GM fellow Asterials. Stay productive today and keep working towards your goals. If you don’t someone else will ✨

Alright let’s get into what we would be going through today🔥

• 🤯SEC Chair Gary Gensler crypto is non-compliant.

• 🏦Binance leaves Canada, considers US too.

• 🐸Memecoin saga continues

SEC Says Crypto is Non-compliant

Gary Genser has came out and said that he has never seen an industry as “non-compliant” as crypto.

This comments follow a lawsuit from Coinbase in which the company asked for regulatory guidance.

In summary he is sayin there is no ambiguity in the rules. Weirdly enough, everyone else doesn’t think so 🤔

With companies like Coinbase leaving the US to put their business elsewhere, it is safe to say that the United States are chasing away the potential growth of the crypto industry to other countries.

Since Gary said the rules are clear, I wonder why the XRP case has not been resolved after years of fighting the SEC.

If XRP wins the case against the SEC, would that imply that the current laws are wrong?

Binance leaves Canada, considers US

Here we go, another big crypto exchange considering to leave the US.

Uncertainty for these companies are too risky as the SEC can come at them for anything with no regulations or steps on what they should follow.

Binance, the largest crypto exchange, has announced on Twitter that it will be "proactively withdrawing" from Canada due to new guidance related to stablecoins and investor limits provided to crypto exchanges that make the Canadian market no longer tenable for Binance at this time.

Binance joins a longer list of crypto companies that have chosen to leave Canada due to its regulatory environment.

If more of these crypto exchanges start to leave the US, we could see the massive growth of these industries in UK and APAC.

If innovation shifts outside the US, this would mean that the US would be more at risk in the future to lose their power over this new technology.

Memecoin saga continues 🐸

After releasing $BEN just a week ago and getting his token passed by BitBoy crypto, Ben.eth (twitter user) is raising money for his next meme token called PSYOP

He has raised over $4.3 million already. For a token that does nothing…

I question the people within the space at the moment. Sending money to a stranger for a promise to get a token allocation at the end of the week?

We have a few others mocking him in the space on how people in crypto are just sending money to an influencer to help promote his latest coin with no utility.

During the bull market these token raises were common, but now we are in the bear market and these things seem odd already.

Or… this could be seen as a new top for the bear market as we prepare for new lows.

ASTR Bonus

LG filed for a patent for a blockchain enabled TV with NFT trading capabilities.’

Bitcoin Developers Debate: Censor Ordinals?
(BRC-20)

The Ordinals protocol has led to the minting of over 14,000 BRC-20 tokens, causing transaction fees on the Bitcoin network to increase.

This has sparked a debate among Bitcoin developers about how to address the surge in BRC-20 mints and the resulting increase in fees.

The situation has been a boom for Bitcoin miners but has presented a challenge for those who want the blockchain to remain censorship-resistant and peer-to-peer.

In response to the recent surge in BRC-20 token mints and the resulting increase in Bitcoin transaction fees, there has been debate among Bitcoin developers about how to address the issue.

However, for now, it appears that no changes will be made to the Bitcoin protocol or Bitcoin Core.

As a result, the minting of BRC-20 tokens is likely to continue. Veteran Bitcoin Core developer, Peter Todd, has stated that he and others will continue to run nodes that do not attempt to block inscriptions, and that miners are currently making millions of dollars from these transactions.

This week Alpha

• Binance is adding support for Ordinals on its NFT marketplace, alongside Ethereum, Polygon, and BNB Chain. Traders can buy Ordinals through their Binance accounts without needing a taproot-compatible Bitcoin wallet.

• Magic Eden recently expanded support for Bitcoin NFTs, and Gamma.io has made minting and buying Ordinals easier. Yuga Labs also released a Bitcoin NFT collection called TwelveFold, which generated $16.5 million from its auction.

• Elon Musk tweeted a meme featuring a Milady NFT, causing the floor price of the avatars to briefly hit an all-time high of 7.3 ETH (approximately $13,700) before dipping back down to about 4.25 ETH as of writing.

• Aegis Custody is offering 6 months of free services to crypto companies founded or led by women, aimed at making it easier for women to enter Web3 by freeing up resources so they can focus on growth and building.

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.