tl;dr
1. Ledger is still getting heat over their new recovery service. A tweet from the company had stated they could, technically, send private keys via the firmware. The tweet has since been deleted, but the damage is done. I was once an avid Ledger user. I am not any longer! The move by the company was...
1. Ledger is still getting heat over their new recovery service. A tweet from the company had stated they could, technically, send private keys via the firmware. The tweet has since been deleted, but the damage is done. I was once an avid Ledger user. I am not any longer! The move by the company was to create a kind a security in a box type of situation for people that do not know how to secure things themselves. I get it, but this is NOT the way to go. They could have launched the service completely separated from its core hardware business and offered a product dedicated to the service.
2. The Chairman of the CFTC says the agency lacks the authority to regulate cash crypto markets, but will regulate crypto assets it considers commodities. That is a cute statement. Here is mine. Chairman Benham, are you willing to do what your counterpart at the SEC is unwilling to do and give us a list of assets your agency considers commodities?
3. I was going to report yesterday that Binance Australia has halted AUD services effective immediately. They are saying it is due to third-party issues. Basically, it means no banks are supporting them. Your digital assets are safe, but getting them back to AUD is going to be a somewhat harder. Given the growing interest in crypto in Australia, this could prove to be a bad move by the establishment.
4. In a bill last week Texas requires crypto companies to provide proof of reserves and to ensure customers can 'always' withdraw their funds. The move is meant to bring transparency to crypto exchanges operating in the state.
5. Although it may not wind up being the prevailing bill, Rep Tom Emmer has introduced a bill dubbed the Securities Clarification Act. The bill introduces a new term, "investment contract asset", into existing securities law that provides a path for projects to realize their potential, but with guardrails. The bill was created with the help of Coin Center, the Blockchain Association, the Chamber of Digital Commerce, and the Crypto Council for Innovation.
6. Shiba Inu is in the new with the launch of a SHIB-themed crypto wallet. Announced on Twitter, the wallet is set to open pre-orders May 29th. Of course the credit card-shaped wallet will support SHIB, Bone and LEASH. Tangem, the maker of the wallet says it was created with the assistance of Shiba Inu Swap. In more news, Shibarium beta "puppynet" has achieved a new milestone now exceeding over 15M wallet addresses and has processed almost 9.4M transactions.
7. For those of you thinking the US is far from creating a CBDC, you are dead wrong. The NY Fed and Singapore regulator have confirmed CBDC interoperability and even payments speeds in their latest tests. This may sound nuts, but I wonder if there is a reason why the government has been dragging its feet on crypto regulation. In further CBDC news, Ripple announces it CBDC platform and their CTO asserts CBDCs can leverage XRP. There should be no surprise here. I believe the plan was to always work with traditional finance and governments around the world.
8. Coinbase has launched their zero-fee subscription service. For $29.99/month you can trade as much as you want and not have to pay any fees to Coinbase and only must handle normal gas fees, if any.
9. Standard Chartered has been in the crypto news a lot lately. The firm has now launched a digital currency custody service in Dubai. The firm dipped its toe in Singapore earlier this year, but this Dubai move sends several signals.