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Members Area Crypto Daily December 21 · Issue #808
Crypto Daily December 21 · Issue #808
December 21, 2020
Gregory Landegger AUTHOR OF BITDIGEST, DAILY CRYPTO NEWSLETTER
December 21 · Issue #808
Crypto prices sold of over-night after bitcoin reached $24,000 level FinCEN proposes reporting requirements for ‘unhosted’ crypto wallets Reports say Coinbase has selected Goldman Sachs to lead next years IPO Do you have a digital will?
�🅱I have a relative who passed away a couple years ago and it always bothers me when I still see her accounts on social media. The Wall Street Journal ran an article on preparing a digital will and included a checklist that identifes diferent steps we should all take to pass control of our online accounts and records to our heirs. I strongly suggest everyone read this and follow the recommendations.
The Headlines
FinCEN Proposes Regulations for Crypto Transaction on Self-Custodied Wallets
WWW.HOME.TREASURY.GOV The US Department of Treasury’s Financial Crimes Enforcement Network has proposed new regulations adhering to the Bank Secrecy Act’s Travel Rule that would requiring digital currency exchanges to verify the “identity of their customers, if a counter-party uses an unhosted or otherwise covered wallet” in any transaction valued at greater than $3,000 with transactions over $10,000 requiring a separate KYC report.
Brooks Wants to Preserve Safety in Crypto Markets
WWW.CNBC.COM � Acting Comptroller of the Currency Brian Brooks cryptocurrencies are at a regulatory “fork-in-the road” and is worried that bitcoin’s price movement is occurring during a change in the Presidential administration as “there are calls on Capital Hill to dismantle some of the regulatory protections” that have been put in place for digital currency holders.
FinCEN Looking to Hire Crypto Strategists
WWW.USAJOBS.GOV The Financial Crimes Enforcement Network (FinCEN) is looking to hire two Strategic Policy Ofcer to provide “expert advice on cryptocurrency, virtual currency, and emerging technology-related illicit fnance threats.”
Coinbase May Have Picked Goldman to Lead IPO
WWW.REUTERS.COM
Cryptocurrency exchange Coinbase is reported to have hired Goldman Sachs to lead preparations for its planned stock market listing.
Bitmain Likely to Split Business
WWW.THEBLOCKCRYPTO.COM Chinese crypto mining rig manufacturer Bitmain is expected to spinout operations in a solution to its long-running internal power struggle with reports stating Jihan Wu will purchase the cloud mining platform, fagshiping BTC.com mining pool and overseas mining farms (accounting for more than 90% of Bitmain’s revenue streams) while Micree Zhan will maintain the company’s manufacturing business, Antpool and domestic mining farms. Ledger E-Commerce Database Appears on Line
WWW.TWITTER.COM
� Digital currency wallet manufacturer Ledger tweeted that it the company is actively working with law enforcement ofcials to prosecute hackers accused of publishing records of over 250,000 customers stolen from its e-commerce database.
Cash App to Provide Bitcoin-back on Every Transaction
WWW.TWITTER.COM � Square’s peer-to-peer Cash app is adding a feature to allow customers who use the Visa debit Cash Card to get bitcoin back on every transaction.
Scotch Whiskies Moving to Blockchain
WWW.GLA.AC.UK The University of Glasgow has partnered with blockchain supply company Everledger to fght fraud in the whisky industry by adding intelligent, anti-tamper bottle closures to individual bottles authenticating the provenance of leading brands for retailers, auction houses and collectors.
Exchange, Custody and Product News
Binance May Accelerate BNB Burn Program
WWW.TWITTER.COM � Binance CEO Changpeng Zhao tweeted that the digital currency exchange has been having internal discussions about accelerating the burn program to reduce the outstanding number of its native Binance coin token (BNB).
Coinbase Commerce to Ofer Invoicing
WWW.TWITTER.COM �Coinbase in bring invoicing to Coinbase Commerce allowing merchant to easily create and send crypto invoices that customers can view and pay online. Thoughts on the Ecosystem
Cutting Gold for Bitcoin
WWW.BUSINESS-STANDARD.COM Christopher Wood, the global head of equity strategy at Jeferies, is recommending a reduction in physical gold billion holdings telling investors to trim their exposure to gold in favor of bitcoin in his long- only global portfolio for US dollar-denominated pension funds.
Flows into GBTC Key to Price Stability
WWW.BLOOMBERGQUINT.COM The odds of a bitcoin correction would increase if the fows into Grayscale’s Bitcoin Trust (OTCQX: GBTC) slow signifcantly says analysts at JPMorgan Chase.
Bitcoin's Long-Term Solution Still Unknown
WWW.CNBC.COM � The Head of Investment Risk at BNY Mellon, AJ Oden says he sees bitcoin’s limited supply as the primary driver of its price escalation and that his frm is not actively telling clients to use bitcoin as a hedge against infation as it is still undermined whether bitcoin can become a viable long-term solution and achieve adoption.
Tesla Should Transfer Balance Sheet to Bitcoin
WWW.TWITTER.COM � Self-appointed bitcoin advocate of the quarter, MicroStrategy CEO Michael Saylor recommended that billionaire entrepreneur Elon Musk “do your shareholders a $100 billion favor [and] convert [Tesla’s] balance sheet from USD to BTC.” Musk replied questioning whether “such large transactions [are] even possible?”
BitDigest is a weekday news update on digital currencies and blockchain technology distributed by Parsons & Whittemore, a single-family ofce based in Rye Brook, New York. It is being distributed to subscribers of FSInsight Digital Assets under agreement with the Author. The commentary, analysis, opinions and recommendations in this newsletter represent the personal and subjective views of the Author, and are subject to change at anytime without notice. The information provided in this newsletter is obtained from sources which the Author believes to be reliable. However, the Author has not independently verifed or otherwise investigated all such information. Neither the Author, FSInsight nor any of their respective afliates make any guarantee or other promise as to any results that may be obtained from reading this newsletter. While past performance may be analyzed in this newsletter, past performance should not be considered indicative of future performance. No reader should make any investment decision without frst consulting his or her own fnancial advisor and conducting his or her own research and due diligence. BitDigest is not making a solicitation or ofer to buy or sell any securities of any kind.
Gregory Landegger AUTHOR OF BITDIGEST, DAILY CRYPTO NEWSLETTER
Disclosures (show)