Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another serving of absolutely juicy web3 news. This week's plate is particularly spicy - we've got Ripple's CEO stirring up Twitter with alleged Trump meetings, a global Bitcoin treasure hunt that's got nations acting, the Winklevoss twins dropping truth bombs about the SEC, and a $258 billion Dogecoin drama that just got put to rest!
So grab your favorite beverage, settle into your comfiest chair, and let's dive into this feast of crypto chaos! 🎭

INTEL BRIEF

🟧 Ripple's CEO Brad Garlinghouse faces industry backlash over alleged Trump meeting while XRP sees a 20% surge amid speculation of a more crypto-friendly US regulatory environment.

🟧 Asset manager Anthony Pompliano warns of an emerging global race for Bitcoin accumulation as nations and states compete to secure their share of the limited supply cryptocurrency.

🟧 Gemini co-founder Tyler Winklevoss launches a scathing critique of SEC Chair Gary Gensler's impact on the crypto industry, amid mounting speculation about Gensler's potential resignation following Trump's election victory.

🟧 A $258 billion class-action lawsuit against Elon Musk and Tesla over alleged Dogecoin price manipulation has been withdrawn by investors, marking the end of a two-year legal battle.

Trump And Ripple CEO Secret Meeting Sends XRP Soaring 20% While Critics Rage

XRP just pulled off an impressive 20% price surge on November 15, but that's not even the juiciest part of this story. The crypto community is all stirred up over rumors that Ripple's CEO Brad Garlinghouse might have had a little tête-à-tête with President-elect Trump.

But not everyone's popping champagne over this speculated meeting. Former Messari CEO Ryan Selkis threw some serious shade, claiming Garlinghouse is "shilling XRP and CBDC implementations." Pierre Rochard from Riot Platforms jumped on the criticism train, expressing concerns about Ripple potentially influencing US policymaking with what he calls an "anti-bitcoin agenda."

When Fox Business tried to get the scoop from Garlinghouse about the alleged Trump meeting, he pulled a classic "no comment" move. However, he didn't hold back his enthusiasm about the future, stating that "The crypto industry has embraced Trump; Trump has embraced the crypto industry." He's apparently as excited about the future as a kid in a crypto candy store!

Speaking of excitement, the crypto markets are doing a happy dance over Trump's promise to give SEC Chairman Gary Gensler the boot on day one. It seems Gensler's not winning any popularity contests in the crypto world, with Garlinghouse pointing to his hostile stance as a major buzzkill for US-based crypto projects.

And here's the cherry on top: 18 file a lawsuit against Gensler to file a lawsuit against Gensler, accusing him of "gross government overreach."

XRP surged 20% amid rumors of a meeting between Ripple's CEO and Trump

Industry critics worry about Ripple's potential influence on US crypto policy

18 states have filed a lawsuit against SEC Chairman Gensler, while Trump promises to fire him

Global Nations Launch Secret War To Hoard Bitcoin As US Risks Falling Behind

Anthony Pompliano (let's call him Pomp because who doesn't love a nickname?) dropped a truth bomb on Yahoo Finance that's got everyone's digital wallets tingling. According to our favorite Bitcoin cheerleader, we're witnessing what could be the greatest treasure hunt of our time - except this time, it's for digital gold!

Market watchers believe President-elect Trump might be planning to stuff America's piggy bank with Bitcoin. Why? Because as Pomp so eloquently puts it, there's a "global race for Bitcoin" happening right now. Unlike that shiny yellow stuff we dig up from the ground, Bitcoin's got a hard cap tighter than your crypto wallet's security!

But wait, it gets spicier! Pomp dropped this sobering stat: US residents have lost about 25% of their purchasing power in the last five years.

The US national debt jumped by $850 billion in just 90 days. Pomp suggests that investing $50-100 billion in Bitcoin would be like pocket change for Uncle Sam - basically a "rounding error" in government spending terms.

Meanwhile, smaller nations like Bhutan and El Salvador are already filling their Bitcoin bags, playing the role of the smart early birds. And in our own backyard, Florida and Pennsylvania are getting in on the action. Pennsylvania's even considering a bill to put 10% of its treasury in Bitcoin.

A global race for Bitcoin accumulation has begun among nations and states

US purchasing power dropped 25% in five years, driving interest in Bitcoin as a reserve asset

States like Florida and Pennsylvania are leading domestic Bitcoin adoption efforts with strategic reserve initiatives

Tyler Winklevoss Unleashes Epic Roast on Gary Gensler

Tyler Winklevoss just went full savage mode on Gary Gensler. In a post that's got Crypto Twitter more fired up than a FOMO rally, Winklevoss declared Gensler "evil" and suggested he should stay farther from power than a Bitcoin maximalist from a shitcoin convention.

The crypto community is buzzing with speculation that Gensler might be updating his LinkedIn profile soon, following Trump's victory on November 5th. And by "updating," I mean potentially looking for a new job that doesn't involve making crypto entrepreneurs pull their hair out.

Winklevoss didn't stop there though. He claimed that Gensler's actions weren't just "oopsies" but rather calculated moves that ended up "nuking an industry" and torching thousands of jobs faster than a failed ICO burns through investor funds – apparently, Gensler's master plan backfired so hard it even singed his own political party!

Even the big brains are weighing in! ConsenSys CEO Joseph Lubin said we've been living in a "gas-lit world" thanks to the SEC. And no, crypto fam, he's not talking about Ethereum gas fees this time!

Meanwhile, MicroStrategy's Michael Saylor is over here practically doing a happy dance about Gensler's potential replacement, calling it "incredibly bullish for digital assets." Word on the street (or should I say, Reuters) is that Robinhood's legal chief Dan Gallagher might be next in line for the SEC hot seat.

Tyler Winklevoss launches scathing critique of SEC Chair Gary Gensler, calling his actions calculated and harmful to the crypto industry

Speculation mounts about Gensler's replacement, with Robinhood's Dan Gallagher as a potential frontrunner

18 US states file lawsuit against SEC and Gensler for "gross government overreach"

Elon Musk Wins Epic $258B Dogecoin Battle As Investors Drop Massive Lawsuit

The $258 billion lawsuit against Elon Musk has been voluntarily dropped faster than a hot DOGE during a crypto winter! The plaintiffs have decided to take their bone and bury it somewhere else, withdrawing their appeal on November 14, 2024.

Let's rewind to 2022 when this legal drama was more exciting than a puppy chasing its tail. Investors accused Musk of running a "crypto pyramid scheme" through his Dogecoin-related shenanigans, including his memorable Saturday Night Live appearance where he crowned himself "The Dogefather." (Side note: Is that like the Godfather, but with more memes? 🤔)

The original complaint was more spicier, with plaintiff Keith Johnson painting Musk as some sort of crypto-ringmaster who assembled the "Doge Army" - complete with billionaires, influencers, and celebrities.

But Musk's legal team wasn't having any of it. They barked back in April 2023, calling the lawsuit a "work of fiction" - which, let's be honest, is probably the nicest way to say "this case is more far-fetched than DOGE hitting $1." They pointed out there's nothing unlawful about tweeting funny pictures of a cryptocurrency that's worth checks notes $10 billion.

Here's a juicy tidbit: Earlier this year, Musk teased that Tesla might start accepting Dogecoin for cars "at some point.” The case still needs Judge Alvin K. Hellerstein's final stamp of approval before it's officially put to rest, but it looks like this particular crypto legal drama is heading to the dog house.

$258 billion Dogecoin lawsuit against Musk and Tesla voluntarily withdrawn by investors

Original lawsuit claimed Musk ran a "crypto pyramid scheme" through DOGE promotion

Tesla might accept Dogecoin as payment for vehicles in the future, according to Musk's hints

And that's all the tea for this week, my wonderful PoI community! 🍵 From XRP's wild price surge to nations racing for Bitcoin like kids in a candy store, we've certainly had our fair share of excitement.

Until next week, this is your favorite ice cream-inspired newsletter writer, Mochi, signing off with a virtual fortune cookie that reads: "The best time to buy Bitcoin was yesterday, the second best time is... well, DYOR!" 🥠 💫

P.S. Don't forget to share this newsletter faster than a validator can confirm a transaction! Every share helps grow our amazing PoI family! 📣 

🍨📰 Catch you in the next issue! 📰🍨