FED CHAIRMAN SPEECH JUST HAPPENED
Coinbase encourages voting. A little bit of metaverse vibes in VMAs. Crypto exchanges’ problems continue.
Coo! Happy Friday! I wish you the very sweetest day because today is the National Cherry popsicle day 🍒 and bring you just as sweet crypto news, so let’s dig in!
On Today's Menu:
🥑 AVOCADO TOAST: FED Chairman Morning Speech
🍳 SCRAMBLED EGGS WITH BABY TOMATOES: Coinbase To Launch The Voting Tool
🥞 GRANDMA'S PANCAKES WITH MAPLE SYRUP AND CHOCOLATE SPRINKLES: VMA’s Is Going To Be Different This Year - Thanks To Snoop Dog And Eminem
🫐 OATMEAL WITH PEANUT BUTTER AND BLUEBERRIES: CoinSwitch - Another Exchange Platform Under Investigation
🍌 BANANA AND SPINACH SMOOTHIE: Friday’s Facts
🥨 PRETZEL: More Crypto News Around The Web
JEROME POWELL’S MORNING SPEECH
It just happened. FED’s Chairman just spoke at Jackson Hole economic conference, so I’m bringing you the freshest information.
Powell said that we are still in times with a “strong demand, and constrained supply”; inflation is still very hard to tame, and they will do everything possible to bring inflation down.
FED CEO also mentioned three important lessons:
1. Central banks should take responsibility for price stability;
2. Public expectations play important role in setting inflation over time;
3. Must keep the rates until the job is done.
Powell said, “These are the unfortunate costs of reducing inflation <...> But a failure to restore price stability would mean far greater pain.”
Now we all should wait for the FOMC meeting on 20th-21st September. And then we will see how the markets will react.
COINBASE TO LAUNCH THE VOTING TOOL
I feel like Coinbase gets a lot of attention these days, isn’t it?
But this time news is positive.
As you probably know, Midterm elections are coming close in the United States. Full schedule here.
It’s a significant event, we should take it seriously as responsible citizens. Coinbase believes these elections are super important because we’re going to vote for people who will have the power to decide for the crypto future in general.
We hear more and more about crypto regulations and various decisions from the above, so it is our responsibility to choose the right ones.
So, for that case, Coinbase announced launching a Voter Registration & Education tool. As it is said on Coinbase’s official website, this tool is a “part of a broader education initiative to give the crypto community tools to participate in the critical policy discussions happening across the United States.”
They also add: “We don’t regularly talk about politics here at Coinbase, but we’ve always said that we will engage in the political process at moments when it relates to our mission of increasing economic freedom in the world.” And one of such moments is, for sure, midterms.
Coinbase says that there are two main barriers to political process participation:
Lack of education on the issues,
Limited access sources to voting.
That’s why they come up with the idea - to “empower the crypto community by helping them overcome these barriers is at the heart of our voter registration and education program.”
Who else will make changes if not us, the crypto community? So it is time to carefully think of what you’re choosing to vote for because it is very possible that in the next few years, various decisions on crypto regulations will be developed. During this period, Coinbase says that it “will continue to be a partner to lawmakers and regulators as these conversations play out.”
VMA’S IS GOING TO BE DIFFERENT THIS YEAR - THANKS TO SNOOP DOGG AND EMINEM
It’s not a secret that both globally known rappers are the biggest crypto enthusiasts.
Eminem is Bored Ape Yach Club NFTs hodler (and 28 other NFTs), as well as Snoop Dogg; Still D.R.E rapper is even more into crypto and web3 world: he collaborated with various projects such as The Sandbox, having its own NFT collection called “The Doggies”, investing into crypto platforms (Robinhood, MoonPay, etc.); the list could go on and on…
Eminem and Snoop Dogg’s latest song was released just recently. Its music video contains artists’ BAYC NFTs, but you better watch it - you’ll get the drift.
On top of that - Eminem and Snoop Dogg will perform From The D 2 The LBC in this year’s MTV’S Video Music Awards (VMAs)!
VMAs this year even added a “Best Metaverse Performance” category for the first time - that’s how they show that performances in the metaverse should get more attention and recognition in general.
Eminem and Snoop Dogg’s performance on SB LVI Halftime Show was fascinating and nostalgic for some. Will they beat these VMAs? At least for the crypto community, it should be an outstanding performance, I imagine.
COINSWITCH KUBER - ANOTHER EXCHANGE PLATFORM UNDER INVESTIGATION
The most trusted and widely used crypto exchange in India could have broken some laws.
Founded in 2020, the crypto exchange CoinSwitch quickly gained acceptance among India’s users; companies like Sequoia, Ribbit, Coinbase Ventures, and others invested in CoinSwitch. Mark Andreesen, a well-known entrepreneur and billionaire investor, also goes into this list. In 2021 CoinSwitch became a “unicorn”.
However, yesterday one of biggest India’s crypto exchanges was searched by anti-money laundering agents, including CoinSwich Kuber offices and residences of the CEO and other directors.
According to sources, it is believed that the company bought $250 million worth of shares in violation of forex (or foreign) laws. On top of that - it hasn’t met know-your-customer requirements.
This segment is still developing, so I’ll come back to you with further information as I have it.
FRIDAY’S FACTS
Remember, as I’ve talked about the survey in the US, which results showed that most parents would like their children to be educated about crypto in school? Well, the royal people seem to have the same opinion - Serbia’s Prince Phillip, a Bitcoin maximalist himself, suggested that learning about crypto and Bitcoin at school should be a normal thing: “Kids need to understand what Bitcoin is about <...> this is something that we weren’t taught in schools”. He added, “Education is getting worse as I can see it.”
A bear market is not scaring Polygon - a decentralized Ethereum scaling platform - because it just raised a recently launched venture capital firm (for crypto) - Symbolic Capital - spending $50 million.
FTX CEO Sam Bankman-Fried states that FTX and Alameda Research, which is also founded by Bankman-Fried, are not merging their venture capital operations.
this seems like a big misrepresentation to me! FTX has been doing more venture recently, and I guess maybe Alameda has been doing less? That's a really different thing than what the headline implies![DB] SAM BANKMAN-FRIED’S FTX AND ALAMEDA MERGE THEIR VC OPERATIONS: BBG
db @tier10kThe crypto community, on the other hand, laugh and makes memes after this statement:
MORE CRYPTO NEWS AROUND THE GLOBE
CME Bitcoin futures see record discount amid 'very bearish sentiment'
Waves-backed stablecoin USDN breaks peg again amid protocol upgrade
Binance to suspend ETH and ERC-20 deposits and withdrawals during Merge
CUP OF COFFEE
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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.