tl;dr
• SEC is going hard on blocking the release of the Hinman memos• All signs point to Meta (Facebook) launching their own payment platform• Jeremy Allaire, CEO of Circle, thinks algorithmic stablecoins are a house of cards• Terra's crash is affecting just about every project involved with its Anchor P...
• SEC is going hard on blocking the release of the Hinman memos
• All signs point to Meta (Facebook) launching their own payment platform
• Jeremy Allaire, CEO of Circle, thinks algorithmic stablecoins are a house of cards
• Terra's crash is affecting just about every project involved with its Anchor Protocol
• Panama wants more AML measure in place before signing off on crypto
• Watch out for clickbait when you do your own research!
I am seeing some ripple effects coming into play and a continued shakeout. All of which is good. Here is what is on my mind today.
1. The SEC is going hard on blocking the release of the Hinman memos. I don't know about you, but that is a problem for me. What do they have to hide? I think they would be better served to be transparent. Had they taken that tack I think there wouldn't be so much in question, and they would not stand to take such a hit on their credibility. I think they need to bring this XRP issue to a close. No matter what that close is. The case is just about a moot point now.
2. All signs point to Meta (Facebook) launching their own payment platform. They have filed for about 7 trademark applications. All of which have the word "Pay" in them. If you are BitPay or Strike, I think you have a very strong competitor about to hit the market. Block, PayPal and Stripe shouldn't sleep on them either. They have over a billion eyeballs across 3 still popular platforms.
3. Jeremy Allaire, CEO of Circle, thought algorithmic stablecoins were a house of cards. Funny, I was speaking with my friend, Nick, last night about the topic and he said the same thing. Circle controls USDC, an asset-backed stablecoin. I have shared my views on stablecoins and how I use them. My friend, Norman, thinks there may be a black eye on all crypto. I said I think companies like TerraForm Labs and Tether added another black eye to that specific corner of the crypto space.
4. Terra's crash is affecting just about every project involved with its Anchor Protocol. That is where a lot of companies in the DeFi space were their clients' funds. Clearly, that has some serious ripple effects. Projects like StableGains is feeling the direct effects. Another company feeling the heat, as I mentioned yesterday, is Tether. They are weathering the storm right now, but I do wonder how long they sustain themselves. It was just a week ago when they briefly hit $.95. There has not been quite the run on the bank that Terra experienced, but people are cashing out. This is something I will continue to follow.
5. Panama is very close to signing a crypto law. But before they can do that the President wants to put stronger anti-money laundering (AML) measures into place. This is very smart. You may not be old enough to remember just how much Panama was involved in very nefarious affairs. I think this move sends a clear message that they do not want to repeat history.
6. I was reading an article this morning talking about Avalanche plummeting as of late. So, a single project was singled out when it is the whole sector that is taking a hit. That said, in the last 90 days Avalanche has dropped over 64%. That said, if you originally bought AVAX a year ago, you are up almost 13%. Sometimes you have to put things in perspective. Sometimes when you have doubt you have to zoom out and change your perspective to get another view.