Hey Fam,

The Crypto News Wheel is always turning and this week we got some that peeked the market’s attention. One of the world’s largest exchanges, Coinbase, was served a Wells Notice from the S.E.C. and the stock dropped 20%. This is all part of what is being dubbed Operation Chokepoint 2.0 where the Biden Administration is taking aim at Crypto players and, in my opinion removing the “undesirables”.  As many of you know I’ve always been a proponent of clear and safe Crypto regulations but the way America is acting, it’s purposefully pushing out the innovators to make room for The Old Boys Club.

Just today NASDAQ announced they were looking to get into Bitcoin and Ethereum custody and then later offer other assets as well. It’s GREAT to see established institutions embrace Crypto but the timing of it all smells a bit fishy. In my opinion, they are going after and punishing the people that paved the way, all while the establishment works in the background to force their way in.

I want regulation and I want good actors to be rewarded, and I want scammers to go to jail. Coinbase worked very hard with regulators and now they are getting pounded in the teeth just because they were early.

Over the past 9 months, CB has met with the SEC more than 30 times, sharing details of our business to build a path to registration. During this time, the SEC hasn’t given basically 0 feedback on what to change, or how to register. Instead, today we received a Wells notice. 2/15

— paulgrewal.eth (@iampaulgrewal) March 22, 2023

So now it’ll be up to the Courts and Coinbase is going to come out Swinging. In Canada, it took a Lawsuit by the industry to get the first Bitcoin Spot ETF. That’s right, the regulators were wrong by not allowing them to have one and lost in court. If Coinbase wins, this could be a huge shift for the space.

I recorded an Audio Pod about the Coinbase Wells Notice and what it could lead to on my website. You can also check it out here!