Gensler A Possible Future Treasury Secretary?

Kamala Harris might pick SEC Chairman as Tres. Sec., SOL sees a big dip in participation, and more in today's Litepaper

Author

Jonathan Morgan
August 19, 2024

OVERVIEW

Gensler A Possible Future Treasury Secretary?

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

Most bullish/bearish symbols on Stocktwits at the close: 📈 $SUI, $XRP, $AAVE, $TRX, $MATIC, 📉 $BIT, $FTM, $RENDER, $BONK, and $FLOKI.

*If you’re a business and want to access this data via our API, email us.

News In Three Sentences
Bitcoin, Ethereum, And Solana News 🪙

😨 Report: Kamala Harris Likely To Nominate Crypto Enemy #1 For Treasury Secretary

Like the headline says, late this afternoon the Stocktwits app, X, and across the cryptocurrency social space, everyone was alerted that Gary Gensler is reportedly Kamala Harris’s Tres. Sec. pick. X.

😀 Solana’s $39M Outflow – Meme Coins to Blame or Just Bad Luck? 

$SOL-focused crypto funds just bled $39 million, and everyone’s pointing fingers at the meme coin trading volumes tanking. Meanwhile, crypto investment products overall saw a modest $30 million inflow, with $BTC leading the charge and Ethereum ETFs barely masking some serious internal activity. And just when things couldn’t get more chaotic, Grayscale’s outflows are hitting record numbers, while Fidelity’s FBTC is giving them a serious run for their money. CryptoBriefing.

🔫 Vitalik Buterin’s ETH Moves to Railgun – Privacy or Just Paranoia? 

Vitalik Buterin is back at it again, this time moving 400 $ETH to Railgun ($RAIL), a privacy mixer that’s giving Tornado Cash a run for its money. This move has crypto sleuths wondering if Buterin’s just looking for some privacy or if there’s more to the story. With Railgun gaining popularity and Buterin’s ETH transactions under the microscope, the real question is: what’s he hiding? CryptoSlate.

🔌 Solana ETF Dreams Crushed as Cboe Pulls the Plug 

Just when you thought Solana was next in line for an ETF, Cboe yanks the forms, dashing any hopes of a launch under the current SEC administration. With VanEck and 21Shares left hanging, the market’s wondering if SOL will ever get its ETF moment. And if Gary Gensler has anything to say about it, Solana might be DOA before it even gets started. BeInCrypto.

News In Three Sentences
Altcoin News 🗞️

💵 Tether Eyes Aptos Integration – Because What’s Another Blockchain to Conquer? 

Tether’s latest conquest? Aptos ($APT), at least according to their PR team. $USDT is about to make its debut on Aptos, and while they haven’t given a launch date yet, the move is clearly aimed at giving Circle’s $USDC a run for its money in DeFi. Aptos insiders are already hyping up the integration as the thing that’ll finally put them on the map, especially with Tether’s $116 billion market cap backing them up. Cryptopolitan.

🪝 Curve Finance Surges 30% Amid Major Emissions Cut – Because Less is More? 

Curve Finance ($CRV) just shot up 30% after slashing its emissions in a move that mirrors Bitcoin’s halving but with its own twist. The protocol’s fourth birthday brought an end to all non-community emissions, with the market responding by sending CRV’s price through the roof. Add to that a recent listing on $COIN, and Curve’s looking like the DeFi darling of the week. TheDailyHODL.

🐶 Shiba Inu Community Juggles Scam Alerts and ShibaCon Hype 

The Shiba Inu community’s got its hands full, balancing excitement over ShibaCon 2024 with the latest scam targeting $SHIB holders. Fraudsters are copying MetaMask and Ledger’s landing pages to steal funds, reminding everyone that the crypto space is still the Wild West. Meanwhile, lead developer Shytoshi Kusama is fueling speculation with cryptic tweets, leaving the community both hyped and on high alert. Coinpaper.

🎨 Justin Sun’s SunPump Cranks Out 8,000 Meme Coins – But Are They Worth Anything? 

Justin Sun’s SunPump has churned out nearly 8,000 meme coins, and surprise, surprise, the meme market cap is down 2.5%. While a few coins like YAWN and SUNDOG saw decent gains, the majority are floundering, proving that the meme coin market is as unpredictable as ever. SunPump might be $TRX ’s latest flex, but with liquidity being king, it’s a question of whether any of these coins will actually survive. CryptoNews.

🕹️ Gala Games Bets Big on the Metaverse, But Should You? 

Gala Games is doubling down on the metaverse hype, but with $GALA down over 80% since its 2024 peak, the question is: are you ready to ride the wave or jump ship? The platform’s marketplace is packed with NFT avatars and metaverse games, keeping enthusiasts hooked despite the price drop. But with 2024, 2025, and 2030 forecasts looking shaky, maybe it’s time to ask if GALA is really worth the gamble. CoinPedia.

🚼️ Polygon’s MATIC Gets a POLish Upgrade, Community Braces for Impact 

Polygon’s getting ready to switch its native token from $MATIC to $POL in what they’re calling an ‘upgrade,’ and the community’s been warned to buckle up. The transition kicks off on September 4, starting with staking and gas on the Polygon PoS network, with more changes rolling out through 2025. MATIC holders, if you’re on the Polygon PoS chain, congrats – you get an automatic conversion; everyone else, get ready for some guided dApp magic. FXStreet.

🥮 SuperRare’s Wild Ride: From Moonshot to Crash Landing 

SuperRare ($RARE) just had a rollercoaster week, skyrocketing from $0.07 to $0.34, only to crash back down to $0.245. The token hit a yearly high before the inevitable correction kicked in, driven by intense buying pressure that sent it into overbought territory. Technical indicators are now screaming bearish, and if the 0.618 Fibonacci level doesn’t hold, RARE could be in for a harsh reality check. AMBCrypto.

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What Starbucks’ CEO Swap Means For The Stock ☕

News In Three Sentences
Crypto News 🎉

💂 Crypto Donor Sends Farage to Visit Trump, But Did He Even Get a Handshake? 

So, Christopher Harborne, the guy with stakes in Bitfinex and Tether’s parent company, decided to drop $41,500 to fly Nigel Farage across the pond to visit Trump after that failed assassination attempt. Parliament’s filings show Harborne footed the bill for Farage’s little jaunt to the U.S., but judging by the lack of selfies with Trump, it looks like Farage might’ve spent more time at the airport than in Trump’s presence. And to top it off, folks on X are roasting Farage for spending more time globe-trotting than in his actual constituency. Protos.

💻️ WazirX Cleared in $234M Hack, But Liminal’s in the Hot Seat 

$GOOG’s Mandiant has cleared WazirX of any wrongdoing in that $234 million hack, but all eyes are now on Liminal, the multi-party computation wallet provider. While WazirX shifts its assets to new wallets, Liminal’s left scrambling to defend itself as the likely source of the breach. And with both parties pointing fingers, they’re going to have a hell of time keeping people calm. CryptoNews.

🚪 Gate.io and Abu Dhabi Throw $100M at Web3 – Because Why Not? 

Gate.io’s venture arm and Abu Dhabi’s Blockchain Center are teaming up to drop $100 million on Web3 projects, because apparently, the future needs more decentralized infrastructure. The fund, dubbed Falcon Gate Ventures, is all about scaling high-potential blockchain projects, especially in the MENA region. Meanwhile, the UAE continues its love affair with crypto, with RAKBANK partnering with Bitpanda to launch a digital asset management platform – once they get the Central Bank’s blessing, of course. Cointelegraph.

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Author Disclosure: The author of this newsletter holds positions in USDC, USDT, MATIC, SHIB, COIN, SOL, and APT. 📋