EddieJayonCrypto
27 Jun 23
There is a lot going on when you look at the global stage. So much that pressure may be mounting for the United States to act more pragmatically regarding digital assets. Here is what is on my mind today. 1. It looks like Robinhood is in trouble and are laying off 7% of the full-time workforce. If y...
There is a lot going on when you look at the global stage. So much that pressure may be mounting for the United States to act more pragmatically regarding digital assets. Here is what is on my mind today. 1. It looks like Robinhood is in trouble and are laying off 7% of the full-time workforce. If you look at their dwindling transaction on the platform, you would not have to wonder why. This is the third time in a year the company has had to trim its staff. Truth be told, I expect more because I have zero faith in management. They should have bit the bullet a long time ago and restructured their company and staff. 2. The CEO of Circle thinks spot Bitcoin ETFs are likely to be approved. During his talk with Bloomberg at the World Economic Forum in China, Jeremy Allaire was quite candid about the topic. Basically, he thinks the concerns regulators had are being addressed and the case against the applications is far less than it once was. You may be wondering why else he was in China. Perhaps it is because Circle is also eyeing expansion into the Hong Kong market. The timing could be right given the Chinese central bank's clearing counterparty has launched the digital yuan. Something else coming out of the region is HSBC Hong Kong launching support for Bitcoin and Ethereum ETFs. In more News about Circle, SAP launches a new Digital Currency Hub for cross-border payments using USDC. 3. I didn't realize this, but apparently 21Shares, ARK and CBOE have an SEC decision date of 8/13/2023. That would place them at the front of the spot Bitcoin ETF line, even ahead of much larger BlackRock and the other 19b-4 applicants. 4. Rep. Maxine Waters of the House Financial Services Committee is seeking regulator input for a bill that would provide a path to digital asset exchanges to register with the SEC. I have been paying attention. Such a move says there currently is no path for them to do so now and that puts the SEC in a precarious position as Gary Gensler has been saying it is easy to register with the SEC. Well, isn't that interesting? 5. The Swiss National Bank is dipping their toe into the CBDC water. They launched their pilot, but this is different from other CBDC pilots in that they are going to be running it against real transactions. Something else that is interesting is they do not believe cash going away anytime soon. 6. In a major move Riot Platforms has acquired over 33K bitcoin mining rigs from MicroBT for almost $163M. This is a clear sign the company is seeking to increase their hash rate and capture more of the mining market. The large acquisition also positions them for a bright future in AI should they ever want to move in that direction. It is a doubtful move, but it is still an option. IT is also another clear sign that crypto is here to stay.