rewrite this title Is Gary Gensler finally signing off

GM. It’s the Daily Squeeze, where we crush crypto complexities into a rich, fruity blend of news and analysis.

📢 Gary Gensler updates.

🍊 News drops: McDonald’s is collaborating with Doodles, Bitfinex hacker gets sentenced to five years + more

🍍 Market flavor today

Looks like the market’s getting a bit more humble – the Fear and Greed Index slipped from “Extreme Greed” to “Greed” at 80. Bitcoin couldn’t hold the $90K line and is now hanging around $88K.

So, remember when yesterday we all got excited about the Fed possibly cutting rates in December? Well, Fed Chair Jerome Powell poured some cold water on that idea, saying the economy isn’t giving any signals that they need to rush into lowering rates. Cue Bitcoin taking a 3% dip after the news.

The ripple effect hit BTC ETFs, too. After a sweet streak of huge inflows, they saw $400.7M head for the exit yesterday.

But don’t let that freak you out. MicroStrategy’s main man, Michael Saylor, is brushing off any talk of Bitcoin sliding back to $60K – a price level that dominated much of 2024. Saylor says Donald Trump’s win has “very decidedly” set the future for crypto and Bitcoin in the US, adding, “I don’t really see any threats on the near-term horizon.” Oh, and he’s already planning the $100K party. Yo, M-Dog, we’re homies, right? 😃 I’m invited… right? 😃

Bottom line: The market might be catching its breath, but the big players are still all-in. Maybe it’s time we take a page out of Saylor’s book and keep our eyes on the prize. After all, today’s dip could be tomorrow’s golden opportunity 🏆

🔍 Keeping up with Gary Gensler

Last week, we talked about Donald Trump’s big promise to kick out SEC Chair Gary Gensler, which would’ve taken forever with all the necessary procedures.

But you know what – and I gotta say, I don’t really believe in miracles, but there’s no other explanation here – Gensler might’ve just done the job for Trump. Here’s the closing line of his recent speech:

“I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.”

TELL ME THIS IS NOT A FAREWELL NOTE. Does this mean that the regulatory war against crypto is over? Well, don’t get too excited just yet – nothing’s confirmed. But the hopes are definitely up.

In that same speech, Gensler also took a trip down memory lane to celebrate the SEC’s achievements for crypto – crypto ETFs, … umm…  I guess that’s pretty much it. Oh, he also seemed to be proud of classifying nearly 10K tokens as “unregistered securities.” 

After this quick recap, Gensler then served the classic: crypto bad, investor lose and cry = scam. Honestly, all the speech was missing was, “My time here has been… excellent.” 😈

Once all the crypto bros have prayed enough and Gensler is really out – someone’s gonna need to take the crown. We dropped some names for potential replacements last week, which you can check out here.

But guess what? Rumors also hinted that ex-CFTC Commissioner Chris Giancarlo, aka Crypto Dad, might be in the running. Except these rumors remain just that, since the man himself confirmed it’s not gonna happen (sorry to break it to you). He said:

“I’ve made clear that I’ve already cleaned up earlier Gary Gensler mess in the CTFC and don’t want to have do it again.”

On one hand, it’s a shame. But on the other – such sick bars are always a delight. Mood rn – this:

And if that roast wasn’t enough to quench that thirst for revenge, here’s the cherry on top: 18 US states filed a lawsuit against the SEC and Gensler for overstepping their authority.

Basically, the states are saying that they ignored division of power, trying to take full control over crypto regulation through enforcement.

If this lawsuit doesn’t work, then idk, man. Do we just… release the hounds? Just a thought, just a comment, don’t sue me for this.

📰 News drops

🍟 McDonald’s is teaming up with Doodles – the creative brand that got its start as an NFT project. They’re launching a campaign called “GM Spread Joy,” complete with limited-edition McCafé cups featuring Doodles-inspired designs.

⛓ Ilya Lichtenstein, the mastermind behind the 2016 Bitfinex hack that stole $385.1M in crypto, was sentenced to five years. Prosecutors recommended a lighter sentence as he had no prior criminal record, helped out in investigations, and didn’t pull off a successful laundering job.

🏦 Hong Kong’s Monetary Authority (HKMA) is calling out some crypto firms for sketchy practices. These companies have been using the term “bank” to make themselves look more legit and gain trust – despite lacking the licenses to back it up.

🏈 Russell Okung, Carolina Panthers star, is making sure players in his new flag football league – fittingly called Bitball – get paid in Bitcoin. He’s done with middlemen taking a slice or shady deals behind the scenes, so he’s creating a league focused on pure sport and real opportunities for players.

💰 Pennsylvania lawmakers have introduced a new bill that would allow the state treasury to stash up to 10% of its balance sheet in Bitcoin. Rep. Mike Cabell, who put the bill forward, says BTC could be a solid shield against inflation.

🤖 Rumor has it that OpenAI is preparing to launch a new AI agent, codenamed “Operator,” that’ll independently handle tasks for users – writing code, booking travel, and more. It’s reportedly set for a January debut as a research release, plus it’ll be available to developers through OpenAI’s API.

🍌 Juicy memes