EddieJayonCrypto
13 Feb 23
• Paxos to be sued by the SEC alleging is an unregistered security• CME Group says there is a noticeable rise in institutional demand for crypto products and services• Luxembourg-based Bitstamp gets the green light to operate in France• Banco do Brasil partners with Bitfy to offer tax payments using...
• Paxos to be sued by the SEC alleging is an unregistered security• CME Group says there is a noticeable rise in institutional demand for crypto products and services• Luxembourg-based Bitstamp gets the green light to operate in France• Banco do Brasil partners with Bitfy to offer tax payments using digital assets• Cathie Wood and I are in sync with our thought that crypto decentralization will grow stemming from US regulatory crackdownsIs this the dip I was talking about last week? The Cryptoverse is in the red. Here is what is on my mind today.1. After the NYS Department of Finance investigating them, now the SEC is looking to bring a lawsuit against Paxos and their involvement with BUSD. Although not official yet, it seems the SEC is going to allege Paxos issued an unregistered security. Gain I sit back and wonder why now? BUSD has been around for some time. Where was the SEC when it was first released? Where were the forms companies needed to fill out? Where were guidelines for cryptos to identify what are security offerings? The SEC is picking fights with small companies in the hopes they can rack up some wins. I wonder what happens when they band together to fight back or what happens when they pick on a company that has the financial footing to win? 2. With everything the regulators are doing to thwart retail crypto at every step of the way things seem to be bright on the institutional side of life. CME Group says there has been an uptick in demand for their crypto products and services. Interesting. 3. If you are going to make a business move in Europe, Luxembourg is one of the ideal places to be based. Just ask Bitstamp. They were just able to secure an operating license in France. This is big deal as they are catching up to the rivals like CryptoCom and Binance which previously secured their operating licenses in France. 4. In a major step the oldest bank in Brazil, Banco do Brasil, has partnered with crypto exchange Bitfy to offer citizens a way to pay taxes using digital assets. This is a huge step toward increasing adoption. The country has been making big steps in general to further adoption and is quickly becoming an example of the future of crypto. 5. Cathie Wood and I agree that there is a bright future for decentralized crypto as US regulators continue to persecute the industry. I also say the continued crackdown is going to cause a bright flight as companies begin to question whether they should be domiciled in the United States. In a research paper released this morning, Bernstein says there will eventually be a backlash against regulatory overreach that will lead to more DeFi and offshore more crypto. More proof the US and other countries are moving in the wrong direction where crypto regulation is concerned.