EddieJayonCrypto

 31 Aug 23

tl;dr

Sanctions spur big moves by exchanges and Gary is about to be on the hotseat. Here is what is on my mind today.1. OKX and Bybit finally wake up and cut ties with Russian banks. This is an "about time" moment for both exchanges. As I said yesterday when I reported Binance announced they are doing the...

Sanctions spur big moves by exchanges and Gary is about to be on the hotseat. Here is what is on my mind today.

1. OKX and Bybit finally wake up and cut ties with Russian banks. This is an "about time" moment for both exchanges. As I said yesterday when I reported Binance announced they are doing the same. Each of these exchanges have been dealing with ( and poorly I might add) regulatory issues around the world, but especially in the US. I am pretty sure this is all because they are hoping some of those woes will go away if they continue to play nice. I think they all should have weighed the ramifications better to begin with.

2. It looks like September 12th and 27th are going to be tough days for the infamous Gary Gensler. The first date is a meeting with the Senate Banking Committee and the second is with the House Financial Services Committee. The leadership of the two committees are going to hammer him from two different positions. The first is led by Democrats and the second by Republicans. Each party seemingly having opposing views of crypto. That said, I think they may both agree that Gary has not necessarily been doing as good a job as they think he should. Let's just say he has not had a win in some time.

3. The news out of Robinhood is they are adding Bitcoin and Dogecoin support to their wallet and not the much rumored news about XRP. Something else that was also announced was the ability to swap Ethereum within the self-custody wallet. This increases the ease at which people can get involved in DeFi.

4. It turns out that the launch of Shibarium involved help from the Polygon community. Reporting notes that Shibarium is based on a Polygon fork. Shytoshi Kusama noted the role of both communities in scaling Shibarium. This points to an opportunity for even greater innovation by the two communities, especially after having proved they work well together.

5. There is a reason why Gemini was not mentioned in the big DCG/Genesis announcement about the deal reached with some creditors. That would be because they and other creditors are against the deal that was reached. This saga is nowhere near being over. I think Digital Currency group is in for a very long and arduous journey. Don't forget Gemini has taken DCG to court.

6. I am paying attention to the news that the same judge overseeing the SEC v. Coinbase case dismissed a class action lawsuit against Uniswap. The court specifically stated the case was untenable given the protocol's decentralized nature, there is no identifiable defendant. Easily, you can see how this could have impact on the Coinbase case and that is what I am watching out for.

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