EddieJayonCrypto
22 Jun 23
Fed Chair Powell had some seriously bullish commentary about crypto and stablecoins during his testimony yesterday. Here is what is on my mind today1. Powell may have blown the doors off. During the Fed Chair's testimony he said the US federal bank should play a robust role in overseeing stablecoins...
Fed Chair Powell had some seriously bullish commentary about crypto and stablecoins during his testimony yesterday. Here is what is on my mind today1. Powell may have blown the doors off. During the Fed Chair's testimony he said the US federal bank should play a robust role in overseeing stablecoins. This is coupled with him saying the "We do see payments stablecoins as a form of money" Another market-making point he made was that Bitcoin does have staying power even though it is not at its all-time high. What blew my mind is his revelation that the FOMC see cryptocurrencies as a new asset class. 2. Valkyrie Investments joins a list of firms filing for a Bitcoin spot ETF. Of course, you have Grayscale leading the charge. Then you have firms like BlackRock, Invesco, WisdomTree, and even Bitwise having all filed recently. 3. Did the SEC lie in its case against Binance? Well, it looks like it may have been caught lying and misleading the public in that case. Binance is asking the court to force the SEC comply with the rules of conduct. That is not a small thing. The specific accusation in question was the SEC saying Binance was moving assets offshore. So that court asked the direction and the SEC's response was "So currently the assets are not going offshore… [W]e’re not seeing any flows of money outside of the United States." That's right, The SEC is being called out for spreading FUD and not facts. 4. Deutsche Bank has said the quiet part out loud. They are warning that a US recession is imminent and that a hard landing nearly impossible to avoid. The report cites the rapid pace of interest rate hikes. They are not the only ones that think the same. 5. Polygon has been recognized as being one of the top 100 influential crypto companies in the world. This is not an overnight success by any stretch of the imagination. What's next? A proposal has been put forward that would upgrade Polygon PoS to a zkEVM Validium, a first of its kind decentralized ZK Layer 2. Imagine having the security of Ethereum while enjoying the scalability of Polygon. It is looking like this proposal has legs. 6. Ripple takes a major step in Singapore, by becoming one of only 190 companies to secure a In-Principle Approval for Major Payments Institution license. Of those, only 11 have gone to digital payments companies like Ripple. Clearly, the company is doing far more than business as usual. It is making serious inroads on a global scale. I think the SEC case is all but in their rearview mirror.