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Today's Top Crypto Headlines:
JP Morgan Takes Aim at Crypto | GOP Candidates Target SEC | Grayscale CEO Optimistic on ETF | Robinhood Launches Crypto Trading App | A16z's Thoughts on Crypto in 2024 | And More...
Jonathan Gibson
December 07, 2023
Good Morning Crypto Enthusiasts!
Happy to have you back for another edition of the UseTheBitcoin.com newsletter.
It’s been a slow news day today so without any more waiting let’s jump right into today’s headlines!
📰 News Highlights:
JP Morgan Chase CEO Jamie Dimon has once again voiced his strong opposition to cryptocurrency, suggesting that if he were in government, he would "close it down."
J.P. Morgan CEO, Jamie Dimon: "The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance."
The Data: Since 2000, regulators fined banks 7,400+ times totaling to fines of $380+ Billion.
Banks should stay silent.
— Gabor Gurbacs (@gaborgurbacs)
5:51 PM • Dec 6, 2023
Speaking at a Senate Banking Committee hearing, Dimon emphasized concerns about crypto's use in illegal activities such as money laundering and tax avoidance. His comments sparked a lively debate about the true nature of digital assets, with critics pointing out the transparency of blockchain ledgers and the utility of cryptocurrencies beyond criminal use cases.
remember when jpm got fined for not only failing to report madoff's suspicious transactions but using the information to protect its own investments
— Neeraj K. Agrawal (@NeerajKA)
5:56 PM • Dec 6, 2023
Dimon's history of criticizing Bitcoin and other cryptocurrencies is well-documented, yet the crypto community remains resilient, highlighting the transformative potential of decentralized technologies. The ongoing clash of ideologies between traditional finance and the crypto space underscores the need for informed and nuanced discussions on the future of financial systems.
Presidential candidate Vivek Ramaswamy has criticized the Securities and Exchange Commission (SEC) and other regulatory bodies for their perceived failure to keep pace with the rapidly evolving crypto landscape. During the Republican Party presidential debate, Ramaswamy emphasized the need for regulatory frameworks that align with the current moment.
🍿@VivekGRamaswamy and @RonDeSantis talk crypto in the GOP primary debate
— Taylor Barr (@taylorjbarr)
2:15 AM • Dec 7, 2023
His comments, particularly targeting SEC Chair Gary Gensler, reflect a broader sentiment among crypto advocates pushing for clearer regulations that foster innovation while preventing fraudulent activities.
Ramaswamy's stance aligns with a growing trend of political figures integrating crypto-friendly policies into their campaigns. As crypto becomes a hot-button issue, presidential candidates are recognizing the need for balanced and forward-thinking approaches to ensure the industry's growth and stability.
Grayscale Investments CEO Michael Sonnenshein expresses optimism about ongoing discussions with the Securities and Exchange Commission (SEC) regarding a potential spot Bitcoin exchange-traded fund (ETF).
Grayscale CEO hopeful on rally despite opposition
While specific timelines remain undisclosed, Sonnenshein notes positive signals from the SEC, indicating a willingness to engage and make progress on the matter. Grayscale's court victory in August, requiring the SEC to re-review its bid for a spot Bitcoin ETF, adds momentum to the broader industry's pursuit of ETF approvals.
“I am optimistic that we will get one,” says @Grayscale CEO @Sonnenshein about a Grayscale $BTC ETF. “It remains a matter of when, not a matter of if.” $GBTC
— Last Call (@LastCallCNBC)
12:25 AM • Dec 5, 2023
As regulatory conversations unfold, the clash of opinions within the financial sector, epitomized by Jamie Dimon's recent comments, underscores the need for a balanced regulatory framework that fosters innovation while addressing legitimate concerns.
In a strategic move, Robinhood expands its crypto trading services by launching in the European Union, following recent challenges in the UK. The platform offers access to more than 25 tokens, including BTC, ETH, and SOL. Robinhood's unique feature of repaying a percentage of customers' trading volume in BTC sets it apart in the market. The EU's comprehensive crypto asset regulation policies make it an ideal region for Robinhood's international expansion, according to Johann Kerbrat, GM of Robinhood Crypto.
GM! Robinhood Crypto is now available in the EU 👋
Get up to 1 Bitcoin when you sign up or refer a friend: rbnhd.co/crypto-eu
Learn more about the app, and how to get BTC back on every trade 👇(1/7)
Terms apply*
— RH (@RobinhoodCrypto)
6:40 AM • Dec 7, 2023
The expansion signifies Robinhood's commitment to providing global users with diverse and accessible crypto investment options. As the platform navigates regulatory landscapes, its innovative approach continues to shape the future of retail crypto trading.
A16z, or Andreessen Horowitz, explores key trends shaping the future of web3 technologies in their recent article. They emphasize the significance of decentralization in democratizing systems and enhancing user freedoms. The piece discusses emerging best practices, including governance models and innovative tools improving the user experience in crypto. A focus on modular tech stacks, the convergence of AI and blockchains, and the evolution of play-to-earn games into "play and earn" are highlighted as transformative trends.
Just a few things we're excited for in crypto (2024):
→ Entering a new era of decentralization
→ Resetting the UX of the future
→The rise of the modular tech stack
→ AI + blockchains come together
→ Play to earn becomes play and earn
→ When AI becomes the gamemaker,… twitter.com/i/web/status/1…— a16z crypto (@a16zcrypto)
3:46 PM • Dec 6, 2023
The article also covers formal verification methods, the growing role of NFTs in branding, and the mainstream adoption of SNARKs for cryptographic receipts in computational workloads. The insights provided underscore the ongoing evolution of web3 technologies and their potential impact on various industries.
A16z Highlights for 2024:
Decentralization Era: The dawn of a new era in decentralization.
Revolutionizing User Experience: A reset of the future user experience in crypto.
Modular Tech Stack Ascendancy: The rise and dominance of modular tech stacks.
AI and Blockchains Convergence: Collaborative synergy between AI and blockchains.
Play-to-Earn Evolves: Transitioning from play-to-earn to "play and earn" dynamics.
AI as Gamemaker with Guarantees: Ensuring credibility and guarantees in AI-driven games.
Formal Verification Simplification: Streamlining formal verification processes.
NFTs as Brand Staples: Ubiquitous integration of NFTs as brand assets.
Mainstream Adoption of SNARKs: SNARKs achieving widespread acceptance and use.
💥 Market Movers:
Top Gainer: Axelar (AXL) up 62.5% - Major developments happening and a lot of Squid Router launching on Decentraland (MANA) which is powered by Axelar [SOURCE]
Top Loser: Songbird (SGB) down -21.8% - Sell the news event and market manipulation is the current speculation on Songbird after they hyped the anticipation on the crowdfunding which is supposed to release on January 30, 2024. [SOURCE]
😂 Crypto Meme of the Day:
And that’s it for this today!
Thanks for reading and stay tuned for tomorrow's updates.
As you know we are just starting out so feel free to reply back to this email with any recommendations or suggestions you might have on how we can improve the reading experience, any feedback is greatly appreciated.
See you again tomorrow,
Jonathan Gibson
UseTheBitcoin.com