EddieJayonCrypto
29 Apr 22
• US Representative Patrick McHenry says there needs to be a dedicated crypto regulator• In response to so many allegations Coinbase is going to change its listing process• A second hack has happened to DEUS Financial leveraging the same exploit• In another move on the fringe of crypto BlackRock lau...
• US Representative Patrick McHenry says there needs to be a dedicated crypto regulator• In response to so many allegations Coinbase is going to change its listing process• A second hack has happened to DEUS Financial leveraging the same exploit• In another move on the fringe of crypto BlackRock launches a new ETF focused on blockchain• A report released by global crypto exchange Bitstamp says there will be an uphill battle to gain adoption in the UK and EUBig moves and more reasons to do your own research. Here is what is on my mind today.1. US Representative Patrick McHenry may have been the one to chastise the Commodities Futures Trading Commission (CFTC) and the SEC over their handling of crypto regulations, but I suspect he is not the only lawmaker thinking this. Yesterday, I noted that the Consumer Financial Protection Bureau (CFPB) was also throwing their hat in the cryptocurrency regulation ring. If you think it is confusing to lawmakers, imagine how it feels to the people and companies actively using crypto. I don't recall so much hoopla over FinTechs. 2. I have shared with you more than a few instances where Coinbase was hit with insider trading allegations. In response to so many allegations Coinbase is going to change its listing process. They say they will work on keeping token listings silent on-chain. This means removing the ability to analyze on-chain data to guess at what tokens are on schedule to be released. They are also going to look at their API to close that loophole, too. They say they can't watch everything, but this is meant to help them get better. We shall see. I mean it happens enough to be skeptical. 3. A second hack has happened to DEUS Financial leveraging the same exploit. The second one in 60 days saw DEUS Financial DAO lose about $13.5M. The hack was reported by 2 new blockchain security startups, CertiK and PeckShield. The exploit used a method called a "flash loan". The point is he DeFi space needs more security and stronger checks of their code if they want to instill trust and grow. 4. In another move on the perimeter of crypto BlackRock launches a new ETF focused on blockchain and other technology. The new ETF, called iShares, is meant to give investors exposure to the crypto space without direct ownership of Bitcoin and Ethereum. With over $10T in assets under management, I am pretty sure they are going to attract a lot of client. More importantly, this could be a boon to the community. 5. A report released by global crypto exchange Bitstamp says there will be an uphill battle to gain adoption in the UK and EU. The report surveyed 23K retail and institutional respondents. Truth be told. I do not find this to be a shocker. As with anything new, it takes awareness and trust to gain adoption, and this is what is currently lacking in both regions. That is not to say this can't be overcome. My company, Rebel Reach, integrated cryptocurrencies directly into our platform and is preparing to help educate business owners that are interested in accepting digital assets as payment.