tl;dr
• South Korea wants Do Kwon to stand in front of Parliament• SEC Chairman, Gary Gensler, is crying about there needs to be regulation of the crypto space• India is now saying celebrities should stop endorsing crypto• Cloudflare is diving deep into Web3 and Ethereum staking with the launch of proof-o...
• South Korea wants Do Kwon to stand in front of Parliament
• SEC Chairman, Gary Gensler, is crying about there needs to be regulation of the crypto space
• India is now saying celebrities should stop endorsing crypto
• Cloudflare is diving deep into Web3 and Ethereum staking with the launch of proof-of-stake (PoS) validator nodes
• Terra's in-house legal team quits en masse
• Chair of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, says Bitcoin and Ethereum are commodities
There is a lot of aftermath stemming from Terra imploding, but there is also a lot of positive action going on. Here is what is on my mind today.
1. The South Korean government is calling for the CEO of TerraForm Labs, Do Kwon, to face parliament. Shocker there. Governments always want to find out why something failed. My question is why not get involved before then with regulations that matter. This message is more for the US government more than South Korea. South Korea says approximately 280K investors have been affected. All of the exchanges in the country have either delisted the coins or are in the process of doing so.
2. SEC Chairman, Gary Gensler, is crying about there needs to be regulation of the crypto space. Well, no shit, Sherlock! The industry has been asking for it or some time. You have businesses leaving the country because they have no idea of how to operate in the United States. They don't even know which US agency will oversee the space. Now he wants crypto exchanges and trading platforms to register with the SEC. Dude! Is that the best you've got? Seriously?
3. India is back at it. Now the securities regulator is saying celebrities should stop endorsing crypto. Maybe your country shouldn't keep making the wrong judgement calls leading to your brain drain problem. I know I am being a bit snarky here, but when you have such a large, upcoming economy keep making the wrong moves, you have to wonder.
4. Internet security and content delivery network, Cloudflare is diving deep into Web3 and Ethereum staking with the launch of proof-of-stake (PoS) validator nodes. In a statement released by the company, “Cloudflare is going to participate in the research and development of the core infrastructure that helps keep Ethereum secure, fast, as well as energy efficient for everyone.”
5. In more stunning news surrounding Terra their in-house legal team resigned. Their General Counsel, Chief Corporate Counsel and Regulatory Counsel left en masse. I guess that's what happens when your coin loses over $40B in value. My question is who is going to stand with Do Kwon of he has to go in front of the South Korean Parliament.
6. Well, the US government is still experiencing in-fighting. There is a bill in the Senate that would give a vast amount of regulatory control of crypto to the SEC. Now, the Chair of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, says Bitcoin and Ethereum are commodities. Clearly, he doesn't want to lose control nor get relegated to a minor role in regulating the vast industry.