Is Telegram's privacy era ending?

GM. Daily Squeeze here – we're squeezing the crypto fruit to fill your glass with fresh market juice.

💬 Telegram updated its privacy policy, allowing it to share user data with law enforcement when needed.

🥊 Republicans are trying to repeal SAB 121 once again.

🍊 News drops: the new Flappy Bird won't include NFTs, the OpenAI Newsroom X account was hacked + more

🍍 Market flavour today

Find out more about the Fear & Greed Index here.

Crypto Market Cap $2.28 Trillion 0.55% (24H)
Name	Price	24H %	7D %
Bitcoin BTC	$62,938.85	-0.94%	5.36%
Ethereum ETH	$2,595.94	-2.36%	11.48%
BNB BNB	$602.43	1.43%	10.52%
Solana SOL	$144.96	0.28%	8.68%

The crypto market's got us on our toes today! 🎢 The Fear and Greed Index ticked up to 54, getting closer to 'greedy' vibes but still chillin' in neutral territory.

While Bitcoin did dip below $63,000, folks still feel the afterglow of the recent uptick, with many expecting the good times to keep rolling. Thanks to looming interest rate cuts, a friendlier financial scene, and that end-of-year magic (which has been kind to BTC in the past 🎄), optimism's in the air.

However, analysts over at Bitfinex are tossing a word of caution our way. They predict the market might cool off or even dip unless the stock market keeps climbing. BTC's been buddying up with stock market trends lately, so its next move might hinge on Wall Street's performance. So, what's the play? Stay alert and keep those seatbelts fastened—it's all part of the crypto ride 🚀.

💬 Telegram update

About a month ago, we talked about the drama surrounding Telegram and its founder, Pavel Durov. Quick recap: Durov got arrested over a lack of content moderation on Telegram after it was found that a bunch of criminals were using the app.

Well, now we've got an update. Durov announced that Telegram had changed its privacy policy. Basically, if the authorities come through with a valid order proving you're involved in criminal activities that go against Telegram's rules, the platform can hand over your data (like your IP address or phone number).

On top of that, Durov said that AI and human moderators have cleaned up Telegram search results by blocking access to problematic content. He made it clear that the Search is meant for finding friends and news, not illegal stuff, and that these changes are all about fighting crime.

Unsurprisingly, this stirred up mixed reactions, with some saying it was necessary and others feeling like it was a betrayal of Telegram's privacy-first reputation.

Could this mean the golden era for decentralized social apps is coming? Time will tell.

🥊 Republicans vs. SEC

Back in 2022, the US SEC introduced a rule called Staff Accounting Bulletin No. 121, or SAB 121. It says that banks can store their customers' crypto assets only if they are added to the bank's balance sheet. In other words, it scares banks off from dealing with crypto.

Fast forward to this year, Republican Rep. Mike Flood tried to shut it down by introducing the H.J.Res.109 bill. Here's how that went:

• House voted 228-182 in favor → sent to Senate;
• Senate voted 60 - 38 in favor → sent to Biden;
• Biden vetoed → f*ck, sent back to House;
• House didn't get the two-thirds majority needed → sent straight to the trash.

Or so we thought—over 40 Republican lawmakers are back at it again, pushing the SEC to scrap this controversial rule. They sent a letter to SEC Chair Gary Gensler, arguing that if banks aren't handling crypto, it forces investors to rely on less regulated and riskier entities.

They threw some shade at how SAB 121 was implemented in the first place, being presented as "guidance" and not a formal policy so it could skip Congressional approval. The Government Accountability Office also clocked that in October 2023, determining that the SEC broke the law with this big brain move.

Supporting their argument even further, the lawmakers pointed out that the SEC worked behind the scenes with certain institutions to ✨ help them dodge the rule ✨. So, like, why not just repeal it and make it a level playing field for all?

The conclusion: the fight over SAB 121 isn't over. Although the letter may not change things after all, at least the conversation is still alive.

📰 News drops

🤖 The OpenAI Newsroom X account was hacked to lure ChatGPT users into a phishing scam. This marks the fourth time that an OpenAI-affiliated X account has been hacked in the past 15 months.

🐤 The team behind the revamped version of Flappy Bird said the game will never have NFTs. However, the TON-based game will have its own token in the future.

🩺 A group of doctors said that Sam Bankman-Fried's autism and ADHD affected his trial. They believe his brief, simple answers in front of the jury, influenced by his neurodivergence, might've been misread as arrogance or indifference.

🐙 Kraken has acquired BCM, one of the oldest crypto brokers in the Netherlands. "The completion of the BCM acquisition is a key milestone in our European expansion," said Brian Gahan, Kraken's Managing Director in Europe.

🏦 The Bank of Canada is stepping back from developing a retail Central Bank Digital Currency (CBDC). Instead, it'll focus on preparing for the evolution of payment systems through policy research.

🍌 Juicy memes

Source: @naiivememe

Source: @wallstreetbets