Earlier this month, the SEC threatened to sue Coinbase over its lending product Coinbase Lend. This made Coinbase CEO Brian Armstrong flipping mad. So mad, in fact, that he went on a Twitter tirade that carried the same weight as a bikini-clad fat woman berating her husband for gawking at the pretty girls. Now, Coinbase is publishing its own regulatory framework for crypto to help out legislators who lost their clue in the last presidential election, which they mistook for a dance party. Armstrong has been making the rounds to meet with regulators in Washington but said the SEC was the only regulatory body unwilling to meet with him. Meanwhile, Coinbase is growing its legal and compliance team as it tries to collaborate with U.S. regulators. I sense a marriage proposal coming, but who’s going to drop to one knee first—Coinbase or Uncle Sam?
On another note, Tether is under investigation by the SEC, which denied an FOIA request by The New Republic. It looks as though regulators want to know how much commercial paper Tether is holding. Funny, I’d want to know how much toilet paper it has. Of course, Tether denies having any Evergrande commercial paper—or toilet paper, for that matter.
China bans crypto for, like, the umpteen-millionth time. Immediately, bitcoin fell. More than 9 percent, almost to $41K. It now sits at just over $42,000.
Twitter introduces bitcoin tipping, which is nothing like cow tipping. Why is the Twitter-Bitcoin pairing such a big deal? Because Twitter is attempting to “dematerialize” all payment networks. According to Strike CEO Jack Mallers.
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This newsletter is for information and educational purposes only. It is not financial advice. Please consult a financial advisor before investing in crypto. First published at Cryptocracy.
Top image from Business Insider