Goldman And Visa Ain’t Scurred

“Do what the big boys are doing” is an adage from the stonk market. πŸ‚

In other words, if big money is risking big money, it’s probably for a good reason.Β 

So despite companies making job cuts and planning for the most anticipated recession in history, Visa ($V) and Goldman Sachs ($GS) are still in.Β 

A Reuters report said a source claims Visa and Mastercard ($MA) was pausing their “… crypto push in wake of industry meltdown.”

Guess no one told Visa. Visa’s VP and big wig of crypto, Cuy Sheffield, took to Twitter just a few hours later to refute the claim.Β 

Similarly, Goldman Sachs is growing its crypto business. CFO Denis Coleman said Goldman has purchased and will continue to purchase digital currency firms.Β 

And despite cutting 3k+ employees – the biggest since the 2008 – 2009 financial crisis, they’re hiring for the crypto side. πŸ€

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Ripple Gets A Big Win With Hinman

Ripple has achieved a small victory in its legal battle against the SEC as the agency’s attempt to seal the “Hinman Speech documents” was denied. πŸŽ‰

These internal files contain drafts and emails about a speech given by William Hinman, former Director of the SEC’s Division of Corporation Finance, over four years ago, saying $ETH is not a security. The documents are sought after by Ripple’s legal team to understand how the SEC arrived at its conclusion that Ethereum was not a security at the time, which could impact the classification of Ripple’s $XRP cryptocurrency.

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Marathon Supports The Devs

Marathon Digital Holdings ($MARA) has committed to matching donations of up to $500,000 for the non-profit Bitcoin research and development organization Brink. ⛏️

During the Bitcoin 2023 conference in Miami Beach, Marathon will provide a two-for-one match, followed by a one-for-one match for additional donations until December 31. These funds will support grants and programs to compensate Bitcoin Core developers, who are vital in maintaining and improving the decentralized blockchain.

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Binance’s Big Business Blending Boondoggle

Binance, the world’s largest crypto exchange, is facing another big allegation – an allegation that Sam Bankman-Freid and FTX are also accused of: commingling customer and corporate funds in accounts at Silvergate Bank during 2020 and 2021. 😱

Reuters reports that Binance’s corporate funds were funneled into an account where users were purchasing $BUSD, Binance’s stablecoin. The commingling allegedly occurred in an account belonging to Merit Peak, a Cayman Islands-based entity controlled by Binance’s CEO, Changpeng Zhao (CZ).

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