EddieJayonCrypto
24 Mar 22
• SEC facing major backlash over their attempt to redact their own notes• Malaysian Deputy Finance Minister rejects the idea of considering cryptos as legal tender• Singapore recognizes cryptos as property striking a positive tone for cryptos• The Bank of International Settlements (BIS) is partnerin...
• SEC facing major backlash over their attempt to redact their own notes• Malaysian Deputy Finance Minister rejects the idea of considering cryptos as legal tender• Singapore recognizes cryptos as property striking a positive tone for cryptos• The Bank of International Settlements (BIS) is partnering with the central banks of Singapore, Australia, Malaysia and South Africa to develop CBDC prototypes• Bitcoin of America, a major Bitcoin ATM operator adds DOGE to its network and that pumps up the mem coin• 80% of crypto firms in the UK are unable to pass muster with the Financial Conduct Authority over anti-money laundering (AML) issues• US DOJ brings charges against infamous Frosties NFT project creators over alleged rug pull• Portsmouth, New Hampshire to accept bill payments in crypto via PayPal• Coinbase adds Cardano staking support to the platform with 3.75% APYsThere is a lot of stuff going on around the world that had a positive effect on the market. Here is what's on my mind today.1. The SEC wants to redact its own notes in the case against Ripple. Are you kidding me? Get your act together, people. The SEC is catching it from all sides. Congress sent them a letter and the public is screaming at them for what seems to be a very shady move. 2. Following up my note on Malaysia earlier this week, the Malaysian Deputy Finance Minister rejected the idea of cryptos as legal tender. He is interested in a Central Bank Digital Currency (CBDC) though. 3. While Malaysia thinks backward, Singapore recognizes cryptocurrencies as property. This is due to that case I told you about a couple of weeks ago about that guy that gave his crypto keys to someone who promptly helped themselves to about $7M in Bitcoin and Ethereum. 4. The Bank of International Settlements (BIS) is partnering with the central banks of Singapore, Australia, Malaysia and South Africa to develop CBDC prototypes. This is a big deal. The world seems to be moving toward digital assets and ironing out their respective approach to cryptos. 5. DOGE pumped because Bitcoin of America, a major Bitcoin ATM operator, has added it to its network. Great news for the meme coin, but DOGE is still down over 80% from its all-time high.6. The Financial Conduct Authority of the U.K. has notified crypto firms operating in the country they must register by March 31st. 80% of the firms assessed have either been rejected or have withdrawn their application because they aren't meeting anti-money laundering (AML) standards. If you can't abide by AML standards within a given country, it makes your project a bit suspect to me. The Bank of England has outlined a regulatory plan for cryptos. The framework was released as a part of the Bank of England's Financial Stability in Focus report. 7. The US DOJ brought charges against the creators of the infamous Frosties NFT project accusing them of a "rug pull". A rug pull is when a crypto or NFT project sells coins or NFTs to build the value then liquidate their own holdings to walk away with the bulk of the money. This usually results in the value of the remaining assets plummeting. Their NFTs sold for $112 are now only worth $3. Yup, sketchy. 8. Portsmouth, New Hampshire is another city allowing residents to pay bills with crypto...indirectly. They will use PayPal who partnered with the city several months ago. It's a small city, but the solution they have in place with PayPal is scalable and will help with adoption, especially when considering how many people do not have bank accounts. 9. Coinbase announced it has added Cardano staking to the platform promising APYs of up to 3.75%. The added news helped Cardano reach as high as $1.18 today. I am holding Cardano and will definitely look into staking. Cardano has enjoyed a 27% upside over the past 7 days.