“They have to think – including just from a business perspective but also legal – what kind of precedent they’re setting. If they delist one [cryptocurrency] just because a regulator accuses it of being a security, what happens the next time that happens? Have you just given the SEC the right to delist anything from your platform just because [it makes] an accusation?
It’s not an easy decision for [Coinbase] to just delist and, personally, if I were them I don’t think I would delist unless I had something more concrete to point to.
It’s also possible an SEC victory would destroy XRP’s value because the regulator wants to prevent Ripple from selling any more tokens, and for Ripple, CEO Brad Garlinghouse and Chairman Chris Larsen to disgorge their profits, pay prejudgement interest and pay civil penalties. Exchanges like Coinbase would “be crazy not to consider” delisting.
Coinbase in particular is in a unique position due to its impending initial public offering (IPO) or direct listing. While Shapiro does not believe the SEC would explicitly tell Coinbase to delist XRP, the agency could say that not delisting XRP might be a risk factor. Coinbase could then decide to delist XRP based on this feedback.”
“Suarez tweeted Thursday that he is “absolutely exploring” making Miami, the seventh-largest city in the U.S., home to the country’s first crypto-centric municipal government, seemingly endorsing concepts from tokenization to on-chain voting. He tagged new city resident Anthony Pompliano, founder and partner of Morgan Creek Digital and a crypto Twitter celebrity, for help.
In a subsequent tweet, Suarez said he wants South Florida ‘on the vanguard of legislation that promotes crypto and makes us forward-leaning on innovation.'”
“About three weeks after the launch of ETH 2.0’s ‘beacon chain’, just over 2 million ETH is locked up in the Ethereum 2.0 staking contract. At Ethereum’s current price, $612, this is worth $1.2 billion worth of Ethereum.“
“BitGo CEO commented that over the years BitGo has been “in talks with everyone” and will not accept a “small exit.”
Whatever talks there may have been have come to an end, sources told Fortune, with one saying that ‘PayPal is exploring other potential acquisitions.‘”
“Open finance, and specifically open lending, has exploded to well over $10 billion this year. This growth has catalyzed a new source of funding for market participants ranging from individuals to corporates to hedge funds. It has also created a new source of liquid “digital yield” for investors, corporates and savers starving for an alternative to the perpetual 0% offered in legacy systems.
A hallmark of this space is extreme flexibility to lend and borrow at any term, in any currency, at any size, with any level of direct collateral, for any period of time. This ability to customize at low scale opens up an entire “yield-as-service” or capital-as-a-service industry.
The comparison on its surface boils down to:
- Traditional Banks: 0% return, tiny liquidity reserves with limited transparency, poor governance fundamentals and very closely guarded underwriting practices but balances are insured.
- Open lending platforms: 8%-10% return, greater and transparent reserves, better governance fundamentals, simple underwriting practice founded on highly liquid collateral but balances are not insured.
Open lending may be relatively basic today, but at its best it offers the building blocks of an entirely re-shaped financial system built on transparent, liquid and open fundamentals.”
“Elad Roisman has been named acting chairman of the U.S. Securities and Exchange Commission. The news comes a day after former Chairman Jay Clayton announced that yesterday was his last day. Clayton had previously said he would step down by the end of the year.
Perceived as friendly to cryptocurrencies in general, Roisman had served as chief counsel for NYSE Euronext.”
“Japan is gearing up to launch a digital currency in both the public and private sectors as it trails China.
According to the Japan Times, the country’s Digital Currency Forum aims to create “some form” of digital currency similar to Facebook’s diem plan, by 2023. The group is preparing to conduct a feasibility study for its virtual currency in 2021.
China has prompted moves toward digital currency (around the world).”
“In November, Hong Kong’s government announced plans to ban retail cryptocurrency trading as part of a broader money laundering crackdown. According to the South China Morning Post on Dec. 24, the proposed crypto regulations could also extend to Bitcoin automated teller machines.
To restrict retail individuals from accessing Bitcoin would be overshooting the government’s goals of promoting innovation, and financial inclusion.”