EddieJayonCrypto

 30 May 23

tl;dr

There are a couple of big events coming this week, including the finalization of the US debt ceiling deal and the possibility of China opening crypto to retail investors beginning June 1st. Here is what is on my mind today.1. As a part of the debt ceiling deal it looks like the proposed 30% excise t...

There are a couple of big events coming this week, including the finalization of the US debt ceiling deal and the possibility of China opening crypto to retail investors beginning June 1st. Here is what is on my mind today.

1. As a part of the debt ceiling deal it looks like the proposed 30% excise tax on Bitcoin miners has been nixed. I was not really sure that would make it into the final bill any. Truth be told, I think it was put into the proposal knowing it can be used as leverage, and that is how it played out.

2. On the heels of Brad Garlinghouse, CEO of Ripple, saying he expects a ruling in the coming weeks and not the coming months, Gemini is looking to have the SEC lawsuit against them thrown out. The accusation being that Genesis Global and Gemini sold unregistered securities to investors. Of course, one of the issues the SEC has yet to address is the fact that not only have they been unclear on what deems a crypto as security, but also missing the opportunity to say what cryptos are securities now. I am expecting the SEC to take it on the chin over the coming months.

3. It looks like Russia is scrapping its plans to develop a national crypto exchange and is instead looking to work with crypto exchanges to settle cross-border transactions. In other words, the sanctions due to their atrocious war in Ukraine are hurting and they have to get creative in settling transactions. Apparently, working with China is not quite enough. So far, it looks like BitRiver, as Russia-based crypto exchange is the only one working with the country.

4. With its second successful trial, The Bank of Japan is moving forward with their digital yen. The one year long project concluded in March and the results were favorable enough to move forward with the next phase.

5. Shiba Inu has been making some pretty big moves, albeit, quietly. He first is burning over 3.6B SHIB in the last 24 hours alone. This brings the grand total to over 410B SHIB burned, approximately 40% of the total supply of SHIB, which is 1 quadrillion. Let's not forget they also launched ShibaSwap, a decentralized exchange. The #ShibArmy is hard at work, indeed.

6. Polygon is also on the move with the launch of Pluto MISFITS being launched sooner than expected. The expected launch is now Q2. That means within weeks! The Web3 NFT project announced by Polygon co-founder Sandeep Nailwal garnering more and more attention.

7. It is not often you hear about HBAR being in the news, but it is being reported that NOWPayments is integrating Hedera into the platform. Previously I reported NOWPayments integrated Shiba Inu back in March.

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