“Nobody ever saw a dog make a fair and deliberate exchange of one bone for another with another dog.” – Adam Smith
Crypto-optimism in the new year was hammered by multiple worrying regulatory developments in the US: Binance was cut off from USD, the US government is allegedly closing down crypto on- and off-ramps, PayPal suspended working on its stablecoin, Kraken had to stop its staking offering and BUSD was stopped by New York regulators with an alleged case against Paxos by the SEC.
Last December, I wrote that regulation would likely come back stronger. Here we are, folks. And this might just be the beginning.
After the remarks of Gary Gensler on the Kraken case, the divide among the crypto community widens. Bitcoin maxis shout that no “crypto community” exists, but only the “Bitcoin” and the “fiat community”. Some of them even support Gensler, describing crypto as a “scam” and Ethereum as an “unregistered security”.
Meanwhile, the “Bitcoin community” is divided because of the recent boom of Bitcoin “ordinals” (aka Bitcoin NFTs), causing heated philosophical debates among Bitcoin’s core community.
Crypto is not back yet. Risk and uncertainty have increased. We’ve got a lot of ground to cover.
That’s all for now, folks. Back to building and learning! 🚀
