Welcome to the latest edition of the Orange Pill Media newsletter, where we bring you the most important and up-to-date news from the world of digital assets. In this issue, we'll be discussing the recent developments in the regulatory landscape and how they are impacting the cryptocurrency industry.

First, we'll delve into the ongoing Operation Choke Point 2.0 and its implications for the crypto-friendly banks in the US. Nic Carter has provided an insightful overview of this coordinated effort by the Biden administration to restrict access to banking services for crypto firms, and we highly recommend reading his article for a detailed understanding of the situation.

Next, we'll cover the recent flash crash of Bitcoin and the news surrounding transactions from MtGox and the US government. While the market initially reacted negatively to this news, experts believe that it won't have a significant impact on the overall market.

We'll also be discussing the misconceptions surrounding Bitcoin's energy consumption and environmental impact and how they are hindering its growth and adoption. In his latest installment of Follow the Money, Peter McCormack travels to Texas and Oklahoma to investigate the truth about Bitcoin mining and debunk the myths surrounding it.

Finally, we'll be looking at the ongoing battle between Coinbase and the SEC and how the leading cryptocurrency exchange is standing up for itself against regulatory pressure. Coinbase has responded to the Wells Notice it received from the SEC and is urging the agency not to pursue enforcement action against the company.

As always, we hope you find this issue informative and valuable. Thank you for your continued support, and we look forward to bringing you more exciting news from the world of Bitcoin in the future.

Operation Choke Point 2.0 - As highlighted by Nic Carter

Earlier in the year, our team provided a synopsis of recent bank failures and talked about why Banks Are Going Bust. In recent months, there have been many people in the crypto space claiming that the recent bank failures have been targeted attacks by regulators in an attempt to suffocate the crypto industry with the use of traditional banking infrastructure. While these regulators state they have no intention of targeting crypto-friendly banks, it’s more than clear their actions indicate otherwise. For a detailed overview and a timeline on why it is clear there is a blatant attack on crypto-friendly banks, you can find more information written by Nic Carter in the article linked below:

Bitcoin Flash-Crash: Mt. Gox & U.S. Government Sell-Off

Earlier this week the price of Bitcoin dropped 8% in a few minutes due to news about transactions from wallets belonging to MtGox and the US government. However, experts believe that this news won't have a significant impact on the market. MtGox, once the world's largest crypto exchange, is set to distribute $1.7 billion in cash, 141,000 BTC, and 142,000 BCH to 10,000 creditors as part of a rehabilitation plan starting in March 2023. MtGox was hacked in 2014, resulting in the theft of 850,000 BTC valued at $500 million at the time and $17.8 billion today. The rehabilitation plan compensates only a fraction of the stolen amount. All creditors will receive a base payment, and they can choose to receive the remaining funds through various options, including crypto.

Follow the Money Part 3 - Dear Elizabeth Warren

There has been a lot of negative press about Bitcoin's energy consumption and environmental impact perpetuated by mainstream media and political figures like Elizabeth Warren. These misconceptions are hindering the growth and adoption of Bitcoin, which has the potential to revolutionize the global financial landscape. In Part 3 of Follow the Money, Peter McCormack travels to Texas and Oklahoma to investigate the truth about Bitcoin mining and how it embodies American values of freedom, hard work, and innovation. He debunks claims that Bitcoin mining is detrimental to the environment and shows how miners use otherwise wasted energy and collaborate with grid operators to stabilize energy supplies and reduce consumer prices. Peter also highlights how Bitcoin mining has revitalized towns and can benefit American communities and contribute to the nation's prosperity.

Coinbase Responds to the SEC

Coinbase, the leading cryptocurrency exchange in the U.S., announced on Thursday that it has responded to a Wells Notice it received from the Securities and Exchange Commission (SEC) urging the agency not to pursue enforcement action against the company. Coinbase argued that the SEC had implied its business was not unlawful by allowing it to be listed on Nasdaq in 2021. The company's response highlighted that if the SEC had believed in April 2021 that Coinbase's core businesses violated securities law, it would have been required by its own mandate to prevent the S-1 from becoming effective to protect the investing public.

This is not Coinbase's only battle with regulators. In February, when Coinbase reported earnings, the company said it expects to be a "net beneficiary" amid a "year of regulatory focus" in a letter to shareholders. Coinbase disclosed it had received a Wells Notice from the SEC related to its staking products just over a month later, which Coinbase described as "vague and broad" in a press release on Thursday.

As regulators have stepped up their scrutiny of crypto firms, the San Francisco-based exchange has signaled that it is willing to butt heads with the likes of the SEC. The exchange announced late Monday that it was suing the SEC over Coinbase's "petition for rulemaking," sent to the regulator last July, to get the agency to respond to Coinbase's plea for clearer crypto regulations. Read the full written submission below:

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