Originally aired on October 13, 2023
In this episode of the O Show, host Wendy O discusses several topics related to cryptocurrency regulation and market performance. She provides an overview of the current state of Bitcoin’s price, touching on support and resistance levels. Wendy also covers the latest updates on the potential approval of a Grayscale Bitcoin ETF, including the SEC’s deadline to appeal a recent court decision.
The show delves into proposals for stricter IRS cryptocurrency tax reporting requirements being pushed by Senators Elizabeth Warren and Bernie Sanders. Wendy argues these regulations are unnecessary given the small revenue impact for the government. Crypto lobbyist Kevin Fulmer joins as a guest to provide perspective on regulatory issues.
Later in the episode, Wendy explores Tether’s origins and its founders’ connections to a crypto startup called Promethium. She highlights lawmakers’ concerns about Promethium’s approval for a special crypto license from the SEC. Overall, she suggests there may be favoritism and uneven oversight happening between the SEC, Promethium, and certain players in the crypto industry.
What is the latest on Bitcoin’s price action?
- Bitcoin is trading sideways below $27,000 and the 200-day moving average
- Support around $26,500, resistance at $28,700
- Printed a red dot on 4-hour chart, sign of potential downtrend
What’s happening with the Grayscale Bitcoin ETF?
- SEC has until midnight on Oct 14 to appeal court decision
- If no appeal, case closes in 7 days and approval process can start
- Grayscale will work with SEC’s Corp Fin and Trading & Markets divisions
Why are Senators Warren and Sanders pushing crypto taxes?
- Claim $50B in lost tax revenue over 2 years from crypto
- Wendy argues impact small relative to US debt and spending
- Sees it as excuse for unnecessary regulation
How did Tether get created?
- Founded by people working for crypto startup Promethium
- Promethium has connections to Ethereum Foundation
- Got special SEC broker-dealer license, concerns over favors
00:00 – Intro
00:05 – Guest introductions
05:30 – The entire crypto market
07:35 – Grayscale ETF decision & connecting the dots
21:14 – Gary Gensler threatened
29:00 – Orange juice at all-time-high
29:15 – What happened to Fed now ?
31:00 – What is $USDM?
40:30 – Strange #tether USDT findings
48:50 – Join our spaces on X (all about Friendtech )
49:50 – Follow today’s guests!