EddieJayonCrypto
22 Jul 22
• BlockchainCom is laying off about 150 people or 25% of its staff• More problems for Coinbase as the SEC claims there are nine coins they believe are securities and the DOJ investigates insider trading• Usain Bolt, the greatest sprinter of all-time, will be the face of Step App• South Korea raids T...
• BlockchainCom is laying off about 150 people or 25% of its staff• More problems for Coinbase as the SEC claims there are nine coins they believe are securities and the DOJ investigates insider trading• Usain Bolt, the greatest sprinter of all-time, will be the face of Step App• South Korea raids Terrafom Labs co-founder Daniel Shin's home and postpones crypto tax until 2025• Already strict, Thailand plans on tightening crypto regulationMore problems for centralized exchanges. Here is what is on my mind today.1. BlockchainCom is laying off about 150 people or 25% of its staff. As er a CNBC report the bulk of the cuts will happen in Argentina, the US and the UK. The company did have exposure to bankrupt Three Arrows Capital. I would also say they had exposure to not learning from the dotcom era. There are so many examples of those companies and how they mismanaged growth. 2. More problems for Coinbase as the SEC claims there are nine coins they believe are securities. The tokens mentioned in the complaint were AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, and KROM. This comes in lockstep with an insider trading investigations that seems to be kicking off by the US Department of Justice. Although Coinbase denies all of the accusations, there has been a cloud over the company for some time regarding insider trading. Coinbase Chief Legal Officer, Paul Grewal, says this spotlights the fact that the "US doesn’t have a clear or workable regulatory framework for digital asset securities" 3. If you were going to create a metaverse for fitness, getting Usain Bolt, clearly the greatest sprinter of all time, would be a major win for you business. Hat tip to Step App, a FitFi business, focused on gamifying fitness with their upcoming metaverse for signing Bolt to be the face of their metaverse. 4. At the same time south Korea raids the home of Terraform Labs co-founder Daniel Shin in their deepening investigation in the collapse of the Terra/LUNA, they are also delaying their crypto tax plans again. The 20% capital gains tax is now expected to go into effect in 2025. 5. Thailand has plans to tighten crypto regulations. I am not surprised given the collapse of Zipmex which is based in both Singapore and Thailand. The country already has some pretty strict regulations on the space. So I am not sure about what else they are going to do to tighten things up.