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Bitcoin News Roundup for Oct. 2, 2020
With Pres. Trump testing positive and a systemically important exchange in the crosshairs, CoinDesk’s Markets Daily is back for your latest crypto news roundup!
Updated Sep 14, 2021, 10:04 a.m. Published Oct 2, 2020, 4:00 p.m.
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With Pres. Trump testing positive and a systemically important exchange in deep trouble, CoinDesk’s Markets Daily is back for your latest crypto news roundup!
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This episode is sponsored by Crypto.com, Nexo.io and Elliptic.co.
Today's stories:
Bitcoin, Stocks Fall as Trump Tests Positive for COVID-19
The cryptocurrency and Asian stock markets dumped early Friday after U.S. Pres. Donald Trump announced he and his wife had tested positive to COVID-19.
Ethereum 2.0 'Dress Rehearsal' Gets a Do-Over With Zinken
Developers will take a second whack at a final Ethereum 2.0 testnet after the first, Spadina, failed due to “critical peering issues.”
BitMEX 'Attempted to Evade' US Regulations, CFTC Charges
The Commodity Future Trading Commission has charged BitMEX, CEO Arthur Hayes and other affiliated entities with offering U.S. customers crypto trading services in violation of federal law.
Should DEXs Be Worried After BitMEX? DeFi Founders Weigh In
The sudden takedown of crypto exchange BitMEX has cast a new light on Ethereum’s decentralized finance (DeFi) markets.
8/25
— Adam Cochran (@adamscochran) October 1, 2020
So the crypto community might be right that CFTC regulation may not apply to DeFi. That's a grey area, because it could be argued the consumer is 'safe' in a limited sense.
But the CFTC charges would result in financial penalties.
The much larger threat is the BSA.
16/25
— Adam Cochran (@adamscochran) October 1, 2020
Note how a company isn't relevant.
The only thing that matters is do you make it easier for criminals in the US to exchange monetary instruments without applying the US standards of KYC/AML.
18/25
— Adam Cochran (@adamscochran) October 1, 2020
No, you can't but DAO or no DAO you can find that developers with admin keys, users who create front-ends, companies hiring individuals to work on the protocol and others who enable or profit from the contract, to be in violation on the BSA.
20/25
— Adam Cochran (@adamscochran) October 1, 2020
The take away here is that a protocol isn't outside the reach of the government, there is always pressure points that can be applied.
While DeFi *MAY* be in a grey area with *SOME* regulation, it is clear that the BSA still applies.
For early access before our regular noon Eastern time releases , subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica or RSS.
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