Cryptolovers we do love you, day & night, we are losing sleep over y'all!  Practice intense self care for us, get to bed by three please y'all sweetie cuties!! Crypto people, please never die, just multiply!! Let's rally round the flag of the ecstatic steamrolling  Publish0x!  Together we'll drag the Overton window kicking and screaming to a better world, freer from fiat autocrats!!  

The FT ain't gonna help us tho.  But we DID make the front page!  Grayscale is mad as hell and not taking it anymore!! THEY'RE SUING THE SEC!!! TLDR: Grayscale goes to the mattresses after the SEC would not allow them to convert to being a listed fund, because consumer protection against "fraudulent and manipulative acts."  Grayscale's structure is awkward, trades at a discount to BTC, people think it would stabilize BTC price to become an ETF.  Three Arrows, BlockFi and Cathy at ARK are among the biggest Grayscale holders according to Refinitiv data. BTC price dropped 3.4% on the SEC announcement.  The SEC claims ARCA, the host exchange Grayscales' ETF plans, doesn't have an agreement with another "significant" regulated market.  The SEC is dragging feet deciding if ETFs can haz BTC instead of just futures.  Grayscale & others failed/withdrew BTC ETF proposals many times, but pushed hard again after the SEC accepted Teucrium's futures crypto instrument under the same rules that would govern spot BTC ETFs.  Grayscale's lawyers say the SEC is failing to apply "consistent treatment" so to the courts we go!!

The real story:  A pretty good story by the FT, it's real news, even though it is crypto bleeding therefore leading news. Dear readers know we think allowing ETF futures but no spot markets for BTC is a scam to help the gummint keep the BTC down, boys.  This slow roll proves our point.  We smell a rat in that choice of wording of "among" the biggest holders of Greyscale, but it's hard to check without an employer paying for our Bloomberg or Refinitiv login.   And it ain't what ya know, it's what ya can prove.  There are filings and news stories that conflict  - but below is a link from a story this year stating that Morgan Stanley holds more Grayscale than ARK.  And we know Digital Currency Group  holds a boatload of Greyscale, but we haven't heard of them (50 billion under management ) cause they are doing just fine.  Here Digital pops up on somebody's bloomberg as number three in GBTC in a story from last year linked below. but we guess stating Morgan Stanley and Digital Currency Group are "among the biggest holders" of GBTC doesn't help to spread FUD on BTC.  TBF though, we can't give the FT even one FU on this story, good job Stefania and William!!!

A quick one: Singapore slices & dices Three Arrows. TLDR:the MAS, Sing's SEC and Fed bank rolled into one, is going back over every move Broken Arrows ever made, calling 3A out for filing false information,  which is a "rare step" and a "further blow." Turns out 3A was only authorized to hold $180 mm under management.  Too late, 3A moved operations to the Virgin Islands to doge the MAS, but failed to file that correctly as well.  Teneo, a  bankruptcy liquidator for 3A has been appointed this week.  Rehash of 3A's "supercycle" fail.  The MAS is still digging.  Voyager formally called the $650MM loan.  BTC numbers go down 70%, crypto down 2 trillion.The real story:  this is fine, only a little real news, but some, and the crypto bash rehash is allllll the way down at the tail of the story as if a real journalist wrote it, thanks Scott!  zero out of five FUs.

We can't say the same about the big "Crypto Contagion" spread.  The story:  'Crypto carnage has a silver lining, the broader financial system has been spared, so far."  TLDR: thanks to the almighty regulators, according to Micheal, the bank regulating (acting) comptroller of the US currency.   Global (Basel) regulators propose a 1% cap on crypto in banks.  The Fed says banks have limited exposure, the ECB agrees, the SEC gives similar guidelines.  All the regulators think more regs should come out, just like for climate change. JP Morgan is in bed with Gemini, along with Goldman in Gemini. Smaller banks are in deeper, as crypto revenues for institutional clients hit $5 billion last year according to Morgan Stanley.  Banks that touch crypto go through specialists, trading in futures means bank hit margin calls before they really blow up.  Blah blah blah, crypto risk is not systemic for banks.   The real story:  This is agitprop bloatware.  All the big banks but BNY Mellon have less than 1% core capital in crypto.  Who gives a rat's furry arse??  Dear readers know our feelings:  if anyone says "I am not a crook" they are a crook, if they say " I did not have sex with that woman" they did, if they say "I am not a retarded hothouse flower" ya get the idea.  The FT plays this principle like a violin here to bash crypto.  "Oh look, sources say the world is not at risk from crypto" knowing people will go OMG, we ARE at risk!!??!  Do something overlords!!! Seven monkeys share the byline on this giant nothingburger. 

Wait, something smells bad. Micheal gets great lead in press here, despite being only the "acting" comptroller.  Let's dig a minute, why is he only "acting"?? Oh, OK, Micheal's  predecessor Omarova was never confirmed as she advocated psychopathic regulatory overreach, including  putting all energy companies out of business cause ESG, AND ( raised as a commie, not surprisingly) she wanted to seize all bank deposits and nationalize them under the Fed. !!??!   We best dig still deeper - Micheal looks better than that stunningly low bar.  Micheal only recently pulled a sneaky rat move where he & ratty buds issued a joint statement from the FDIC advocating (you guessed it) massive regs,   without consulting the FDIC chairman.  Micheal is known for cracking the regulatory whip on crypto companies, reversing previous stances.  Yeaaaahhh OK FT, pattern detection time.  The "experts" elevated by the FT are once again known extremist enemies of crypto, not that the FT would ever mention that. 

So overall - one FU to this article for the false premise and that snotty "so far."  Another FU for fluffing Micheal. One more FU for REFUSING TO SAY ALGO A-L-G-O damnit SAY IT when printing a scary graph about (ALLLLGOOOOO !!!) "Stablecoin TerraUSD," and maybe another 1/2 FU for quoting all the OTHER regulators  & tradfi "experts" who are breaking their arms patting themselves on the backs while calling for, who could guess it, more regulations.   That's a total of three and a half hearty FU's for wasting our time with this brainwashing.