The rhythm of good news

plus, the “strong gods” divide

“The assumption that what currently exists must necessarily exist is the acid that corrodes all visionary thinking.” – Murray Bookchin ||

Hello everyone, I hope you’re all doing well!

A reminder, there won’t be a daily Crypto is Macro Now tomorrow – let’s hope nothing particularly dramatic happens, although going by Friday’s track record so far this year, I realize that’s asking a lot.

Today, I look at the whirlwind week in SEC moves. And, I share some notes from a podcast episode that sheds light on the deepening ideological divide between the US and Europe – its roots go back to WWII.

IN THIS NEWSLETTER:

• The rhythm of good news

• The “strong gods” divide

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WHAT I’M WATCHING:

The rhythm of good news

Champagne must be flowing in crypto boardrooms around the US this week.

Last Friday, Coinbase revealed that the SEC had agreed to drop its case against the exchange, pending final confirmation (expected today).

The agency sued Coinbase back in June 2023, accusing it operating an unregistered securities exchange, broker and clearing agency. It also claimed Coinbase’s staking-as-a-service program constituted the offer and sale of unregistered securities. And it named a list of tokens it said were securities, leaving no room for the token issuers to push back or engage in dialog. The list included SOL, ADA, MATIC, FIL, SAND and others.

The SEC case was flimsy at best and would most likely have been struck down in court. But its cancellation removes an oppressive overhang, not just in terms of time and monetary cost for both the agency and Coinbase, but also in uncertainty as to the listed tokens’ status. It potentially clears the way for platforms such as Robinhood to reverse their delisting.