Order in the court ⚖️

“Because I am a woman, I must make unusual efforts to succeed. If I fail, no one will say, “She doesn’t have what it takes.” They will say, “Women don’t have what it takes.”

– Clare Boothe Luce

👋 Hi friends, Rallie here. The newsletter that's like your trusty GPS, guiding you through the winding roads of crypto and tech.

On the menu:

• 🌟 IWD 2023

• ⚖️ SEC vs. Grayscale

• 🗞️ Headlines that hit

• 💯 Top tweets

Why We Rallie

🌟 Tomorrow is one of our favourite days of the year... you guessed it, International Women's Day (IWD)! Every year on March 8th, we celebrate IWD to recognize the social, economic, cultural, and political achievements of women. It's also a chance to celebrate the women in our lives and to show support for gender equality. Here are some facts about IWD:

• IWD has been celebrated since the early 1900s and is now recognized globally with events, marches, and rallies held worldwide.

• The day is an opportunity to celebrate the progress that has been made towards gender equality and to raise awareness of the ongoing challenges that women face, including discrimination, harassment, and violence.

• Each year, IWD has a specific theme or focus, and the 2023 United Nations theme is DigitALL: Innovation and technology for gender equality.

• IWD provides an opportunity to reflect on the progress that has been made towards gender equality and to renew our commitment to working towards a more just and inclusive world.

• It's also an important way to inspire and empower future generations of women to ensure that they have the opportunities and support they need to achieve their full potential.

👀 Keep your eyes peeled on your inbox tomorrow because we have a fun giveaway coming your way...

Rallie Recap

⚖️ Order in the court! Grayscale is suing the SEC, and here's the skinny:

• Grayscale Investments, an American digital currency asset management company, is suing the SEC after they refused to let Grayscale create a spot market Bitcoin ETF... and the case is in court today.

• Grayscale has a product called the Grayscale Bitcoin Trust ($GBTC) that allows investors to gain exposure to Bitcoin.

• Unfortunately, the product is not a great proxy for Bitcoin's spot price, and trades at a discount for a few reasons:

  • it has a high minimum investment ($50K USD – not cheap),

  • a high management fee (2% – ouch!), and,

  • investors can't redeem GBTC for actual Bitcoin as Grayscale owns the Bitcoin.

• To solve these problems and provide a better product, Grayscale applied to convert its Grayscale Bitcoin Trust to a Bitcoin ETF, which would track the market price of Bitcoin and would give investors better exposure to Bitcoin.

• The SEC flat-out rejected the application and Grayscale sued, claiming that the SEC 'arbitrarily' rejected the ETF application, as they've already approved a Bitcoin Futures ETF. The SEC claims they rejected the application due to a lack of a plan for fraud detection by Grayscale.

• The two are in court today, and here's why we care: a Bitcoin ETF would help to increase Bitcoin adoption by reaching new investors, of all income backgrounds, who are looking for exposure to the asset class.

So far, it looks like the Grayscale could have a winning case, as the judge had some hard-hitting questions for the financial watchdog about the agency’s basis for denying Grayscale’s application.

Headlines That Hit

• 📉 The stock market is down because interest rates might still be going up... according to US Federal Reserve Chair, Jerome Powell.

• 🤖 Salesforce is entering the AI race, announcing their new product called Einstein GPT, the world's first generative AI customer relationship management (CRM) tool.

• 😵‍💫 A customer is suing Coinbase after he lost 90% his life savings when his iPhone was hacked and his Coinbase wallet was drained.

Trending Tweets

Our fav funnies to get you through the day.

Congrats, you made it to the end!

That's all for today. Stay hungry & we'll catch you next time. ✌️

DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions.