tl;dr
I think things may finally be coming to head between the SEC and the CFTC. Here is what is on my mind today.1. CFTC Chairman, Rostin Benham is seeking greater regulatory authority to better police the Cryptoverse. I am not sure he can do a better job, but at least Chairman Benham is publicly stating...
I think things may finally be coming to head between the SEC and the CFTC. Here is what is on my mind today.
1. CFTC Chairman, Rostin Benham is seeking greater regulatory authority to better police the Cryptoverse. I am not sure he can do a better job, but at least Chairman Benham is publicly stating some facts that SEC Chair Gary Gensler just won't do. He acknowledges the evolution of financial markets and the growing role of decentralized finance (DeFi). What I am hoping is that he is focused on stamping out fraud within the DeFi space rather than taking a Gensler-like scorched earth approach. Only time will tell. I can say one thing though, I do not think the public nor lawmakers are going to stand for another war on innovation.
2. In my research this morning, I came across several articles speaking about a lawsuit against Binance and its CEO CZ for the alleged sabotage of FTX. Truthfully, I don't even want to tackle if the lawsuit has merit…just yet. My perspective is FTX was up to some shady nonsense and got caught. This lawsuit makes me think the people behind it are mad they FTX got caught. Just let that wash over you for a minute before you give any thought to the actual lawsuit.
3. Back in February I told you about a 4% staff cut at Chainalysis. Well, unfortunately, I have to tell you that the blockchain analytics firm is now laying off another 15% of its staff. The company recognizes economic downturn and is pivoting toward more public sector work. Currently, government contracts make up about 70% of the company's revenue. It was just last year the company was valued at about $8.6B. I am unsure of their current valuation, but I suspect is has diminished a bit.
4. I have been hearing a lot of hype around Friend.Tech. Now, I just read that a major theft occurred on Friend.Tech protocol due to SIM swap attacks, exposing its claimed decentralization as flawed. Users reported asset loss, with one losing 22 ETH. Despite promoting decentralization, the protocol's centralized registration options without two-factor authentication (2FA) is probably what drew the scammers. This incident has spurred doubts regarding its decentralization claims. In my humble opinion, it was never a decentralized venture.
5. In a bold move, the IMF has introduced a framework, including a Crypto Risk Assessment Matrix (C-RAM), for understanding and managing systemic risks in the crypto sector. This three-step methodology helps policymakers evaluate the economic significance of the crypto sector, scrutinize systemic risk indicators, and assess macro-financial implications at a national level. The framework, catering to both global and country-specific needs, stresses the importance of robust regulatory frameworks to mitigate risks, especially as crypto assets become integral in the financial sector, facilitating efficient transactions and financial inclusion.
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.