PLUS: Crypto gets another huge win in court... âï¸ August 31, 2023 | [Read Online]( Todayâs edition is brought to you by [Phemex]( - a top crypto exchange that has launched a [soulbound token]( to build a decentralized community. [Grab your Soul Pass!]( GM. This is Milk Road, where we slice and dice crypto trends like a hibachi chef.* (*Fancy hat and onion volcano trick included) Hereâs what weâre serving up today: - The SEC filed a secret sealed motion ð - Crypto gets another big win in court âï¸ - Thereâs a 75% chance a Bitcoin ETF will launch this year ðªÂ
[Prices as of 10:15 AM ET. Click here for our Fear & Greed Index]( THE SEC FILED A SECRET SEALED MOTION ð Thereâs been a lot to celebrate this week⦠- The SEC [lost]( in court. - The chances for a [Bitcoin spot ETF]( getting approved have gone up to 75%. - I found my missing AirPod. Itâs been a good week. But while we were all busy popping champagne bottles, a big move was made⦠It was quiet, subtle - but full of stink. Kinda like when youâre riding in the elevator and suddenly get hit with the Smell of 1000 Deaths. (aka a silent fart) So, what happened? The U.S. Securities and Exchange Commission filed a secret âsealedâ motion against Binance. This motion lets the SEC file sensitive and confidential information with a court, but itâs kept off any public record. Why this matters: This caught a lot of cryptoâs attention because itâs highly unusual⦠- The SEC is a civil enforcement agency that typically files everything in the open. - The agency usually wants its messages heard loud and clear to scare others from committing the same violations. The SEC is like your mom at family gatherings - they tell everyone all your deepest darkest secrets. So, why keep the motion under seal? Well, who better to answer than a former SEC official⦠Meet [John Reed Stark](. Heâs spent 20 years in the SEC Enforcement Division, including 11 years as Chief of the SECâs Office of Internet Enforcement. There are 2 reasons John thinks the SEC made this move: 1/ The sealed motion could have secret details about an ongoing investigation by the U.S. Department of Justice (DOJ). - The DOJ could be working with whistleblowers, have wires or other listening devices in place, or have an active arrest warrant or undercover operation in the works. - The SECâs new motion could have info that potentially jeopardizes the investigation. 2/ To protect a witness or company from risk. (But John mentioned this usually involves redactions vs. full-court sealings) Johnâs Take: In his 20 years at the SEC, he says he canât recall ever seeking to file a motion, or any other court document, under seal⦠Which is why he thinks the secret SEC filing likely relates to an ongoing DOJ investigation of Binance - which the DOJ would prefer to keep a secret. In other words, get your popcorn ready. Even though crypto has gotten a few legal wins recently, the battle between the U.S. government and Binance is just beginning⦠[GRAB THE PHEMEX SOUL PASS]( Thereâs some big news brewing over at Milk Road⦠The latest? One of our favorite trading platforms is taking a big step towards decentralization. Thatâs right. Phemex is transitioning to a semi-centralized exchange through their [Phemex Soul Pass soulbound token](. Hereâs what you need to know: - All Phemex Soul Pass holders earn free airdrops of Phemex Tokens every time they trade contracts, through the [xPT Pre-Mining event]( - PSP holders also enjoy discounted trading fees and access to huge, exclusive giveaways of major tokens like BTC and ETH - The Phemex Soul Pass is a soulbound token that traders can mint after reaching $10,000 of 30-day trading volume. That means you can grab yours after paying as low as just $10 in trading fees [Join Phemex to enjoy the most lucrative trading platform](! CRYPTO GETS ANOTHER BIG WIN IN COURT âï¸ **sniff sniff** You smell that? Itâs the sweet, sweet smell of another legal win for crypto. This time, the winner was [Uniswap]( - one of the most popular decentralized exchanges. Hereâs what you need to know: - A handful of users lost money to scam tokens (like Matrix Samurai, Rocket Bunny, and Alphawolf Finance) on Uniswap last year - The users sued Uniswap and argued the [decentralized exchange]( should be liable for the scams Yesterday, a judge from the U.S. District Court for the Southern District of New York (SDNY) dismissed the class-action suit. (btw - SDNY is nicknamed âThe Mother Courtâ due to its age and influence over other federal courts. Weird, I always thought that was Judge Judy.) The main reason the court dismissed the lawsuit? âIt defies logic that computer code underlying a particular software could be liable under Section 29(b) [of the Exchange Act] for a third partyâs misuse of that platform.â Now Iâll be honest. I have no clue what Section 29(b) of the Exchange Act says. But I do know Section 30(a) of the Survival of the Fittest Act says: âThose who play with fire, will get burned.â Thatâs exactly what happened here. A few users decided to invest in tokens with names like Matrix Samurai (wtf) and Rocket Bunny (wtf x2), then got burned and tried to blame Uniswap for it. Itâs like if criminals robbed a bank while using a self-driving car, and then the bank tried to go after the developers of the car, instead of the robbers. It just doesnât make sense. And it seems the U.S. courts agree. Big win for the future of [DeFi](. BITE-SIZED COOKIES ðª [The European Blockchain Convention kicks off on October 24th](. The largest blockchain event in Europe takes place in Barcelona, with one day left to get a discounted price on tickets.* â[Thereâs a 75% chance a Bitcoin spot ETF will launch this yearâ - Bloomberg analysts](. Thereâs a 95% chance it will happen by the end of 2024. Itâs not if, itâs when. [According to the latest Coinshares crypto fund report, institutional funds sold off $168M in crypto last week](. Itâs the highest week of outflows since March. Ouch. [Circle is teaming up with Mercado Pago to offer USDC as a payment option.](Mercado Pago is one of the largest fintech companies in Latin America. [Robinhood has added support for Bitcoin and Dogecoin to its crypto wallet](. Itâs slowly also rolling out swap features that let users trade ETH for 200+ different assets. [Bitcoinâs average trade size has jumped to its highest point since June](. According to data from Kaiko, the average trade size for BTC on exchanges increased from $850 â $2000+ after the Grayscale ruling. *This is sponsored content MILKY MEMES 𤣠HIT THE INBOX OF 250K+ CRYPTO INVESTORS Advertise with Milk Road to get your brand in front of the Who's Who of crypto. The Roaders are high-income crypto investors who are always looking for their next interesting product or tool. [Get in touch today](. 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