EddieJayonCrypto
12 Jun 23
1. Let's start with the coming FOMC meeting tomorrow. The chances are high the Fed will meet and come to the conclusion to pause hikes. I am on the side of pausing so more data can come in. The following FOMC meeting September 19th could see either another pause or a 25bp rise. Keep your fingers cro...
1. Let's start with the coming FOMC meeting tomorrow. The chances are high the Fed will meet and come to the conclusion to pause hikes. I am on the side of pausing so more data can come in. The following FOMC meeting September 19th could see either another pause or a 25bp rise. Keep your fingers crossed. If a consecutive pause were to happen, I think it would lead to an almost ridiculously strong Christmas season. 2. With everything going on in the Cryptoverse Coinbase CEO still thinks optimistically about crypto regulation in the US. Brian Armstrong says creating legislation is not as difficult as it may seem. I tend to agree with that notion. I think it takes thought and work. I also think it would mean a combination of upgrades to existing rules as well as new regulations to properly govern the space. I think the a new regulatory stance would involve the CFTC as the primary governing body and the SEC as a secondary one. The war on crypto in the US is going to prove to be a self-inflicted wound. Even former SEC boss Jay Clayton is calling for alternative approaches to SEC enforcement. 3. Something else I have been paying attention to is the request by Custodia Bank to become a master account with the Federal Reserve. Founded by Cailin Long, a former Morgan Stanley executive, Custodia Bank is acutely focused on being a crypto/fiat conduit for the crypto industry. The request by the Fed to dismiss the case has been struck down by the Wyoming federal court. You can imagine the implications should the master account status be granted to Custodia, beginning with no more intimidation tactics from the SEC. 4. Meanwhile, the UK Prime Minister is welcoming Andreessen Horowitz (a16z) into the country as the crypto investment firm opens international offices in the UK. The country has been working hard to become a crypto hub and a backbone for blockchain and Web3 projects. Mind you, it is not just our friends that are seizing the opportunity as the US falters with crypto regulation. Russia and China seem to be doing the same. 5. On the heels of the Cardan Foundation stating Cardano is not a security, Polygon Labs responds to the SEC stating MATIC is not a security either. I like the statement, but more importantly, I like what else they pointed out. They basically told the SEC to go pound sand because the Polygon network was built outside the US. Thusly, limiting any SEC impact. The price may be down now, but I suspect it will rebound quickly. 6. Shiba Inu has been under attack from people spreading FUD. I am not sure why, the community is fighting back hard. Lead developer, Shytoshi Kusama says the team is building something that will encompass blockchain, multiverse, in real-life applications and artificial intelligence. I am expecting community conversation about taking this direction to be very interesting. The Shiba Inu community has been incredibly focused on building out use cases. I think this demonstrates tehir desire to go even beyond that by creating an infrastructure to power the future.