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It’s no surprise that the digital dollar was removed from the relief package. Setting up the FedAccounts system would be “really complicated,” says Davis Polk & Wardwell’s Jai Massari. “That is a big tech build, it raises lots of legal questions of all sorts, and it is not practical as a way to get immediate stimulus payments out to individuals.”
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Bitcoin rose from $3,867 to $7,000 in the 13 days to March 25. Yet, throughout the 81% recovery rally, miners sold more coins than what they generated, according to the miner’s rolling inventory (MRI) figure, a measure created by crypto data company ByteTree to track the changes in inventory levels held by miners.
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This BNC report explores bitcoins’ emerging resilience due to its exposure to contagious narratives and the macroeconomic drivers for store of value assets during this recession. From there we assess what the strength of both gold and bitcion is to adapt and recover to a new economic paradigm after COVID-19 and whether this is the shock that proves bitcoin is antifragile?
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According to data from Skew, aggregated open interest for all Bitcoin futures contracts — which include CME, BitMEX, Binance, OKEx and Huobi — fell from more than $4.2 billion to just $2 billion since March 1.
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The plaintiff’s primary argument in this case has been that Ripple Labs advertises the XRP token as a utilitarian tool to further greater business interests. They assert that the company instead uses the sale of XRP as its primary source of revenue, having no real interest in using the token for any other purpose. They have presented as evidence the fact that XRP is not needed for Ripple’s key services, such as xVia and xRapid (now RippleNet). Ripple Labs denies this claim, and insists that it has always been transparent about its use of XRP.
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Negative interest rates can potentially pose a challenge to the ability of USD-backed stablecoins to operate as-is,” Garrick Hileman, head of research at Blockchain.com, told The Block. “Specifically, the types of backing assets held by a stablecoin operator may need to be adjusted in a negative rates environment, and such changes may introduce additional risk to maintaining the 1:1 redemption peg.
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The ruling against Telegram’s Gram token plans may be the death knell for SAFT—the “simple agreement for future tokens”—a once popular idea for launching an initial coin offering. That’s according to what Gary Gensler, former Commodity Futures Trading Commission chairman.
Kiffmeister’s Fintech Daily Digest 03/27/2020
