Biden, Trump slammed on digital assets, KuCoin bans New Yorkers, BlackRock ETF update

Black Rock has made an alteration to Their spot Bitcoin ETF application and The revision might be Significant good morning you're Listening to the ryzen crypto podcast by Coin Telegraph with me Robert bags Steering you through the crypto Cosmos With daily dispatches from the digital Frontier if you want to argue with us Presidential candidates over digital Assets make sure you click that follow Button okay grab yourself a coffee and Let's get into It right here here is what you need to Know today the crypto exchange cin is Set to ban all New York residents in a New $22 million settlement several US Presidential candidates slam Joe Biden And Donald Trump over digital assets at The same time Trump launches his third Series of nfts called mug shots spf's Lawyer says the trial was almost Impossible to win and black rock has Made a massive revision to their spot Bitcoin ETF Application the crypto exchange C coin Quick side note before you start Shouting at me about my pronunciation of Kucoin the exchange did a poll on Twitter and 65% of people said they say Kin but qoin is very common too anyway The exchange is one of the biggest in The space and they have just agreed to a Settlement that bans New York residents

From the platform completely to Understand how we got here you need to Know why kucoin has been and is still so Popular as Tom Blackstone wrote in this Article kucoin does over 1 billion Dollar in volume every day and has over 2 million weekly visits according to Coin gecko in my opinion one of the main Reasons it reached these Heights is that Many people in crypto particularly some Years back saw it as an exchange for the Purists it was known for its Pro privacy Honoring the anonymous or really Pseudonymous foundations of crypto and Not requiring any forms of kyc or AML Which is know your customer or Anti-money laundering checks it only Accepted crypto for both deposits and Withdrawals so it didn't need any Banking Partners who would have Definitely pushed for kyc and AML you Could still verify your account if if You wished but it was only required if You wanted to withdraw more than 5 BTC Which is a little over $200,000 at the Time of writing this so not many users Will ever do that the entailment of this Is that users from countries where Kucoin did not have a license would Create accounts on the exchange and Kucoin had no way of knowing that that Was the case now ignorance is rarely Accepted as an excuse in crypto and you Can likely see where the problems are

Going to arise here and a rise they have The people of the state of New York Versus kucoin yesterday ended in a Settlement that saw kucoin pay $22 Million and agree to Bar residents from The state from using the platform According to the order kucoin admits That it operates a cryptocurrency Trading platform on which users Including users in New York state can Purchase or sell cryptocurrencies which Are securities or Commodities as defined Under the laws of New York State and That kucoin is not registered as a Securities or Commodities broker dealer In addition kucoin admits that it Represented itself as an exchange and Was not registered as an exchange Pursuant to the laws of New York State As Tom said to me the wording here Shouldn't be overlooked the cin Settlement is interesting partly because Of the language used in it the Settlement did not claim that kucoin was Operating an unregistered money Transmitter service which would have Been the obvious legal claim to make Against the exchange instead kucoin Agreed in the settlement that it had Operated an exchange which facilitated The sale of Securities or commodities This implies that kucoin has agreed that At least some of the cryptocurrencies it Sold were subject to regulation as

Either Commodities or Securities this Implies that New York is becoming more Aggressive against offshore unlicensed Exchanges as it is now seeking to Regulate them as Commodities or Securities exchanges rather than just as Money transmitter Services as it had in The Past the 2024 US presidential election Race has been heating up recently and Yesterday some of that heat was thrown At Biden and Trump over digital assets Turner right penned an article on this Yesterday and I'm going to let him Introduce what happened so we had two Republican presidential candidates and One Democratic presidential candidate Gather in New Hampshire to discuss Issues related to digital assets and Blockchain and my main takeaway from all Of this is while it's interesting to Educate lawmakers on this matter the two Republican candidates and attendants Were VC robas Swami and ASA Hutchinson Uh both are trailing significantly Behind Donald Trump according to every Major poll the same goes for Congressman Dean Phillips who is uh vying with Biden To be the Democratic nominee and he's Also trailing far behind him according To polls so while it's um it's Interesting to get these lawmakers out There and more involved in the space We're not exactly going to see

Significant policy changes uh because It's unlikely that any of them going to Be the next president so what exactly Was said the most noteworthy comments Really the ones that grabbed all of the Headlines were by Dean Phillips a United States House of Representatives member And he's running against Joe Biden for The Democratic nomination in the 2024 Election here are some of the things he Said the two leading candidates right Now on both the left and the right for The US Presidency are absolutely not in Positions to understand it it being Crypto prepare us for it anticipate it And lead us into the next Century Biden And Donald Trump at their age and stage Of Life are simply not the right people To lead us forward while I would agree With Philip's sentiments here the way He's expressed it is a touch Uncomfortable there are plenty of people In that age bracket that have taken the Time to understand digital assets albe It as a percentage of crypto natives They are small Phillips also added it is Not irresponsible or unreasonable to Think that your government would do two Things at once both consider regulations But at the same time consider how Transformative in a positive way it can Be as you can undoubtedly tell I'm from The other side of the Atlantic but even As an outsider with Biden it doesn't

Seem unfair to suggest he's not clued up On digital assets I think the same could Be said about Trump though Trump fans Are going to point to one thing in Particular and in some fortuitous timing That point is newly relevant again so You may remember that back in April Donald Trump released his own line of Nfts which sold out in mere hours I took Some convincing back then that these Nfts were genuinely Donald Trump's but They were to put into perspective Exactly how well they did he sold 47,000 Trump digital Collectibles at $99 Each hauling $465 million well yesterday he was back At it again announcing the third series Of nfts in a drop he calls mugshot the Developers explained the thinking behind This divisive collection they said on Thursday the 24th of August 2023 President Trump was formally arrested in Fton C Georgia this is a moment in History it's the first ever mug shot of A United States president in the photo Trump has a furrowed brow with a Determined gaze which says he'll never Surrender Trump doubled down on this Sentiment in a promotional video too the 45th president of the United States is Challenging for a non-consecutive second Term in office but running parallel to His campaign are these legal woses that The nft collection allude to this year

Trump has been indicted at both state And federal level on allegations of Business fraud among among other charges There are 91 in total still he seems to Be taking those rather well and Continues his unconventional Campaign s bankman freed was found Guilty on all charges and now his Defense lawyer has been interviewed by Bloomberg and has had some daming things To say about the case Professor David Mills of Stanford law school took spf's Case as a favor to friends his friends Are spf's parents but has now admitted The case was almost impossible to win he Stated that when three or four Founders Are pointing the finger at you even if They were lying you're pretty much Screwed to add insult to injury Mills Said the SPF was and I quote the worst Person I've ever seen do a Cross-examination as with all High-profile legal cases the answers to Expected questions in cross-examination Are typically scripted far in advance But SPF apparently threw the script out Of the window and went completely off Pieced interestingly the route that Mills wanted to take spf's defense in This case was not viable Mills Recommended that SPF admitted to many of The charges but tried to convince the Jury that SP SPF was truly trying to Save the company from bankruptcy Mills

Said I thought there was a really good Story there but he can't tell the story That all these people are lying you've Got five people who say one thing and Then one person who says another thing Well you've got no shot zero Mills also Said that he'll never take a case on Again where he's so emotionally invested So for now we just have to wait for Sentencing which is coming on the 28th Of March 2024 and is highly likely to be Brutal Finally there's a really interesting Update with the Black Rock Spot Bitcoin ETF application at this point I don't Think I need to give much of a backstory With the spot Bitcoin ETF applications But listen to past episodes if you're Curious the most important detail is That we expect the SCC to make a Decision on the 13 different ETF Applications in January one of these 13 And really the leader of the pack in Many ways is Black Rock it may seem late In the day to make changes and it is but Black Rock has revised its application And it has the potential to be a Significant alteration the application Now includes a new in-kind Redemption Prepay model look I'd recommend reading Braden Lind Drea's article on this it's Linked in the show notes as there are Some accompanying flow diagrams that Kind of help with this explanation but

What this new model does is it allows Authorized participants to transfer cash To a broker dealer which converts it to Bitcoin and then stores it in the etf's Custody provider which in this case is Coinbase custody as Braden says the new Structure also works by shifting risk Away from authorized participants and Placing it more in the hands of the Market makers okay if like me you're not A Trader you might be struggling to Follow the entailments here so I'm going To give you a simple synopsis this new Model will allow highly regulated Banks To participate in the spot Bitcoin ETF Despite not being allowed to hold Bitcoin themselves this confused me at First because the whole point of an ETF Is to invest in things you don't hold Yourself but it seems this extra layer Is necessary in the upper echelons of Finance as it shifts a lot of the risk To the market makers interestingly and This is something Black Rock highlights This new model also adds Market Manipulation resistance which is been One of the sec's chief concerns with Crypto right that is your daily debrief Complete consider yourself informed Thank you for listening to the ryzen Crypto podcast by coin Telegraph if You're enjoying these daily updates Please make sure you let us know by Following subscribing or leaving a

Review additionally if you have any Thoughts on any of the stories today Tweet us on @ cointelegraph or at arcade Bags have a great day let's do this Again [Music] Tomorrow


Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

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