EddieJayonCrypto
2 May 23
here are some short-term roadblocks that could prove to be a part of larger macro-like events. Here is what is on my mind today1. This is nuts. The United States is so far behind the times that crypto companies are begging UK to not follow suit. The latest moves made by the UK are being praised by c...
here are some short-term roadblocks that could prove to be a part of larger macro-like events. Here is what is on my mind today1. This is nuts. The United States is so far behind the times that crypto companies are begging UK to not follow suit. The latest moves made by the UK are being praised by crypto companies such as a16z and Polygon Labs. As you might imagine, firms are completely at odds with how the US regulators, mainly the SEC and CFTC, are regulating the industry. The SEC gets the brunt of the mismanagement blame because of their regulation through prosecution approach. The CFTC gets the rest because many believe the crypto industry would be best regulated there and the department has been just about absent as they allow the continued iron fist of the SEC to reign. 2. DCG is close to defaulting on a $639M debt to Genesis and Gemini. A few days ago, I mentioned that the deal between DCG and creditors had fallen through. There are talks under way now to come to a final resolution. This all came about as a part of the contagion stemming from the compounded losses with Three Arrows Capital and FTX failures. 3. Fingers are pointing at Coinbase management, including CEO Brian Armstrong over alleged use of insider information. They are accused of selling millions of dollars' worth of shares in the company only days before Coinbase announced a major security breach that exposed personal information for over 6K customers. In total, it is said the insiders made approximately $1.4B. It is also being reported that the SEC is investigating. 4. The BRICS nations are now negotiating a currency model for the BRICS nations. I think people are forgetting how the Euro came about. Mind you, with all of that work, it has yet to replace the dollar. It takes more than just talk to replace a world reserve. I think we will see a lot more progress with crypto adoption than we will see coming from the BRICS nations. This is because I just see more trust in Bitcoin than the countries involved in BRICS. 5. Almost a year ago to the day, I told you about the world's largest family-owned private bank, House of Liechtenstein, is offering direct investments in crypto. The country has taken another step to boost their crypto ecosystem by amending regulations. The region is known for setting up legal entities when doing business in Europe. So, the move carries more weight than many would think.