EddieJayonCrypto
29 Aug 23
I have been watching attention span to the most flimsy of press releases with people missing key information, like why PayPal launched a stablecoin or how the SEC is making another profound move against Web3 technologies by going after NFTs. So profound that Commissioners Hester Peirce and Mark T. U...
I have been watching attention span to the most flimsy of press releases with people missing key information, like why PayPal launched a stablecoin or how the SEC is making another profound move against Web3 technologies by going after NFTs. So profound that Commissioners Hester Peirce and Mark T. Uyeda have voice their public dissent.1. There are major rumblings in and around the SEC and its decision to go after Impact Theory and charge them for the sale of NFTs the SEC says are unregistered offerings. SEC Commissioners Hester Peirce and Mark T. Uyeda have stated publicly their dissent against a non-fungible token. This could have reverberating effects even beyond that of the Ripple case. The implications are massive and all eyes are going to be on the SEC. Indeed, this will also add pressure on what is already great on Gary Gensler to cease his iron-fisted approach to We3 technologies. 2. We have another chapter in the Digital Currency Group's saga of Genesis and their creditors. The major creditor being Gemini. A new deal has been reached by DCG that could result in recoveries of 70% to 90% for unsecured creditors. There is still a pending lawsuit against DCG by Gemini and I have not seen any mention of that legal action in the article in CoinDesk, which is owned by DCG. 3. I know there are many speaking about some XRP sidechain, but I am squarely focused on the news that Ripple has Money Transmitter Licenses in 31 of the 50 states in the US. The company is clearly laying the groundwork for major moves in the future. For the moves they are making, I am expecting those moves to start happening very soon, especially given the news about their tie-up with Western Union. 4. In passing, I came across a nice little nugget that BlackRock is an investor in four of the largest Bitcoin miners in the world, by market capitalization: Riot Platforms, Marathon Digital, Cipher Mining and Terawulf. What they have amassed in the space is a clear signal the world's largest money manager, by assets under management, is well-entrenched in the Web3 space and covering many facets. This is very deep and reinforces my decision to be involved in the Cryptoverse.. 5. The founder of Polygon, Sandeep Nailwal, announced a new network token, POL. What is coming with POL is a massive tech upgrade, including the ability to stake across chains without that added risks of restaking. The Polygon 2.0 proposal is going to usher a network of zk-powered L2s. Frankly, I think the proposal will usher in the next level adoption and find a good number of dApps started on the new ecosystem. 6. A lot of people are wondering why PayPal launched their own stablecoin. If you take a look at the Bloomberg analysis, you will see the stablecoin market has had explosive growth with total transactions approaching $6.8 trillion. It should be no surprise that PayPal would want in on that space.