tl;dr
The SEC does the usual and kicks the can down the road on a couple of ETFs. Here is what is on my mind today.1. Earlier this month we heard about Avalanche laying off 14% of its workforce. What we did not know is that JPMorgan was testing a subnet of the blockchain for tokenized assets offered by Wi...
The SEC does the usual and kicks the can down the road on a couple of ETFs. Here is what is on my mind today.
1. Earlier this month we heard about Avalanche laying off 14% of its workforce. What we did not know is that JPMorgan was testing a subnet of the blockchain for tokenized assets offered by WisdonTree. Well, yesterday, we found out they made it official and announced their proof of concept as Onyx by JPMorgan and Apollo Global as a part of the what is proving to be a massive initiative, Singapore's Project Guardian. I first started reporting on Project Guardian since November 2nd of last year when I told you about the crypto players involved, including Polygon, Aave and Uniswap.
2. CFTC Chairman, Rostin Behnam is now on the record stating regulators are powerless to prevent the next FTX event. This seems to fly in the face of what has been said previously by SEC Chairman Gensler. Behnam says they are no better now than a year ago in being able to thwart such an event while speaking at Georgetown University yesterday. I want you to think about all of those lawmakers saying the SEC is ready to handle this with the rules currently on the books. They are either grossly inept or outright lying in my book.
3. And, just like that, OKX come out of nowhere with their Layer 2 testnet network dubbed X1. Built on the Polygon platform, the new Layer 2 is leveraging zero knowledge technology. Their native token, OKB will be used to pay for X1 gas fees. They expect it to bring their users onchain and int the Web3 space.
4. Stablecoin issuer Circe has invested in SEI Network, a Layer 1 blockchain. This is the blockchain that claims to be the fastest in the world. One has to think if they proved it to Circle. The move will bring USDC to the blockchain and bring a more accessible and an efficient means for cross-border transactions. SEI is currently ranked at 139 on CoinMarketCap and has a market cap of approximately $297.5M. I am thinking they are about to grow.
5. In a very interesting move, the SEC has delayed the decision on the HashDex Bitcoin Spot ETF. The move is interesting because it sets a date of January 1, 2024, which is right around the corner. The SEC also postponed the decision on Grayscales Ethereum Spot ETF until January. All eyes are still on the SEC to make a move on Grayscale's Bitcoin Spot ETF. If not, I think they would land themselves in court because I judge said they have to act.
6. In other US Government news, The New York Department of Financial Services has once again snatched the Ice Age from the jaws innovation with stricter rules on listing and delisting coins. New York is already one of the most difficult states to do crypto business in. I am not saying they didn't need to step up the current rules, but I do mean they are not trying to work with the industry to set guardrails while fostering growth.
7. I keep telling people they must pay attention to what is going on in Singapore. As of now, the Monetary Authority of Singapore has given the nod to Paxos, a stablecoin issuer, to offer a US dollar-backed coin in its Singapore-based operations. I think if the larger players are not playing in Singapore, I will question their longevity.
8. A couple of days ago I told you that the Shiba Inu team was in talks with exchanges to onboard Shibarium. We are now hearing about some fruits of that labor as it is announced that Shibarium, a Layer-2 scaling solution, has been integrated into it the Atomic Wallet platform. Keep in mind that Atomic Wallet is a decentralized, non-custodial wallet. In other SHIB news, the team has inked a deal with Manny Pacquiao’s Foundation to integrate Shibarium into the foundation's operations. Manny called it a PartnerSHIB.
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