EddieJayonCrypto
21 Oct 22
• The Chairman of the FDIC, Martin Gruenberg, says stablecoins could undermine the safety of the banking system• Some people are having a bad reaction to a new report saying 20% of the cases pursued by the CFTC involved crypto• Rumors swirl about Elon Musk looking to tell 75% of Twitter staff to pou...
• The Chairman of the FDIC, Martin Gruenberg, says stablecoins could undermine the safety of the banking system• Some people are having a bad reaction to a new report saying 20% of the cases pursued by the CFTC involved crypto• Rumors swirl about Elon Musk looking to tell 75% of Twitter staff to pound the pavement• Macau is rapidly moving to accept digital fiat, CBDCs, but will the casinos• Ripple has finally gotten their hands on the Hinman papers, but what does that meanThere is a lot going on that could have impact in the future. Here is what is on my mind today.1. The Chairman of the FDIC, Martin Gruenberg, says stablecoins could undermine the safety of the banking system. This sentence by him made during a speech at the Brookings Institution says it all, “Economies of scale associated with payment stablecoins could lead to further consolidation in the banking system or disintermediation of traditional banks.” Yes, the first crypto ever created was done so with this in mind. Stablecoins could actually be the manifestation of that dream. 2. Some people are having a bad reaction to a new report saying 20% of the cases pursued by the CFTC involved crypto. My take is I am not advocating for the CFTC to regulate the crypto industry because I think they are soft. I am doing so because I think they will be more fair than the SEC. I also think the CFTC will do a better job of weeding out bad actors. That case load tells me they are doing their job. 3. So, rumor has it that once Elon owns Twitter he will send 75% of the current staff to pound the pavement. We knew this months ago when he first said he wants to purchase the embattled social media company. There are also rumors swirling about him using DOGE on the platform. I think the chances of both rumors becoming reality are very high. 4. Macau, the world's largest gambling hub, is inching closer to accepting the digital yuan as legal tender, as per Macau's Executive Council. In reviewing the latest draft of its Legal Regime for the Creation and Issuance of money, there is language the recognizes what is and is not money by recognizing "currency in digital format). This is setting the stage for accepting CBDCs in the country. The question remains will casinos follow suit. 5. In big news, Ripple has finally received the much spoken about Hinman papers. People would expect the coin to pump after this even though there is no strong reason why. Most are in the belief that the papers will help bolster Ripple in their case against the SEC.