EddieJayonCrypto
28 Feb 23
• Solana team still clueless as to what caused the 20-hour outage• Robinhood received a subpoena from the SEC in December about their crypto operations• Mitsubishi and Fujitsu and others team up to create "Japan Metaverse Economic Zone"• Coinbase to delist BUSD, issued by Paxos, starting March 13th,...
• Solana team still clueless as to what caused the 20-hour outage• Robinhood received a subpoena from the SEC in December about their crypto operations• Mitsubishi and Fujitsu and others team up to create "Japan Metaverse Economic Zone"• Coinbase to delist BUSD, issued by Paxos, starting March 13th, seen as shot across the bow for Binance• Bank of Israel is laying out plans to regulate stablecoins• HSBC is wandering in the dark when it comes to crypto having stopped the purchase of crypto using their issued cards while it still has a Metaverse play in The SandboxConcerted efforts to derail crypto in the US is leaving the door wide open for other countries to take the lead. Here is what is on my mind today.1. The Solana team is clueless and it has been the case for at least 2 years. Two days following the 20-hour outage the network suffered and the team still has no idea as to why the it happened. This has been the case for a while now. So, for me, this begs the question of will they ever know what happened? Which leads to can you trust a network that can't explain outages? 2. The SEC slapped Robinhood with a subpoena regarding crypto and it is broad. The subpoena is related to crypto listings and platform operations. They actually received it in December. Robinhood also received similar requests from the California Attorney General. Clearly, there is a concerted effort to go after small centralized crypto exchanges. 3. While the United States keep mucking around with crypto, Asia is stepping up their game. Mitsubishi, Fujitsu and others are coming together to create a what is known as the "Japan Metaverse Economic Zone". The clear goal is to help companies harness the marketing potential of the Metaverse. 4. Coinbase is going to delist BUSD, issued by Paxos, starting March 13th. This is not a surprise since they had been telling their customers to move away from the USD pegged stablecoin for some time now. Some see it as shot across the bow for Binance. Binance has stated previously that the future of stablecoin will most likely be algorithmic and not be pegged to what used to be the dominant US Dollar. I hate to say it, but that could very well be true given the regulatory pressure placed on the crypto industry. You already have European countries courting crypto companies from the US to move. 5. The Bank of Israel is laying out plans for regulating stablecoins. This is a smart start. Lay the foundation here before the country goes full bore into digital assets. Thus far, the banking system in Israel has not been exactly warm toward crypto, but I think the inevitability of the industry may be forcing the hand. 6. HSBC seems to be going through a bit of a crypto identity crisis. On one hand they have stopped the purchase of crypto using cards they issue citing the Financial Conduct Authority (FCA) says purchasing crypto assets is risky. On the other hand they have a Metaverse play in The Sandbox that requires players to buy a pass using crypto. Sounds to me they were never all in and he latter was just a marketing ploy. This only tells me they haven't a clue.