by Adi Shemesh
July 11, 2024 If you have attended one of my lectures or used my Crypto Kit, you are now witnessing the exposure of what you already know :)
For my previous post, visit here.
TLDR at the bottom of the post!
Crypto & Regulation: Ethereum Investigation, Stablecoin Developments, and Bitcoin Tax Payments
The SEC (the American regulator) has officially terminated its investigation of Ethereum. This has happened while everyone is expecting the approval of Ethereum ETFs, following the SEC's decision to approve applications to list ETFs tied to the price of Ether on May 23rd.
(The Ethereum curroption will be covered on my soon to be announced Flip the Switch Seminar. Stay tuned :)
Circle, the company behind the stablecoin USDC, has become the first global stablecoin issuer to obtain an electronic money institution license under the EU’s MiCA crypto law.
Following the new regulation, Uphold and other crypto custodial and exchange platforms have ceased accepting USDT (Tether).
Meanwhile, Tether Limited, the company behind Tether, has announced its new coin, Tether Gold, a stablecoin backed by gold. [Read more about Tether Gold from the source itself]
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I'll try to elaborate a little on one topic each time. This time, it's this one ^^ So- The stablecoin market today is $150 billion and is estimated to reach $2.8 trillion (!) by 2028. For those of you who have been following my content, we have covered the Tether corruption for a while now. So please don’t rush to use USDT or Tether Gold.
Out of the many issues, the main one, in my opinion, is that Tether's terms and conditions state: “Tether reserves the right to delay the redemption or withdrawal of tether tokens,” and “Tether reserves the right to redeem tether tokens by in-kind redemption of securities.”
In other words, they are NOT obliged to give you your money back.
Additionally, unlike their past promises, they do NOT publish the value of their reserves daily and are NOT subject to frequent professional audits. In fact, there hasn’t been a single audit to this day.
Bottom line: When working with a stablecoin, avoid USDT and use USDC for now.
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While all this is happening, another development in the Stable Coin Market, as Ripple announces the official name of their soon to be launched stable coin: RLUSD
Congressman Matt Gaetz has proposed a bill to allow the payment of certain federal taxes with bitcoin. [Read more about the bill from the source itself]
(Also, please don't rush to purchase bitcoins. It is a distraction from the real stuff. Information about this is available in my Crypto Kit [In Hebrew for now]).
BRICS, Russia, and the USD as the Global Reserve Currency
The BRICS are gearing up, and we have plenty of news from these past few weeks.
Russia says it is working with a group of countries to build a (digital!) platform that doesn’t need the U.S Dollar. Putin has also become extremely vocal these past few weeks about the corruption of the Federal Reserve system, speaking publicly on stage at major events.
Saudi Arabia has joined Project mBridge after the alleged termination of the 50-year agreement with the U.S. to sell petroleum for dollars only earlier in June.
mBridge, which announced earlier in June that the MVP stage is now complete. mBridge is a project for the creation of multi-CBDC (multi central bank digital currency) led by the BIS (Bank of International Settlements). Or, in my own words, one currency for all. You would be surprised to see the list of countries involved… [Read more about Project mBridge from the source itself]
Israel
A crypto discussion in the Knesset! In the discussion, Moshe Gafni, Chairman of the Finance Committee (ועדת הכספים), ordered the Israel Tax Authority to present a plan within three weeks to remove the barriers in the crypto market in Israel.
The Economic Affairs Committee of the Knesset (ועדת הכלכלה) has approved for the 'first reading' of an amendment to the Banking Law that will allow direct parliamentary oversight on the processes of closing bank branches and reducing banking services to customers. [Read more about the amendment from the source itself].
Happened to a friend:
A shipment from abroad containing a cold wallet was confiscated by the state (of Israel) because it was “examined by an authorized representative of the Ministry of Communications and not approved for use in the country, as it operates on frequencies not approved for use in Israel.” Maybe it is worth mentioning, that there are no frequencies related content in crypto wallets…
And for the cherry on top! I was pretty excited for this one, as I received it from quite a few poepole who attended my lectures over the past months. Check out this Globes Title! Also, check out how they fixed it a few days later… Original publication: "IMF: the US Dollar is losing of its power as "Reserve Currency" of the Central Banks" Edited version: "The strongest in the world? The US Dollar is losing of its power. Whos is strengthening on its account?"
That's all for now!
Thank you for reading and joining the journey of discovering the new global financial system!
Adi
For my previous post, visit here.
Want to know more about something? Leave a question in the comments section to let me know, and I'll be sure to answer.
TLDR:
This is a crazy time to be alive. Everything around us seems to be in chaos, and the old world’s infrastructure is loudly falling apart.
Yet, quietly, the new infrastructure of the global financial system is emerging.
This very system which determines how we interact with everyone and everything in terms of value and ownership. It’s hard for us to imagine a world without it.
Unbelievable? Sounds exaggerated?
This massive change, meticulously managed for at least a decade, is being communicated to most of the world's population slowly and in drips.
Those who are wise enough to recognize what is happening and acquire knowledge about it can win big.
You are welcome to follow my blog, visit the website, and learn about the transition of the global economy from an analog to a decentralized digital infrastructure, and its implications.
Knowledge is power, immense power.
Feel free to join and receive the triweekly update email, hear about upcoming open lectures, and discover new products on the site.
Adi Shemesh
Consultant and researcher in strategy, economics, and technology. Founder of the startup Trench and its complementary fashion currency Diamond, formerly with the Central Bank of Israel.
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