ROLLUP: Prometheum SEC Psyop Exposed

And they're saying, why can't everyone in crypto be compliant like us? They don't even have a product that anyone's using or works. And meanwhile, David, you have Kraken, you have Coinbase

below. Demanded by the market.

Mm-hmm.

American-based companies, pristine reputations, and the SEC is busy sending them wells notices. And somehow this guy gets in front of Congress. It just seems a little odd, doesn't it?

Bankless Nation, it is the third Friday of June, and it's Friday morning. I said that twice. David, what time is it?

It's the Bankless Friday weekly roll-up, Brian, where we cover the entire weekly news in crypto, which is always an ambitious endeavor, which is why I'm on my third coffee. Uh, how are you doing?

I I drank a pot this morning, so uh I haven't gone to the second pot yet. Just a pot. You know, like a pot can be a different size, you know. This this is probably like

A pot is unequivocally a large. All right, topics of the week. Uniswap v4. We actually have some crypto news this week. Uh so we got Uniswap V4 announced this week, and why I'm calling it the hook centric roadmap hook took centric roadmap.

Yes. David, you think that's gonna count Uniswap. I am forcing it. I am forcing the topic. And uh while I'm very, very happy that all this crypto news has happened, in addition to uh Uniswap, we have Eigenlayer going live. We have the Polygon Roadmap update, we have BlackRock that wants a Bitcoin ETF. These are all

give me more.

great n news.

And half of this goddamn weekly roll up is going to be dedicated to the SEC shenanigans, which I'm sad to say, but they were extra shenanigane this week. Shenanigane is putting it lightly.

We love you, SEC. Uh, I don't know what's going on, man, but it seemed like the SEC may have put a Fed plant in front of Congress. All right, that sounds like conspiracy tinfoil hat stuff, but we're gonna drop the details on that and you guys can decide for yourself what is going on. Also, the Heinemann emails were released. This is the Ripple case. It kind of exposes the SEC was sort of two faced with respect to its stance on whether ETH is a security or not.

Right. It really undermines the SEC's current words with the SEC's previous words. The court ordered the SEC to not edit or change anything about his historical statements out of fear that it might do that.

The fact that you have to say that as the court, right? Right. Wow. Okay. We got some shenanigans to deal with, but.

Right.

Lots of shenanigans, and also Warren Davidson is fed up with the SEC's shenanigans, and he has proposed the SEC stabilization act, aka hashtag fire fire Gary Gensler, and completely rebuild the SEC. That's literally hit that was his hashtag, Fire Gary Gensler.

Fire Gary Gensler. Wow.

I

Not not me, of course.

I've tweeted out a little bit worse than that and I see

in the agenda

I still want Gary on this podcast, okay? And I would

not coming on this podcast

I would welcome him though. And I know you would too. We would have a productive conversation. Gary Gensler, if you're listening, come on the podcast. Let's talk a little bit about it.

to have a productive words for him to hear. I don't know if we'll get them back. Anyways.

Speaking of productive, you know what's really productive is having a smart contract with a good security, making sure it's audited. Our friends and sponsors at there you go. Well, speaking of education, why don't you educate us on the crypto markets today, David? Let's uh

It's uh bad bad

Start with Bitcoin. Uh bad lesson.

Yes,

Things go down.

everything things go down. No the color is red, uh blood in the streets. Uh Bitcoin started the week at twenty six thousand seven hundred dollars, down six and a half percent, down to twenty-five thousand dollars. I've seen words. When when ooh, Bitcoin down six point five percent is not great. That is not great.

I've seen work.

Uh Ether, uh d uh down almost double.

Oh now

Starting the week at eighteen fifty, ending the week at sixteen fifty.

I do not

double digit percentage down feels bad.

Not great. Not great. Yeah, the rate ratio of course takes a beating down five point five percent. That was a lot for the ratio. So we are down.

Why?

Uh why the is the ratio down?

No no no. Why are we dropping? Like what happened

Um

this week?

I totally think that this price action could have totally happened in a vacuum. We were talking about that mid bear market high that we have recently been to that kind of matches where we were in 2019, if you're into that kind of voodoo stuff. And then also at the same time, Gary Gensler told us that basically crypto assets three through 15 on the crypto market cap are all securities. And so I think that has also set in as well. The mood is bad, and then like things become real when the price drops. I remember talking to you about this. Remember in March of 2020, early March.

Mm.

Everyone's talking everyone was talking about COVID, but no one was taking it seriously. And then the COVID dump day happened. And like the trad market dumped, crypto markets dumped. And then everyone started taking COVID extremely seriously after the markets reacted. I think that's kind of what's happening with the crypto securities is like for the first couple days, it was like, oh Gary, just suing Coinbase and Binance. And now we're like

Gonna fight back.

You're gonna fight back. Yeah, now I'm like, oh shit, this is gonna be bad. And

that's what that was.

I mean it could take

It could take a while for the US to turn course on this, right? This is doing some damage, I would say, in crypto right now. So I think you might be right about that. It's the market sort of realizing coming to terms. Yeah. Coming to terms with the fact that the US regulatory environment might look ugly for some time. Uh we're still above a trillion though, in terms of market cap. So there's that.

1.05.

David, should we go down market a little bit for and uh take a look at the the other assets besides Bitcoin and Ether? So this is one of my favorite um it's not a chart exactly, but kind of like a metric to look at.

Percent down from all time high. Just to recap where we are. So

Really just be masochistic.

yeah, just just because we we want to hate ourselves this week for just a second, and and we'll bring some hope near the end of this episode. Bitcoin price down from all time high about 64%. Ether price down 66%. By the way, those on themselves not too bad.

This could be worse.

Like and they have been worse.

Which is insane to say. 66, not that bad.