Gensler Unhappy with Ripple Ruling 😞

GM. This is Degen Scoop. It’s Wednesday, here’s the scoop:

• Gensler Unhappy with Ripple Ruling 😞

• Asset Managers Flush with Ethereum 🤑

• Ethereum Whale Offloads $116M 📉

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Gary Gensler, Head of The SEC, Discontent with Ripple Ruling

As we spoke about a few days ago, the SEC lost a fairly major part of their lawsuit against Ripple. While the case is far from over, the fact that tokens sold via exchange have been deemed not securities is a boon to the industry. This is something that our friend Gary is not happy with, understandably.

The SEC playbook has been to not provide clarity on crypto issues, but rather define the law via litigation. These are not the actions of a good regulator, but the actions of a gatekeeper. This ruling seems to have given them a taste of their own medicine as this case will be used for precedent from here on out if they do not aim to challenge the ruling.

Asset Managers Hold More Ethereum Than Bitcoin, Despite Bitcoin Support

We are bullish on the Bitcoin spot ETF for the industry as a whole and it seems asset managers are as well since they’ll be able to reap fees off these new offerings. That being said, it seems they hold more Ethereum than Bitcoin. We at Degen Scoop are also more bullish on Ethereum given the implications of smart contracts, but we’re happy for anything that is good for the crypto industry.

The survey of institutional investors comes from CoinShares. Given the fact that a Bitcoin ETF is far more likely to be approved prior to an Ethereum spot ETF in the United States, we do find this curious. We’re of the belief that Bitcoin’s fee model needs an update and is not sustainable in the long term, but this likely won’t pose an issue if we see a bull run into 2025.

Previously Dormant Whale Moves $116M of Ethereum to Kraken

It’s rare we see long dormant wallets become active again, but today is one of those days. This wallet was just activated after 8 years of inactivity and moved 9 figures of funds to Kraken. The fact that is a wallet that participated in the Ethereum pre-sale is fascinating since we see it so infrequently.

We haven’t seen any major price action yet, but we can assume this unknown whale intends to cash out a fair amount of this lump sum they have activated. This is usually what occurs when wallets move large sums from a wallet to an exchange wallet.

Notable NFT Sales in the Last 24 Hours:

Notable Threads You May Have Missed:

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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.