EddieJayonCrypto
2 Sep 22
• US jobs numbers come in favorably with 315K increase in payrolls and should have a good effect on the markets• CFTC and SEC propose changes to form PF to make "cash and cash equivalents" and "digital assets" distinct• Gary Gensler's SEC gets sneaky in their case against Ripple and got caught doing...
• US jobs numbers come in favorably with 315K increase in payrolls and should have a good effect on the markets• CFTC and SEC propose changes to form PF to make "cash and cash equivalents" and "digital assets" distinct• Gary Gensler's SEC gets sneaky in their case against Ripple and got caught doing it• Thailand's Securities and Exchange Commission is taking action against Bitkub's CTO over alleged insider trading• Softbank's $200M investment in Brazil's 2TM, the Mercado Bitcoin holding company, leads to 15% in second round job cuts• Dubai issued new guidelines for marketing, promoting and advertising digital assets• South Korea is looking to develop a "Metaverse Industry Promotion Law"There is some headline news that caught my attention. Here is what is on my mind today.1. The US jobs numbers are good with 318K jobs added, down from 526K previously. The unemployment rate jumped .3 to 3.7%. The good news is the labor force participation rate went up to 62.4%. That shows a people are returning to work. At this time of year, end of summer, that makes sense. This should have a positive effect on inflation going forward. The market is reacting well to the numbers which are in line with most expectations. 2. The CFTC and the SEC are proposing changes to form PF. The changes would be to the "cash and cash equivalents" and "digital assets" categories so they are separate and distinct so reporting is accurate. A "digital asset" is defined as any asset that is issued and/or transferred through distributed ledger or blockchain technology, including but is not restricted to so-called “virtual currencies,” “coins,” and “tokens.” Interesting development. Doesn't this mean both agencies are confirming digital assets have value? 3. Gary Gensler's SEC is trying to get slick in seeking an early win in Virginia federal court over an ex-official's conflicts with digital assets. Clearly, this is all about the Hinman memos and speech and clearly pertains to its case against Ripple. Of course, the SEC was caught in its sneaky move and was slammed by John Deaton, XRP holder’s lawyer. Almost everything on the side of the SEC has been very suspect in my opinion. At some point, I think the SEC needs to let this one go. They are confusing people in what they should and should not be doing and that is bad for innovation and advancement. One would almost think that is the end game. 4. Thailand's Securities and Exchange Commission is taking action against Bitkub's CTO over alleged insider trading. We have seen similar action against employees at other exchanges. This leads me to have questions around what kinds of security guardrails crypto exchanges have in place to catch this internally. 5. A second round of layoffs hit 2TM, the holding company for Mercado Bitcoin. After receiving a $200M investment from SoftBank the company announced another 100 (15%) workers will be let go. They said the playing field is uneven especially when it comes to Know Your Customer (KYC) practices. I wonder if they are in a position to get bought.6. Dubai issued new guidelines for marketing, promoting and advertising digital assets. Dubai’s Virtual Asset Regulatory Authority (VARA) announced the new guidelines to compel licensed virtual asset service providers (VASPs) to be factual in their statements and obliges them to not mislead consumers. Penalties include suspension, restriction and revocation of licenses. 7. South Korea is developing a "Metaverse Industry Promotion Law". The Ministry of Science and ICT (MSIT) already has a first draft of core ethical principles for the metaverse. The reason for the move is because they are going to invest heavily in the metaverse to create jobs and attract private sector investment.