Interesting viewpoint.

Harris Kupperman has expressed a different one: the SPAC phenomenon has ended because the initial tsunami of SPAC issuances was going to hit their 6 month lockup windows in May, after which SPAC valuations would collapse under waves of insider selling.

I also don't subscribe to the view of Gary Gensler as "reformer".

Perhaps you have forgotten that Gensler worked under Rubin and Summers in the Treasury Dept. in the runup to the Y2K bubble.

Perhaps you also have forgotten that Gensler, under Rubin, was a senior part of the team that ensured Brooksley Born's attempt to rein in derivatives failed.

Yes, Gensler did attempt to do good things at CFTC where he was then "not renewed" fired by Obama - but the net net is that it is far from clear if this ex-Goldman Sachs bankster is really on the side of the angels.

But most importantly - as William K. Black has pointed out: if Gensler is such a reformer, where are the examples of him openly denouncing either the bad parts of the financial industry, or being attacked by the myriad media myrmidons who defend it?

This is a very clear case of the dog that didn't bark.

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and just a few hours ago:


"SEC Charges SPAC, Sponsor, Merger Target, and CEOs for Misleading Disclosures Ahead of Proposed Business Combination"

this is what we like to see

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More related to the bitcoins than these, but if you're still following Druken Saylor the interview he had with Henrich explained his outlandish positioning on bitcoin.


From what I can tell, the main thing is that he's so doom and gloom about fiat currencies that he trusts bitcoin against all of them more. So, get anything you can that is valued in fiat and get the equivalent of bitcoin, so that the government can't devalue your house through inflation, or seizing it, or you can just move, etc. He doesn't trust gold as it can be seized easier, and again, is primarily valued in dollars (which I would argue bitcoin is too.

It's the kind of dumb only educated people can do.

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USDC to the moon!

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i'm not for illegal biz practices but i am for increasing awareness / education around defi... i wish more folks would just be above board with it.

just buy more btc.

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Extremely solid installment to the cryptoterica.

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that's a lovely piece of doom -- i was so happy to learn that counterparty risk had been exterminated (once and for all!) and here you come pecking it to bits ... very well done!

Q: do you think GG might use this occasion to twist the Circle into more of a 1:1 shape thereby gaining some leverage over the cryptos? kinda trying to save both the real and the crypto worlds? or, is usdc beyond repair?

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I'm not a close watcher of these things, like some chickens, but seems to me Gary Gensler has promised well without delivering much before, hasn't he? While at the CFTC, nothing much changed, at least in the precious metals management-by-JPM-et-al, did it? Standard issue for Goldman Sachs alumni?

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The thing about Clayton is, he also went in hard against ICOs, and knocked out the dumb SAFT idea. Even ICOs were a scam too far for Clayton.

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well, not nearly as hard as he should. But the crypto tears were delicious.

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But from the early signs, Gary Gensler is no Jay Clayton. For one thing, they have completely different names. Witty and funny :)

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like your piece , but think you typed to quick .. Binance / Bitfinex .. BUSD / USDT ..

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