Novacula Occami
@OccamiCrypto
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Wall St/TradFi Refuge. Crypto Realist. Maxi ideology rarely survives contact with economic pragmatism but blockchain can change finance.
Joined April 2023
Jeremy and Paolo trying very hard to ignore each other at the GENIUS Act signing…. 😂. At least Jeremy got a bill. All Paolo got a photo op at the WH and maybe one of the commemorative Sharpie pens from the bill signing as every Tether loophole in GENIUS got closed.
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GENIUS on its way to the WH for Trump’s signature. Tether does not comply with the requirements and has made no effort to comply. Paolo makes vague promises of a separate compliant US coin but that’s not credible. While Tether got a long phase in, no mainstream stablecoin.
Massive wins for crypto in the House:. GENIUS Act passes 307-122. CLARITY Act passes 294-134. 💪🚀🇺🇸.
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Remember when Tether pounded its chest last August blogging against the “shake down” lawsuit from Celsius. The US bankruptcy judge just ruled this is no shakedown, refused to dismiss key claims by Celsius and extended expert discovery into Feb next year….
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Tether loses bid to dismiss Celsius suit seeking to reclaim what is now over $4B of BTC that Tether took from Celsius as it fell into bankruptcy . Being offshore doesn’t allow you to evade US courts - especially when virtually all Tether’s assets are sitting in the US. #Tether
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Paolo spends most of his time spinning on podcasts these days rather than complying. He and Howie Lutnick tried to get a Tether loophole in the GENIUS Act but failed. The WSJ summed it up nicely:. “But the bill, known as the Genius Act, has a tough message for Tether, the No.
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BTC is a digital asset, but it’s not digital gold especially when money flocks to safe haven assets. Israel strikes Iran, Gold rallies, BTC sells off. Nothing against BTC, just noting it’s not a safe haven like so many want to believe. It’s a speculative asset……
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You’re a Russian and you need to move $500M illicitly….who ya going call? TETHER. The stablecoin of choice for sanctions evasion. While Senate Considers Genius Act, Russian Is Charged With Stablecoin Laundering
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Paolo quoted in Bloomberg on the latest status of their getting audited. “They are going through a phase of adjustment”. Don’t know what he means…adjusting from criminal to legit? . Certainly doesn’t sound like the audit is coming soon 😂.
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The initial loophole in the GENIUS Act that would have allowed Tether to be used freely in the US has been progressively getting closed in subsequent drafts. If this Punchbowl News report is right, it may have just been slammed shut.
SCOOP: Pro-crypto Dems are pitching “major victories” in GENIUS Act talks with Senate GOP — including tougher rules on foreign issuers, Big Tech limits on stablecoins & expanded "ethics coverage" for government employees. Final bill could drop today.
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The GENIUS Act, the Senate’s stablecoin bill had a loophole to permit USDT be used in the US while Tether hid in El Salvador. Senator Hagerty’s tweet that the bill now requires “foreign companies are playing by the same rules” suggests the Lutnick/Tether loophole is closed.
“I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and make sure foreign companies are playing by the same rules.”. @SenatorTimScott .@SenLummis .
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Tether’s interesting and so so quarter and a big drop in transparency. “Revenues” were $852 million (vs. $4.5B in 1Q last year) as they had big losses on BTC, luckily for them offset by gains on Au. We also lost transparency, as Tether is now only reporting their El
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This is really not good. Contracting GDP, declining personal consumption and increasing prices. Good luck trying to Tweet a positive spin on this…
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Tether’s not so great day as an investor. Tether closed their inexplicable tender offer to take a controlling stake in Adecoagro - a Brazilian agribusiness and lost $123M in one day. Tether paid $615M (12.41 per share) for 49.6M shares in a tender . BoA immediately downgraded
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The Economist’s cover…….
Donald Trump has already done lasting harm to America. Will his revolutionary project succeed?
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In one day the Cantor/Tether/Softbank SPAC (CPE) went from a BTC equity play with no MSTR-like premium to a massively overpriced equity play as the brainless masses piled into the stock. CPE’s has a pro-forma enterprise value of $3.6B based on the 42,000 BTC it will hold. Now,
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This proves the James Carville observation the he wanted to come back as the bond market because “you can intimidate everyone” . Not much seems to limit Trump, but the market is clearly an exception (a bit late, perhaps).
trump backing down on china and backing down on powell is the right move. yes, would’ve been better not to go nuts to begin with. but trump is showing he can effectively negotiate with himself.
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An interesting consideration of the Cantor/Tether/Softbank SPAC is it goes right at MSTR. Where MSTR trades a near 90% premium to the BTC it holds, the Twenty One SPAC pro forma enterprise value is the value of the 42K BTC they expect to hold. No premium. While Twenty One
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