tl;dr
• CFTC's Technology Advisory Committee to scrutinize DeFi with focus on cyber vulnerabilities, wallets and more while Global Markets Advisory Committee calls for international perspective on crypto legislation• Visa denies backing away from crypto, but may pause new use cases for their endeavors• Ro...
• CFTC's Technology Advisory Committee to scrutinize DeFi with focus on cyber vulnerabilities, wallets and more while Global Markets Advisory Committee calls for international perspective on crypto legislation
• Visa denies backing away from crypto, but may pause new use cases for their endeavors
• Robinhood releases new non-custodial wallet with support for SHIB following SEC subpoena news, but only for iOS users
• Silvergate's stock drops after announcement of potential inquiries from DOJ, Congress and bank regulators despite recent investments from BlackRock and Citadel
• Signature Bank extends $100K minimum transaction amount to Kraken following similar limits set for Binance, despite recent regulatory guidance allowing banks to be involved in crypto
• Polygon announces Polygon ID ahead of zkEVM rollout, paving the way for Web3 and Metaverse authentication
• Shiba Inu community experiences high with Robinhood wallet support, Shibarium integrations by Ledger and Exodus
• US Treasury takes lead in developing digital dollar with Federal Reserve and National Security Council, hinting at more constricting crypto policies and legislation to come
Projects are dropping a lot of near-term news. Here is what is on my mind today.
1. The CFTC's Technology Advisory Committee is going to put DeFi through its paces. This will include cyber vulnerabilities, custodial and non-custodial wallets and more. Basically, they will be looking within every nook and cranny of the whole process. Another committee, Global Markets Advisory Committee, led by Caroline Pham has said legislators need to come to grips with the reality that crypto is truly borderless and needs get a more international perspective.
2. Visa says they are not backing away from crypto. I just think they are taking a pause with introducing new use cases for their endeavors. Which means they may continue cutting deals within their current offerings, but not creating new ones. Time will tell.
3. Robinhood needed some positive news given the revelation a few days ago that the SEC issued a subpoena to them over their crypto operations. So, they dropped news about their new non-custodial wallet. They only dropped the iOS version of the wallet, leaving Android users waiting. This is not a normal release and makes me think it was rushed.
4. Silvergate's stock dropped like a hot rock after they announced they may face inquiries from the DOJ, Congress and bank regulators. I find this to be interesting as BlackRock and Citadel just recently invested in the bank. Mind you, the DOJ news was already on the table when they did.
5. In January I reported Signature bank was going to severely cut banking transactions from Binance, only accepting transactions above $100K. They are doing the same to Kraken. I wonder what bank is going to step in to fill the void, especially since I reported just days ago that the FOMC, FDIC and OCC have stated that banks can be involved in crypto. Again, the transaction limits set in place only hurt retail investors.
6. Ahead of their zkEVM rollout, Polygon announces Polygon ID. An infrastructure to authenticate user identities within the Metaverse. Me being involved in the Metaverse Standards forum, I know just how much of a big deal this actually is.
7. The Shiba Inu community must be feeling high right now. There is a lot going on. The release of the Robinhood non-custodial wallet with direct support for SHIB and Shibarium integrations by Ledger and Exodus. There is a lot going on or the once upon a time memecoin.
8. The US Treasury will take lead in developing the digital dollar. The team also includes The Federal Reserve, the National Security Council and other agencies.