Sirwin
Sirwin

Dispatch #56: Why the Latest Regulatory Discussions Are Bullish / Integration of SOL, DOT, & ADA


Nexo released it's 56th Dispatch last week along with several relatively big developments before and since.

The Big Idea: Powell and Gensler Say “No Crypto Ban”

The "Big Idea" of the dispatch concerned the recent comments of SEC Chair Gary Gensler & Federal Reserve Chairman Jerome Powell on the possibility of banning crypto. They were both adamant that the US would follow in China's footsteps and ban crypto. They also suggested regulating stablecoins like money market accounts.

Crypto Billionaires

7 of the 400 richest people in America are now crypto billionaires, "up from just one last year. The list includes FTX’s Sam Bankman-Fried ($22.5B), Coinbase’s Brian Armstrong ($11.5B) and Fred Ehrsam ($3.5B), Ripple’s Chris Larsen ($6B), Gemini’s Cameron and Tyler Winklevoss ($4.3B), and Ripple and Stellar co-founder Jed McCaleb ($3B)."

Solana Integration

Nexo added Solana to it's full-suite of services (avoiding the initial problems with ADA and DOT). This should lead to an influx of coins to the platform. (Wish I had some Solana to deposit...)

Institutional Adoption

Bank of America has launched "digital assets research coverage," three months after forming a crypto group, calling the crypto industry "too large to ignore."

Pandora Papers

15x the crypto market cap is held in off-shore tax havens! :

'CoinDesk’s David Z Morris points out that despite the fact that 15 times the value of all cryptocurrencies are currently held in offshore tax havens, some still find it easier to “punch downward at an emerging technology than to challenge the legalized corruption of the legacy banking system.”'

ADA & DOT

This dispatch was immediately preceded and succeeded by significant announcements: Nexo finally enabled withdrawals and deposits for both Cardano and Polkadot!

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