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Riding The Wave
Riding The Wave News Summary #68

Riding The Wave News Summary #68

US Regulator 'Improperly' Pushing Banks to Avoid Serving Crypto Companies, Lawmaker Says, Genesis Cuts 20% of Staff, CEO Michael Moro Out, & more

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Thomas Holland
Aug 17, 2022
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Riding The Wave
Riding The Wave
Riding The Wave News Summary #68
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Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here


News

Table of Contents

  1. Tweets

  2. US Regulator 'Improperly' Pushing Banks to Avoid Serving Crypto Companies, Lawmaker Says

  3. Genesis Cuts 20% of Staff, CEO Michael Moro Out

  4. Crypto Analysts Reject Latest DOGE, SHIB Rally as Contrarian Signal

  5. US Fed Opens Pathway for Crypto Banks to Tap Central Banking System


Tweets

Twitter avatar for @Blockworks_
Blockworks @Blockworks_
🇦🇷 Argentina's capital, Buenos Aires, to run Ethereum nodes in 2023
12:09 PM ∙ Aug 15, 2022
2,226Likes277Retweets
Twitter avatar for @Galois_Capital
Galois Capital @Galois_Capital
Even though I still think the fork is mildly accretive, long merge plays have overextended in my opinion. Hence, with a heavy heart, I’ve decided to express a net short on ETH by shorting in small size ETH Sep futs and long BTC in that size multiplied by ETH beta to BTC.
5:03 PM ∙ Aug 13, 2022
752Likes96Retweets
Twitter avatar for @MacroAlf
Alf @MacroAlf
We all hope inflation comes down. But the idea that the Fed would be “happy” with inflation settling at 3-4% is ludicrous. The mandate remains 2% inflation; far enough from the deflation poison but also not high enough to risk de-anchoring inflation expectations. Not 3-4%.
9:33 PM ∙ Aug 15, 2022
981Likes64Retweets
Twitter avatar for @100trillionUSD
PlanB @100trillionUSD
Yes yes macro and all ... but that's priced in and stocks (grey line) are already back at end-2021 levels. BTC to follow?
Image
11:35 AM ∙ Aug 16, 2022
2,956Likes371Retweets
Twitter avatar for @TheRealPlanC
Plan©️ @TheRealPlanC
Another coincidence... #Bitcoin #BTC
Image
10:44 PM ∙ Aug 15, 2022
297Likes55Retweets
Twitter avatar for @Bquittem
Brandon Quittem @Bquittem
1/ I said "Vitalik never understood PoW deeply" I don't know if I'm right or wrong, but here are some examples of @VitalikButerin misunderstanding PoW 🧵👇
Twitter avatar for @Bquittem
Brandon Quittem @Bquittem
- Vitalik never understood PoW deeply - Vitalik says PoS is better (since 2016?) - Most Ethereans trusted Vitalik, rather than verify themselves - Now very few ethereans understand PoW - Yet the vast majority want to transition to PoS (based on faulty logic)
10:55 PM ∙ Aug 15, 2022
485Likes116Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
Bulls continue to control near-term price action in the broader bear market as inflation expectations shift. With commodities falling and stocks up, markets are trading like inflation peaked. Either we set a major bottom or form a massive bull trap. Data determines this soon.
5:20 PM ∙ Aug 16, 2022
283Likes29Retweets
Twitter avatar for @BergMilton
Milton W Berg CFA @BergMilton
If this were a Bear Market Rally then the S&P 500 gain of +17.19% off the decline of -23.55% would be the GREATEST bear market rally ever after an interim bear market decline of -27.77% or less
2:03 PM ∙ Aug 16, 2022
928Likes153Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
BREAKING: 🇬🇧 UK inflation reaches 10.1%, the highest it's seen in 40 years.
6:06 AM ∙ Aug 17, 2022
4,825Likes936Retweets
Twitter avatar for @BTCfuel
BTCfuel @BTCfuel
This Dow Jones market structure from the 60's looks very similar to the current S&P 500 structure. In the 70's the Dow Jones entered economic stagflation. Instead of a meltup or meltdown, the market might as well go sideways for some years
Image
1:48 PM ∙ Aug 16, 2022
86Likes10Retweets


US Regulator 'Improperly' Pushing Banks to Avoid Serving Crypto Companies, Lawmaker Says

The Federal Deposit Insurance Corporation (FDIC) may be leaning on banks to prevent them from providing services to cryptocurrency companies, U.S. Sen. Pat Toomey (R-Pa.) said Tuesday, citing communications he had received.

In a letter directed to Acting FDIC Director Martin Gruenberg, Toomey wrote that he had heard from "affected parties" and whistleblower communications that claimed the federal bank regulator had tried to "deter banks from doing business with lawful cryptocurrency-related companies," even though providing services to these companies is not illegal. Toomey asked the regulator to confirm whether any FDIC official had indeed asked banks to not do business with crypto firms, and if so, to explain why.

"According to whistleblower communications that we have corroborated, personnel in the FDIC’s Washington, D.C., headquarters are urging FDIC regional offices to send letters to multiple banks requesting that they refrain from expanding relationships with crypto-related companies, without providing any legal basis for sending such letters," Toomey wrote.

FDIC officials also allegedly directed a regional branch to "downgrade" the classification of a loan made by a bank to a crypto company, which Toomey called "highly atypical."

In April, the FDIC published an open letter addressed to any banks or other institutions it oversees, directing them to contact the FDIC before it engages in "a crypto-related activity." The regulator said it would assess the information provided by the bank to check for "safety and soundness," and provide feedback if needed.

The letter is similar to one published by the Federal Reserve this week, which also directs banks under its supervision to contact the central bank prior to engaging in crypto activities.

This situation isn’t extremely surprising given the current state of crypto. During bear markets, crypto critics tend to come back with a vengeance as they are often ignored during bull runs due to all of the excitement. It also doesn’t help that many crypto companies are facing bankruptcy due to being over-extended or other financial instability.

Full Article


Genesis Cuts 20% of Staff, CEO Michael Moro Out

Crypto broker Genesis Trading announced that the firm’s CEO Michael Moro will be immediately stepping down from his role.

Derar Islim, Genesis’ chief operating officer, will take over as interim CEO while the firm is seeking a permanent replacement.

The firm will also cut 20% of its 260-person workforce to reduce costs, per Bloomberg.

The leadership reshuffle also saw Genesis hire several key executives, who, as the company hopes, will “further strengthen its governance and position the firm for the future.”

Chief financial officer Alice Chan and chief legal officer Arianna Pretto-Sakmann join the expanded leadership team “focused on strengthening the company’s overall risk management.”

Companies that provide purely crypto-related services are clearly still taking a beating until the market turns around, it’s unlikely we will see hiring outside of finance and legal roles. Finance and legal are the exceptions, as these companies are now on the defensive and will use these roles to protect them from the bear market criticisms that follow the bull market euphoria.

Full Article


Crypto Analysts Reject Latest DOGE, SHIB Rally as Contrarian Signal

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