EddieJayonCrypto
17 Feb 22
I came across some really interesting news that could change how I look at crypto.1. A group of US-based crypto exchanges banded together to create Travel Rule Universal Solution Technology (TRUST), including Coinbase, Kraken, Robinhood, Circle and Fidelity Digital Asset. The rule was suggested by t...
I came across some really interesting news that could change how I look at crypto.1. A group of US-based crypto exchanges banded together to create Travel Rule Universal Solution Technology (TRUST), including Coinbase, Kraken, Robinhood, Circle and Fidelity Digital Asset. The rule was suggested by the Financial Action Task Force (FATF) to participating global regulators. The idea is for virtual asset service providers (VASPs) to adopt certain guidelines related to anti-money laundering (AML) and anti-terrorist financing (ATF). Guidelines referred to as the "Travel Rule". It requires transactions over $1K to have both sender and receiver information. This rule is not new. It has been around since 2019. The issue was most exchanges didn't have the infrastructure to implement the rule. There are currently 18 members of TRUST and they are looking to grow the membership. This is why there are so many looking for fiat onramps. Remember, every single transaction is traceable. Hello! It is on a public ledger! You can even track each coin. I suspect before long we will see a bevy of peer-to-peer technologies crop up. Let us not forget that a lot of the larger transactions are already OTC or peer-to-peer. 2. I would say Russia is at again, but they haven't stopped. Their continued antics have caused the Dow to dip and have also shaved a bit from cryptocurrencies. As I have stated before, it is a forgone conclusion. No, I am not happy about it, but this drawn-out game needs to end already. I want to see how Russia is going to care for this new annex. Is it going to be the same way they take care of their people now? 3. ConocoPhillips has seen an idea that should have been apparent to them a long time ago: using the gas they burn off for something useful instead of just burning it off in a process called flaring. Now they are selling the gas to a Bitcoin miner to be used as fuel for their operations. This will cut down emissions (great for the environment) and turn a profit. Maybe that last one is why they are finally doing it. 4. Charlie Munger is at it again saying crypto is like some venereal disease. A lot of people are giggling since Berkshire Hathaway just disclosed its $1 billion investment in Nubank stock, a Brazilian fintech that is very crypto-friendly. Nice way to indirectly support a VD. 5. UAE is quickly moving toward its goal to be the world's most crypto-friendly nation by announcing they will have nation-wide legislation to license virtual asset service providers (VASPs). Some of the free zones in the country have had similar legislation in place as far back as 2018, but this move is going to be one of many that will well-position the UAE as cryptocurrencies continue to be rapidly adopted around the world. These moves prove they are looking far beyond the oil life. 6. The FBI Supposedly, the FBI is looking to form a national crypto unit. They would focus on blockchain analysis, crypto seizures and training. This would piggyback news saying President Biden is about to sign an executive order placing regulation around cryptos.🔥 Check out my new NFT: https://opensea.io/collection/nyc-original-graffiti-sebar-7-blue🚨 Full Disclaimer: This video and its contents are for informational purposes only and do not constitute an offer to sell or trade, a solicitation to buy, or recommendation for any security, cryptocurrency, or related product, nor does it constitute an offer to provide investment advice or other related services by Eddie Jay on Crypto. Eddie Jay on Crypto may have a financial investment with the cryptocurrencies discussed in this video. In preparing this video, no individual financial or investment needs of the viewer have been taken into account nor is any financial or investment advice being offered. Any views expressed in this video were prepared based upon the information available at the time such views were written. Changed or additional information could cause such views to change.