Gary Gensler Getting Fired? 🔥

Today's stories: the SEC Stabilization Act seeks to reform the SEC and remove Gary Gensler from office, Polygon 2.0 aims to be the value layer of the Internet, and eToro halts the trading of alleged unregistered securities for American users.

June 13, 2023

GM. This is Degen Scoop with your daily therapy. It’s Tuesday, let’s dive in:

  • Gary Gensler Getting Fired? 🔥

  • Polygon 2.0 Gets Announced 2️

  • eToro Halts Trading of $MATIC For Americans 🇺🇸

  • Whale Moves 🐋

  • Threads You CAN’T Miss 🧵

The SEC Stabilization Act and The Removal of Gary Gensler

Pepe Politician

Today, Congressman Warren Davidson filed the SEC Stabilization Act which would remove Gary Gensler from office. The goal of this legislation is reform of the SEC and to end the tyranny of Gary so that the crypto abuse will end. Read the official announcement below:

The below infographic may be more informative in illustrating how exactly the SEC would change for the better:

The new structure would operate in a more equitable fashion instead of the SEC chair functioning as a king. The largest immediate effect of this legislation, if it were to pass, would be the removal of Gary Gensler from office as SEC chair. There would no longer be a tyrant but rather a group of 6 commissioners that perform the duties of the SEC chair.

Polygon 2.0 Aims To Be The Value Layer of the Internet

Today Polygon announced their intention of releasing Polygon 2.0 over the course of the summer. The changes are radical and will ultimately define their future. The Internet changed how society functions; crypto allows for a decentralized layer in which Polygon aims to establish the value layer of the Internet. It’s a bold goal, but if a chain aims to accommodate the average user fees will need to be cheap in order to be feasible.

This shift to Polygon 2.0 entails a number of upgrades to the chain. This includes tokenomics, protocol architecture, and governance. The official blog post is the most comprehensive for those looking to read more. Polygon will be enacting its changes beginning with Polygon PoS as well as other subsequent upgrades over the following month.

eToro Halts Trading of Alleged Unregistered Securities For American Users

Yesterday, eToro announced that it would cease trading of Algorand, Decentraland, Dash, and Polygon for American users. The damage from the SEC lawsuits continues to grow. The change will begin next month on July 12th so users have plenty of time to modify their positions as they see fit.

While American users may not open new positions in the aforementioned tokens after July 12th, they will still be free to hold and sell tokens already in their possession. The announcement did not explicitly mention the SEC as the reason for this change, but anyone with a degree of common sense would recognize this. Americans can thank Gary for the protection he provides.

Notable NFT Sales in the Last 24 Hours:

Fidenza #158 - Sold For 212 ETH ($369K)

CryptoPunk #5580 - Sold For 64 ETH ($111K)

Notable Threads You May Have Missed:

Meme of the Day

Gary Gensler in Therapy

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.

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