
With all these haymakers from public enemy number 1 in crypto-land it’s somewhat incredible how well the market has done pricing-wise in spite of.
Bitcoin is now dancing with $25k - a year to date increase of roughly 50%. And if you think that’s good, take a look at the crypto-equities - which serve as Bitcoin proxies on crack…
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