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• Rep. Davidson to introduce legislation to fire SEC boss Gensler for crypto overreach

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A U.S. congressman has declared he will introduce legislation to have SEC boss Gary Gensler removed from his role.

Securities and Exchange Commission (SEC) chair Gary Gensler could be facing unemployment after United States Representative Warren Davidson declared he would introduce legislation to fire the SEC boss.

In an April 15 tweet responding to Coinbase’s legal chief, Paul Grewal, the crypto-friendly congressman announced his intention to have Gensler removed from his role after the SEC’s latest announcement about revisiting the proposed redefinition of an “exchange.”

• Former President Donald Trump Likens US Losing Currency War Against China to America Losing a World War

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Former U.S. President Donald Trump has warned that the U.S. losing a currency war against China would be like America losing a world war. “We’ll be a second-tier country,” Trump cautioned, adding that the U.S. dollar is “what makes us powerful and strong.”

Former President Donald Trump warned in an interview with Fox News, aired Wednesday, that China pushing a large portion of the world off of the dollar standard would be the equivalent of America losing a world war.

In addition, the former U.S. president explained that Western countries have already lost Brazil to Chinese influence and are on the verge of losing Colombia within their own hemisphere. He further mentioned that Iran and Russia have already aligned themselves with China.

• Video of SEC chair praising Algorand resurfaces after recently deeming it a security

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Members of the crypto community have called out the SEC Chairman for “shilling” Algorand.

A four-year-old video of United States Securities and Exchange Commission Chair Gary Genser giving praise to smart contract platform Algorand is circulating on Twitter following the SEC declaring that ALGO is an unregistered security.

In the video, Gensler referred to Algorand as a “great technology” while he was contemplating whether a “high performance” smart contract network would be capable of integrating an Uber or Lyft-like application on its platform.

ALGO is one of six tokens that Gensler claimed was an unregistered security in the SEC’s lawsuit against crypto trading platform Bittrex on April 17 that took issue with the Algorand Foundation’s initial coin offering (ICO) of ALGO in June 2019.

CME Group to Expand Bitcoin and Ethereum Options Expiries on May 22

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CME Group, the world’s leading derivatives marketplace, announced plans to expand its suite of cryptocurrency options across its standard- and micro-sized Bitcoin and Ether contracts beginning on May 22, pending regulatory review. With these new contracts, expiries will be available every day of the business week, Monday through Friday.

“We are pleased to offer these new options contracts to provide market participants with greater precision and versatility in managing short-term bitcoin and ether price risk,” said Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products.”

New expiries for options on Bitcoin and Ether futures will be offered with Monday, Tuesday, Wednesday, Thursday, and Friday expirations. Options on micro-sized Bitcoin and Ether futures will add Tuesday and Thursday expiries to their existing Monday, Wednesday and Friday contracts.

• Australians Lost $148M in Crypto to Scammers in 2022

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Scams continued to plague Australians in 2022, with crypto payments seeing a hefty uptick compared to the previous year.

Nearly 4,000 Australians reported using Bitcoin and other cryptocurrencies as a payment method to transfer funds to scammers in 2022, marking a significant increase of 162.4% compared to 2021.

These crypto transfers resulted in criminals obtaining as much as $148.4 million (AU$221.3 million), according to the latest report by the Australian Competition and Consumer Commission (ACCC).

Commenting on the report, ACCC Deputy Chair Catriona Lowe said that “scammers evolve quickly and unfortunately, many Australians are losing their life savings.”

• Coinbase CEO says the crypto exchange is preparing to go to court with the U.S. SEC

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Coinbase is preparing for a years-long court battle with the U.S. Securities and Exchange Commission, the company’s chief executive told CNBC Tuesday, after the regulator warned the cryptocurrency exchange of potential violations of securities law.

Last month, the SEC issued Coinbase with a Wells notice, which is often one of the final steps before the regulator formally issues charges. It generally lays out the framework of the regulatory argument and offers the potentially accused an opportunity to rebut the SEC’s claims.

Brian Armstrong, CEO of Coinbase, called the issuing of the Wells notice “unfortunate” and said the company has not got any more information on the specific issues the SEC has.

“I think if a number of years go by where we don’t see regulatory clarity around us … we may have to consider investing more elsewhere in the world. Anything including, you know, relocating,” Armstrong said.

Ethereum Fees Spike as Bots Spend Millions to Front-Run Punters of PEPE, CHAD

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An entity connected to a wallet named “jaredfromsubway.eth” is sandwiching crypto traders, mainly those betting on tokens such as pepe and chad.

Sandwich bots are front-running punters of newly issued tokens such as pepe (PEPE) and chad (CHAD) – meme coins with no intrinsic value that caught wind of Crypto Twitter degens almost overnight as the tokens zooted over 10,000%.

A sandwich attack, traps a user’s transaction between two transactions, which is then further manipulated to gain profits. This is done by front-running the victim’s trade by buying the same asset, and then selling tokens to the victim in the same trade for a slightly higher price.

A wallet named “Jaredfromsubway.eth,” a likely nod to the popular sandwich chain, has spent over $2 million in the past week on Ethereum network fees trying to sandwich traders punting on predominantly low-cap tokens.

Concluding Notes:

  • Gary Gensler could be facing unemployment as Warren Davidson declared he would introduce legislation to fire the SEC boss
  • U.S. losing a currency war against China would be like America losing a world war, says former U.S. president Donald Trump, as the DXY keeps being unstable
  • A video of Gary Genser giving praise to smart contract platform Algorand is circulating on Twitter
  • CME to expand BTC and ETH options expiries on May 22nd
  • Australians lost over $100M to crypto scammers last year
  • Coinbase could be relocating their jurisdiction in the future
  • Meme token transactions being front-run by a wallet named jaredfromsubway.eth

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