?? Binance Won't Go Down Without A Fight

Gm, this is the doodhwala, the crypto newsletter that’ll never leave you on read.

We do the double tick and the double text.???

Here’s what we double tickin’ today:

• ???SEC gets ReKt: Binance fights back against the SEC with a lawsuit for defamation and false allegations.
• ???The FED Likes Crypto Now??FED chairman says crypto has power, and so do stablecoins.
• ???ETHs Coinbase exit: Coinbase is losing staked ETH to DeFi counterparts.
• ????Resourcewala: WTF is the Bitcoin lightning network?
• ???Doodhshots: Is Cardano’s founder on an alien voyage?

???SEC’s A** Under Fire

The crypto community’s feeling happy after a long time. ??

And no, it wasn't because—

?? Bitcoin reaching $100k

or

?? a turnaround in US govt's stand on crypto. ??

It was about → Binance pulling up its sleeves against the big old bad SEC?(and I don’t mean ‘bad’ in a good way). ??

So here's what went down.

Binance,?Binance.US, and Changpeng Zhao filed a legal motion alleging that →?the SEC had been playing dirty, misleading the public about them.???

Now you might wonder - isn't the SEC supposed to be the good guys?

Well, things aren't always as they seem. ??

The trigger for Binance??A juicy press release from SEC on June 17, which Binnacle says was full of "misleading" statements.

And no, it wasn't just a usual bureaucratic typo, it was them claiming CZ and Binance commingles customer assets - even though a court transcript says otherwise. ??

Wait...what's commingle????

It basically means mixing the assets of different owners.

So, it's like saying CZ could take your, mine, and everyone else's Bitcoins and mix them all together.

Now, wouldn't that be a big doodh party????

Binance’s response? Slapping down a legal motion claiming that the SEC’s just blowing smoke. ????

Here are the key allegations from our Binance:

• There's no evidence of?Binance.US?customers' assets being dissipated, commingled, or misused in any way.
• SEC's press release might mess up the market and harm the very customers it's supposed to protect.
• The SEC's comments might influence the jury and affect court proceedings. ??

Oh, and they have also requested a federal judge to stop the SEC from making public statements on this lawsuit, at least until the court proceedings wrap up. ??

The whole lawsuit kicked off because the SEC accused Binance of

?? selling unregistered securities

?? failing to register as an exchange or a broker-dealer clearing agency ???? ??

Basically, the SEC claims that Binance and CZ were selling financial products?(aka securities)?without getting the required legal permissions.

Kind of like driving without a license (don’t look at me, I do have a license, even for trucks).???

There was even a?motion?to freeze all?Binance.US?assets!

But a compromise was?reached?where only the exchange's employees could access client funds during the litigation. Phew! ??

Doodhwala’s Take:

Here's to CZ and the gang standing up to the SEC.??

And hoping our crypto doesn't get caught in the crossfire! ?????

??The FED Likes Crypto Now?

The US Federal Reserve.???

The entity that literally?printed?the US economy into high inflation.??

The US FED all of a sudden seems to be?kinda okay?with crypto and its power.??

Why this new lenience?

Is there something that’s brewing behind the scenes? ??

Or is it a consequence of all the actions taken so far????

Time to understand what actions have led the FED to be in such a tight spot today.

Say hello to Jerome Powell

Part-time?Federal Reserve Chairman, full-time money printer owner.??

Powell?is probably the most important person in the world economy right now.?(Kinda like the Doodhwala in the newsletter world???*)*

His role? →?To make or break the US economy.

As Chair of the Federal Reserve, he regulates financial institutions and their activities. ??

His goal is 3 specific things tbh—

?? Get maximum jobs in the market.

?? Achieve stable prices and control inflation.

?? Moderate Long-term interest rates.

So the question of the hour - How well has he been doing his job?

Well.

Inflation’s at a?40-year high.

The interest rates have increased to historic highs.

And he’s printing money like its pages in a?harry potter novel. ?? ♂?

Okay,?woohoo - what’s the update?

Guess what,?Powell testified in Congress that—

1?? Cryptocurrencies appear to have staying power.

2?? Payment stablecoins are a form of money, and the FED must have a robust role in it.

3?? He is subscribed to the Doodhwala and drinks pure cow milk every day.??

One may or may not be true.???

Why is Traditional Finance so interested in crypto right now?

Simple.??

Forget all the?conspiracy theories?and?rumours?that you hear.

Some things are always true.

You gotta follow the money to know the truth.

Also gotta follow the cow to milk the doodh.???

And the money basically says →?Buy the dip.

And this became more and more obvious over the last week with?BlackRock?and a ton of entities filing for?Bitcoin ETFs.???

People are leaving Banks to join crypto jobs

Has the time for traditional finance to take over crypto finally come? ??

Well, all the signs point to it at this point.

Another sign to affirm this is —

A recent study is showing an influx of traditional finance participants moving to?Web 3?and?cryptocurrency roles. ??

One banker even said -

“It is becoming very obvious Web3 financial rails are the future — it is hard to innovate internally so those of us with a fire in our bellies are jumping ship.”

Honestly, with traditional finance participants entering, the hope for better regulations around crypto laws could be a plus.

Doodhwala’s take:?We'll be here regardless of who tf takes over the industry. ??

???Cheese and Charts: ETH saying goodbye to Coinbase

You know the feeling when everyone leaves a party to hit up a cooler spot?

Well, Coinbase is currently feeling the blues while DeFi providers are turning up the music. ??

This isn't about just jumping the ship for fun?(or an exchange in this case).

We're talking about a strategic move of ETH, heading towards greener decentralized pastures. ??

Here's the headline: ETH stakes are packing their bags and leaving Coinbase for destinations unknown... or well, more like Lido, Frax Finance, Rocket Pool, and Swell. ??

Let's break down the stats?(look away now, Coinbase!???):

• Lido Finance ?with a +13% bump, hotter than your summer vacation spot ??
• Frax ?also swinging +13%, like a jazz band on a good night ??
• Rocket Pool , blasting off with +19%, SpaceX, are you watching? ??
• Swell , surging an insane +103%! That's not a typo, folks ??

So what does this mean? It's the people's voice saying, "We prefer decentralized autonomy over centralized control." ??

But why so? Well, freedom, control, juicy yields - who can say no? ??

Decentralization seems to be the only way to go!

What do you think??(REPLY and let us know??)

???Resourcewala: What The FUD Is The Lightning Network?

As we all know, Bitcoin has had its ups and downs. ??

It's like a Kardashian marriage – exciting but with clear scalability issues.???

So what is Satoshi's prodigy to do? Just sit there and take the L?

Nah, not Bitcoin. ??

Enter, the Lightning Network. Sounds like some superhero stuff, right? IT KINDA IS! ??

But, you might be scratching your head, wondering "What is it really?" ??

No worries, we gotcha.

Today's resource reveals:

1. WTF is the Lightning Network?
2. How it boost Bitcoin’s performance?
3. How it actually works, in plain English!

Unleash the Lightning

???Doodhshots: Cardano’s Alien Voyage

• ??Options Surge: BTC options volume?yeets?to $3.3 billion coz BTC at 30k baby.?The return of the bull market?
• ???3ACs Bromance: Arthur Hayes attacks 3AC founder Kyle Davies for?tweeting?about 3AC ventures.?Man, their romance is phenomenal.
• ?? Alien Hunt: Cardano’s founder got?criticized?for going out in search of an interstellar meteor to find alien life.?I guess crypto does take you to the moon.
• ???Vitalik Betrays: Vitalik has connections with a company that’s a?puppet?to the SEC.?The worst anime betrayal yet?
• ???Shib’s Shibacles: SHIB developers are working on an L2 NFT platform called?Shibacles?that can link real-world assets.

???Milky Meme Of The Day