Welcome to the latest edition of the weekly crypto digest brought to you by HODL.fm! As always, we bring you the most spicy news from the world of cryptocurrencies. Get ready for a thrilling ride as we dive into the drama surrounding the SEC and its Chair, explore the Bank of China’s groundbreaking entry into the crypto realm, discover the captivating story of Peter McCormack’s Bitcoin-powered football club, and analyze the upcoming CPI volatility and its impact on the Bitcoin market. From power struggles to financial innovations and the intersection of sports and crypto, this week’s digest has it all. So, grab a cup of coffee and let’s explore the fascinating world of cryptocurrencies together!

House Republicans Introduce Bill To Fire US SEC Chair Gary Gensler

Starting off with a power drama that could potentially affect us, hodlers. It seems like the world of crypto is about to get a shake-up as House Republicans have introduced a bill to remove SEC Chair Gary Gensler from his throne and restructure the agency. 

According to sources, Chairman Gensler has been engaging in a “long series of abuses” under the current SEC structure. They’re calling for real reform and want to ensure that the SEC’s focus is on protecting investors, rather than succumbing to the whims of its chair. In their quest for sanity and oversight, they’re pushing to redistribute power among commissioners, add a new commissioner to the mix, and create an executive director position for smoother day-to-day operations. 

The bill also aims to prevent any political party from having too much control over the commission. They want to implement a structure similar to the Federal Elections Commission (FEC), where no single party can hold more than three seats. It’s all about striking a balance and avoiding any political gamesmanship, as they say.

What does it mean for Hodlers?

Now, you might be wondering how all this drama could affect the crypto world. Well, the SEC plays a significant role in regulating the crypto industry, and any changes in its leadership and structure could have far-reaching implications. With crypto gaining more mainstream attention and adoption, it’s crucial to have clear and consistent oversight. The outcome of this bill could shape the future of crypto regulations and how the SEC interacts with the industry.

As the bill unfolds, we’ll be keeping a close eye on the developments and their potential impact on the crypto landscape. So, stay tuned for more updates in the coming weeks. In the meantime, let’s hope for a swift resolution to this power play. 

The Bank of China issues $28m of tokenised securities on Ethereum

While America continues to take crypto for granted, the Bank of China is diving headfirst into the crypto world with a splash of $28 million! They just issued digitally structured notes on the Ethereum blockchain, making them the first Chinese financial institution to tokenize a security in Hong Kong. Talk about breaking new ground!

UBS, the investment banking company, played a role in bringing this innovative product to life. Together with the Bank of China, they’re simplifying the digital asset markets and creating blockchain-based digital structured products designed specifically for customers in the Asia-Pacific region. 

But that’s not all. UBS has been on a tokenization spree, expanding into structured products, fixed income, and repo financing. They even issued a whopping $50 million tokenized fixed-rate note just a few months ago. Seems like everyone wants a piece of the blockchain pie!

Hong Kong, the bustling financial hub, is also making waves in the crypto world. They recently opened up crypto exchange access for retail users, and now they’re actively participating in the blockchain industry. They even have plans to establish a stablecoin regulation framework within a year. 

What does it mean for Hodlers? 

The Bank of China’s move and Hong Kong’s growing interest in the blockchain are clear indications that cryptocurrencies are becoming more mainstream and widely accepted. It’s an exciting time to be part of this digital revolution, my friends.

So, keep an eye on these developments, because they could pave the way for even more crypto integration into traditional finance. The future is looking bright, and the crypto train is showing no signs of slowing down!


Peter McCormack’s Real Bedford Football Club puts Bitcoin on the map

In a unique and captivating story that has united Bitcoin enthusiasts, Peter McCormack’s Real Bedford Football Club is making waves. McCormack, known for hosting the popular podcast “What Bitcoin Did,” has taken his passion for Bitcoin to the world of football by using it to revitalize the struggling Bedford FC.

Image: www.realbedford.com (also the link for the image)
Image: www.realbedford.com

Real Bedford, also known as the “Bitcoin football team,” has seen a remarkable transformation in the past two years. With the support of Bitcoin, the club has achieved promotion, gained new fans, and even expanded its reach internationally. The team’s vibrant orange uniforms proudly display the Bitcoin logo, and Bitcoin meet-ups are held before every game, attracting key figures from the Bitcoin community.

McCormack’s vision goes beyond simply running a successful football club. He aims to discreetly encourage fans and onlookers to engage with Bitcoin, the world’s largest digital currency. The club’s Bitcoin branding, including its sponsorship deals and the acceptance of Bitcoin for merchandise, has garnered attention and support from Bitcoin advocates worldwide.

While the media’s treatment of McCormack’s venture has been mixed, he remains committed to his mission. Despite the volatility of Bitcoin and its negative portrayal in popular media, McCormack and his team continue their efforts to build a strong and inclusive organization. They are expanding into women’s, disabled, and youth teams, aiming to create a comprehensive football program for the community.

While the journey to the Premier League may be long and challenging, McCormack remains unwavering in his commitment to Real Bedford and the town of Bedford. With hard work, a bit of luck, and the support of Bitcoiners worldwide, he hopes to achieve his goal of seeing Real Bedford Football Club rise to the highest level of football.

What does it mean for Hodlers? 

The impact of Real Bedford extends beyond the football pitch. McCormack’s Bitcoin-focused approach has attracted international attention and investment to Bedford, benefiting the local economy and raising the town’s profile. The club’s success has demonstrated the potential of Bitcoin to put lesser-known places on the world map and create economic opportunities. We know a lot of clubs take crypto exchange sponsors, but this time, a club has a direct relation with a cryptocurrency, making it a more juicy story for us. 


BTC price focuses on $26K as Bitcoin traders brace for CPI volatility

The Bitcoin market is gearing up for some exciting and potentially volatile times as traders keep a close eye on the $26,000 level and brace themselves for the impact of the Consumer Price Index (CPI) data release. Despite ongoing legal action in the United States and anticipation surrounding macroeconomic data, Bitcoin has experienced a relatively calm start to the week, with the price remaining within a narrow range.

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Source: CoinMarketCap, 7-day BTC/USD chart

Crypto Tony, a popular trader, warned of the risks associated with deep trades during this time but highlighted the upside potential if the support at $26,000 holds. The trading suite DecenTrader identified multiple resistance levels that Bitcoin needs to overcome, with funding rates climbing and suggesting a possible trend reversal.

The focus of the week is on the release of the Consumer Price Index (CPI), scheduled for June 13, just a day before the Federal Reserve’s announcement on interest rate changes. The Fed is expected to pause interest rate hikes, which could be seen as a positive development for risk assets, including cryptocurrencies. However, not everyone is optimistic about the potential impact of a rates freeze.

The Long View, an analytics account, expressed concerns about the Fed’s decision to hold rates if inflation falls further. They believe that the Fed will sound hawkish but question whether they will maintain current rates, effectively tightening policy. Market odds of a rates freeze currently stand at around 75%, according to CME Group’s FedWatch Tool.

Traders and investors will be closely watching the CPI data and the subsequent announcements from the Federal Reserve, as they could have a significant impact on the direction of Bitcoin and other risk assets. It remains to be seen how the market will react and whether Bitcoin can break through its resistance levels or face further downward pressure. Exciting times are ahead, and traders are bracing themselves for the potential volatility and opportunities that lie ahead.

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