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The crypto lobby flexes its muscle on capitol hill 4-19-23

Squirmish evil Smithers looking guy does his best to squirm around and avoid, deflect and be squirmy.

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RIGD REPORT
April 19, 2023

The crypto lobby flexes its muscle on capitol hill

Squirmish evil Smithers looking guy does his best to squirm around and avoid, deflect and be squirmy.

Take a minute to watch this video of Warren Davidson eviscerating SEC Chair Gary Gensler.

The good ole 1-2 combo:

One: You suck and here’s why you suck. Failure to protect investors, abuses of power; 2 rules per month, inappropriate short comment periods, unworkable and unlawful ESG, hotel california rule for crypto, endless discovery with no resolution, and it goes on and on.

Two: Because you suck… I’m introducing legislation to remove and replace the role with an executive director who reports to a board where all authority would reside.

Patrick McHenry, Chair of the Financial Services Committee, also went after Gensler for his opinion regarding the status of ethereum as a commodity or a security.

“Clearly an asset cannot be both a commodity and a security. Do you agree?”

“Ummm, I… I… it’s… actually all securities are commodities under the Commodity and Exchange Act, it’s that we’re excluded commodities, but I would agree that a security cannot also be an excluded commodity and an included commodity, I’m sorry chair, just to talk about the Commodity Exchange Act, more precisely.”

“I’m asking you, sitting in your chair now, to make an assessment under the laws that exist: Is ether a commodity, or a security?”

“Without speaking to any one…”

“You’ve repeatedly said you won’t speak to one, but you’ve spoken to one: bitcoin. So I’m asking you to speak to a second one, with the second largest market cap.”

“In speaking to the tokens, there’s ten to twelve thousand, if there’s a group of entrepreneurs…”

“I’m asking about one, I’m asking you a specific question, Chair Gensler. I said this in private, this should be no shock to you that I’m asking this question. Is ether a commodity, or a security?”

“And again, it depends on the facts and the law on if there’s a group of individuals…”

The hot ball of crypto money has found its way to Capitol Hill and may be able to get the regulatory clarity needed for the industry to grow. We’re not sure what industry or value there is when Bitcoin is unspendable / a coked out ceo owns 1 out of every 150 that will ever be created, Ethereum is unusable at scale and the other EVM L1s are so cheap and fast you don’t actually need a token, but hey if there’s a market we’ll trade it and try to get rich.

After getting into bed with SBF (evil ponzi guy) and unable to get any sort of favorable ruling against the standard $XRP (big scam), it would seem Gary Gensler would be his way out.

But you know as well as we do that’s not how the world works.

It’s rigd.

[ blockworks ]

Note: Yesterday we talked about 0dte coming to crypto which will be insane due to large moves happening at random. Today at 4am EST ethereum dropped 5.60% in one 30 minute candle. Oh boy buckle up, it’s going to be fun.

Will the bad news finally turn markets bearish?

Boomercore tech co $META is laying off another 4000 people as part of Zuck’s plans for a “year of efficiency”.

It’s a positive theme for the year given 2022 was all about metaversal-money-incineration. 

They spent over ten billion on a virtual product that no one uses. The product roadmap includes major graphic updates like… LEGS!

a real update coming, not the Sims we played in the 2000s

The new round of layoffs is hitting technical roles in user experience, software engineering, and graphics programming. It looks like Zuck got rid of the day in the life TikTok managers and decided it wasn’t enough.

Look we’re not happy, but we’re definitely not unhappy to see the ultra privileged tech workers who’ve been snubbing their nose at the rest of society go through max pain this cycle while the everyday trade and service wages keep going up and to the right. A recession of the rich might bring us a little closer back to equilibrium.

Layoffs have been super bullish for the stock.

$META is up 72% YTD and down slightly at the time of writing.

Option flow is bullish with some unusual volume on the 250, 260 and 270 strikes as far out as 1-17-2025.

Someone always knows something…

[ cnbc ]

The House of Mouse in Trouble?

Disney fired its CEO Bob Chapek last fall and replaced him with board, shareholder, public facing favorite Bob Iger who was forced out of retirement and back into the fire to fix the House of Mouse.

Iger is set for a two-year term where he’ll have to fix streaming, cut costs, arrange a ceasefire with DeSantis who’s using them as a punching bag on the way to a Whitehouse run in 2024 and “bring the magic back”.

The magic certainly ain’t happening at the movies:

Lightyear 226.4m
Strange World 73.6m

vs

Super Mario Bros $677.9m (released April 5)

Critics on left and right wing are both upset about the live action The Little Mermaid coming next month, the market will be watching closely to see if going woke will bring people to the theaters.

bring back WALL-E

Today they announced they’re also increasing the number of scheduled layoffs including ~ 15% of the staff in its entertainment division.

The cuts will span TV, film, theme parks and corporate positions, and affect every region where Disney operates, said the people, who asked not to be identified because the details aren’t public. Some affected workers will be notified as early as April 24. particularly tell).

The market has pumped $META for righting the ship, but it hasn’t bought in to the streaming shift from growth at any cost to… making money.

If the consumer is getting tapped out, then they will cut streaming services where they have too many choices; Netflix, HBO Max, Hulu, Disney, Peacock, Prime, Paramount, etc.

YTD:

$DIS up 10.99%
$NFLX up 8.75%

Meanwhile the NASDAQ is up 19.89% and streaming company $ROKU which is run by birdbrains who kept ~ $487 million in a checking account at Silicon Valley Bank is up 53.43%.

Option flow for $DIS skews bearish and we like what we’re seeing with the 5/19 $80p.

Apparently 18% of people take out debt for a trip to Disney (nypost), what could possibly go wrong?

[ bloomberg ]

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last… we are hiring a data scientist with experience trading options. is it you?

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