GM Explorer,

The SEC has made a surprising move regarding Solana, Cardano, and Polygon tokens in its lawsuit against Binance.

Here’s what we got for you today:

• 🤯 SEC's surprise move in Binance lawsuit!

• 🗣️ Economist Paul Krugman slams Bitcoin and Trump!

• 🧱 Around The Block: BlackRock Solana ETF is not happening anytime soon, CIO confirms.

🤯 SEC's Surprise Move in Binance Lawsuit!

Believe it or not, the SEC has backed off its push to classify tokens like Solana, Cardano, and Polygon as securities in its lawsuit against Binance!

Yes, you read that right!

On July 30th, the SEC suddenly amended its complaint, removing the need for a court ruling on whether these tokens are securities. 

Initially, the SEC's suit included several tokens they claimed were securities, like Binance USD (BUSD), Solana (SOL), Cardano (ADA), and many more. (You can look them up here.)

In fact, this decision affects a significant portion of the crypto market. In 2023 alone, the SEC targeted at least 68 tokens worth over $100 billion!

So why the sudden change of heart?

Politics, perhaps? Well, no one knows for sure, but let's put two and two together:

First, there's a noticeable shift in political views to court pro-crypto voters.

Republican candidate Trump, in his speech at Bitcoin 2024, talked about making the US the "crypto capital of the planet."

He even pledged to end the "war on crypto" and replace SEC Chair Gary Gensler with someone who could make these plans a reality.

Meanwhile, some Democrats, with VP Kamala Harris at the forefront, are advocating for a progressive stance on blockchain and digital assets and even recommended replacing the SEC’s Chair Gary Gensler!

No doubt the SEC got the message from high up!

And now, they're trying to look more pro-crypto, too—at least that's what one Reddit user thinks.

But what do you think? Is this the SEC serving justice, or is this just a ploy to save themselves from the inevitable?

You can get the full details here!

🗣️ Economist Paul Krugman Slams Bitcoin and Trump!

Nobel Prize-winning economist Paul Krugman has never been a fan of Bitcoin, and he recently had some strong words for the cryptocurrency.

He called Bitcoin “economically useless!

And even went further to add that “A couple of exceptions to its uselessness are money laundering and extortion.”

Why this hot take now?

Well, it seems Krugman’s recent frustration with crypto was triggered by Donald Trump and the Republican party’s increasing support for the asset this election season.

The Republican Party has made promises to “end Democrats’ unlawful and un-American crypto crackdown” in its 2024 agenda.

Meanwhile, Donald Trump himself, at the Bitcoin 2024 conference in Nashville, proclaimed that Bitcoin could someday be more valuable than gold and pledged to establish a "strategic Bitcoin stockpile" if he were elected president.

However, Krugman isn't buying into all this!

He's skeptical of Trump's newfound support for crypto, especially considering that he once shared Krugman's anti-crypto views.

Krugman even labeled Trump's Bitcoin stockpile proposal as "a government bailout for a scandal-ridden, value- and environment-destroying industry"

And ridiculed the Republican Party's 2024 agenda, suggesting that only a few voters understand what it's all about.

But Krugman didn't stop there—he also had some choice words for Trump's VP pick, JD Vance!

Vance revealed in 2022 that he owned between $100,000 and $250,000 in Bitcoin and has been advocating for more industry-friendly crypto regulations.

So, of course, Kruger slammed him as an avatar of “paranoid” Silicon Valley “tech bros,” with whom he shares a common love for cryptocurrencies.

See what else he said here!

🧱 Around The Block

• BlackRock Solana ETF is not happening anytime soon, CIO confirms.

• California DMV puts 42 million car titles on blockchain to fight fraud.

• MicroStrategy’s Michael Saylor says Bitcoin will Hit $13,000,000 in base-case scenario – Here’s his timeline.

• Crypto losses due to hacks and scams surpass $1 billion year-to-date: Immunefi.

•  Investor Luke Gromen says Bitcoin has to ‘go up a lot’ if the US uses it as a reserve asset — Here’s why.

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.