Posted 2 months ago | by Catoshi Nakamoto
CBDC’s gain traction with central banks, the SEC complicates climate change and a fellow crypto connoisseur runs for congress. My name is Ben. This is your crypto nightly wrap up. Let’s get it!
In a digital world, digital money will be essential for our future. Although crypto is at the forefront of this technology, central banks don’t exactly want to “Tether up.” For those who don’t know, a CBDC is a Central Bank Digital Currency. Essentially, this is a digital currency that is pegged to a country’s fiat currency, sort of like a stablecoin, except it’s centralized…which would make anonymous transactions and your financial privacy a thing of the past. A recent report from PWC indicates that “Over 80% of central banks are considering launching a CBDC or have already done so.” The first country to launch a CBDC was the Bahamas with their Sand Dollar. As of March 2022, there are only 8 other CBDCS that have already launched, but 80 more countries have CBDC initiatives and it’s only a matter of time. Haydn Jones, a blockchain specialist at PWC stated, “This year’s index shows that central banks are ramping up activity in the digital space. Countries are at differing levels of maturity with CBDCs and each country has different motivating factors. Increasing financial inclusion, facilitating cross border payments and controlling financial crime are all factors that come into play. We expect CBDC research, testing and implementation will intensify in 2022.” It’s important to note that a CBDC is not a crypto currency. They can run on blockchain, but they don’t need to. In the coming years, pay attention to how stablecoin FUD will magically align with the roll out of CBDCs.
(Sarcastic) Something tells me Gary Gensler and the SEC will have soooo many positive things to say about stablecoins, but right now, since they know they’ve lost the battle with XRP, the SEC is going to war over….Climate change? That’s right. The SEC, who cares so much about the “protection” of retail investors, recently released a 500 page document with over 1,000 footnotes, that proposes to require public companies to submit standardized climate reports. It should be noted, that in this 500-page proposal, the term “retail investor” is only mentioned once. Barrons.com reports, “Chair Gary Gensler wants companies to disclose the risks that climate change represents to their business, any plans they have to lower their emissions, and the total level of greenhouse gas they emit, directly and indirectly.” Not only are the companies required to disclose their emissions, but they must report on their suppliers and customers too. Yes, climate control is an important topic, I’m not downplaying that, but once again the SEC overstepping and they’re out of line. Without digging into the millions of dollars that will be lost in compliance cost for companies, this is obviously a sneaky backdoor for them to crack down on crypto. Classic SEC move. They’re losing the battle with XRP; that’s obvious. So how can they attack crypto without directly attacking crypto? Climate change, carbon emissions, energy expenditures, etc. Watch what they do, not what they say. They don’t care about your average retail investor, they don’t care about climate change, they care about power.
In other news, with the midterms elections approaching in November, the eyes of the crypto industry are focused on California, where Greg Tanaka is running for congress in California’s 16th district. Yes, there are a handful of politicians who are pro crypto, but Tanaka is the first who is truly a crypto advocate. If elected, his first primary objective is to “kill” the cloudy language used in Joe Biden’s infrastructure act. He views the problematic wording as a “fundamental misunderstanding of the technology,” and he couldn’t be more right about that. Cryptobriefing.com reports, “Tanaka also proposes a capital gains tax holiday of undermined length on all crypto assets, as well as the adoption of cryptocurrency as legal tender.” This guy already has my vote 100%. He even has a DeFi project called Mozaic Finance that aims to use AI and machine learning to not only predict the future price of tokens, but to predict future yields of liquidity pools as well. It’s not operational yet, but if he delivers on that, that would be a gamechanger. See, these are the kinds of Big Brains we need in Congress making decisions on crypto…not by greedy politicians that are threatened by it, but by people who have a deep understanding of the technology and recognize the opportunity it presents. Tanaka 2022!
That’s all I got. Be blessed, BitBoy out!