GM. This is Milk Road, the crypto newsletter that's sharper than a No. 2 pencil.
It’s Thirsty Thursday. Let’s get after it:
- Milkbusters: SEC vs. Bitcoin ETFs 🧐
- Larry Fink: “Crypto is digital gold” 🪙
- How do YOU feel about crypto right now?🥛
- Solana’s liquid staking is BOOMING 🍪
Prices as of 9 AM ET.
MILKBUSTERS: DID THE SEC REJECT ALL THOSE BITCOIN ETFS? 🧐
Welcome back to another episode of Milkbusters, where we debunk crypto myths and misconceptions.
Today’s myth: Did the SEC deny a bunch of Bitcoin ETF applications?
Let’s dive in…
What happened: The SEC said all the recent Bitcoin ETF proposals were inadequate, The Wall Street Journal reported last week.
This is after BlackRock, Fidelity, & others created so much hope for Bitcoin ETFs that the OG crypto surged past $30K. Talk about a letdown.
But that doesn’t mean the SEC flat-out denied their applications…
The truth: It just told the companies to fix them.
- Cboe (big Chicago-based exchange) refiled on behalf of Fidelity
- Nasdaq refiled on behalf of Valkyrie, Cathie Woods’ ARK Invest fund, & BlackRock
It’s like when you’d turn in your homework, and the teacher would let you fix your mistakes before giving you a final grade.
And so they refiled their proposals with one key update…
A promise to avoid market manipulation & fraud like the plague.
The new filings say they’ve struck surveillance-sharing agreements between Nasdaq/Chicago Mercantile Exchange & Coinbase (it’ll operate as custodian to the funds.)
That means the major stock exchanges will be able to access data regarding spot Bitcoin trades.
More transparency = a happier SEC
So… now what? Hopefully, we’ll have a better idea in August about if one will get approved. That’s the SEC/ARK Invest’s next scheduled date to go over its application.
In the meantime… count on us to bust all the crypto myths out there. We can do it with our hands tied behind our backs.
BLACKROCK CEO: “BITCOIN IS DIGITIZED GOLD” 🪙
Larry Fink in 2017: "Bitcoin is an index of money laundering" Larry Fink in 2023: "Crypto is digital gold" twitter.com/i/web/status/1…
— Milk Road (@MilkRoadDaily)8:35 PM • Jul 5, 2023
Check it out.
Larry Fink (CEO of BlackRock) did an interview on Fox Business yesterday.
Here’s what the man running a multi-trillion dollar empire (~$9T AUM) had to say about Bitcoin:
- It could revolutionize finance
- It’s “digitizing gold”
- It’s an alternative hedge against inflation or devaluation of fiat currencies
- It’s an international asset
Crazy, I know. Larry Fink is like the Darth Vader of Crypto - evil for years but then finds the Light Side.
Better late than never. (And that’s one less person on my list…)
WE WANNA KNOW WHAT YOU THINK 🥛
Look, the Milk Man’s pretty in-the-know.
He called it when he said Kim K. & Pete Davidson wouldn’t last 1 year.
But that doesn’t mean we don’t want YOUR opinion on stuff…
Like what the rest of 2023 will hold for the crypto market. After all, it’s you Roaders that we want to share our wisdom with.
So repay us the favor:
- How do you think the market will finish the year?
- What are your plans for crypto investing?
- What are your thoughts on the regulatory environment?
Do us a solid? Fill out our survey to let us know whatcha think.
MILK & COOKIES 🍪
The total value locked on Solana’s liquid staking protocols is up 91% since the start of 2023. Solana over here reaping the benefits of Ethereum’s Shapella upgrade.
Crypto trading volume across all centralized exchanges rose in June (+14%) for the first time in 3 months Everyone’s pumped about Bitcoin ETF mania…
3AC cofounder Kyle Davies said some of the earnings from his and Su Zhu’s new crypto exchange will be donated to creditors for good “karma.” They have to be early supporters of the exchange though… 👀
Binance suspended several altcoins tied to the bridge platform Multichain after a May incident stopped processing transactions. This is what happens when a CEO peaces out without a word.
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
happy Thursday y'all
— Milk Road Images (@MilkRoadImages)1:01 PM • Jul 6, 2023
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.he SE
