BitDigest May 26 · Issue #910

May 26, 2021
  • Bitcoin re-breaks $40,000 as ether eyes $2,900 to lead second day of market recovery
  • The White House has been meeting with top officials to discuss regulatory ‘gaps’ and potential risks associated with digital currencies
  • The central banks of Indonesia and South Africa announced further efforts to formulate plans to issue CBDCs

A Win for Readers of BitDigest

Friday is the last day I will be sharing BitDigest with many of you. I occasionally like to change what I am doing with this daily letter and together with Fundstrat have decided to no longer circulate BitDigest to Fundstrat’s clients. 

This is bittersweet as I have enjoyed being a contributor to their team. I have been a Fundstrat client for several years and have no plans to change this relationship, but after nearly a year-and-a-half, it’s time to take BitDigest in another direction. 

The good news is that Fundstrat is planning to return to publishing their own Daily Crypto Report, and for the first time, I will be opening up BitDigest to allow current readers who do not receive BitDigest directly from me to be added to my daily distribution at 7AM every weekday morning.

So if you would like to be added please sign up to continue receiving your morning update of government and corporate crypto news. If not, thank you for sharing your mornings with me, I hope these updates brought you some new insight into the evolving world of digital currencies and blockchain technology. The best is yet to come!

BitDigest May 26 · Issue #910

“Long the Metaverse,” a NFT Gallery

As part of this year’s virtual New York Crypto Week, Consensus developed an exhibition of leading crypto artists. This is a great experience for anyone interested in NFTs – digital art and for a first-time visitor to the Metaverse.

If you want to attend, simply select your gallery: Room 1Room 2, or Room 3, choose your avatar, decide if you wish to use your microphone to communicate with other visitors (not surprising, there were none at 4:40 this morning), and enter the gallery. 

For the gaming inept viewer, use the W-A-S-D keys to go forward, left, back and right and use the Q and E keys to rotate left and right. You can also visit on a mobile phone using your fingers to help traverse the gallery. If you still cannot figure out how to access the site or move around the room, ask the youngest person in your office. I am sure they will be able to assist.

The Headlines

BitDigest May 26 · Issue #910

Biden Administration Reviewing Crypto Oversight 'Gaps'

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The White House is reviewing potential “gaps” in regulatory oversight related to digital currency markets including whether protections are needed for retail investors.
BitDigest May 26 · Issue #910

Bank Indonesia Planning to Issue CBDC

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Bank Indonesia Governor Perry Warjiyo said the central bank is planning to launch a digital rupiah and is investigating which platform it will use to issue its own CBDC.
BitDigest May 26 · Issue #910

South Africa Investigating CBDC for Retail Use

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South Africa’s Reserve Bank announced a study, to completed in 2022, on the benefits of issuing a CBDC “for general-purpose retail use, complementary to cash.”
BitDigest May 26 · Issue #910

Inner Mongolia Issues New Plans to Curtail Crypto Mining

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China’s The Inner Mongolia Development and Reform Commission has released a draft of new regulations that would establish energy-saving requirements for all industrial facilities providing energy to miners, and would revoke businesses licenses from any telecommunication company or internet firm engaged in crypto-mining. The draft legislation also proposes blacklisting anyone who violates the new crypto mining regulations on China’s new social credit system.
BitDigest May 26 · Issue #910

China's Latest Crypto Mining Crackdown was Response to Illegal Coal Production

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New efforts to combat crypto mining in China were reportedly set off by a fear that efforts to produce more electricity for mining had increased a surge in illicit coal production; Chinese coal mines have been undergoing safety audits following numerous reports of deaths during the first few month of 2021.
BitDigest May 26 · Issue #910

Fed Leading "Sprint" for Crypto Regulations Fed Leading "Sprint" for Crypto Regulations

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Federal Reserve Vice Chair of Supervision Randal Quarles said the Fed is working with the OCC and FDIC on a “sprint…to pull together” a common regulatory framework, and capital and operational treatment for digital currencies. Quarles also stated that issuance of a digital dollar would “likely…require” congressional authority.
BitDigest May 26 · Issue #910

Senators Launch Financial Innovation Caucus

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US Senators Cynthia Lummis (R-WY) and Kyrsten Sinema (D-AZ) have formally launched the U.S. Senate Financial Innovation Caucus to highlight responsible innovation acorss the US’ financial system, and how financial technologies can make markets more inclusive, safe and prosperous for all Americans.
BitDigest May 26 · Issue #910

MP Seeking Answer on FCA Crypto Register 'Delays'

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Conservative member of Parliament Phillip Davies has issued a list of 15 question to the Chancellor of the Exchequer Rishi Sunak asking for a formal update on “what assessments” have been made on “delays” taken by the Financial Conduct Authority in regard to activities promoting crypto-asset businesses.
BitDigest May 26 · Issue #910

DHS to Require Pipeline Operators to Report All Cyberattacks

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In a follow up to the recent Colonial Pipeline Hack, the Department of Homeland Security’s Transportation Security Administration plans to issue a directive that will require pipeline operators to notify the agency after any cyberattack is identified.
BitDigest May 26 · Issue #910

Nebraska to Allow Banks to Custody Crypto Nebraska to Allow Banks to Custody Crypto

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🐦The State of Nebraska has signed a law authorizing US and foreign state-chartered financial institutions to operate a digital asset depository business in the Cornhusker State.
BitDigest May 26 · Issue #910

VYGR Reports Strong Q3 Earnings

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📈Crypto-asset broker Voyager Digital (CSE: VYGR) reported quarterly revenue of $60 million on $5 billion of principal traded volume for the quarter ending March 31, 2021.
BitDigest May 26 · Issue #910

Mr. Wall Street Goes to Washington

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In pre-released written testimony for today’s “Annual Oversight of Wall Street Firms” hearing by the Senate Committee on Banking, House and Urban Affairs, (live streamed at 10AM) the chief executives of Wells Fargo (NYSE: WFC), Citi (NYSE: C), and Bank of America (NYSE: BAC) all addressed cryptocurrencies with Wells Fargo CEO Charles Scharf summarizing the group by saying his firm will “continue to closely and actively follow developments around cryptocurrencies, which have emerged as alternative investments products, though their status as a currency and mechanism of payment remains fluid.”
BitDigest May 26 · Issue #910

Gemini Forms Partnership with WisdomTree and Onramp to Bring Crypto to Financial Advisors

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Gemini announced a new partnership with WisdomTree and Onramp Invest to custody, clearing and execution services to RIAs using WisdomTree’s new +Crypto Model Portfolios.

Exchange, Custody and Product News

BitDigest May 26 · Issue #910

Coinbase Launches Prime Services

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📈Coinbase (NASDAQ: COIN) has launched a beta version of Coinbase Prime a fully integrated prime brokerage solution providing custody, advanced trading, data analytics, and prime services in a single institutional-client facing offering.

Thoughts on the Ecosystem

BitDigest May 26 · Issue #910

Crypto Could Force SEC to Update Custody Rules

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SEC Commissioner Hester Peirce says that developments in crypto may force regulators to prioritize efforts and modernize custody rules to meet market needs.

🅱️I typically summarize tweets and commentary, but the following chain by global macro investor and Real Vision Group founder Raoul Pal on the latest crypto sell-off deserve to be shared as tweeted:

Daily Cartoon

BitDigest May 26 · Issue #910

Reports you may have missed

Crypto markets are declining following news that most of the SEC’s lawsuit against Coinbase will proceed (more below). BTC (-1.27%) reached intraday highs of $71.8k before declining to $69k after the news. Rumors have circulated that Morgan Stanley and PNC will soon approve access to Bitcoin ETFs on their wealth management platforms. Together, Morgan Stanley and PNC hold over $1.5 trillion in client assets and likely will provide a tailwind...

Following the worst week of ETF flows since inception, BTC (+3.89%) is rebounding, rising to $69.6k, and ETH (+4.09%) has reclaimed the $3,500 mark. Last week’s outflows totaled $888 million, representing about a fifth of the inflows seen in the previous two weeks. ONDO, an institutional RWA protocol, is one of the top performers today, rising 7.61% as investors remain optimistic about the future of tokenized assets and their ability...

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