EddieJayonCrypto

 13 Sep 23

tl;dr

Another whale enters the Cryptoverse while Binance falters in the US. Here is what is on my mind today.1. Back on April 27th I told you about Franklin Templeton's fund happening on Polygon. Since then we really haven't heard a peep from them regarding anything crypto. Well, that has changed since th...

Another whale enters the Cryptoverse while Binance falters in the US. Here is what is on my mind today.

1. Back on April 27th I told you about Franklin Templeton's fund happening on Polygon. Since then we really haven't heard a peep from them regarding anything crypto. Well, that has changed since they announced they filed for their Bitcoin Spot ETF. Remember, this is a firm with over $1.5T in assets under management (AUM). There is a lot of weight behind spot ETFs and I do not think the SEC can say no.

2. And then there was Binance. We all know that the world's largest centralized exchange has been having issues in the United States and other countries over regulations. Well, things just got worse for them. The CEO of BinanceUS just resigned as the company announces they will be laying off one third of their workforce here. Given their global size, I am actually amazed they did not make a stronger go at the US market. There are other exchanges thriving here.

3. The SEC has taken jobs from the US. There! I have said the quiet part out loud. The proof is in the pudding. Ripple's latest hiring spree is going to see approximately 80% of those jobs fulfilled outside the US. I know there are a lot of people that will disagree, but I think that it is as clear as day that the SEC has brought this on.

4. It looks like CoinEx has been hacked with approximately $27M in digital assets snatched from their Ethereum, Tron Polygon and XRP addresses. This is a major issue. The firm said they noticed unusual transactions from several hot wallets. The exchange says all affected users will be compensated 100% for any loss due to the security breach. Cyvers Alerts, an independent security firm was the first to notice the movements. Deddy Lavid, President of Cyvers, says the firm made several attempts to contact CoinEx. Perhaps, no response means the company was already dealing with the situation.

5. Jeremy Allaire, CEO of Circle, says there may be "powerful" legislation regarding stablecoins that will ignite the industry. I think he has been saying this for a long time and he may be right. It takes the government wheels a long time to move, but I have been noticing a lot more traction happening around the stablecoin conversations. There may be legs to his optimism.

6. Back on August 31st I told you courts dismissed a class action against Uniswap. This time around it is Tether and Bitfinex that are celebrating victory. I think the case was frivolous at best. The lawsuit alleged the companies defrauded investors. The judge was clear in stating the accusations made were already rejected and were too speculative. In other words, there was nothing to see there.

7. In more MetaMask news, they have added support for Bitcoin, Solana and Cosmos with their new Snaps feature. The feature is meant to make the MetaMask ecosystem even more permissionless. The snaps feature allows developers to extend the wallet's functionality to networks outside of Ethereum and EVM compatible networks. I think this is going to be huge. I do wonder how security will work. I will keep an eye out for that.

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 22 Dec 24
 22 Dec 24
 22 Dec 24