EddieJayonCrypto
17 Jul 23
Last week was a very big week, perhaps, bigger than people realize. Here is what is on my mind today.1. Australia-based Monochrome Asset Management has filed to be the country's first Bitcoin spot ETF. We all know this would have a huge effect on the Bitcoin market in the country. That said, with Au...
Last week was a very big week, perhaps, bigger than people realize. Here is what is on my mind today.1. Australia-based Monochrome Asset Management has filed to be the country's first Bitcoin spot ETF. We all know this would have a huge effect on the Bitcoin market in the country. That said, with Australia's top 4 banks blocking payments to crypto exchanges, this could be setting the table for an alternative to direct ownership of Bitcoin in the country. Them and the National Australian Bank cite risks from crypto scams. I think it stems from their fear of people taking more control over their own finances and outflow of cash from the traditional banking system. 2. Meanwhile, in the United States, Congress is being pressured to pass crypto law. Mind you Senators Lummis and Gillibrand have put forth their proposed crypto bill yet again. They have previously presented the bill in a previous congressional session where is was never picked up. If the loss to Ripple by the SEC says nothing else, it definitely says existing laws do not fit the current financial landscape. This is as Europe's first Bitcoin spot ETF prepares for public listing after being delayed. No specific date yet, but the major hurdles seem to have been removed for the product sponsored by 21Shares and WisdomTree. 3. My biggest fear about CBDCs has been realized. A Brazilian blockchain developer, Pedro Magalhaes, has discovered that the government has a function in the CBDC that allows it to easily freeze funds. Imagine if the government makes a mistake and freezes your funds. How long would it take for them to unfreeze them? What would be the process? More importantly, how would you live? Would you be able to tell your job to send the funds elsewhere? Imagine other countries having that level of power. Some would say they already have it and they would be correct. This is another reason why I believe people will continue flocking to crypto. 4. Looking at the Coinbase case the SEC has brought, the judge in the case is expressing skepticism as the federal judge says the SEC could have told Coinbase they could be violating securities laws previous to the centralized exchanged going IPO. Instead, the SEC waited until 2 years later to drop the bomb and take them to court. Judge Failla says she is wondering why the SEC didn't warn the company. More importantly, she recognizes that Coinbase could have assumed they got the nod from the SEC regarding their business model and operations. Why wouldn't they? What is the point of filing with the SEC if they aren't going to review your company to ensure the public can safety invest in the company? 5. The Shiba Inu team has announced "The Summer of Shibarium". This seems to be a very well-planned marketing strategy. Along with Shibarium itself, we are anticipating the release of their layer 2 blockchain. This should usher in a cheaper and easier to use Shiba Inu. I am a big fan of the project. So this push to introduce a slate of new features and capabilities is great news. 6. Immediately following the involuntary terminations (layoffs), Binance announces they have completed integrating Bitcoin Lightning Network. They needed some good news after a series of hits the world's largest centralize exchange has been taking as of late.