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Molly White (molly0xfff@hachyderm.io)'s status on Tuesday, 24-Dec-2024 09:56:04 JST Molly White

Newsletter: The SEC is still busy even though it may soon be undermined, crypto industry capture of government continues to worsen, and several media outlets botch their crypto reporting at a time it’s needed most.
https://www.citationneeded.news/issue-72/
#crypto #cryptocurrency

In conversation about a month ago from hachyderm.io permalink
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  Molly White (molly0xfff@hachyderm.io)'s status on Tuesday, 24-Dec-2024 09:56:46 JST Molly White
  in reply to
  
  Starting off this issue with a HUGE thank you to those of you who support my work 💝
  In conversation about a month ago permalink
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  1. Happy holidays everyone! I feel this way year-round, but because it’s a gift-giving time of year, I wanted to say: your support has been the best gift I could dream of. Years ago I would have laughed you out of the room if you told me what I’d be doing these days, partly because I didn’t expect to become a writer, but also because it would have seemed impossible that writing a pay-what-you-want newsletter like this one could be sustainable. It only is because of you, and whether you’re reading this issue for free, sharing my work with others you think might be interested, or signing up for a paid subscription, you are making this possible. By “this,” I do mean writing this newsletter, but also all the other work I would never have time for if I was still juggling a separate full-time job alongside it: Keeping Web3 is Going Great up-to-date so that people can see the ongoing drumbeat of frauds and scams that permeate the crypto industry Building and then closely tracking crypto industry election spending at Follow the Crypto, which enabled not only much of my own reporting on crypto industry political influence this election, but quite a lot of other journalists’ reporting in CNN, Wired, The Guardian, and others Filing a complaint with the FEC about Coinbase’s violation of campaign finance laws Speaking with policymakers and regulators to help them understand cryptocurrency and the surrounding industry, and to advise on proposed legislative and regulatory
    https://media.hachyderm.io/media_attachments/files/113/705/077/234/701/668/original/629512c33c171f40.png
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  Molly White (molly0xfff@hachyderm.io)'s status on Tuesday, 24-Dec-2024 09:57:59 JST Molly White
  in reply to
  
  The SEC has hit a subsidiary of Jump Crypto with a $123 million fine for their backroom dealings with the operator of the now-collapsed Terra stablecoin. They’ve also fined Cantor Fitzgerald — a company owned by a close Trump ally — for $6.75 million.
  #crypto #cryptocurrency
  In conversation about a month ago permalink
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  1. The SEC has levied a $123 million fine against Jump Crypto subsidiary Tai Mo Shan [W3IGG], which was involved in a secret deal with Terraform Labs to help prop up the floundering Terra stablecoin in May 2021. Jump spent $20 million to help the supposedly “self-healing” stablecoin regain its $1 peg, earning about $1.28 billion in the process, and Terraform Labs CEO Do Kwon would later claim that the restoration to a $1 price was thanks to an automatic feature of the Terra project and not some backroom deal [I54, 60].10 This lie by Terraform Labs and Jump Crypto helped build confidence in the sustainability of the Terra token, which collapsed horrendously a year later. The SEC has also reached a settlement with Cantor Fitzgerald, which will pay a $6.75 million fine over allegations that two special-purpose acquisition companies (SPACs) had misled investors when they claimed that they had not been in contact with the eventual targets of their acquisitions.11 While the companies were not crypto-related (one is a now-bankrupt “smart glass” manufacturer called View, the other an Earth-observation satellite company called Satellogic), SEC action against a company helmed by Trump’s transition team co-chair and soon-to-be Commerce Secretary Howard Lutnick is noteworthy. Cantor Fitzgerald is also closely linked to the Tether stablecoin [I71].
    https://media.hachyderm.io/media_attachments/files/113/705/080/427/216/268/original/1b2601b3c6183b42.png
  Kevin Beaumont repeated this.
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  Molly White (molly0xfff@hachyderm.io)'s status on Tuesday, 24-Dec-2024 09:59:05 JST Molly White
  in reply to
  
  Despite the looming administration change, the SEC has still been sending out Wells notices. Crypto.com, however, is so confident the SEC will be hobbled by the new administration that they withdrew a lawsuit against the agency — the same day their CEO met with Trump.
  #crypto #cryptocurrency
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  Molly White (molly0xfff@hachyderm.io)'s status on Tuesday, 24-Dec-2024 10:00:44 JST Molly White
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  Trump’s new director of the “Crypto Council” is Bo Hines, whose qualifications are apparently 1) playing football in college; 2) losing the 2022 midterm general election for a North Carolina House seat; and 3) losing even worse in 2024.
  #crypto #cryptocurrency #USpol #USpolitics
  
  In conversation about a month ago permalink
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  Molly White (molly0xfff@hachyderm.io)'s status on Tuesday, 24-Dec-2024 10:01:02 JST Molly White
  in reply to
  
  All that and more in this recap issue. If you like my writing and want to support my work, please consider signing up for a pay-what-you-want subscription! It really helps me to keep doing this.
  https://www.citationneeded.news/signup/
  
  In conversation about a month ago permalink
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  Molly White (molly0xfff@hachyderm.io)'s status on Tuesday, 24-Dec-2024 10:24:04 JST Molly White
  in reply to
  - Daniel Demmel
  @daaain thank you so much!
  
  In conversation about a month ago permalink
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  Daniel Demmel (daaain@fosstodon.org)'s status on Tuesday, 24-Dec-2024 10:24:05 JST Daniel Demmel
  in reply to
  
  @molly0xfff I can't afford a subscription right now, but wanted to say that you're an absolute legend and your reporting on these shenanigans is amazing!
  
  In conversation about a month ago permalink
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  Molly White (molly0xfff@hachyderm.io)'s status on Tuesday, 31-Dec-2024 01:58:55 JST Molly White
  in reply to
  - Roy Adams
  @roytoo thanks for the feedback! i've considered it, although i change topics often so it might become really repetitive. i do try to take a pause, but i know some podcast players try to remove silence, which can cause things to really run together. a dilemma...
  
  In conversation about a month ago permalink
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  Roy Adams (roytoo@mstdn.social)'s status on Tuesday, 31-Dec-2024 01:58:56 JST Roy Adams
  in reply to
  
  @molly0xfff
  despite your pauses between topics.
  Have you considered adding an audio cue between topics?
  Dropping a coin on a table might be appropriate. 😄
  Suggesting it because once I noticed my difficulty I realized that for another information dense podcast (Minimum Competence by Andrew and Gina Leahey) they use the sound of a page being flipped to audibly indicate a new topic.
  If adding in the audible cue is just too much, no problem since I'm learning your pacing.
  Thanks for your work!
  2/2
  
  In conversation about a month ago permalink
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  Roy Adams (roytoo@mstdn.social)'s status on Tuesday, 31-Dec-2024 01:58:57 JST Roy Adams
  in reply to
  
  @molly0xfff
  I appreciate the Citation Needed newsletter and subscribed to support your good and important work.
  Usually I read the newsletter but listened to the voice over for the first time while driving back from vacation yesterday. Thanks for providing that format as well, it was nice to be able to get caught up. (You have good reading voice and now I'll be hearing it internally when I read the newsletter. :-) )
  I did note that it was hard for me to distinguish topic changes
  1/
  
  In conversation about a month ago permalink

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