Welcome to the Ghostfi™ Newsletter, we're here to keep you in the loop, just like how ET phoned home to stay connected across galaxies.

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Here’s what we have for you today:

• XRP Lawsuit: Ripple and SEC Find Common Ground on Hinman Emails, Leading to an Intriguing Twist in the Case

• Ripple CEO Accuses SEC Chair Gary Gensler of Exploiting Regulatory Ambiguity to Extend Control Over Crypto

• $PEPE performs amidst the recovery of the crypto market, surpassing both Dogecoin (DOGE) and Shiba Inu (SHIB)

• An easy-to-understand rationale behind the desire of financial giants to introduce a Spot Bitcoin ETF.

• Crypto Rookies’ Corner

XRP Lawsuit: Ripple and SEC Find Common Ground on Hinman Emails, Leading to an Intriguing Twist in the Case

What a nice agreement we have between the SEC and Ripple Labs! They are both thrilled about the "limited significance" of the Hinman Emails, which have caused quite a stir in their legal battle. These emails were supposed to be a game-changer, revealing the SEC's internal discussions on cryptocurrency regulations. But alas, they didn't lead to any official rules or guidelines approved by the commission. Why are we not surprised! It turns out that the earlier statements made by SEC officials may not carry the same weight as actual regulatory rulings.

Ripple's legal team must be overjoyed as they argue that the SEC's case against them is based on a lack of clear regulations. Who needs clear rules when you can have ambiguity, right? These emails might provide a peek into the SEC's secretive chats, but they conveniently avoid taking a firm stance on cryptocurrency regulation. How convenient! Well, never fear, dear court, for you will have the honor of deciding the relevance of these emails in the ongoing case. Such an important task! The outcome of this lawsuit and the court's interpretation of these oh-so-relevant emails could have massive implications for the regulatory landscape. Brace yourselves, everyone, as the future of cryptocurrency guidelines hangs in the balance, waiting to be shaped by the whims of the court. And let's not forget how other legislative and regulatory organizations will surely fall in line, eagerly influenced by the court's conclusions. What a thrilling time for all!

According to a reliable source, Judge Jackson, the paragon of understanding, expressed her concerns about the dire consequences of shutting down Binance.US completely. Oh, the horror! We must protect the precious company and the delicate digital asset markets at all costs, mustn't we?

But fret not, dear readers, for Judge Jackson will not make a final decision on the SEC's motion just yet. No, no. She has wisely decided to wait until the parties have engaged in a delightful tête-à-tête with the magistrate. How suspenseful! I can hardly contain my anticipation.

We have been graced with the knowledge that an update on these thrilling negotiations is scheduled for the end of business hours on June 15. I'm sure we're all eagerly awaiting this momentous announcement. Will they reach a compromise? Will they find common ground? Oh, the possibilities!

In an unexpected twist, it appears that the SEC and Binance.US are "not that far apart" in their quest for an agreement. How remarkable! Perhaps they will discover the true meaning of harmony and unity during these negotiations. One can only hope.

Ripple CEO Accuses SEC Chair Gary Gensler of Exploiting Regulatory Ambiguity to Extend Control Over Crypto

Ripple CEO Brad Garlinghouse is graciously enlightening us with his profound insights once again. According to him, the U.S. Securities and Exchange Commission (SEC) has apparently become the mastermind behind a grand scheme of using regulatory ambiguity as a weapon against poor, innocent crypto firms. Very sinister!

In a stunning display of Twitter theatrics, Garlinghouse released a video statement where he cunningly dissects the recent revelation of internal emails related to a 2018 speech by former SEC official William Hinman. This speech, mind you, proclaimed that Bitcoin and Ethereum were not securities. Shocking, I know!

Garlinghouse, with an air of mock astonishment, suggests that the emails expose a catastrophic dilemma within the SEC. Either its esteemed officials are completely clueless about how to determine whether a crypto asset is a security, thus rendering their lawsuit against Ripple utterly illegitimate. Or, brace yourselves, Hinman intentionally turned a blind eye to the law. Gasp! How scandalous!

According to Garlinghouse, Hinman's speech created an entirely new set of criteria to determine the decentralization of a token, effectively rewriting the rules all by himself. Oh, but don't worry, it's only something that Congress is supposed to do. But wait, there's more! Garlinghouse gleefully points out that while being a public servant, Hinman conveniently received millions of dollars from his law firm, which conveniently had vested interests in the speech. Pure coincidence, surely!

But hold on, folks, this isn't just about one token or one blockchain. No, no! This is a saga of the SEC's relentless pursuit of crypto players, all while hypocritically claiming to welcome them with open arms and encouraging registration. Oh, the lies, the lies!

And let's not forget the grand finale! Garlinghouse confidently predicts that the lawsuit against Ripple will miraculously conclude sooner rather than later. Bravo, Mr. Garlinghouse, bravo! Your unwavering self-assurance is truly admirable.

Oh, the drama, the suspense! How fortunate we are to witness such a virtuosic performance from the CEO of Ripple. We eagerly await the next act in this enthralling crypto saga.

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$PEPE performs amidst the recovery of the crypto market, surpassing both Dogecoin (DOGE) and Shiba Inu (SHIB)

Oh, let me bless you with the latest news on the absolutely groundbreaking world of cryptocurrencies. Brace yourselves, folks, because the meme-inspired wonder known as $PEPE has managed to skyrocket by a whopping 16% in the past 24 hours! Can you believe it? Move aside, Dogecoin and Shiba Inu, $PEPE is here to outshine you all in this epic rally that's apparently part of a wider crypto market recovery. Because who needs sensible investments when you can ride the wave of meme-inspired madness, am I right?

Oh, and let's not forget about the glorious Bitcoin ($BTC), the star of the show. It's also experienced a surge, climbing up to a staggering $28,900. Who needs stability and predictability when we can witness these astonishing rollercoaster rides?

But wait, there's more! Our dear friend PEPE managed to outperform the competition, with Shiba Inu and Dogecoin only able to achieve puny gains of 4.7% and 4.55%, respectively. Truly, the world of cryptocurrencies is a mystery wrapped in a riddle, wrapped in a meme.

Apparently, the sudden surge in cryptocurrency prices can be attributed to some financial giants applying for spot Bitcoin exchange-traded funds (ETFs). BlackRock, Invesco, and WisdomTree, these institutions are boldly leading the way into a future where memes rule the financial market. Oh, and let's not forget about Deutsche Bank, the one and only, making waves by applying for a digital asset custody license. Because who needs to worry about traditional banking when you can have your digital assets stored by a bank that knows nothing about them? Genius!

In case you're wondering, $PEPE has become the darling of over 119,600 unique addresses. Yes, you heard that right. People are rushing in droves to get their hands on this gem, because who wouldn't want a piece of the Pepe the Frog-inspired mania? Just ignore those pesky warnings about the contract owner's ability to modify transaction taxes and blacklist functions. Who needs transparency and security when you can gamble your money away on a meme?

And to add a cherry on top of this already surreal cake, some lucky investor turned a measly 0.125 ETH investment in $PEPE into a staggering $1.14 million! It's almost as if money grows on dank memes these days.

So, dear readers, as we witness this glorious spectacle, let us bask in the absurdity of the crypto world. Remember, folks, when it comes to investing, logic and reason are overrated. Just close your eyes, take a leap of faith, and dive headfirst into the chaotic sea of memes. Happy investing!

An easy-to-understand rationale behind the desire of financial giants to introduce a Spot Bitcoin ETF.

Isn’t it amazing how the institutions are diving headfirst into the world of crypto? It's like they've suddenly discovered a newfound passion for it, or purposely keeping it under attack so they could make their takeover moves.

Last week, the almighty BlackRock (BLK) had the audacity to apply for a spot bitcoin exchange-traded fund (ETF). And guess what? This week, another comically large asset manager, Invesco (IVZ), decided to hop on the bandwagon and reapply for approval to offer their own spot bitcoin ETF. But let's not forget the hilariously massive ETF-sponsor, WisdomTree, who also decided to resubmit their application for a spot bitcoin asset. (By the way, their initial filing got rejected by the SEC back in 2022. Imagine that!🤔)

But wait, there's always more! In the land of non-bitcoin crypto, a crypto exchange (CEX) backed by the prestigious Fidelity, Schwab, and Citadel Securities emerged in the United States. As if that wasn't enough, Deutsche Bank had the genius idea of applying for a digital asset license in Germany. I mean, who wouldn't want Deutsche Bank handling their digital assets, right? Now, let's ponder the burning question: Why did the esteemed $10 trillion asset manager, BlackRock, and the modest $1.5 trillion asset manager, Invesco, decide it was time for a spot bitcoin ETF encore? Oh, the theories are simply delightful, my friends. Some suggest that BlackRock is desperately scrambling to backstop Coinbase for some mysterious reason. Others propose that these big firms are secretly acting on behalf of three-letter agencies to keep self-custodied bitcoin away from us mere mortals. And let's not forget the theory that Wall Street simply can't bear the thought of the crypto crowd getting too far ahead of them. Oh, but here's a simpler theory, my dear readers: Financial institutions just love making money, and offering a spot bitcoin ETF happens to be an easy way to achieve that. Shocking, isn't it?

Now, let's focus our attention on the shining star, BlackRock. If we dare to assume that BlackRock actually has clients (they do, believe it or not) who want to shower them with money (they do, indeed) and are willing to pay BlackRock for their exceptional money-handling skills (they truly are), then it's not rocket science to understand that there might be some demand from these clients for a taste of "crypto exposure." And of course, BlackRock wouldn't hesitate to oblige—for a hefty fee, naturally. Oh, but hold on a moment! BlackRock will only rake in the cash from this ETF if it gets the approval it so desperately desires. Mind you, the SEC has already rejected around a dozen spot bitcoin ETF applications. But fear not, for BlackRock's latest application is rumored to meet the SEC's demanding requirements for market surveillance and disclosure. Not shady at all!

Let's not forget that the SEC has made it abundantly clear that it intends to burn the entire cryptocurrency industry to the ground and salt the fields. Yet, they claim to have no issue with bitcoin itself—oh no, their problem lies with those sneaky securities pretending to be cryptocurrencies. And here's a fascinating tidbit: BlackRock isn't exactly head over heels for bitcoin or crypto as a whole. In fact, their CEO, Larry Fink, once charmingly referred to the Bitcoin protocol as an "index of money laundering." But hey, if the spot ETF gets the green light, we can surely expect a variety of BlackRock-sponsored crypto products in the future. Now, call me naive, but I genuinely believe that BlackRock wouldn't bother applying for this spot bitcoin ETF if they didn't think they could actually get it, do you?

💰 Crypto Rookies’ Corner 📈

🛠 What is a MetaMask Wallet?🛠

Phantom Press

Circle Restarts U.S. Treasury Purchases in BlackRock-Managed USDC Reserve Fund
Repurchase agreements will keep being part of the reserve fund, Circle’s chief financial officer said Wednesday during a company call.

Bullish: Fidelity Investments Rumored To Be Close To Filing For BlackRock-Like Spot Bitcoin ETF
BlackRock, the world’s largest asset manager, filed paperwork last week with the U.S. Securities and Exchange Commission (SEC) for the formation of a spot bitcoin (BTC) exchange-traded fund (ETF).

Federal Reserve Chairman Refers To Stablecoins As A “Form Of Money”
Chairman Powell believes the Federal Reserve should play a role in governing the stablecoin market.

Deutsche Bank Warns US Recession Imminent, Says Avoiding a Hard Landing Is Next to Impossible: Report
The US appears headed for a hard landing and a recession, according to the chief economist at one of Europe’s biggest banks. Deutsche Bank’s David Folkerts-Landau says a recession is the highly likely cost of the Federal Reserve’s rapid sequence of interest rate hikes, even if it achieves the desired outcome of lower inflation, reports […]

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