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This week in crypto...

May 30, 2021
On Monday, UK Minister John Glen stated that not enough crypto firms are meeting the proper AML/KYC standards imposed last year. So far, only 5 have been granted appropriate licensing—one of which is our preferred custodian and sister company, Digivault.

Mark Cuban officially backed Polygon by adding it to his website, stating: 

“It is fast; it works well, and most importantly, their user base is growing exponentially.”

On Tuesday, 

In a Bloomberg interview, billionaire investor Ray Dalio expressed the following opinion: 

“The more we create savings in [Bitcoin], the more you might say, ‘I'd rather have Bitcoin than the bond.’ Personally, I'd rather have Bitcoin than a bond."

Apple's latest job post is for someone with experience in "alternative payments." Could this mean Apple is looking to enter the cryptosphere or, at the very least, offer crypto payments?

On Wednesday,

PayPal unveiled plans to allow crypto withdrawals to external wallets. 

SEC Chairman Gary Gensler announced the commission aims to work with Congress to increase regulation and investor protection in crypto trading. 

“If you placed an order on an app, and you said, 'Alright, I want to buy a stock,' there are rules that protect you that somebody won’t use your order and get ahead of you. [...] So, it’s trying to bring the similar protections to the exchanges where you trade crypto assets as you might expect at the New York Stock Exchange or Nasdaq.”

On Thursday,

Institutional tech provider Talos received $40 million in their Series A funding from Andreessen Horowitz.

Vitalik Buterin argued at the StartmeupHK virtual conference that proof of stake is the solution to the environmental cost of using the Ethereum network. 

On Friday,

Brett Heath, CEO of Metalla Royalty and Streaming, cautioned:

“When you look back the last few decades and you look at all of the financial crises that happened, you know, they all have a couple of things in common. And one of them is the mass adoption of a new financial product or a new technology that’s not very well understood."

Implying that crypto will cause the next financial crisis. 

The SEC charged 5 individuals for the Bitconnect ponzi scheme. The SEC announcement reads:

"The SEC's complaint alleges that these promoters offered and sold the securities without registering the securities offering with the Commission, and without being registered as broker-dealers with the Commission, as required by the federal securities laws"

For more information on these stories, visit: 

https://questions-statements.parliament.uk/written-questions/detail/2021-05-24/6233#

https://markcubancompanies.com/companies/polygon/ | https://cointelegraph.com/news/mark-cuban-officially-backs-polygon

https://www.youtube.com/watch?v=uWg2IZMG98U

https://jobs.apple.com/en-ae/details/200247094/business-development-manager-alternative-payments

https://www.reuters.com/technology/paypal-allow-users-withdraw-cryptocurrency-third-party-wallets-2021-05-26/

https://cointelegraph.com/news/us-sec-wants-to-work-with-congress-to-regulate-crypto-exchanges

https://finance.yahoo.com/finance/news/talos-raises-40m-series-funding-135932298.html

https://fortune.com/2021/05/27/ethereum-founder-vitalik-buterin-proof-of-stake-environment-carbon/

https://www.kitco.com/news/video/show/Market-Analysis/3408/2021-05-27/The-next-financial-crisis-will-be-sparked-by-a-crypto-meltdown---Brett-Heath#_48_INSTANCE_puYLh9Vd66QY_=https%3A%2F%2Fwww.kitco.com%2Fnews%2Fvideo%2Flatest%3Fshow%3DMarket-Analysis

https://www.sec.gov/news/press-release/2021-90

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