EddieJayonCrypto
16 Oct 23
The world is waiting for the SEC to roll over. Here is what is on my mind today.1. The world is waiting for Gary Gensler and his SEC staff to roll over and approve Grayscale application to convert their Grayscale Bitcoin Trust (GBTC) to a spot ETF. The firm says they are operationally ready. I suspe...
The world is waiting for the SEC to roll over. Here is what is on my mind today.1. The world is waiting for Gary Gensler and his SEC staff to roll over and approve Grayscale application to convert their Grayscale Bitcoin Trust (GBTC) to a spot ETF. The firm says they are operationally ready. I suspect they were ready years ago when they first filed. Being that the SEC has allowed the time they had to appeal lapse, I suspect they are obliged to do so within the next 60 - 90 days. We shall see. I think a lot of people missed the news and that is why we are seeing a BTC spike. 2. In more news out of Upbit receives a conditional approval for a Major Payments Institution License in Singapore. Joining the likes of Coinbase and Ripple. The country has long been a financial hub. So it makes complete sense they are making big headway if being a major crypto hub. 3. Here is something I have been thinking about for a while: the need for regulation around the risks AI poses or the financial industry. Already I have been seeing AI-based predictions proliferating across the Internet. I know that doesn't seem like much, but when you get down to it, those are financial models that are being created by AI. Imagine a brokerage firm relying on that kind of unruly technology to manage funds. There are plenty of instances where AI is being used, but now we have it in the hands of retail investors. That expands the risks and I am not sure anyone is really digging into the subject. So, Gary and I agree that regulators need to step up, get educated in the space and get involved. Something they seem to have a hard time doing. 4. Coinbase seems to be taking the fight to the SEC. They have now served an ultimatum to the agency stating if the agency does not respond to the centralized exchange's petition for rulemaking within 30 days, they will take the agency to court. I want you to think about this. There comes a point where the SEC is fighting on too many fronts and cannot sustain the workload nor the costs. 5. California Governor Newsome signs a stringent crypto bill into law. The Department of Financial Protection and Innovation (DFPI), will assume authority to mandate what will be extensive auditing of crypto companies. It has been made clear that punishment for not adhering to the new regulations will be swift. The bill requires licensees to maintain records for up to 5 years following the date of activity. This should not be a surprise since tax records should be held for 7. 6. In bgi news, Ferrari will be accepting BTC and ETH for car payments. Luxury brands have been flocking to accept crypto. Some are even incorporating the technology into operations. I told you about a year ago that Alfa Romeo was using NFTs to track maintenance on some of their cars. I think we are seeing furtherance that crypto is going mainstream. 7. MetaMask was temporarily removed from the Apple app store. The company released a statement about their mobile wallet's omittance and have assured users they were working diligently to address it. Low and behold, the app is back. I am pretty sure is was not malicious and was a simple technical snafu with an upgrade. Sponsors:🌎 https://RebelReach.com - Robust hosting and marketing services!🌎 https://RebelVino.com - All things food and beverage!🌎 https://RebelVisions.com - Helping companies achieve more through operational excellence and disciplined project execution!🔥 Smash the likes and SUBSCRIBE for more great videos! https://youtube.com/c/EddieJayonCrypto?sub_confirmation=1🚨 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.