⚖ Circling Hawks
Market Meditations | December 20, 2022
The walls are closing in on centralised exchanges, or at least so it feels. Hardly a day goes by without an article on transparency and regulation, and readers are left with head fuzz about who to trust.
- Since the collapse of FTX, U.S. officials have been chomping at the bit to introduce new regulation.
- Last week Senator Warren pushed a bipartisan bill in congress to make crypto firms abide by the same laws as banks.
- The bill, co-signed by the Republicans, is an attempt to crack down on money laundering.
- Coinbase CEO Brian Armstrong jumped on the bandwagon yesterday, blogging in favour of regulation, but not for DeFi.
- He said DeFi enabled greater transparency and that smart contracts were the “ultimate form of disclosure“.
- Reuter’s claim that Binance is the complete opposite; a black box with opaque financial transactions.
- Binance is already under pressure after seeing net outflows of ~$6 billion over 72 hours last week. CEO CZ says it’s all FUD.
- Yesterday Binance was announced as the winner of an auction to buy Voyager, after their deal with FTX fell through.