EddieJayonCrypto
21 Mar 23
• Joe Kernen of CNBC asserts only the wealthy are concerned with FDIC's $250K limit; the quiet part said out loud• The FOMC meeting begins today, and despite banking failures, a 25 basis point uptick is anticipated to address inflation• MATIC dropped to $1.09 following the announcement of a Polygon-...
• Joe Kernen of CNBC asserts only the wealthy are concerned with FDIC's $250K limit; the quiet part said out loud• The FOMC meeting begins today, and despite banking failures, a 25 basis point uptick is anticipated to address inflation• MATIC dropped to $1.09 following the announcement of a Polygon-Immutable gaming platform based on zkEVM; a surprising turn given the expected benefits of the deal• Coinbase is set to argue its first crypto case in front of the Supreme Court, fighting a pair of class action lawsuits and pushing for arbitration of plaintiffs• Coinbase challenges SEC's classification of staking as a security, contending it is a software service• While the US takes a hard line on crypto, other countries, including China, seek to attract Web3 leaders to their shores to become crypto hubsThere are a numbers of strategic moves happening during this tumultuous banking climate. Here is what is on my mind today.1. Joe Kernen hit the nail on the head this morning on CNBC when he said the only people worried about the $250K limit by the FDIC are the same people that got the Trump tax cuts. He then tried to cover it up as his co-hosts, Becky Quick and Andrew Ross-Sorkin winced at the statement. Almost as if they knew it is bad to say the quiet part out loud. The average American doesn't have over $250K to worry about the insurance limit. 2. The conversation starts today with the FOMC meeting. I am sticking to my guns on this one. I think a 25 basis point uptick is in the cards. Banking failures only add to the problems for the Federal Reserve Bank. They still have to deal with the overarching problem of inflation. I do not think a dead stop to interest rate hikes will help that situation. 3. We all know how fond I am of Polygon. The fact that the price of MATIC dropped to as low as $1.09 overnight after announcing a deal with Immutable to create a gaming platform based on zkEVM is astounding. The speed and almost gasless operation for customers should invite positive gains, but a drop? Are you kidding me. The deal is a good thing and I fully expect a turnaround. 4. Coinbase has a case going in front of the Supreme Court. Apparently, they are fighting a pair class action lawsuits and are trying to force the plaintiffs into arbitration. This is the first-ever crypto case to be heard by the highest court in the land. At first glance this may seem like a heavy-handed move by the centralize crypto exchange. When you look closer, you realize you have waived your rights to a class action when you agreed to the user agreement. This case will have a further reach than just crypto. 5. In another move, Coinbase is objecting to the SEC stance that staking is a security. I think they may have some serious legs to stand on in this case. From my perspective, they are doing exactly what the banking system doesn't want them to do: putting the tools in the hands of everyday people. Their contention is that staking is a software service and if you look at it, that is exactly what it is. I think the SEC has its work cut out. Given their current track record in the space, I am expecting them to take the L. 6. As the United States wages war against crypto other countries vie to become crypto hubs by luring Web3 leaders to their shores. China, through Hong Kong is one of those countries. Crypto is becoming a massive chess game for countries with some taking control over the board while other countries stutter and stammer.