tl;dr
There are some major events about to happen, starting with a closed door SEC Commissioner meeting on November 2nd. Here is what is on my mind today.1. I just read an article that Ethereum has surpassed Stellar for tokenized US Treasury bonds. Let's first start that I did not know that Stellar was so...
There are some major events about to happen, starting with a closed door SEC Commissioner meeting on November 2nd. Here is what is on my mind today.
1. I just read an article that Ethereum has surpassed Stellar for tokenized US Treasury bonds. Let's first start that I did not know that Stellar was so strong in that space. The current market size grew almost 600% to a hair under $700M. That is a far cry from the $100M it started with at the beginning of the year. This is according to real world asset monitoring platform RWA.xyz. It was just the top two players that grew. New players in the space include Polygon and Solana who also grew. I am expecting this space to grow explosively over the coming months. Given such high yields as much as 5.8%, even Coinbase thinks this market is going to grow.
2. So the SEC is supposed to step up to the plate on November 2nd. That is when the first closed door meeting of the Commissioners is going to happen. It is the first one since they allowed to appeal window to close. Does that mean we could see a nod to the first Bitcoin Spot ETF in the country? I am thinking we could get a nice little bounce just off of the news about the meeting. And, yes, I do think the approval will come. I think it would be incredibly hard for the SEC to deny the application.
3. I am gobsmacked over Vanguard's decision to NOT enter the Bitcoin Spot ETF space as their competitors have. What has given me even more of a shock is the reason behind it. Just like gold, they do not believe cryptos have intrinsic value. The firm with about $8T in assets under management does not use gold as an asset class for one main reason: it doesn't have cashflows to it. I had to stop and think about that for a moment. They are not saying anything wrong. This is how they manage their portfolios and advise their clients. This is a very interesting approach. For the record, I do have funds with Vanguard.
4. This is not the biggest news and doesn't have direct correlation to the crypto space, but I thought it was worthy of reporting. X is now worth a whopping $19B. I say whopping not for a good reason. As a matter of fact, it is because when it was Twitter it was purchased for $44B. Everyone likes to think Elon Musk is such a smart person. I, for one, have yet to see it. His poor management of the still popular platform, yet waning, has driven the company in the ground. For all of those people holding hope that he will drive DOGE to the moon, you may want to reconsider.
5. It sounds like the UK is about to govern the Cryptoverse using current market law. In other words, I expect the UK to make a mess of it. Just like in the United States, I do not see how the United Kingdom can force-fit cryptos into the existing framework of old, and in some cases antiquated, laws. One of the oldest financial markets in the work could be about to drop the bag right in front of our eyes.
6. I was checking out an article in Decrypt and saw that there may be some commonality behind the breaches of over 100 crypto wallets used by even the most savvy in the crypto space. That commonality seems to be a hack of LastPass. Hackers have been able to steal over $39M and that number seems to be growing. If you are using LastPass for your password storage needs, I strongly suggest you find an alternative solution.
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