GM Brew Crew, yesterday, the barista playfully flashed her phone only to show a 20/25/30% tip survey, bringing us one step closer to exchanging numbers. Damn those Toast and Square payment processors!

Let’s dive in ⬇️

On the menu today:

• 📈 WHAT DOES GRAYSCALE WIN MEAN?

• 👀 BTC MINING CEO WRITES LETTER TO PRESIDENT

• 😳 X (TWITTER) RECEIVES LICENSE TO SEND + TRADE CRYPTO IN RI

Today’s Charts:

📈 WHAT DOES GRAYSCALE WIN MEAN?

After Grayscale's victory over the SEC yesterday, there are lots of thoughts and opinions circulating about what this actually means ➡️ Let us give you some insight. 

A federal court decision on Tuesday mandated that the SEC reevaluate its rejection of Grayscale's proposal to transform GBTC (Bitcoin Trust) into a spot Bitcoin ETF.

This DOES NOT mean that Grayscale’s Bitcoin ETF is approved.

It DOES MEAN that the DC Circuit embarrassed the SEC by telling them they are dead wrong in thinking that Grayscale’s ETF proposal would create fraudulent / manipulative activity.

Fun fact: this is not the usual… the federal circuit court stating that the SEC acted “capriciously” and “arbitrarily” is RARE. 👀

Two potential ways this could go:

1. Gensler and the SEC feel hurt and decide to create another issue with the ETF and force longgggg and expensive litigation.

2. Gensler and the SEC will see this as an opportunity to pull an old Irish exit - or leave the anit-ETF position behind them to prevent conflict and more embarrassment.

At the end of the day, traditional finance is ready for a Bitcoin ETF. September is going to get interesting, steady lads.

👀 BTC MINING CEO WRITES LETTER TO PRESIDENT