Cross Chain Weekly #39
SEC strikes back, staking takes a hit, & cross chain security continues to make headlines
Gm fam. Welcome to the Cross Chain Weekly - the weekly email that makes you a smarter blockchain insider. The SEC is making regulatory moves that will have a huge impact on the future of the industry. Keeping track of everything that’s going on especially in how fast the crypto industry moves, can leave you feeling behind with no hope of catching up. Hopefully this can get you up to speed.
Trigger warning maxis; the future is cross chain, so let’s dive in.
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The US government is scared… they are using the banking sector to organize a sophisticated, widespread crackdown against the crypto industry. For crypto firms, obtaining access to the onshore banking system has always been a challenge. However, in recent weeks, the intensity of efforts to ring-fence the entire crypto space and isolate it from the traditional banking system have ratcheted up significantly.
Crypto businesses might end up completely unbanked, stablecoins may be stranded and unable to manage flows in and out of crypto, and exchanges might be shut off from the banking system entirely.
Nic Carter writes an explosive piece detailing the Biden administrations coordinated attack on crypto. They’ve expressed plainly in memos, regulatory guidance, and blog posts that they’re out to ban it entirely. If you read one thing this year, please let it be this. Read the full article here.
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