👀 US consumer debt smashes $17 trillion for the first time ever!

Welcome to Coinsauce's Daily Roundup🗞️, your daily dose of all things crypto! Subscribe to our newsletter to be well-informed and up-to-date on all the latest developments in the crypto world in a bite-sized, spam-free email. Let’s dive straight to today’s headlines 👇️ 

1. 📈 All time high - US citizen debt surpasses $17 trillion for the first time ever.

2. 📂 Hinman Hiccup - SEC's attempts to hide the 'Hinman Speech' files denied in court.

3. 😅 Update alert - Latest Bitcoin Cash update empowers developers to create customized tokens.

Citizen debt on steroids 💉 

US consumer debt has skyrocketed to new heights, and it's a spending spree that puts even Vegas to shame. The nation’s consumer debt just smashed $17 TRILLION for the first time ever in Q1, 2023. The debt has grown by $148 billion since Q4 of last year and by $2.9 trillion since the pre-Covid levels of 2019. Talk about a speed train going off the rails 🚆 

The total U.S. mortgage debt now sits at over $12 trillion. Auto loans rose $10 billion last quarter, reaching $1.56 trillion. Student loan debt hit $1.6 trillion. Credit card debt stayed flat at $986 billion.

With high inflation, constant rate hikes, rising consumer debt, and the BRICS seemingly on a mission to replace the US Dollar for global trade, we are witnessing the dominance of the US economy being questioned, and rightfully so. One thing is clear for sure that the debt monster has awakened, and it's demanding our attention—and our dollars ❗️ 

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The truth flows 🌊 

Ripple has scored a win against the SEC as the agency's attempt to seal internal files related to the "Hinman Speech" has been shut down. These files contain SEC drafts and emails regarding a speech by former SEC official William Hinman, who indicated that ether wasn't considered a security back then 😅 

The SEC argued for confidentiality, citing irrelevance and potential harm to their interests, but the court disagreed. The documents will now be accessible to the public, though some parts will be redacted to protect the identities of the SEC witnesses.

While Ripple Labs won a small victory, its own motion to seal key information relating to its business activities was also denied. This means that figures of Ripple’s revenues with XRP sales and the compensation offered to trading platforms to list XRP will be accessible to the public.

Crypto investors have their fingers crossed 🤞 as the final judgment of the SEC VS XRP saga is expected to have an enormous impact on the entire cryptoverse, especially for alt-coin regulations.

BCH introduces CashTokens 💰️ 

Bitcoin Cash ($BCH) has taken a leap forward with the introduction of CashTokens, a network upgrade that allows developers to create customized tokens to suit their needs. This development also aims to enhance transaction efficiency, scalability, and security on the Bitcoin Cash platform ❗️ 

At block height 792,772, CashTokens officially made their debut on May 15, 2023. Similar to Ethereum's ERC-20 tokens, CashTokens empower users to generate and manage their own tokens, representing assets like fiat currencies, stocks, bonds, etc.

The upgrade also endeavors to facilitate a broader spectrum of applications, including DApps and NFTs 😅 

However, despite the update, number of active wallets on the network sit at only 40,000. It remains to be seen if this update can sweeten the deal and reignite the Bitcoin Cash flame!

Meme of the day

What disguised inflation feels like 😂 

Thank you for joining us on this edition of our crypto newsletter! Remember, one thing remains certain in the ever-evolving world of cryptocurrencies: volatility. It's crucial to stay informed, stay resilient, and manage your risks wisely. So, keep HODLing and remain vigilant against FOMO.

Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions. C