EddieJayonCrypto
6 Feb 23
• You have a bunch of FOMC Presidents set to speak on Wednesday• CFTC Chairman says they are poised to regulate any crypto not considered a security• FTX is in the thralls of clawing back political donations• Visa is testing quick stablecoin transfer between USDC and fiat• Uniswap is not as decentra...
• You have a bunch of FOMC Presidents set to speak on Wednesday• CFTC Chairman says they are poised to regulate any crypto not considered a security• FTX is in the thralls of clawing back political donations• Visa is testing quick stablecoin transfer between USDC and fiat• Uniswap is not as decentralized as people would think and A16z proves it• Michael Saylor agrees with me that naysayers like Charlie Munger should get educated on crypto before opening their mouthsSo, far it is a quiet day, but news of Google's AI move is making the rounds. The question is "Is it enough?". Here is what is on my mind today.1. CFTC Chairman Rostin Benham says there is a need to regulate crypto that is not deemed to be securities. In a government press release, he says the CFTC is posed to handle those needs because it is well-positioned. This should not be a surprise to anyone considering there is already a line of demarcation between the CFTC and the SEC. The question still remains, what is a security and what is not? Both agencies are skirting the work necessary to set the rules going forward, let alone the heavy-lifting it will take to regulate what is already out there. 2. The FTX debacle is still demonstrating a long tail. This go around sees FTX telling PACs and politicians to return donations. This could get very ugly as people would see exactly who got how much and when. The more interesting part to me would be how those politicians' public stances were after receiving the money. 3. Visa has started testing stablecoin settlements. The company is said to be creating a fast process for transfers between USDC and fiat. Mass adoption is around the corner when you think about. Forget about people not understanding crypto. They will start to understand the speed at which they can get paid. Then more understanding will come as they begin to realize they do not need credit card companies to handle the transactions. Yes, I am one of those that believes the world needs to move away from debt financing. 4. So, in some bad news, Uniswap requires more decentralization. Currently A16z controls almost 50% of the votes and everyone just got a reminder. A16z was able to sway the votes to their favor when the proposal of BNB Chain deployment was shot down. Unfortunately, this proves Uniswap is controlled by VCs. 5. I started to giggle when I heard Michael Saylor's response to Charlie Munger's latest derogatory comment about crypto. It is, basically, what I have been saying. Shut your mouth until you do your own research about Bitcoin and altcoins. While Charlie is poops on crypto, Berkshire Hathaway invests money in a bank that is all about crypto, Avanti Bank.