Is the FTX 2.0 Launch Coming? [ Crypto Espresso 5.24.23 ]

It's Wednesday and you know what that Means news I'm not even gonna try to Stall because news is the best I'm your Host Andrew and this is crypto espresso Your teeny tiny daily shot of Caffeinated crypto headlines and let's Just get Kraken first up Hong Kong is Set to lift its ban on the retail Trading of cryptocurrencies as the city Strives to restore its reputation as a Prominent fintech Hub the Securities and Futures commission concluded its Consultation on regulations for digital Asset platforms and announced that Licensed entities will be permitted to Offer services to retail investors the Sfc will introduce measures to safeguard Retail investors including a thorough Vetting process of tokens prior to their Listing on exchanges this decision Represents a reversal of the Restrictions implemented last year and The new regulations are expected to take Effect on June 1st the sfc emphasized The importance of good governance robust Onboarding processes and transparent Disclosure practices as part of the Protective measures while the sfc will Not publish a list of approved assets For retail investors platform operators Are reminded of their legal obligations To ensure compliance with Hong Kong's Public offering regulations a guy named What does it say William Shakespeare

Once said what's in a name well let's Put that to the test according to a Recent court filing FTX the crypto Exchange that filed for bankruptcy last Year and at present has a horrible Reputation is working on a plan to Relaunch its operations under a new name Drumroll please FTX 2.0 the filing Reveals that John Ray III the new CEO of FTX has been busy meeting with creditors And debtors to discuss the best way to Restructure The Exchange and repay its Debts the filing also states that Rey Has been preparing the materials needed For rebooting The Exchange which could Happen as soon as the second quarter of 2024. Ray first announced his intention To revive FTX in January after Discovering that the exchange had 5.5 Billion dollars of liquid assets in April he reported that the amount had Increased to 7.3 billion dollars the News of FTX two point know has sparked Mixed reactions in the crypto Community Some have praised Rey for his efforts to Restore the exchange and provide a fair Outcome for its creditors yet others Have criticized the exchange for its Fraudulent practices and accuse it of Harming the industry the price of ftx's Native token ftt meanwhile has also Surged by more than 13 following the Announcement according to a report from Coindesk the ongoing debate surrounding

Bitcoin mining is overlooking the voices Of those most affected by the industry's Operations in Upstate New York where Crypto Mining facility greenage Generation is located environmentalists Have been successful in influencing Legislation targeting mining companies However local residents near Greenwich Feel excluded from the conversation While the broader debate fails to Acknowledge the role that the facility Plays in their lives the greenage Facility has faced criticism from Environmentalists who claim that it's Responsible for harming Aquatic Life and Contributing to harmful algal blooms However the rhetoric used by these Critics including New York assemblywoman Anna kalis has been debunked by state Data and Direct on the ground Experiences meanwhile advocates for the Industry are touting the potential Benefits of Bitcoin mining such as Investments in renewable energy and Improvements to energy grids according To data from glass node more and more Bitcoin holders are choosing to keep Their coins for the long term instead of Selling them for a quick profit this Trend according to those kooky crypto Kids is called huddling which indicates That Bitcoin is becoming a more mature And stable asset class that attracts Investors who believe in its future

Potential this means that over Two-thirds of all Bitcoins in Circulation are being held by long-term Investors who are not tempted to buy Price fluctuations and in fact forty Percent of Bitcoin owners have been Holding sorry huddling for at least Three years according to on-chain data This data indicates positive Developments for bitcoin's growth and Adoption as it reduces the selling Pressure and increases the scarcity of The cryptocurrency it also suggests that Hodlers are confident that Bitcoin will Continue to appreciate in value over Time despite the challenges and Uncertainties that it may face and Here's something that you might be Embarrassed by watching this whole Crypto espresso episode without 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 and what did You think about today's episode let me Know in those comments below because I Read them and sometimes I take them far Too seriously questions about our Headlines or crypto in general why not Take the plunge and ask Alex in that Description below Alex is always a great Resource for all things web 3 and the Metaverse and that about does it for Today as always I've been your host

Andrew these have been your headlines And we'll see all of your beautiful Shining faces tomorrow

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