EddieJayonCrypto
19 Dec 22
• Binance scoops up Voyager's assets for $1B• SEC Commissioner Hester Peirce says the Howey Test is lacking• Data from PeckShield shows digital assets from Genesis and Poloniex could be in position to sell• If you are invested in DOGE, I hope you are in it for the long haul• Senator Sherrod Brown o...
• Binance scoops up Voyager's assets for $1B• SEC Commissioner Hester Peirce says the Howey Test is lacking• Data from PeckShield shows digital assets from Genesis and Poloniex could be in position to sell• If you are invested in DOGE, I hope you are in it for the long haul• Senator Sherrod Brown of Ohio has floated the idea of banning crypto…good luck with that, bud!• The US can learn a little something from Nigeria• Goldman Sachs says China and India to surpass US economy by 2075A lot of people are not thinking about the long game and that is where they fail. Here is what is on my mind today.1. Binance is not a savior and is not stepping in where FTX left a void. Their $1B purchase of Voyager's assets should not be a shocker. It is a major move that is a strategic business decision. They even foreshadowed the move over a month ago. Not to mention they had been a part of the bidding previous bidding process. 2. As if on cue, SEC Commissioner Hester Peirce says the Howey Test is limitations when being used to determine of a digital asset is a security. This should not be a surprise that a law from 1946 may not fit the unique problems faced in 2022. The points that it could be seen that a coin's ICO is not a contract, but that the promise of build a network is. Also, there is a factor of "sufficient decentralization", a reference used by William Hinman a 2018 Director for the SEC Division of Corporation Finance when he said Bitcoin and Ethereum are not securities. The term is not defined in the Howey Test, making it a clear limitation of the longstanding rule. 3. Data from PeckShield, a blockchain security company, shows that Ethereum originating from addresses associated with Genesis and Poloniex has moved. This could be foretelling of an impending sale and would bolster my take on what is going on at DCG that I mentioned yesterday. 4. Have you been paying attention to Dogecoin? It has not been doing well. Some would say it's dropping like a brick. As of late, the leading hope for DOGE has been the possibility of its implementation at Twitter. That is based on the shenanigans of Elon Musk. If you have been paying attention, then you know that has not been going well. He's even looking for an escape route from the company via a poll on Twitter where he asked users if he should step down and get a new CEO for the company. 57% of people said yes, he should step down. 5. Senator Sherrod Brown of Ohio has floated the idea of banning crypto, but says that could simply move it offshore. The level of stupidity in that thought from the current US Banking Committee Chairman astounds. Instead of learning about the burgeoning industry, he thinks it should be cast away. I am dumbfounded by the level of ignorance on display. I get it. He is the chairman of the committee, that doesn't mean he actually understands the technology, financial impacts (positive or negative). 6. While the United States keeps sending confusing signals to the whole financial industry, of which crypto is a part, countries like Nigeria are about to recognize crypto as an investment class as they try to implement better crypto regulation. This is after Nigeria had ordered to close crypto accounts. That ban saw a 16% rise in crypto use. The country has come to the realization that the borderless nature of crypto would makes it hard to ban. Nigeria launched its CBDC in October 2021 reaching only 207K people and having only $10M in transactions while crypto has surged in the same timeframe. The United States should be mindful of this lesson, especially when major financial player, Goldman Sachs, predicts both China and India will surpass the county economically by 2075. There is no more runway for ignorance and arrogance.