EddieJayonCrypto
30 Aug 23
All eyes on the SEC, wrought with internal strife and external losses. Here is what is on my mind today.1. So Grayscale won a court victory over the SEC. The appeals court ruled that Grayscale's application to convert their Bitcoin trust into an ETF was unfairly denied. Well, we all knew that, but w...
All eyes on the SEC, wrought with internal strife and external losses. Here is what is on my mind today.1. So Grayscale won a court victory over the SEC. The appeals court ruled that Grayscale's application to convert their Bitcoin trust into an ETF was unfairly denied. Well, we all knew that, but what does it mean. It means the SEC is going to review their next steps in their never-ending battle against crypto. For those thinking it means an immediate approval, you are wrong. What it does mean is that they can review the application again and attempt to find a different reason to deny the application or even revoke previous approvals for futures ETFs. That said, they are being backed into a very tight corner. The political impact is pretty big though. Everyone is looking at Gary Gensler, but is it a hard blow to people like Elizabeth Warren who, seemingly, has been working with the SEC to clamp down on the Cryptoverse. The implications are massive. 2. So X gets a license as a Money Transmitter in Rhode Island and Dogecoin pumps a little? You wish! That pump is directly due to the Grayscale win. That said, X has applied for licenses in every US state. Rhode Island was just the first to approve. Do I think that means anything for DOGE? Not really since the only coin they have been truly leveraging is BTC and barely a look at DOGE. Given Elon's propensity to seek headlines, I am not sure the a DOGE implementation is guaranteed. It can still happen, but I can easily see other coins coming ahead of the memecoin. 3. There is a lot of news around Binance. First we have sealed court charges pending and who knows what that will mean. Then you have them thinking about leaving Russia due to US sanctions. This move is not going to make their problems go away. I think had they done that to begin with, they would have far less issues with US regulators. In Venezuela, Binance has halted peer-to-peer payments through Banco de Venezuela. The services will still be allowed for institutions though. Finally some good news for the world's largest centralized exchange: they launched Send Cash. It is a new service that enables users to manage crypto to bank transfers. After being dropped by Mastercard, you kind of knew they would come out with something else and here it is. 4. It looks like Robinhood is ending its deal with controversial Jump Trading. They are the largest market maker in the crypto space. I first told you about them being hacked last year. Their subsequent moves following that event were headlines. They were also forced out of the US market due to increased regulatory scrutiny. The saga continues.