EddieJayonCrypto
23 Nov 22
• Sequoia Capital apologizes to investors over their $150M loss• Binance CEO, CZ, got popped in the mouth for spreading FUD about Coinbase• Ripple CEO, Brad Garlinghouse, says Ripple will settle with the SEC if they get XRP clarification• Congressman Tom Emmer blames Gary Gensler and the SEC• Singap...
• Sequoia Capital apologizes to investors over their $150M loss• Binance CEO, CZ, got popped in the mouth for spreading FUD about Coinbase• Ripple CEO, Brad Garlinghouse, says Ripple will settle with the SEC if they get XRP clarification• Congressman Tom Emmer blames Gary Gensler and the SEC• Singapore's DBS Bank makes big moves with JPMorgan's Onyx Digital AssetsEveryone wants to point fingers after the fact. How about establishing and implementing realistic due diligence and risk management practices so you are better equipped to identify and measure risk? Here is what is on my mind today.1. With everyone pointing fingers at those involved in the implosion of FTX, Sequoia Capital has apologized to investors over their $150M loss. They went on to say they will improve their due diligence process. I wonder if this is all talk. These people are very savvy, know how things should work and yet were still operating outside of what could be considered basic guardrails. I point to one thing: they gave $150M to a company that had no CFO. Full Stop. In my humble opinion, this was a mistake, but it was also a conscious act. 2. I am going to start with Binance CEO, CZ, getting popped in the mouth for spreading FUD about Coinbase. It all started with a post that was later deleted, but you know how the Internet rolls. If you are that well known, anything and everything you post is going to be captured shared and dissected. CZ tried to call out Coinbase and grayscale over what he thought were the facts of Coinbase's Bitcoin holdings. Coinbase was quick to shoot back with the real facts. When you are the CEO of a US-based publicly traded company you know the hoops you must jump through to maintain good standing. I see this as a major misstep by CZ. One could say he is innocent, but he is too smart to not have done this on purpose. He just picked the wrong opportunity in this case. Be mindful people. Not everyone is the saint they are made out to be. I also find it interesting that binance.US now has a PAC. Are they trying to fill the void left by FTX. 3. Ripple CEO, Brad Garlinghouse, is on the record saying Ripple is willing to settle with the SEC if they gain clarification regarding XRP. I call this a "Shit or get off the pot" move by Brad. A smart one. There has been an inordinate amount of money spent on this lawsuit brought by the SEC and nothing has come of it in all this time., especially nothing good for the SEC. Not to mention there have been massive changes to how the coin is operated, including XRP is now decentralized and being run by a global network of over 150 validators. 4. Congressman Tom Emmer is setting his sights on Gary Gensler and the SEC. he doesn't think they do enough to protect investors and the FTX debacle is a prime example. Marry that thought with Kraken founder, Jesse Powell's thought that US regulation is going to push innovation out of the country. My thought are that poor regulation and lack of transparency and education about the regulation is what is going to accomplish that. More importantly, the stage is already set up for this scenario. The question is how are regulators going to fix it and when. 5. Singapore's DBS Bank has been making big moves with some pretty hefty partners. First it was their Project Guardian to prove that traditional finance can pull off DeFi. Now it is them partnering with JPMorgan and their Onyx Digital Assets to become what they say is the first Asian bank to use JPMorgan's blockchain-based fixed income trading network Onyx. Trading in fixed income markets the network leverages tokens to allow investors to lend assets for just hours and without the assets leaving their balance sheets. Onyx is not new. It has handled $300B intraday repo deals since 2020.