tl;dr
• The Fed speaks today• The CFTC says Bitcoin (BTC), Ether (ETH), Tether (USDT) and others are commodities; I know right!• Just in case you missed it yesterday, Apple is about to take the walls down• Several countries are getting deeper in their research and even launch of CBDCs• Keep an eye out for...
• The Fed speaks today
• The CFTC says Bitcoin (BTC), Ether (ETH), Tether (USDT) and others are commodities; I know right!
• Just in case you missed it yesterday, Apple is about to take the walls down
• Several countries are getting deeper in their research and even launch of CBDCs
• Keep an eye out for the SEC v. Ripple case to end at any time
• Coinbase receives SOC 1 Type 2 and SOC 2 Type 2 certifications
Did you see Bitcoin break through its previous low of $17.6K or were you watching the shiny thing? Here is what is on my mind today.
1. We already know the numbers from the Fed will be out today and that will have baring on everything that happens for the rest of the month and into January. We will get news at about 2 PM today.
2. In another huge reversal, as per a December 13th court filing, the Commodity Futures trading Commission (CFTC) has again called the ETH coin a commodity. Here is the specific language, "Certain digital assets are ‘commodities,’ including Bitcoin (BTC), Ether (ETH), Tether (USDT) and others, as defined under Section 1a(9) of the Act, 7 U.S.C. § 1a(9)." Does this mean the CFTC has seen the writing on the wall for the SEC and its Chairman, Gary Gensler, so they have chosen to get back in the fight for regulation? I, for one, will be paying very close attention to this.
3. Just in case you missed it yesterday, Apple is about to take the walls down from its currently walled garden. Do you know what that means? Have you given it any thought? It means it is about to all but give up on collecting that 30% tax from companies that don't want to pay it. Those companies would simply go to very well-known sites like Cydia to publish their wares. The impact could be huge for the crypto space, especially.
4. There are a lot of countries whose respective research into developing their own CBDCs is seriously ramping up. Hon Kong, Australia and Brazil are the latest to hi the news with their updates. Let's get this straight. A country launching a CBDC does not mean that crypto is going away. It means the various governments are afraid their respective fiat could be replaced and as you know, the control of money is power.
5. Keep on the lookout for an imminent close to the SEC vs. Ripple case. As I have said before, I think the only bad outcome for Ripple is an extreme. That would be they are found guilty and all kinds of fines, etc. are levied. That said, I think the outcome will be neutral to positive for the company. If that happens all bets are off and It would be a huge boon for the crypto market. I think the decentralization of XRP plays a major role. Yes, I know greater than 50% of the coin is still owned by Ripple, but I believe that number may be decreasing or they could be made to do so. Either way, that makes it hard to make a winning case against them. We will see, but my bet stands at a neutral to positive outcome.
6. While people are looking at the shiny thing and some even spreading FUD about centralized exchanges, Coinbase's prime brokerage, Coinbase Prime, platform received industry recognized attestation reports. The American Institute of Certified Public Accountants (AICPA) conducted the exercises and the brokerage has achieved SOC 1 Type 2 and SOC 2 Type 2 certifications. This is great timing since it proves the company continues to meet and sustain regulatory and industry standards.