EddieJayonCrypto
9 Mar 23
• Cathie Wood Invests Big in Coinbase and Robinhood Amid Market Dip• Silvergate Bank Announces Voluntary Liquidation - What Happens to BlackRock and Citadel's Investment?• Gemini Fights Rumors of JPMorgan Cutting Ties with Centralized Exchange• CFTC Chairman Declares Ethereum and Stablecoins as Comm...
• Cathie Wood Invests Big in Coinbase and Robinhood Amid Market Dip• Silvergate Bank Announces Voluntary Liquidation - What Happens to BlackRock and Citadel's Investment?• Gemini Fights Rumors of JPMorgan Cutting Ties with Centralized Exchange• CFTC Chairman Declares Ethereum and Stablecoins as Commodities - Implications for the SEC and Paxos?• Coinbase Unveils Wallet-as-a-Service Offering to Boost Adoption• Biden Administration Targets Crypto Wash Trading in Proposed BudgetMassive move downward caused by several factors, including Powell's testimonies, Silvergate and even the US moving 40K Bitcoin. Here is what is on my mind today.1. Cathie Wood is not playing games with Ark Invest snatching another $2.9M of Coinbase stock. Ark Invest also snatch up about $9.5M worth of Robinhood shares. Obviously, they are investing in the future because the markets as they are right now are seriously down and expected to dip a tad more. 2. Silvergate has announced something I have not seen in some time. They have declared a "voluntary liquidation". They went on to say they believe they have enough to pay out to all of their depositors. This begs the question, what about the $250M invested by BlackRock and the additional $25M invested by Citadel. You already had marathon Digital close their credit line from Silvergate and reclaim their BTC. 3. Gemini is fighting rumors that JPMorgan has cut ties with the centralized exchange. In light of what is going on at Silvergate, one could easily see why JPMorgan would tiptoe out of crypto. However, the idea seems nuts to me given just how much JPMorgan has going on within the Cryptoverse. For example, I just told you in late November about th3 $300B DeFi transaction they were involved in with DBS Bank. Not to mention all of the crypto dealings happening at its Onyx Digital Assets. The story has legs. I just don't believe it. I think JPMorgan has its own problems stemming from cases being brough against it regarding its relationship with Jeffrey Epstein. 4. Rostin Benham is in the news with a bombshell. The CFTC Chairman has flat out claimed Ethereum is a commodity. He dug deeper and stated stablecoins are also commodities. I am sure you have heard me say I thought oversight by the CFTC of stablecoins makes far more sense since the CFTC already manages the fiat exchange space. Let's not forget that the Chamber of Digital Commerce took action against SEC for mislabeling crypto assets as securities. I also wonder about the SEC's case against Paxos with this turn of events. 5. Imagine a "wallet as a service" offering could do for adoption. Coinbase unveiled the new offering yesterday. The new service can offer Web3 companies an easier way to securely onboard users and manage communication and use through an API. The new service addresses things like scalability and secure key management. This is another good move by the centralized exchange as it continues to carve out a clear place for itself in the coming non-custodial rendition of the Cryptoverse. 6. The budget being put forward by the Biden administration is looking to put an end to crypto wash trading. The IRS has already changed crypto tax rules stating people having any dealings in the crypto space must declare those dealings.