Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another serving of today's hottest tech tales! From TRUMP token's $2 billion drama and Franklin Templeton's Solana ETF ambitions to AI ethics showdowns and Goldman's crypto shopping spree, we've got a feast of news that's spicier than wasabi! So grab your favorite beverage, settle in, and let's dive into today's digital digest!

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INTEL BRIEF

🟧 SEC Commissioner Hester Peirce declares memecoins outside SEC jurisdiction as TRUMP token investors face a staggering $2 billion loss, while the Trump Organization reportedly pockets $100 million in trading fees.

🟧 Franklin Templeton has registered a Solana Trust in Delaware, potentially joining the growing list of asset managers vying for a spot Solana ETF approval in the US.

🟧 The US and UK declined to sign a French-hosted AI summit agreement promoting ethical AI development, with US Vice President Vance expressing concerns about overregulation stifling innovation.

🟧 Goldman Sachs dramatically increased its crypto ETF holdings in Q4 2024, boosting Ethereum ETF positions by 2,000% to $476 million and Bitcoin ETF holdings to $1.5 billion, despite historical skepticism towards crypto.

Investors Lose 2 Billion In TRUMP Token Carnage While SEC Refuses To Step In

SEC Commissioner Hester Peirce dropped a bombshell on February 11th, telling Bloomberg that memecoins like TRUMP and MELANIA are basically regulatory orphans - they don't have a home at the SEC under current regulations.

Meanwhile, 813,000 crypto wallets are feeling the pain after the TRUMP token took a nosedive that would make even the most seasoned roller coaster enthusiasts queasy. We're talking about an 80% plummet from its peak of $72.60 on January 19th, sending its market cap from a whopping $14.5 billion to a more modest $3 billion.

While investors are nursing their $2 billion wound, the Trump Organization and partners are believed to have collected a cool $100 million in trading fees.

Industry experts are weighing in, with some comparing memecoins to collectibles (because apparently, digital Beanie Babies are still a thing). ETF Store president Nate Geraci nodded along with Peirce's assessment, while macroeconomist Lyn Alden drew parallels to the ICO and NFT crazes of yesteryear.

So, who's supposed to keep an eye on these meme-tastic tokens? Peirce suggests it's a hot potato that Congress or the CFTC might need to catch.

SEC officially declares "not it" when it comes to regulating memecoins like TRUMP token

Investors lost $2 billion while Trump Organization reportedly earned $100 million in trading fees

Regulatory responsibility remains unclear, with suggestions pointing to Congress or CFTC

Franklin Templeton Secretly Launches Solana ETF Trust As Competition Heats Up

Franklin Templeton just made a power move in the increasingly crowded Solana ETF race.

On February 10th, Franklin Templeton officially registered the "Franklin Solana Trust" in Delaware, working with the CSC Delaware Trust Company - you know, the same folks who've helped Bitwise with their crypto trust products.

But hold onto your hardware wallets, because they're not alone in this race! They're joining a star-studded cast including Grayscale, Bitwise, VanEck, 21Shares, and Canary Capital.

The plot thickens as JPMorgan's crystal ball suggests these Solana ETFs could rake in a whopping $3-6 billion in their first year - talk about making it rain! Bloomberg's dynamic duo, James Seyffart and Eric Balchunas, are giving it a 70% chance of approval before 2025's curtain call.

Speaking of approval, the SEC has been busy acknowledging applications like they're handing out candy, with recent nods to 21Shares, Bitwise, Canary Capital, VanEck, and Grayscale. This comes after reportedly ghosting several applications in December under Gary Gensler's watch - talk about a plot twist!

Franklin Templeton isn't just jumping on the bandwagon; they've been Solana's cheerleader for a while now, praising its ability to handle those pesky "technological growing pains" and its impressive DeFi ecosystem growth.

Franklin Templeton has registered a Solana Trust in Delaware, joining five other major players in the race for a spot Solana ETF

SEC has acknowledged multiple Solana ETF applications, showing a potential shift in regulatory stance

JPMorgan predicts potential first-year inflows of $3-6 billion if approved

US & UK Abandon Global AI Ethics Deal Setting Stage For Tech War

The US and UK just pulled a "thanks but no thanks" on an international AI ethics agreement, and the plot is thicker than a neural network's architecture!

At the AI Action Summit in Paris (February 10-11), over 100 countries gathered for what was supposed to be the tech world's version of a group hug. But in a plot twist worthy of a Silicon Valley soap opera, two major players decided to sit this one out. The reason? Well, according to US Vice President JD Vance, it's all about keeping the AI party going without too many party poopers (read: regulators) showing up.

Vance dropped what might be the quote of the year: "Excessive regulation of the AI sector could kill a transformative industry just as it is taking off." He also threw some shade at content moderation, calling it "authoritarian censorship."

Meanwhile, 60 countries did sign the statement, which aims to create an AI platform for the public good and set up "observatories" to study its impact on jobs. Think of it as setting up traffic cameras for the AI highway, but some folks would rather keep the speed limits... flexible.

The plot thickens when you realize that President Trump recently axed the previous administration's AI executive order. This comes after the EU implemented their AI Act in August, basically becoming the first grown-up in the room with comprehensive AI rules.

Stanford expert Russell Wald called this an "unequivocal shift" in US policy, basically saying America's new motto is "Move fast and... just move fast!" Safety? That's so 2023!

US and UK refused to sign international AI ethics agreement, prioritizing innovation over regulation

VP Vance warns that excessive regulation could kill AI industry's growth potential

Trump administration continues to roll back AI oversight measures while EU maintains strict regulatory framework

Goldman Sachs Makes Mind Blowing 2000 Percent ETH Gamble After Years Of Crypto Hate

Goldman Sachs just pulled the ultimate "actions. We're talking about cranking up their Ethereum ETF holdings by a mind-boggling 2,000% - from a modest $22 million to a whopping $476 million!

Their Bitcoin ETF stash got super-sized too, jumping 114% to $1.52 billion. They're spreading the love between iShares Bitcoin Trust (IBIT) at $1.28 billion and Fidelity's Bitcoin Fund (FBTC) at $288 million, with a little sprinkle of $3.6 million in Grayscale's GBTC for good measure.

All this happened while Bitcoin and Ethereum were doing their happy dance, with BTC up 41% and ETH climbing 26.3% during Q4. But get this - Goldman's supposedly "not believers in crypto" according to their own Chief Investment Officer Sharmin Mossavar-Rahmani.

Goldman is reportedly cooking up their own crypto trading platform while simultaneously maintaining their public skepticism.

Goldman Sachs increased Ethereum ETF holdings by 2,000% to $476M and Bitcoin ETF holdings to $1.52B in Q4 2024

The firm continues publicly criticizing crypto while dramatically increasing their exposure

Goldman is reportedly developing their own crypto trading platform despite historical skepticism

And that's today's scoop, my wonderful PoI readers! 🎯 From the wild west of memecoins to the sophisticated halls of Goldman Sachs, we've covered quite the journey today. I hope you enjoyed this rollercoaster of regulatory drama, institutional adoption, and AI policy shenanigans as much as I enjoyed writing it!

Remember to stay curious, stay savvy, and keep that FOMO in check (unless it's about reading tomorrow's newsletter 😉). Until our next digital rendezvous, this is Mochi, your trusty crypto chronicler, signing off!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! 📣❤️ Share the newsletter

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