EddieJayonCrypto
24 Jul 23
There have been a lot of events that have pushed crypto prices lower. I am surprised they are not down more. Here is what is on my mind today.1. Don't forget we have the big Fed decision on Wednesday. Everyone expects a 25 basis point hike. That is not what is on my mind. I am thinking about what th...
There have been a lot of events that have pushed crypto prices lower. I am surprised they are not down more. Here is what is on my mind today.1. Don't forget we have the big Fed decision on Wednesday. Everyone expects a 25 basis point hike. That is not what is on my mind. I am thinking about what they are going to say about the current set of economic data. Frankly, I believe the data has not been definitive in either direction. 2. So, the SEC wants to appeal specific aspects of Judge Torres' ruling. Dubbed the Torres Doctrine by Attorney John Deaton, who goes on to say he believes the ruling will stand for at least the next 2 years. This is in response to people thinking the SEC appeal may be bigger than a bread box. Mr. Deaton believes if the appeal were to go through the normal course of action, which he believes it will, it would take about 2 years. He also thinks any appeal around the topic of the security decision would have a very slim chance of being overturned. 3. In all this time I missed a key point that didn't get by Mark Cuban. He says the ruling on XRP make it clear that not all buyers of XRP are investors. When I look at that, I see the next level of that, too: not all that are involved in crypto are investors. Don't sleep on that point. It is actually a big one. It recognizes the utility of tokens and their role beyond investment purposes. 4. Ripple is sending a message to all of the countries around the world and it is that they are a viable option for any state looking to create a CBDC. The company has partnered with SUPER HOW?, a private blockchain technology research lab based in Latvia to work on the Axiology project. The project is an infrastructure for tokenized securities and settlements built on the XRP Ledger. 5. Back on June 12 I told you about Custodia Bank's request for a Federal Reserve master account gains attention in Wyoming court. Now I am hearing rumblings they are displeased to be exclude from the list of banks involved in FedNow. There CEO, Cailin Long, points to a Amsterdam-based Adyen being included, while ignoring US-based Custodia Bank. The service still has its wrappers on and is already involved in scandal. I wonder what the process is to join the service going forward.