Crypto Regulation ‘Matter of National Security’ for U.S., Coinbase Says [ Crypto Espresso 3.2.23 ]

Welcome again to another Mile High Episode of crypto espresso I'm your host Andrew and yeah it's crypto espresso Your teeny tiny daily Shadow caffeinated Crypto news uh sorry the Denver altitude Must be nuking my brain first up crypto Regulation is a matter of national Security for the U.S coinbase's CEO Brian Armstrong has claimed in an Interview with Bloomberg he pointed to How major Financial hubs including London Singapore and Hong Kong have Embraced crypto and grappled with policy And he warned that unless the same Happens in America there's a chance that The future of the financial system will Be built elsewhere Armstrong pointed to 5G and semiconductors as examples of Areas where the U.S lacks dominance Because the technology went offshore Which alludes to concerns that have been Raised about Chinese infrastructure Being used for such products he wants Regulators to work with the US crypto Firms not against them silvergate bank Has warned that it might not be able to Survive over the next 12 months the Crypto-focused company was dealt a Double Blow by the bear market and its Close exposure to Sam bankman Freed's FTX uh Empire in a filing to the U.S Securities and Exchange Commission it Warned that its annual report would not Be filed on time and while silvergate

Brought in a profit of 76 million Dollars in 2021 it suffered a net loss Of 949 million in 2022 silvergate's Stock fell by 44.2 percent and after Hours trading to lows of seven dollars And 55 cents which is a stark contrast To its price of 13.53 as of Wednesday's Close coinbase has announced that it's No longer accepting or initiating Payments to or from silvergate out of an Abundance of caution so yeah A prolific crypto scammer that enabled Other cyber criminals to operate has Announced that they're moving on to Something better in a way monkey drainer Operated as a scam as a service outfit Helping others to orchestrate Devastating thefts and taking a cut of The proceeds hex Shield which has been Monitoring its wallets revealed that 200 Eth had been transferred to tornado cash A further 840 eth was sitting in their Main address it's pretty likely that These funds will be moved through mixing Services in an attempt to launder the Crypto and obfuscate the next Destination and while you might think This will mean fewer attacks cyber Security Experts have warned there are Plenty of other vendors willing to fill Their shoes and finally yet another British bank has announced that its Imposing limits on the amount of Cryptocurrency that their customers can

Buy Nationwide will now forbid the Purchase of digital assets using credit Cards and in normal checking accounts no More than six thousand dollars can be Sent to exchanges per day while you Could argue that limiting the use of Credit cards to buy volatile Cryptocurrencies is a good move Financial institutions have faced Criticism for restricting how customers Spend their money Nationwide said the New policy was in response to regulatory Concerns last November Santander also Announced that it would stop consumers From sending real-time payments to Crypto exchanges a move that was Designed to protect them against scams But you know what is not limited liking This video subscribing to our YouTube Channel and clicking on that little bell Icon to get buzzed whenever a new crypto Espresso video goes live well you could Do that as many times as you like but Actually no I guess you can only like The video Once uh but like it like it an Odd number of times yeah and what'd you Think in today's episode huh well just Let us know in those comments below Because I read them and I take them far Too seriously questions about our Headlines or crypto in general ask Alex In that description below Alex is a Great resource for all things web 3 and The metaverse end that about does it for

Today again I've been your host Andrew These have been your headlines and we'll See all of your beautiful shining faces Tomorrow