OVERVIEW

Bull Shit Flag Activated 🏴‍☠️

Crypto just keeps churning and becoming more range-bound. Unless, that is, if you’re Render ($RNDR). +50% in a week? Dayum good job. 🍻

In today’s Litepaper: a look at Gensler’s comments on CNBC about their enforcement of crypto and why future enforcement is likely to continue. 📰

Also on deck: A deep dive into Render and what its purpose and use cases are. It explains a lot of why so many are bullish on this beast.

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:

NEWS
SEC's Crypto Crackdown: A Closer Look at Disproportionate Enforcement 🙄

I want to throw this in here before you read the next article because of Grumpy Gensler’s comments during an interview with CNBC’s Andrew Sorkin today. 🗣️

In summary, during the interview, Gensler said there’s an “outsized ratio of journalist questions and crypto journalists to market cap.” And for those reasons, it’s the media’s fault for why there’s the perception of the SEC targeting crypto more than others.

My bullshit flag went up. 🚩

Let’s just take a look at what the SEC did in 2023:

• Total SEC Enforcement Actions: 784 in 2023.

• Actions Against Crypto: 46, representing 5.87% of total actions.

Market Size vs. Enforcement Focus

• Crypto Market Valuation: Approximately $1.6 trillion (2023).

• Percentage of Total Capital Markets: Just 1.6% of the U.S.'s $100-ish trillion in stocks and bonds.

• Enforcement vs. Market Share Ratio: Crypto faced enforcement actions at a rate 3.7 times its proportion of the capital markets. 😱

The data laughably contradicts the idea that the media is responsible for the perception that the SEC is more active against crypto than other capital markets. This makes Gensler’s blame on media attention seem like a diversion from the SEC’s own prioritization. 📩

NEWS
CFTC And SEC Really Hate You And Me 😭

The chiefs of the SEC and CFTC have spotlighted cryptocurrency, predicting more regulatory scrutiny and enforcement. 🔨

Gensler's Stance: It's Not Me, It's You

Not much has to be said here about how the SEC feels about crypto, but the drive to put the nails into crypto’s coffin just keeps going. The most important near-term question for crypto is how the SEC sees Ethereum ($ETH): Is it a security, or isn’t it? Consensys’ lawsuit may determine its status.

Behnam's Warning: Storm Clouds on the Horizon

On the CFTC's front, Behnam spoke at the Milken Institute's 27th annual Global Conference, predicting a surge in enforcement actions in the next six to 24 months as the crypto market sees potential appreciation and increased interest from retail investors. ↗️

A Closer Look: The Tug-of-War Over Regulations

The discussions around crypto regulation aren't just confined to enforcement actions. They also touch on legislative efforts, such as the proposed stablecoin legislation that has been mired in Congressional debate for over 20 months. Behnam expressed skepticism about the bill's timely passage, reflecting broader legislative gridlock.

What This Means for Crypto

There was a time when even a whiff of an SEC goon looking at crypto made the market panic. From a price action perspective, it appears participants have become immune to the FUD and FOMO following these cases and announcements. How long that will last remains to be seen. Let’s see what happens with Ethereum’s status in the future. 👀

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RENDER
Render Network: Blockchain GPU Revolution 🎰

Render ($RNDR) is on fire. It’s up +50% in a week, outperforming most of the crypto market. 📈

Why is Render gaining so many mentions, followers, and stream activity on Stocktwits? Let’s break down what Render is.

Technology That Powers Dreams 😴

Founded by Jules Urbach in 2016, Render Network is the offspring of OTOY Inc., a cloud rendering company. Its raison d'etre? To transform the industry of digital rendering by employing blockchain's decentralization. Detailed in its 2017 whitepaper, Render Network leveraged $ETH (now on $SOL) blockchain to turn 2D and 3D models into high-fidelity images through its native RNDR token. 

Picture this: you're a creator needing firepower for rendering. Oh, you don’t have hundreds of thousands to spend on a metric crap ton of GPUs? GPU’s that might melt like the RTX 4090 (thanks $NVDA)? You hop onto Render and submit your project, and the platform tells you how much RNDR you'll need to get the job done. 

This is all tracked through smart contracts, ensuring everything from transaction transparency to eliminating the middleman. Plus, using OctaneRender, GPU owners can directly contribute to this rendering revolution, earning RNDR Tokens while helping creators bring visions to life.

RNDR isn't just another crypto token; it's the lifeblood of this network. It serves a dual purpose: facilitating the exchange of GPU power and acting as a proof-of-render to ensure artists only pay upon satisfactory job completion. 

Render Network Foundation: The Community's Champion 💪

This not-for-profit body is all about pushing decentralization to new heights, handing over governance and control to those who make Render what it is: its community. The Foundation not only oversees the strategic direction but also fuels the ecosystem through grants and supports the Render Network Proposal system, empowering community-led innovation.

Some big names are already using Render. Raoul Marks, an Emmy-winning director (West World, True Detective, Lovecraft Country), integrates Render into his workflows for projects ranging from high-profile TV shows to blockbuster game trailers. His engagement with Render also extends into the realm of NFTs, proving Render's versatility and capability in supporting contemporary digital artistry.

Whether it's through groundbreaking technology, empowering community governance, or innovative tokenomics, Render is paving the way for a future where everyone can access world-class rendering capabilities. 👍

NEWS
Crypto News In Three Sentences 📰

🇫🇷 French Crypto Crackdown Looms
As France braces for a stern crypto crackdown, a mere 150,000 out of an estimated 5 million holders have declared their cryptoassets, sparking government concern. New stringent legislation, packed with a hefty arsenal of anti-fraud measures, is set to force crypto enthusiasts to align with government regulations, potentially imposing fines up to 80% for non-compliance. CryptoNews has more.

🇺🇸 Biden Advisor's Controversial Money Comments Spark Debate
Jared Bernstein, a key economic advisor to President Biden, stirred controversy in the documentary Finding the Money by claiming the US cannot go bankrupt as it has the power to print its own money. His simplistic take on government finance has reignited debates about fiscal responsibility and the potential role of Bitcoin as a hedge against government overspending and inflation. More from Fox Business.

📈 Grayscale Bitcoin Trust Rebounds Amid Market Changes
After months of outflows, $GBTC has marked its first net inflows of $63 million since the introduction of U.S. spot Bitcoin ETFs, signaling a potential recovery. Despite past financial strains from industry bankruptcies, Grayscale's move to launch a lower-fee Bitcoin Mini Trust could further stabilize its position. From Bloomberg.

⛏️ Bitcoin Mining Woes Continue
Several leading Bitcoin mining firms, including Hut 8 ($HUT) and Riot Blockchain ($RIOT), reported significant drops in production due to operational challenges and market conditions post-halving. With the block reward halved and profitability plummeting, the sector faces a tough road ahead as the hash price hits a low of $0.05 per terahash per second per day. However, companies like Riot plan to dramatically increase their mining capacity by the end of 2024. CryptoPotato has more.

Links That Don’t Suck 🔗

🇦🇺 Australian tax office targets 1.2M crypto investors for tax compliance

🧱 EMURGO inks partnership with GSR to promote Cardano ecosystem

🎮 Hades 2 out now, early access expected to last at least through end of 2024

🕺 Katy Perry goes viral during Met Gala for AI photos that look so real even her mother was duped

🚂 Engineers create a caterpillar-shaped robot that splits into segments, reassembles, hauls, and crawls

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