Heading home after a whirlwind Canada trip. One drumbeat being heard louder now is crypto teams hammering home the importance of regulation. There’s a lot of talk about “Is XYZ coin a commodity or a security.” There’s not enough examination over the question of who regulates these trading venues. And I purposely use that word – are these exchanges or venues. Do they fall under SEC, CFTC, FINRA. Or somewhere in between. Hmmmmm.
Whatever the case, you know when industry players are pleading for more regulation they’re doing it for a reason. And the not-so-subtle explanation is they want those in charge to look under the hood of their competitors who may have some explaining to do.
The market suffered a modest pullback yesterday but the overall year has been pretty darn respectable. Ethereum went from like $263 to $287 down to $239 and back up to $259 in like 18 hours. That’s like like a 100% move in percentage terms. That’s crazy, absurd volatility.
A China miner from Beijing told me Ethereum, unlike bitcoin, has no supply constraints. Is that right. I need to fact check that. I was too busy asking her: “Isn’t it illegal to mine & trade bitcoin in China.”
She responded: “Mining in China is legal. Spending bitcoin is illegal. Trading is a gray zone.”