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July has been a huge month for Crypto. While this edition of TMIC (# 14) is jam-packed, it’s just the tip of the iceberg. In this TMIC: Crypto Under the Magnifying Glass of Regulators, the big tech companies backing Bitcoin and Australia are leading the way (Go TEAM!).
Note: The total market cap of all cryptos at the time of writing this July 31, 2021 is approximately AU $ 2.3 trillion, a 505% increase from Episode 1 of TMIC and an increase by about 21% compared to last month. This is what it looks like:
Let’s go:
Amazon and The B Word, Elon Musk, Cathie Wood and Jack Dorsey attended “The B Word” conference this month where they discussed Bitcoin and Crypto. Elon said Tesla and SpaceX hold Bitcoin on their balance sheets and that he personally owns Bitcoin and Ether (Ethereum) while Jack Dorsey (CEO of Twitter and Square) spoke of integrating Bitcoin payments with Twitter and Square in addition to Square. launching their own Hardware Wallet (physical wallet to store crypto). Read more here and here. And when it comes to Bitcoin payments, rumors have spread online that Amazon was looking to integrate “Bitcoin payments” after posting a job posting for a “Digital Currency and Blockchain Product Manager”. In response, Amazon said that while it is interested in the crypto space, the rumors were not true. Time will tell what the digital currency and Amazon’s blockchain product bring to the market. Read more here. Regulation and Stablecoins, US Senator Elizabeth Warren lobbied Treasury Secretary Janet Yellen and SEC Chief Gary Gensler this month to take a “coordinated and holistic” approach to regulating cryptography – as soon as possible. Warren expressed concerns about investor protection, systemic risks to the existing financial system, and stablecoin risks, and called people working in the crypto space “ghost super-coders.” Concerns have been raised against the backdrop of a recent surge in online influencers promoting crypto scams, ‘pumps and dumps’ as well as an in-depth look at the reserves backing two of the biggest stablecoins in the world. US dollars USDT (Tether) and USDC (Circle). Importantly, Cercle, the company that issues USDC stablecoin, has announced its intention to list on the New York Stock Exchange in the fourth quarter of 2021, which means that as a public company, all Cercle reserves and books (USDC) will be audited and regularly. signaled to the public – likely to allay concerns about stablecoin support. Learn more here and here. Binance and Regulation, continuing the topic of regulation and emerging from another month of crackdown on various countries around the world, the world’s largest crypto exchange, Binance, has announced that it will look to hire former regulators. to become “authorized everywhere” and go from “tech startup to a financial institution”. As part of the move, Binance founder and CEO Changpeng Zhao, who goes by his name CZ, said he would be happy to step down as CEO of the company in place of someone with a solid regulatory experience when the right candidate presents himself, adding that he will continue to contribute to Binance in other capacities. Read more here.
New segment this month: Crypto in the Underlands (‘Straya)
DAOs, the law firm Herbert Smith Freehills and the Digital Law Association this month lobbied an Australian Senate committee to create a new limited liability legal entity in Australia to represent DAOs (‘decentralized autonomous organizations ‘). DAOs are a new form of organization that has emerged in crypto and has grown in popularity immensely. In short, a DAO is a structure that has no central management whose rules are enforced on / by blockchains. DAOs are a bottom-up structure that allows community members and token holders to manage crypto projects in a unique way, for example: proposing changes, upgrades / new features, voting on proposals made by other community members and decide how treasury funds are spent. Legal recognition of DAOs in Australia could be massive for Crypto development and startups in the country. Read more here. A new type of bank? Loda, a one-of-a-kind Australian startup, will allow its clients to borrow Australian dollars against their crypto holdings. Loda has raised $ 15 million in private equity this month and aims to launch in August. Loda has indicated that she aims to lend at a flat rate of around 5% interest. It may not seem like much at first, but for cryptocurrency investors who do not wish to incur capital gain / taxable events by selling their crypto holdings for AUD, they will instead be able to borrow against their crypto assets without the big money. tax invoice. . It is a project that I will personally follow very closely. Read more here. Blockchain Australia, Australia’s largest industry body, Blockchain Australia, urged the Australian Senate select committee this month to consider greater regulatory clarity for crypto in Australia to make it a ‘safe port’ for crypto providers and businesses with the aim of further strengthening Australia as a ‘technology and financial hub. BA called for a clear regulatory framework, a proper transition period for organizations, and, more interesting to me, a licensing program similar to AFSL (Australian Financial Services License) to enable cryptocurrency financial advice. Read more here. BNPL enters Crypto, Australian Buy Now Pay Later (“BNPL”) and its Afterpay competitor Zip Co has announced plans to launch crypto trading services within the next 12 months after noting that it is of “the most sought after product feature by users.” ‘. According to the CEO of Zip, he was also studying stock trading for his users. I was going to blame this news for my Afterpay stock drop last week, but it looks like the market indiscriminately sold Zip and APT despite the crypto trading outlook for Zip Co. Read more here.
A lot of things got stuck in TMIC # 14 and I haven’t even touched on the topics I’ve spent many nights diving into this month: Ethereum developments, crypto-gaming, DAO and DeFi for n ‘ to name a few. Despite a few pockets of regulation (several European countries banning derivatives trading), it is encouraging to see mature conversations around regulation that appear, by and large, to be pro-innovation. In my opinion, the innovation going on in crypto right now is the most disruptive and possibly the fastest space in the world. I am especially excited and optimistic to see my home country, Australia, pushing the boundaries of innovation despite the grim circumstances of the seemingly endless perpetual shutdowns that have categorized the past 15 months and possibly the foreseeable future. I couldn’t imagine a better time in history for people to realize the value proposition of decentralization.
Until next month,
James (Shadowy-Super-Coder).
Previous episodes:
TMIC # 1 – June 2020
TMIC # 2 – July 2020
TMIC # 3 – August 2020
TMIC # 4 – September 2020
TMIC # 5 – October 2020
TMIC # 6 – November 2020
TMIC # 7 – December 2020
TMIC # 8 – January 2021
TMIC # 9 – February 2021
TMIC # 10 – March 2021
TMIC # 11 – April 2021
TMIC # 12 – May 2021
TMIC # 13 – June 2021
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