• VeChain’s VeCarbon project and partnership with Amazon is well positioned for the Inflation Reduction Act
• BitMEX executive has pled guilty to violating the Bank Secrecy Act, so have the founders
• Even proposals from Vitalik Buterin can be voted down
• Galaxy Digital, led by Mike Novogratz, has posted a $554M loss in Q2
• Australia set to dive into the CBDC space
• The Binance and WazirX saga continues with India now investigating “mysterious” transactions
• Derivatives platform FTX plans to continue working through the merge
There is a lot to unpack with the new Inflation Reduction Act. Here is what is on my mind today.
1. Last week I brought you news about VeChain’s new project, VeCarbon. Looking at the Inflation Reduction Act and what it brings forward in terms of green energy, I think VeCarbon is right on time with the project. Companies are definitely going to have to track and report on their carbon emissions more accurately and that is the whole purpose of VeCarbon. I think there are going to be a large number of companies that sign up. Don’t forget, the partnership with Amazon. Not to mention VeChain cut its teeth in the supply chain space and are arguably the best at it.
2. I find it interesting that a BitMEX executive has pled guilty to violating the Bank Secrecy Act (and so have the founders) on one hand and on the other they are backing ETHPoW, the hard for from the current iteration of Ethereum. There are a lot of projects on either side of the debate, but there are more on the side of not creating the hard fork. You have to remember the fork is actually unnecessary for the miners that started the debate. They can move to ETC. In the case of BitMEX, they may want to concentrate on getting their legal act together.
3. Vitalik Buterin is the well-known developer of Ethereum. So, people think he may be too powerful when it comes to the development of the coin. Well, this is proof that even he can be checked. He proposed a stealth address for ERC721 tokens, NFTs, and he has been seemingly shot down by the community. It is not to say that he doesn’t hold sway, but it does mean he is not the final decision-maker, proving balance.
4. Galaxy Digital, led by Mike Novogratz, has posted a $554M loss in Q2 of this year, compared to the $182.9M lost last year. The firm also stated they have $1.5B in liquidity, predominantly held in cash. That is not a small feat in this current market climate. Novogratz also said he does not believe Bitcoin will achieve $30K anytime soon. This is based on him and he team not seeing large institutional inflows. On the other hand he said they are also no seeing vast outflows either. This tells me there is going to be sideways movement for some time. That said, I do see more retail money flowing in.
5. Australia is the latest country to dive into the CBDC waters. They announced they will begin a year-long trial to evaluate CBDC use. Announced by the country’s central bank, Reserve Bank of Australia (RBA), it will partner with the Digital Finance Cooperative Research Center (DFCRC) to assist with the launch of the CBDC.
6. The Binance and WazirX saga continues. India is investigating “mysterious” transactions between the two. This is not good for Binance. Specifically, India is investigation whether or not the businesses have violated the Foreign Exchange Management Act, 1999 (FEMA). Allegedly, WazirX has been using a walled infrastructure to handle its transactions with Binance.
7. FTX’s Sam Bankman-Fried says the exchange will instead “do their best to support continuous trading”. Remember, FTX is a derivatives exchange and is on the record stating its Ethereum futures and perpetual contracts (ETH-0930, ETH-1230, ETH-PERP) will track the proof of stake Ethereum following the merge.
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🚨 Full Disclaimer: This video and its contents are for informational purposes only and do not constitute an offer to sell or trade, a solicitation to buy, or recommendation for any security, cryptocurrency, or related product, nor does it constitute an offer to provide investment advice or other related services by Eddie Jay on Crypto. Eddie Jay on Crypto may have a financial investment with the cryptocurrencies discussed in this video. In preparing this video, no individual financial or investment needs of the viewer have been taken into account nor is any financial or investment advice being offered. Any views expressed in this video were prepared based upon the information available at the time such views were written. Changed or additional information could cause such views to change.