Hey there, PoI readers! 🌟

It's your favorite crypto connoisseur, Mochi, back with another serving of juicy digital drama and market madness! From BlackRock's massive Bitcoin shopping spree and South Korea's political rollercoaster to Coinbase's spicy law firm drama and Trump's potential SEC shake-up, we've got more plot twists than a crypto chart during a bull run! So grab your favorite beverage, settle in, and let's dive into this week's most fascinating stories from the crypto cosmos! 🌐

INTEL BRIEF

🟧 Prediction market shows Paul Atkins leading with 93% odds as Trump's potential SEC Chair pick, though official announcements and mixed reports create uncertainty around the final selection.

🟧 BlackRock's Bitcoin ETF has accumulated over 500,000 BTC (worth $48B), surpassing MicroStrategy's holdings and now controls 2.38% of all Bitcoin.

🟧 South Korean President's martial law declaration triggered a dramatic 30% BTC/KRW price drop on Upbit, though lawmakers quickly voted to block the decree.

🟧 Coinbase CEO Brian Armstrong announces the company will cut ties with law firms hiring former SEC officials who demonstrated anti-crypto stances, starting with Milbank after their hiring of Gurbir Grewal.

Trump SEC Chair Frontrunner Paul Atkins Hits 93 Percent Odds As Markets Go Wild

The prediction platform Kalshi has been serving up some spicy odds that have gotten everyone's attention - they're giving former SEC Commissioner Paul Atkins a whopping 93% chance of becoming the next SEC Chair under Trump's potential administration.

While Politico confirmed that Atkins scored a meet-and-greet with Trump, the rumor mill has been churning out mixed signals. Some sources are claiming it's a done deal, while others suggest Atkins might be playing hard to get.

The plot thickens when you look at the other contenders in this regulatory reality show. Brian Brooks (former acting comptroller of the currency) and Teresa Goody Guillen (former SEC attorney) are also in the running, though according to Kalshi's odds, they're about as likely to get picked as me getting legacy verified on X.

Here's where it gets interesting for our crypto-loving friends: Trump has been vocal about replacing current SEC Chair Gary Gensler, who's already announced his January 20th departure. The crypto industry has been doing the equivalent of leaving cookies out for Santa, hoping for a more crypto-friendly face at the SEC's helm.

But let's not count our NFTs before they're minted - remember when Trump pulled a classic plot twist and picked Matt Gaetz for Attorney General? (Though that particular episode had a short runtime when Gaetz withdrew). The final decision still needs to go through the Senate's confirmation process, where Republicans would be working with a margin thinner than my patience for gas fees.

Kalshi's prediction market shows Paul Atkins as the front-runner (93% odds) for SEC Chair under Trump

Current SEC Chair Gary Gensler confirmed January 20th departure date

Final selection remains unofficial with Senate confirmation required for any nominee

BlackRock Becomes Biggest Bitcoin Holder After Surpassing MicroStrategy With 500k BTC

BlackRock's iShares Bitcoin Trust (IBIT) has just pulled off something more impressive than my attempt to explain blockchain to my grandma - they've amassed over 500,380 Bitcoin, worth a jaw-dropping $48 billion! That's enough Bitcoin to make Scrooge McDuck's vault look like a piggy bank!

Here's where it gets really wild: IBIT now holds 2.38% of Bitcoin's total supply, which is like owning 2.38% of all the gold in Fort Knox, except this fortress is digital and runs on coffee-fueled developers.

While most spot Bitcoin ETFs are seeing green with positive inflows (unlike my attempts at gardening), the combined ETF Bitcoin holdings are creeping up on Satoshi Nakamoto's legendary 1.1 million BTC stash. Now that's what I call a game of digital throne!

In this battle of the Bitcoin behemoths, IBIT has officially overtaken MicroStrategy as the biggest Bitcoin holder in town. Though MicroStrategy isn't exactly sitting on its hands - they just splurged $1.5 billion on 15,400 more BTC, bringing their total to 402,100 BTC. Meanwhile, MARA Holdings is doing its best to keep up, having recently scooped up 6,484 Bitcoin at what some might call a "premium enthusiasm price" of $95,352 per coin.

BlackRock's IBIT ETF now holds 500,380 BTC (2.38% of total supply), worth $48 billion

All spot Bitcoin ETFs except GBTC showing positive inflows

Corporate Bitcoin holdings continue growing with MicroStrategy and MARA making substantial purchases

South Korean Bitcoin Markets Panic as President Attempts Emergency Martial Law

South Korea just gave us a masterclass in how politics can make crypto markets do the cha-cha faster than you can say "blockchain." Picture this: President Yoon Suk Yeol drops a martial law bombshell on live TV, and suddenly the BTC/KRW trading pair on Upbit does an Olympic-worthy dive from 130 million KRW to 93.6 million KRW.

Why the presidential plot twist, you ask? Well, Yoon claimed it was all about dealing with those pesky "North Korean communist forces" and some "anti-state elements" (sounds like a rejected movie script, right?). But here's where it gets juicier than a Korean BBQ feast - Democratic Party leader Lee Jae-myung wasn't having any of it, worried that the military might start playing a real-life game of "catch the parliament member."

But wait! Just when things were getting more intense than a cryptocurrency whitepaper, the South Korean parliament pulled a reverse UNO card! A whopping 190 out of 300 lawmakers said "nope" to the martial law decree faster than you can execute a smart contract. National Assembly Speaker Woo Won-sik basically told the president "This isn't gonna fly!"

This whole situation had everyone on edge, especially considering South Korea is home to tech giants like Samsung and SK Group (not to mention crypto exchanges Upbit, Bithumb, Korbit, and Coinone). Oh, and let's not forget about that crypto capital gains tax they were planning - looks like that's getting a two-year rain check!

President Yoon's martial law declaration caused BTC/KRW to temporarily crash 30% on Upbit

South Korean parliament swiftly blocked the martial law decree with 190 votes

Political drama coincides with delayed implementation of crypto capital gains tax

Coinbase Dumps Law Firm After Hiring Anti Crypto SEC Official Grewal

Coinbase CEO Brian Armstrong just dropped a bombshell that's making law firms more nervous than a Bitcoin maximalist during a dip. The message? "Hire anti-crypto government officials, and you can kiss our business goodbye!"

And Armstrong isn't just talking the talk - he's walking the walk faster than a confirmed transaction! Case in point: Coinbase has already given Milbank the digital boot after they hired Gurbir Grewal, the former SEC enforcement director who apparently recommended more enforcement actions against crypto companies than I have failed attempts at explaining blockchain to my cat.

Speaking of Grewal's SEC tenure, it was apparently spicier than a ghost pepper - he reportedly pushed for over 100 enforcement actions against the digital asset industry. That's what Armstrong might call "not a normal SEC tenure," which is probably the corporate equivalent of saying "Sir, this is a Wendy's."

The plot thickens like cold custodial wallet - Armstrong suggests that senior partners at law firms might be as clueless about the crypto industry's stance on this as my grandma is about NFTs. His solution? Get the community to speak up louder than a mining rig in an echo chamber!

Coinbase terminates relationship with Milbank after hiring former SEC enforcement director Grewal

Armstrong urges crypto community to boycott law firms hiring anti-crypto government officials

Move comes amid optimistic market sentiment with Bitcoin reaching recent highs

And that's all the crypto tea for today, my wonderful PoI fam! 🫖 From BlackRock becoming the ultimate Bitcoin whale to South Korean lawmakers showing us how democracy works at lightning speed, this week has been nothing short of extraordinary. Whether you're watching the SEC chair predictions or keeping an eye on Coinbase's legal drama, remember to stay curious and keep that DYOR spirit alive!

Until our next digital rendezvous, this is your favorite mochi-loving crypto chronicler, signing off with a virtual high-five! 🙌✨

🍨📰 Catch you in the next issue! 📰🍨