31st August 2023 > > X and Uniswap.

tl;dr

The good news wagon keeps on rolling.

Market Snap

Market Wrap

With long-term yields gently declining, stock markets look to be in a healthy position. I would have expected some more volatility from BTC following yesterday’s move, but again, cryptos have settled into a tight trading range almost immediately.

Curious Cryptos’ Commentary – X

Elon Musk’s enthusiasm for cryptos is no secret. Tesla bought (and then sold some) BTC for its balance sheet. Inexplicably, Elon is enthusiastic about DOGE, which recently became part of the CCC Treasury (https://www.curiouscryptos.com/post/29th-july-2023-doge-and-por) for this very reason.

X has received a “currency transmitter license” from Rhode Island’s regulators, to add to the six other US states which have granted the same approval. Critical mass is on the horizon for X’s regulatory compliant crypto friendly stance.

This license allows X to provide custodial services for fiat and cryptos, as well as transfer and exchange both fiat and cryptos. Elon’s background in online payments needs no introduction. X will undoubtedly start with fiat, but we can be almost certain it will extend its remit into cryptos.

Curious Cryptos’ Commentary – Uniswap

A group of investors brought a state and federal claim against Uniswap, a De-Fi protocol, alleging that Uniswap offered and sold unregistered securities, and that Uniswap should be registered as a broker-dealer with the regulator (https://www.courtlistener.com/docket/63213270/risley-v-universal-navigation-inc/).

The judge rejected the plaintiffs’ claims stating that they “were devoid of factual support”.

She added that the plaintiffs were “hoping that this Court might overlook the fact that the current state of cryptocurrency regulation leaves them without recourse.”

The judge referenced the fact that there is no definitive determination as to whether cryptos are commodities or securities (are you listening Gensler?) and compared the case with bringing a lawsuit against a car manufacturer if a car user committed a traffic violation.

This is the latest in an ever-lengthening line of judgements swinging cryptos’ way.

…

The judge is one Katherine Polk Failla who just happens to be presiding over the SEC vs Coinbase case. Gensler must be worried.

Curious Cryptos’ Commentary – h/t Milk Road again

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Curious Cryptos’ Commentary – Technical Analysis