EddieJayonCrypto
9 Jun 22
• Legal Expert Jeremy Hogan agrees with me; the SEC has made a mistake going after XRP• The crypto community is starting to show some positive signs toward the proposed bill by Senators Lummis and Gillibrand• New York State Department of Financial Services (DFS) introduced new regulatory guidance fo...
• Legal Expert Jeremy Hogan agrees with me; the SEC has made a mistake going after XRP• The crypto community is starting to show some positive signs toward the proposed bill by Senators Lummis and Gillibrand• New York State Department of Financial Services (DFS) introduced new regulatory guidance for stablecoins• Jamaica becomes the first country to introduce a CBDC as legal tender• Jim Cramer joins Mike Miglone in saying people should be invested in commodities like gold and cryptos• FTX trading volume comes out ahead of Coinbase for the first time in a record month• The Ethereum team has executed an almost bugless merge on the Ropsten TestnetWow! I woke up to a lot of impacting crypto news, including Jamaica being the first to introduce a CBDC as legal tender. Here is what is on my mind today.1. I am not the only one thinking the SEC made a huge mistake going after XRP. Legal Expert Jeremy Hogan agrees. The main point of my disagreement hinges on a speech given by former SEC Director William Hinman in 2018 where he stated Ethereum is not a security. The SEC has been fighting tooth and nail to first keep the emails, drafts, etc. from being in public view. Then they were ordered to hand them over and they have been stalling ever since. 2. The crypto community is starting to show some positive signs toward the proposed bill by Senators Lummis and Gillibrand. As I have stated previously, the bill seems to provide a clear definition of "ancillary assets" and coincides with most, if not the top 200, cryptos being commodities and not securities. Uh, much like the Hinman declaration. 3. The New York State Department of Financial Services (DFS) introduced new regulatory guidance for stablecoins pegged to the US Dollar in New York, becoming the first state to do so. DFS says the Reserve assets must maintain a market value equal to the nominal value of outstanding units of the stablecoin. They must also be independently audited. I think it is a decent step, but New York has a long way to go before the state will be seen as a crypto hub. Right now, the state is still one of the most difficult to operate in as a crypto company, exemplified by consumers being unable to use popular exchanges such as FTX, Crypto.com and Binance. This also extends to specific coins. 4. Jamaica becomes the first country to introduce a CBDC as legal tender. The Jamaica Digital Exchange (Jam-Dex) CBDC has been recognized by Jamaica's central bank (BoJ) and will be deployed this month, beginning domestically. Jam-Dex has been in pilot mode since August 2021 and was supposed to be rolled out Q1 this year, but was hit with various delays. The Jamaican digital dollar is expected to be more secure and convenient alternative to paper. We will be watching to see how this plays out in real world use. 5. Jim Cramer joins Mike Miglone in saying people should be invested in commodities like gold, silver and other precious metals. They also agree people should also have 5% of their portfolio in crypto assets, such as Bitcoin. Cramer cite cryptos as speculative assets as the reason for the 5% investment limit. 6. FTX trading volume comes out ahead of Coinbase for the first time in a record month. This adds to Coinbase's woes. Just a few days ago I reported the rug pulls Coinbase has executed affecting many jobseekers. Even with their supposed scaling back of staff, Coinbase still plans on making a significant investment in Singapore-based crypto exchange, Zipmex. Coinbase, in another failed acquisition, walked away from Zipmex in March. If you recall, I pointed out their failed attempt at taking over of Mercado Bitcoin back in March, too. 7. In a major step, the Ethereum team has executed an almost bugless merge on the Ropsten Testnet. This is a major step toward the planned Q3 (August) final merge.