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TimeStamps:
00:00 Coinbase CEO Warns US Crypto Investors
02:53 Cardano CEO Says Ethereum Staking Is Problematic
04:08 Kraken Fined $30M in SEC Settlement
06:04 SEC ‘Closed Meeting’ Announcement
07:12 Goldman Sachs – “Bitcoin is a Commodity”
07:57 Why is Lido DAO (LDO) Pumping!?
09:02 LocalBitcoins to Shut Down After 10 Years of Operation
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Yes welcome back everybody to altcoin Daily my name's Austin as of this Morning Bitcoin sinks below 23 000 as The crypto regulation scrutiny Intensifies and this all stems from the Bombshell that Brian Armstrong Coinbase's CEO dropped last night Coinbase CEO cites rumors that the SEC May ban crypto staking for retail Customers and this would be bad this Would have huge implications for the Adoption of crypto in the US at least For the short term we're hearing rumors That the SEC would like to get rid of Crypto staking in the US for retail Customers I hope that's not the case as I believe it would be a terrible path For the us if that was allowed to happen And the very real truth of all this and Why this is so scary to me is because Look at the language they're not talking About banning staking for everybody just You and me the retail the USA is talking About banning crimp dose taking for Retail akau BlackRock ethereum fund Coming in three two one that's the fear If these giant mega companies were Suddenly the only ones allowed to Validate the ethereum network then that Would ruin ethereum would it be that Much different than what we have now the Googles the Amazons controlling Everything as Brian Armstrong continues Staking is a really important innovation
In crypto it allows users to participate Directly in running open crypto Networks Staking brings many positive Improvements to the space including Scalability increased security and Reduced carbon footprint and staking is Not a security here's a good primer as To why and Brian links to a specific Blog post but Brian Armstrong finishes His tweet thread by stating this We need to make sure that new Technologies are encouraged to grow in The US and not stifled by lack of clear Rules when it comes to financial Services and web 3 it's a matter of National Security that these Capabilities be built out in the US Regulation by enforcement does not work It only encourages companies to operate Offshore which is what happened with FTX Hopefully we can work together to Publish clear rules for the industry and Come up with sensible solutions that Protect consumers while preserving Innovation and National Security Interests in the US and Brian Armstrong Makes a fair point if this Innovation Doesn't happen here it's going to happen Is it going to happen elsewhere and if You want to keep the money in the U.S The innovation in the US benefit the National Security in the US then we need Clear guidelines not enforcement by Action now this is literally breaking
News from just a few hours ago Kraken Has been fined and has settled with the SEC over similar charges but before that Founder of cardano Charles hoskinson was Asked about this any surprised took Shots at ethereum ethereum staking is Problematic temporarily giving up your Assets to somebody else to have them get A return looks a lot like regulated Products slashing in bonds not so good Non-custodial liquid staking on the Other hand is like the mining pools We've used for years damn so in a way I Guess he's saying maybe the SEC should Regulate ethereum staking but Bitcoin Mining and non-custodial staking that's What we should be incentivizing he Finishes by stating this we thought a Lot about what makes sense for a Sustainable proof-of-stake protocol that Promotes control by the many instead of Of the few and creates a large Decentralized environment locking funds Encouraging centralization and poor Protocol design hurts the whole industry It's sad that all proof-of-stake Protocols might get lumped together due To a fundamental misunderstanding about The actual facts of operation and design The SEC enforcement against ethereum Staking is ongoing the minute I get new Information I'll make a video I will Keep you updated but Kraken the fourth Most popular Exchange in the world just
Settled Kraken to shut U.S crypto Staking service pay 30 million dollar Fine in SEC settlement so honestly 30 Million dollars to an exchange isn't That big a deal and they have settled Which is good but they were charged with Offering unregistered Securities to U.S Customers the program offered the General public access to staking Services since at least 2019. in a Direct quote from the SEC their Statement on this the complaint alleges That Kraken touts that its staking Investment program offers an easy to use Platform and benefits that derive from Kraken's efforts on behalf of investors Including Kraken strategies to obtain Regular investment returns and payouts So the literal expectation of a security Says the SEC which is an expectation of Profit from money in a common pool from The work of others Kraken responded in a Blog post stating that it would Automatically unstake any assets staked By U.S clients except for staked Ethereum which won't be unstaked until After the ethereum Network's Shanghai Upgrade takes effect non-us clients are Unaffected now what this means to me is I don't necessarily mind average retail Investors being disincentivized from Putting all their crypto onto exchanges I would hope something like this would Encourage self-soverty encourage you and
Me to hold our own coins and if we want A stake be able to stake individually on Our own yet I fear that regulation by Enforcement like this may just push the Innovation offshore and then maybe Encourage U.S users to have to go to Those offshore Shady exchanges if they Want products like this Now a journalist from Fox Business Eleanor Tourette said this yesterday and Gave an updated tweet today yesterday She said scoop my SEC government sources Tell me to be prepared for a potentially Big announcement tomorrow meaning today Could it have something to do with a Kraken settlement following a closed Meeting at 2PM could settlement terms Have industry ramifications we'll see And she links to the sec.gov notifying Us of a closed meeting it happened today And while this journalist was right About the Kraken settlement today we Don't really get any announcements after This SEC meeting well just a few hours Ago just received the following text From a source don't be surprised if Gary Gensler pulls the announcement and moves It to next week's closed meeting because He is pissed that it was leaked there Was another closed meeting next week oh I'm gonna do a little digging I'm gonna Try and get eyes or ears in that close Meaning as best I can or since actually That is illegal the minute I get
Information on this I will make a video I will let you know but this is Interesting one of the higher ups Jeff Curry of Goldman Sachs just doubled down That Bitcoin is fine Bitcoin is a Commodity and here's why what is it a Security a commodity a currency what It's a commodity and if you look at the Definition of a security by definition It has a liability attached to it take a A dollar bill has a liability to the US Government Commodities do not have Liabilities they're Bearer assets and When you think about it in that context You look at Bitcoin it's not much Different than gold I don't see why There's all this hostility towards it Because it fits the same mold as many of The other Commodities remember it's even Mined Goldman Sachs obviously heavily in Bed with the government The Regulators And their signaling bitcoin's fine now It's interesting because decentralized Ethereum staking services are mooning Right now off of this news Lido Dow governance token surges on Coinbase CEO's comments about SEC Staking ban and in terms of what Lido is The Lido protocol governed by the ldo Token allows for the staking of ether Users are given a token called steth Which represents their stake position in Ether and then that token will be Redeemable one to one for ether after
Next month's Network upgrade named Shanghai so you deposit your ethereum With Lido you get steth in return so you Give Lido eth they give you back St eth And then of course redeemable one to one After the unlock and decentralization in Terms of ethereum staking is winning On-chain data shows that Lido currently Has the market share 25 of the staking Pool market so the SEC providing some Good advertising for decentralized Options and finally can we get some Balloons maybe some flowers down in chat For our Fallen Hero local Bitcoins to Shut down after 10 years of operation Citing the ongoing very cold crypto Winter winter the P2P exchange local Bitcoins announced it will discontinue Services beginning today so many people Liked local Bitcoins because with this It just connected you peer-to-peer you Don't have to go through a centralized Exchanges it would connect you with Somebody trying to sell or buy Bitcoin So you could sell it by Bitcoin and it Was truly Anonymous private peer-to-peer Exchange of Bitcoin in its announcement The peer-to-peer platform said that it Was proud of what we have achieved Together with all of you our loyal Community but that it can no longer Provide its service due to the Challenges during the ongoing very cold Crypt of winter so beginning today there
Is a suspension of new sign ups and Then Followed by the ending of trading and Deposits on February 16th if you're Interested in learning more about crypto Be sure to subscribe we drop a video Every single day you do not want to miss One
