Coin Bureau Insider

Hey Guys,

Not sure if you’ve noticed, but the total stablecoin market has been falling recently, and for some stablecoins it’s been falling fast. However, the market cap of Tether’s USDT just hit an all time high. WTF does it mean for the market?

This is a question I’ve been itching to answer, but I had to wait until there was a good enough reason. The announcement from Tether that it would begin buying BTC with a portion of its monthly profits was the perfect catalyst.

Believe it or not, but the impact of stablecoin market caps on the crypto market ultimately depends on the stablecoin in question. It seems that one of them is a good predictor of crypto prices. You’ll have to watch to find out which one.

Enjoy!

📣📣 COIN BUREAU NEWSFLASH! – (03/06/23)
Here are some of today’s most important headlines:

1️⃣ Coinbase Derivatives Exchange to Offer Institutional Bitcoin and Ether Futures 🚀

Coinbase Derivatives Exchange is reportedly launching bitcoin (BTC) and ether (ETH) tracked futures for institutional clients on June 5th.

The exchange stated,

“BTI and ETI futures, sized at 1 bitcoin and 10 ether per contract, respectively, will enable participants to tailor their exposure to these growing digital asset commodities with granularity, allowing traders to seize opportunities in a highly dynamic market environment.”

https://www.coindesk.com/markets/2023/06/02/coinbase-derivatives-exchange-to-offer-institutional-bitcoin-and-ether-futures/

2️⃣ Taurus Deploys on Polygon Blockchain for Asset Tokenization and Custody 🤝

Swiss crypto infrastructure firm Taurus is reportedly integrating with the Polygon blockchain for its tokenization and custody platforms. This will allow Taurus’ clients to automatically issue digital securities by tokenizing any asset, including equity and debt. Taurus reportedly has over 25 clients across nine countries, including Arab Bank Switzerland, CACEIS Bank, Crédit Agricole, Credit Suisse, Deutsche Bank, Pictet, Swissquote and Vontobel.

https://cointelegraph.com/news/taurus-deploys-on-polygon-blockchain-for-asset-tokenization-and-custody

3️⃣ Key House Republicans Unveil Crypto Market Structure Draft Bill ❗️

Yesterday, the Republican chairs of the United States House Financial Services Committee and House Agriculture Committee released a draft bill offering certain crypto assets a pathway to being labelled digital commodities.

Specifically, the framework under the proposed legislation would allow certain digital assets to qualify as digital commodities if they were “functional and considered decentralised.” It also required the SEC to provide a “detailed analysis” of any objections to such a classification. Coinbase’s chief legal officer Paul Grewal has praised the draft bill stating that it “lays a strong foundation for regulatory jurisdiction and definitions.”

https://www.bloomberg.com/news/articles/2023-06-02/key-house-republicans-unveil-crypto-market-structure-draft-bill

4️⃣ Crypto Policy Groups Call Tornado Cash Sanctions ‘Unprecedented and Unlawful’ In New Legal Brief ⚖️

The Blockchain Association along with DeFi Education Fund have reportedly filed a new amicus brief to support Coin Center’s case against the Treasury Department and its sanctions watchdog, the Office of Foreign Asset Control for its sanctioning of the Tornado Cash Protocol last year.

Blockchain Association CEO Kristin Smith stated,

“It’s critical to recognise that Tornado Cash is simply a tool – punishing the tool itself simply because it can be used by anyone, including bad actors, runs contrary to the values this country was founded upon,” adding, “Blockchain Association stands with Coin Center, advocating for the responsible and lawful use of blockchain technology. Regulatory actions should only be targeted at bad actors who abuse this tool for illegal purposes.”

https://www.theblock.co/post/233000/crypto-policy-tornado-cash-sanctions-legal-brief

📣📣 COIN BUREAU NEWSFLASH! – (02/06/23)
Here are some of today’s most important headlines:

1️⃣ Circle is Launching USDC Natively on Arbitrum 🚀

According to a recent blog post by Circle, the stablecoin issuer is launching a new native version of its USD Coin stablecoin on the Arbitrum network. Circle plans to rename the existing Ethereum-based version of USDC to “USDC.e”, the bridged version as “bridged USDC,” and the new Arbitrum-based version as “USDC.” The launch is set to take place on June 8 and will see the new native token eventually replace the current bridged version of the USD Coin completely.

https://www.theblock.co/post/232867/circle-says-its-launching-usdc-natively-on-arbitrum

2️⃣ Uniswap DAO Votes Down Plan to Charge Protocol Fees for Liquidity Providers ❌

Yesterday, a proposal that sought to allow Uniswap’s governing body to receive a percentage of the fees that currently go to liquidity providers (LPs) was reportedly rejected by the community.

Over 45% of the Uniswap community reportedly voted “no fee” while 42.34% voted to charge LPs one-fifth of the fees they receive from users, 12.3% voted to enact a fee charge of one-tenth and 0.04% voted to charge one-sixth.

https://www.coindesk.com/tech/2023/06/02/uniswap-community-votes-down-protocol-fees-for-liquidity-providers

3️⃣ Tether Market Cap Climbs to All-Time High of $83.2B 📈

Yesterday, Tether’s USDT stablecoin regained its previous all-time high market capitalisation of $83.2 billion. The last time USDT hit this milestone was in May 2022, shortly before the Terra implosion. Notably, the rising market cap comes at a time when most other stablecoins have been seeing declining market share.

https://www.bloomberg.com/news/articles/2023-06-01/tether-s-usdt-stablecoin-tops-record-market-value-reached-in-2022

4️⃣ Qatar Slammed for Not Taking Enough Action Against Crypto Companies 🇶🇦

In a report published recently, the Financial Action Task Force (FATF) slammed the Qatar Central Bank (QCB) for taking little action against crypto companies that breached its crypto ban announced in 2019. Specifically, the global financial watchdog stated that Qatar needs to improve its understanding of more complex forms of money laundering and terrorist financing in order to effectively combat evolving forms of criminal activity, including sanctioning virtual asset service providers.

https://cointelegraph.com/news/qatar-action-crypto-companies-fatf-report

5️⃣ FIFA, Madden Maker EA Sports to Add Nike NFTs to Games 🤩

Nike Virtual Studios, the sportswear giant's digital arm, and video game developer EA Sports are reportedly partnering together to integrate Nike's Polygon-based .Swoosh platform with the EA Sports gaming ecosystem.

The move will potentially allow Nike's virtual footwear and apparel to appear in games. Nike stated that the collaboration will give rise to "immersive experiences" and "new levels of customization within the EA Sports ecosystem."

https://decrypt.co/143110/fifa-madden-maker-ea-sports-add-nike-nft-apparel-games

“Binance has a "bottom out" (we should probably rename it to something else) program. We constantly say goodbye to people who are not strong fits with the company. Many of them are great people or high performers, but may not fit our unique culture/situation. Small example, WFH is not for everyone. This "program" is constant. I push for it on a weekly basis. There are no % of people we have to "push out". I also push for cost cutting, servers, flights, meals, etc, every week too.”

https://www.wsj.com/livecoverage/stock-market-today-dow-jones-05-31-2023/card/binance-regularly-cuts-employees-who-aren-t-strong-fits-says-founder-G4Eah8fZOPLSgSoRFLk8

📣📣 COIN BUREAU NEWSFLASH! – (01/06/23)
Here are some of today’s most important headlines:

1️⃣ UAE Central Bank Issues AML/CFT Guidance for Crypto 🇦🇪

The Central Bank of the United Arab Emirates (CBUAE) has reportedly issued new guidance concerning AML and CFT measures for crypto businesses. The rules are expected to come into effect in one month and will require Licensed Financial Institutions (LFIs) engaging with crypto in the UAE to verify the identities of all their customers.

Under the guidance, LFIs should submit a request to the central bank for non-objection to open accounts for each VASP on a case-by-case basis. Any collaboration with VASPs without a national license is prohibited.

His Excellency Khaled Mohamed Balama, Governor of the CBUAE, stated,

“We are constantly working to enhance efforts and strengthen the awareness of licensed financial institutions to prevent all kinds of financial crime activities, and reduce potential risks to protect the financial and monetary system and maintain its soundness and stability, in line with the Financial Action Task Force standards.”

https://www.theblock.co/post/232662/uae-central-bank-issues-aml-cft-guidance-for-crypto

2️⃣ Binance To Delist Privacy Tokens in France, Italy, Spain and Poland ❌

Starting from June 26, crypto exchange Binance is reportedly delisting privacy tokens, such as Monero and Zcash, for Binance customers in France, Italy, Poland and Spain. The exchange cited local regulatory requirements as the reason behind the move.

The new restrictions reportedly affect a total of 12 privacy tokens- Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), XMR and MobileCoin (MOB).

https://cointelegraph.com/news/binance-to-delist-privacy-tokens-in-france-italy-spain-and-poland

3️⃣ Multichain Can't Find Its CEO as Company Loses Access to Its Servers 🥶

The team behind the cross-chain bridging protocol Multichain is reportedly suspending services for over 10 chains after being unable to contact its CEO, Zhaojun to obtain the necessary server access for maintenance. The affected chains include Kekchain, PublicMint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora and Planq. Notably, the team’s statement has also fueled the recent rumours that the protocol’s leadership may have been arrested in China amid its ongoing technical issues.

https://decrypt.co/142997/multichain-cant-find-its-ceo-as-company-loses-access-to-its-servers

4️⃣ EU Formally Signs the Markets in Crypto-Assets Framework into Law ⚖️

Yesterday, the European Union formally signed its landmark Markets in Crypto Assets (MiCA) regulation into law. The law, which aims to create a consistent regulatory framework for crypto assets among the EU member states, was signed by the European Parliament President Roberta Metsola and Swedish Rural Affairs Minister Peter Kullgren. The framework is expected to go into effect in a few weeks after being published in the Official Journal of the European Union. However, many of MiCA’s regulations on crypto firms will only take effect between 12 and 18 months later.

https://www.coindesk.com/policy/2023/05/31/eu-formally-signs-new-crypto-licensing-money-laundering-rules-into-law

5️⃣ Binance Regularly Cuts Employees Who Aren’t ‘Strong Fits,’ Says Founder 🔎

Binance CEO Changpeng Zhao (CZ) has responded to recent reports about layoffs by calling it FUD. CZ stated that while the exchange is indeed firing people, it is apparently a regular occurrence as part of its “bottom out” program.

CZ stated,

Hey Guys,

In case you missed the memo, Hong Kong is about to legalise retail crypto trading and investing. The result could be billions of dollars of inflows that could mark the beginning of the next bull market. The exact date is June 1st – very soon!

There’s just one small problem – it appears that there won’t be any crypto exchanges supporting retail investors on day 1. In fact, it looks like existing crypto exchanges will automatically become illegal until they register… starting June 1st.

This means that Hong Kong’s legalisation of retail crypto trading could actually cause a dump before a pump. It could also create international issues given the crypto companies the city state has been hosting. In the end though, it will be bullish.

Enjoy!

Following Binance, crypto exchange Bybit has also announced that it will be exiting the Canadian market due to recent regulatory developments in the country. The exchange stated that it will disable new account openings from May 31 and has given existing customers time until July 31 to make new deposits and enter into new contracts. Post that date users will be restricted to only being able to withdraw or reduce their positions.

Bybit stated,

“It has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada. In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.”

https://www.coindesk.com/business/2023/05/30/crypto-exchange-bybit-exit-canada-citing-recent-regulatory-development

6️⃣ CNHC Stablecoin Issuer Detained by Chinese Police: Report 👮‍♂️

According to reports by local blockchain publication PANews, the core team of Trust Reserve — the issuer of the Chinese yuan-pegged stablecoin CNH Coin (CNHC) — has been detained by Chinese police. The news agency reportedly visited the project's office in Shanghai and found a notice that said "judicial seizure." Notably, the news comes alongside recent rumours that the Multichain core team may have also been detained in China. The multichain protocol still has partial downtime and there have been no updates from the core team in China for over a week.

https://www.theblock.co/post/232639/stablecoin-issuer-trust-reserves-team-detained-by-police-in-china-panews

📣📣 COIN BUREAU NEWSFLASH! – (31/05/23)
Here are some of today’s most important headlines:

1️⃣ BitFlyer Adopts Crypto Deposit Limits to Comply with Travel Rule ❗️

Japanese crypto exchange BitFlyer is reportedly implementing tough anti-money laundering measures in line with Japan’s adoption of the FATF's "Travel Rule" for information sharing on transfers.

The measures that went into effect on Tuesday afternoon local time disable transactions to and from exchanges that are not part of the Travel Rule Universal Solution Technology (TRUST) network in the 21 countries and regions that require information notification based on the Travel Rule. This includes Japan, Israel, Gibraltar, Hong Kong, the Bahamas and Switzerland.

It restricts transactions to only TRUST-compliant platforms in these 21 countries and mandates notification requirements for receiving and sending crypto. Additionally, transactions within the network are restricted to TRUST-compatible crypto assets such as bitcoin (BTC), ether (ETH) and several ERC-20 tokens such as Shiba Inu (SHIB) and Polygon (MATIC).

However, BitFlyer also clarified that these restrictions do not apply to transfers to and from countries not on this list, as well as transfers to private wallets. It stated that transfers for such entities can be made in any crypto asset available on the BitFlyer platform.

https://cointelegraph.com/news/bitflyer-adopts-crypto-deposit-limits-to-comply-with-travel-rule

2️⃣ Crypto Data Firm Nansen to Lay Off 30% of Staff ❌

Yesterday, Alex Svanevik, the CEO of the blockchain analytics platform Nansen, announced that the firm was laying off 30% of its workforce. He cited current market conditions as the reason for the move and stated that the firm’s rapid expansion during the bull market has resulted in a “cost base” which is “too high relative to where the company is today.” He added that although the company has “several years of runway,” its “priority is to build a sustainable business.”

https://www.bloomberg.com/news/articles/2023-05-31/crypto-data-firm-nansen-to-lay-off-30-of-staff

3️⃣ Controversial Stablecoin Issuer Tether Plans to Start Mining Bitcoin ⛏

Stablecoin issuer Tether is reportedly entering the bitcoin mining and energy production space by partnering up with an unnamed "local licensed company" in Uruguay. Notably, the move comes shortly after Tether announced that it will invest up to 15% of its profits in bitcoin on a regular basis to strengthen its reserves.

Tether CTO Paolo Ardoino stated,

"By harnessing the power of Bitcoin and Uruguay's renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining. Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network,"

https://decrypt.co/142830/controversial-stablecoin-issuer-tether-plans-to-start-mining-bitcoin

4️⃣ Former Coinbase Employee Agrees to Cooperate in Future SEC Investigations ⚖️

The U.S. Securities and Exchange Commission has reportedly settled insider trading charges against former Coinbase product manager Ishan Wahi and his brother Nikhil Wahi after the duo agreed to a “cooperation agreement” with the SEC.

The agreement reportedly applies to their own case “and any related judicial or administrative proceeding or investigation commenced by the Commission or to which the Commission is a party.” This means that the brothers will need to cooperate in any separate future investigations as well.

https://www.theblock.co/post/232579/former-coinbase-employee-agrees-to-cooperate-in-future-sec-investigations

5️⃣ Crypto Exchange Bybit Exits Canada Citing Recent Regulatory Development 🇨🇦

Hey Guys,

I have a question for you: Bitcoin or gold?

Before you answer, consider that BTC has had the largest returns of any asset on record, but also consider that gold has outlasted every other asset and currency in existence so far.

Also consider that BTC and gold have radically different supply and demand profiles. Gold arguably has more utility than BTC, but Bitcoin’s value proposition is truly powerful – the ability to truly own your digital assets.

As you can see, the answer to this question is not clear cut, and I reckon it’s about time someone took a proper crack at a proper answer. Today I compare BTC and gold on six different metrics to determine which one is best.

You’ll have to watch until the end to find out!

The price of BTC was trading for as low as A$34,863 ($22,670) on Binance Australia. This is about A$7,516 lower than the average price on other platforms including Independent Reserve and CoinJar.

https://www.bloomberg.com/news/articles/2023-05-30/bitcoin-btc-discount-emerges-on-binance-australia-ahead-of-payment-cutoff

📣📣 COIN BUREAU NEWSFLASH! – (30/05/23)
Here are some of today’s most important headlines:

1️⃣ Gemini and Bankrupt Lender Genesis Ask U.S. Court to Dismiss SEC Lawsuit Targeting Earn Program ⚖️

Bankrupt crypto lender Genesis Global Capital and exchange platform Gemini have reportedly filed motions to dismiss a lawsuit by the Securities and Exchange Commission which alleges the two sold unregistered securities and "raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors" via Gemini's yield-bearing product “Earn.”

Genesis argued against the SEC’s claims by stating that Gemini’s Earn product involved the creation of loans and not securities. It stated that the SEC "has not plausibly alleged facts that would transmogrify these loans into either investment contracts or security notes." Gemini also made arguments along the same lines as Genesis.

Notably, Gemini co-founder Tyler Winklevoss had earlier described the SEC’s case against the exchange as a “manufactured parking ticket" and had stated that he was looking forward to defending the company.

https://www.coindesk.com/policy/2023/05/29/gemini-and-bankrupt-lender-genesis-asks-us-court-to-dismiss-sec-lawsuit-targeting-earn-program

2️⃣ Russia Drops Plans for State-Run Crypto Exchange ❌

The Russian government is reportedly dropping its plan to create a state-run crypto exchange that it had announced back in November 2022. Instead, lawmakers are planning to set rules and regulations for already existing enterprises. According to reports, Russia’s Ministry of Finance was among the authorities that didn’t support the plan for a national crypto exchange.

https://decrypt.co/142784/russia-drops-plans-for-state-run-crypto-exchange

3️⃣ Bitcoin Ordinals Surpass 10M Inscriptions as Creator Rodarmor Steps Down 🔎

The number of Ordinals inscriptions on the Bitcoin network has reportedly surpassed the 10 million mark. Notably, the milestone comes just a couple of days after its creator Casey Rodarmor announced that he was stepping down as the project’s caretaker. Rodarmor has handed the role over to pseudonymous coder Raphjaph.

https://cointelegraph.com/news/bitcoin-ordinals-surpass-inscription-as-casey-rodarmor-steps-down

4️⃣ Ede Finance Made 'Ill-Advised Decision' To Manipulate Prices on Its Protocol 🥶

According to security analyst PeckShield, Arbitrum-based DeFi project Ede Finance was exploited for around $580,000 by an alleged “white hat” attacker who claims they were trying to expose how the project had been manipulating prices and liquidating its own users.

In messages sent over the blockchain, the attacker stated that the project's core team had been stealing user funds via a backdoor that allowed them to liquidate any user's trade on the protocol using fake prices. The attacker has stated that they would return the funds minus a 10% bounty for themselves if the developers admit to this practice.

The Ede Finance team partially admitted to the attacker’s claims, stating,

"Yes we acknowledge making an ill-advised decision to manipulate the price. However, our intention was to blacklist those who had previously exploited the system, fully aware that all transactions are recorded on the blockchain. We did not aim to misappropriate users’ funds as this would leave a traceable record."

https://www.theblock.co/post/232506/ede-finance-made-ill-advised-decision-to-manipulate-prices-on-its-protocol

5️⃣ Bitcoin Discount Emerges on Binance Australia as Exchange Cuts On-Ramp Services 📉

Bitcoin is reportedly trading at a hefty discount on the Binance Australia crypto exchange due to traders rushing to cash out their crypto holdings into Australian dollars. This is due to Binance Australia’s recent announcement which stated that users won’t be able to withdraw Aussie dollars to their bank accounts using the nation’s popular PayID service from 5 p.m. on June 1.

Hey Guys,

It’s been another mostly boring in week in crypto, but it looks like this week is going to be a lot different. This is primarily due to the debt ceiling debate we seems to be approaching a resolution. This could have a profound impact on the crypto market.

At the same time, Hong Kong is on the brink of legalising retail crypto trading. As you’ll see in the final section of the video, some of last week’s biggest gainers got their steam from the administrative state’s crypto embrace, and China’s approval.

Unfortunately, there are a few potential headwinds on the horizon, and not just for crypto. The EU will soon begin cracking down on social media platforms in the name of disinformation. This could impact crypto discourse on Twitter and elsewhere.

Enjoy!

P.S. I am currently travelling so please excuse the lack of studio 😄