Originally aired on August 29, 2023
Wendy O covers the latest crypto news, including a major court ruling in favor of Grayscale’s petition to convert its Bitcoin trust GBTC into a spot Bitcoin ETF. Though not approved yet, this is seen as a big win against the SEC. Wendy is very critical of the SEC throughout for overreach and lack of clear crypto guidelines.
Other topics include Digital Currency Group’s Genesis bankruptcy, SEC scrutiny of private equity funds, Elon Musk’s plans for Twitter integrating crypto payments, Cardano staking metrics, and more. Wendy provides opinionated commentary in her signature lively style. She calls for sensible crypto regulation, warns against trusting financial advisors, and urges viewers to verify information and think critically.
What was the big court ruling discussed?
- U.S. Appeals Court granted Grayscale’s petition to convert its GBTC trust into a Bitcoin spot ETF
- Overturned SEC rejection, calling it “arbitrary and capricious”
- Seen as a major defeat for the SEC in crypto regulation battles
What criticism did Wendy level at the SEC?
- Calls them “bad guys” for stifling crypto innovation
- Says they prey on retail investors and manipulate markets
- Believes they lack expertise and operate without clear crypto guidelines
What updates were given on Digital Currency Group?
- Its Genesis subsidiary reached a deal with creditors from its bankruptcy
- But payouts will be delayed and partial, so creditors may still lose big
- This impacts Grayscale since DCG owns it, but DCG welcomed the court ruling
What changes could Elon Musk bring to Twitter?
- With a crypto transmission license, Twitter may add crypto payments and NFT features
- This could boost adoption if implemented within Musk’s free speech goals
- But issues like shadow banning show challenges still exist on the platform
00:00 – Intro
00:05 – Thoughts on Bitboy Crypto
06:25 – BTC daily, 12h, 4h & weekly
09:35 – Grayscale Bitcoin ETF win
15:10 – Pros & cons of ETF’s
16:20 – DCG Genesis creditor recovery plan
20:55 – House Committee accuses Fed of making up crypto policy
25:20 – Tokenized treasuries on #dxc network
27:30 – Blackrock is major shareholder of largest BTC miners
29:45 – Blackrock ETF decision incoming
31:30 – LG to use Artificial Intelligence for ETF
32:40 – SEC targets NFTs
35:20 – New rules for fund managers
40:35 – SEC wants to keep Binance lawsuit details secret
41:30 – Binance to leave Russia
42:00 – XRP Ripple party in NYC
42:30 Crypto coming to Twitter X
44:00 – Onlyfans company bought ETH
45:00 – Final news stories