EddieJayonCrypto
18 May 23
The team at Ledger have lost their minds and MetaMask is not far behind. Here is what is on my mind today.1. The other day I spoke about how FedNow is being rolled out to traditional financial institutions. Now that you are thinking I also want you to think about the possible issuance of a CBDC and ...
The team at Ledger have lost their minds and MetaMask is not far behind. Here is what is on my mind today.1. The other day I spoke about how FedNow is being rolled out to traditional financial institutions. Now that you are thinking I also want you to think about the possible issuance of a CBDC and the possible impacts to privacy and control of your money. FedNow, by itself cannot do anything directly to blacklist an account except to deny transactions. Only banks would be able to do that. However, the implementation of a CBDC closes that loop and would give the government complete control of money. I would take even another step further. Remember, some bank are global in reach. So this is not just a problem for a single country. The combination of FedNow and a CBDC would, indeed, have a global impact. 2. So, while I was traveling, Ledger decided to lose their collective mind! What the heck are they thinking. There are so many things wrong with their idea of a cloud recovery service. The service involves Ledger and 2 other companies hold pieces of your wallet key. This is supposed to make it so no single company can have a copy of your complete phrase. However, this is dead on arrival. For them to provide that service Ledger would have to initially have your complete phrase. The new service is SUPPOSEDLY only available to users of the Ledger X. I will not get into the thought of a backdoor already existing and just needs to be turned on for the service. Needless to say, I am done with Ledger. Then you have MetaMask altering their Terms of Use to say you cannot sue them if something goes wrong. What? 3. The SEC deems Filecoin to be an unregistered security and requests Grayscale withdraw its Filecoin Trust application. Grayscale disagrees and is on record saying they are going to respond "promptly" to the SEC with a legal basis for the position. So, think about this. Coinbase requested the SEC tell them what they deem ae unregistered securities and they said no. Then the SEC, on a one off basis, says Filecoin is an unregistered security. That is going to have an impact on their case. 4. Ripple just snagged Metaco for $250M. Metaco is a Swiss digital asset custodian and tokenization service. Believe me when I tell you this is a clear sign that Ripple is prepared to leave the United States. They may not have yet, but they have options. This is a very smart purchase for the company. 5. The United States House of Representatives has sent a stern warning to US regulators like the SEC and CFTC to not 'front-run' Congress on stablecoins. Congress has been pushing hard for a bill on stablecoin regulation and do not want the SEC or any other regulator to tread in those waters. That says a lot. 6. Tether withdraws about $4.8B from banks in 2023. The move was to reduce their risk. They currently only have about $480M remaining in banks. That kind of outflow of cash from those banks is pretty big hit. I did notice that I cannot find a list of the affected banks. This tells me the move was not meant to cause harm but backs the notion they wanted to reduce their risk. Tether is also planning to purchase about $1.5B in Bitcoin. This increase their reserves being held in Bitcoin. 7. With all of the events surrounding Voyager, including the failed deal with Binance, I felt I should tell you the latest. It looks like Voyager will be allowed to liquidate assets and begin customer payouts starting June 1st. The payouts should be about 35%.