Notes 3/31: Tether Attestation Report, Stablecoins as Free Banking, and The Banality of Another DeFi Hack

Tether, the algorithmic stablecoin that straddles all of crypto, released an attestation report for its second quarter this morning. As usual, it is a sham exercise. The report is a mishmash of meaningless statistics and assertions and does not provide much clarity about the stablecoin’s finances though it does bring to light some of the… Read More Notes 3/31: Tether Attestation Report, Stablecoins as Free Banking, and The Banality of Another DeFi Hack

31 Jul 202324 Oct 2023 rakeshsharmak123Leave a comment

How to Regulate Crypto

Regulators around the world have begun taking tentative steps to regulate crypto and digital assets. Such assets are a new frontier in finance. And available evidence does not encourage much trust or confidence in their value or, for that matter, utility. How, then, should they be regulated? A panel discussion at the Bank of International… Read More How to Regulate Crypto

5 Jul 202324 Jul 2023 rakeshsharmak123Leave a comment

Notes 7/3: All-time Highs for Bitcoin and Ether Options, Restaking Once Again, and Future of Crypto Exchanges

Bitcoin price edged past the $31,000 mark once again this morning. As of this writing, it is trading at $31,040.82, up 2% from its price yesterday. There are no fresh catalysts to pump its price further. But it might be preparing for a big move if derivatives are signals for future price action. The open… Read More Notes 7/3: All-time Highs for Bitcoin and Ether Options, Restaking Once Again, and Future of Crypto Exchanges

3 Jul 20233 Jul 2023 rakeshsharmak123Leave a comment

Notes 6/8: Inconsequential Lawsuits

The cases brought by the Securities and Exchange Commission (SEC) against Binance and Coinbase earlier this week instigated steep price declines in crypto prices and a war of words between regulators and the industry’s biggest players. It makes for great drama and news cycles. But will it make a ‘consequential‘ difference to the ecosystem? Not… Read More Notes 6/8: Inconsequential Lawsuits

8 Jun 202324 Jul 2023 rakeshsharmak123Leave a comment

Notes 6/5: Bitcoin Price Crashes after SEC Filing Against Binance, Ethereum Staking

The end times are nearing for cryptocurrencies. The Securities and Exchange Commission (SEC) filed a case against Binance.com, the crypto world’s biggest exchange by trading volume, this morning. In response, crypto markets crashed. The magnitude of Binance’s operations became immediately evident. Bitcoin price, which had stayed above $27,000 over the weekend, fell below $26,000 after… Read More Notes 6/5: Bitcoin Price Crashes after SEC Filing Against Binance, Ethereum Staking

5 Jun 20235 Jun 2023 rakeshsharmak123Leave a comment

Notes 4/24: Crypto Derivatives

One of the biggest pieces of news last week was Coinbase’s decision to file for a license to operate a derivatives exchange in Bermuda. In its wake, another prominent cryptocurrency exchange Gemini jumped onto the news train and announced the launch of Gemini Foundation – a “non-US” derivatives exchange that is planned to be situated,… Read More Notes 4/24: Crypto Derivatives

24 Apr 20238 May 2023 rakeshsharmak123Leave a comment

Notes 4/22: Stablecoin Regulation

Privately issued currencies used for daily transactions are a long-held goal for libertarian crypto enthusiasts distrustful of fiat money issued by government. Stablecoins, or coins that can be exchanged at par for fiat, are the best bet to carry forward the crypto torch of payments that is not beholden to government diktat. But two legislations,… Read More Notes 4/22: Stablecoin Regulation

22 Apr 202322 Apr 2023 rakeshsharmak123Leave a comment

Notes 4/19: SEC Chief Gary Gensler’s Congressional Hearing

There was a thaw in the crypto winter yesterday, a glimmer of celebration, cloaked in schadenfreude, at the House Financial Services Committee hearing yesterday. Securities and Exchange Commission (SEC) Chairman Gary Gensler, sometimes referred to as crypto’s favorite whipping boy, testified before the committee yesterday. Crypto twitter cheered when a group of Republican Congressmen laid… Read More Notes 4/19: SEC Chief Gary Gensler’s Congressional Hearing

19 Apr 202320 Apr 2023 rakeshsharmak123Leave a comment

What Does The Future Hold For Ethereum’s Biggest Staking Service?

The Shapella upgrade happening later today is a lucrative event for investors because they will finally be able to unstake their tokens, and associated rewards offered through Ethereum’s staking programs. But investors with staking rewards aren’t the only winners from the event. Investors in Lido, the world’s biggest staking service, are also booking profits. The… Read More What Does The Future Hold For Ethereum’s Biggest Staking Service?

12 Apr 202314 Apr 2023 rakeshsharmak123Leave a comment

Is the Beaxy Case A Blueprint for Action Against Coinbase?

Will Coinbase become the next crypto entity targeted by regulators? The exchange was already served a Wells Notice by the Securities and Exchange Commission (SEC) last month. Now, after the agency slapped charges against cryptocurrency exchange Beaxy, speculation is rife that Coinbase might be next in line. Beaxy was a little-known operation based in Illinois.… Read More Is the Beaxy Case A Blueprint for Action Against Coinbase?

6 Apr 20236 Apr 2023 rakeshsharmak123Leave a comment

Notes 3/28: CFTC Lawsuit Against Binance, Staking Withdrawals, and Tron and Tether

What does the CFTC’s case against Binance mean for crypto’s future? Binance is the world’s biggest cryptocurrency exchange by trading volume. It is also home to the biggest trading volumes for bitcoin and ether, the world’s two biggest cryptocurrencies. But the announcement of a lawsuit against the company by the CFTC yesterday hardly dented bitcoin… Read More Notes 3/28: CFTC Lawsuit Against Binance, Staking Withdrawals, and Tron and Tether

28 Mar 20237 Apr 2023 rakeshsharmak123Leave a comment

Notes 3/27: CFTC Sues Binance

There is no rest for the wicked. Or, for businesses operating in cryptocurrencies. An onslaught of the fledgling sector by regulators, which began earlier this year, reached a sort of apogee this morning with the Commodities Futures Trading Commission (CFTC) charging Binance, the world’s biggest trading platform by volume for cryptocurrencies. The agency stated… Read More Notes 3/27: CFTC Sues Binance

27 Mar 202329 Mar 2023 rakeshsharmak123Leave a comment

Notes 3/24: Coinbase

Coinbase has major beef with the Securities and Exchange Commission (SEC). After the company was served with a Wells Notice by the agency for selling unregistered securities, its chief legal officer Paul Grewal took to social media and wrote posts to air grievances. On his company’s website, Grewal wrote that his exchange – the biggest… Read More Notes 3/24: Coinbase

24 Mar 2023 rakeshsharmak123Leave a comment

Notes 3/7: Grayscale ETF, OKB Again

The Grayscale Bitcoin Investment Trust’s (GBTC) bid to overturn the SEC’s rejection of its spot bitcoin ETF last year received a shot in the arm from a US Appellate Court today. Questioning by Judge Neomi Rao and Judge Sri Srinivasan made news and upped the odds that Grayscale might prevail against the agency. Fraud in… Read More Notes 3/7: Grayscale ETF, OKB Again

7 Mar 20238 Mar 2023 rakeshsharmak123Leave a comment

Notes 12/13: FTX CEO Sam Bankman-Fried Is Arrested

We finally have respite from former FTX CEO Sam Bankman-Fried’s (SBF) media tour. The thirty-year-old boy genius’s repeated public appearances to “explain” his actions were finally cut short last evening after he was arrested by the Royal Bahamas Police Force based on charges filed by the Department of Justice. The Securities Exchange Commission (SEC) has… Read More Notes 12/13: FTX CEO Sam Bankman-Fried Is Arrested

13 Dec 202213 Dec 2022 rakeshsharmak123Leave a comment

Notes 12/2: Benham’s Testimony, Tether Loans

CFTC Chairman Rostin Benham reiterated the case to bring “comprehensive market regulation” to cryptocurrencies and said existing rules are sufficient to rein in hijinks in its ecosystem in his Senate testimony. “We (can) eliminate contagion by applying the same principles of financial regulation that we apply to traditional financial assets,” he said. Benham’s views echo… Read More Notes 12/2: Benham’s Testimony, Tether Loans

2 Dec 202227 Dec 2022 rakeshsharmak123Leave a comment

More Of The Same: SBF’s Appearance at The DealBook Conference

For investors and industry observers, former FTX CEO Sam Bankman-Fried’s (SBF) appearance at the New York Times Dealbook conference this evening was an opportunity to make sense of the FTX train wreck. But the interview, which was punctuated by a brief loss of connection with Bahamas-based SBF, must have left them even more confused. … Read More More Of The Same: SBF’s Appearance at The DealBook Conference

1 Dec 20221 Dec 2022 rakeshsharmak123Leave a comment

Notes 11/30: Bitcoin Price, Regulation

Bitcoin price is showing signs of life after remaining range-bound for most of last month, amid a widening crisis in the cryptocurrency ecosystem. The premiere cryptocurrency had been trading in the $15,000 to $17,000 price range as the contagion from crypto exchange FTX’s collapse claimed more victims. Inexplicably, it broke past the $17,000 mark this… Read More Notes 11/30: Bitcoin Price, Regulation

30 Nov 202219 Jul 2023 rakeshsharmak123Leave a comment

Notes 11/15: FTX Tremors, GBTC Discount, and An Industry Fund

In a now famous Rolling Stone description of Goldman Sachs after the 2008 financial crisis, journalist Matt Taibbi compared the Wall Street titan to a “giant vampire squid wrapped around the face of humanity.” FTX may not have the same footprint as Goldman Sachs but its high profile within crypto has ensured that tremors of… Read More Notes 11/15: FTX Tremors, GBTC Discount, and An Industry Fund

16 Nov 202216 Nov 2022 rakeshsharmak123Leave a comment

Notes 9/21: FOMC and Bitcoin Price, Retail CBDCs, and Tether In Trouble Again

It was unthinkable some years ago. Fed Day – a day when the Federal Reserve Open Markets Committee (FOMC) meets – is fast becoming an important ritual in bitcoin’s calendar because it determines the cryptocurrency’s future price trajectory. Cryptocurrency markets are poised in anticipation of Fed Chairman Jerome Powell’s announcement his afternoon regarding interest rate… Read More Notes 9/21: FOMC and Bitcoin Price, Retail CBDCs, and Tether In Trouble Again

21 Sep 202221 Sep 2022 rakeshsharmak123Leave a comment

Notes 9/16: ETHW Crash, ETH As a Security

The effect of Ethereum’s transition from Proof of Work (PoW) to Proof of Stake (PoS) on the price of its native token ether has receded. Investors bid up ether’s price in the weeks leading up to the merge. It remained flat during the actual event. And now, it is in decline. After reaching a high… Read More Notes 9/16: ETHW Crash, ETH As a Security

16 Sep 202216 Sep 2022 rakeshsharmak123Leave a comment

Coin Notes

Notes on cryptocurrencies and blockchains

Category: regulation