In this episode, Anna Baydakova, Tanzeel Akhtar and Nik De discuss what to expect from U.S. President Joe Biden’s administration when it comes to crypto, how QuadrigaCX users are doing, and how they’re trying to predict Ripple’s future.
President Joe Biden has named Gary Gensler as Chairman of the Securities and Exchange Commission and Janet Yellen as the future Treasury Secretary. Gensler, the former chairman of the Commodity Futures Trading Commission, is best known for his series of lectures at MIT on blockchain technology. Yellen recently said she believes crypto is funding illegal activity and lowering the price of bitcoin. What’s next? Nik De provides a quick guide to what to see.
Ernst and Young (EY), the liquidator of the defunct Canadian exchange QuadrigaCX, is still trying to figure out how to value the company’s cryptocurrency assets prior to paying them out to creditors. Timing is crucial here: the amount of money creditors receive depends on the valuation date chosen, as the price of Bitcoin changed a lot between February and April 2019, as QuadrigaCX’s judicial history developed.
Last but not least, Ripple has been grappling with a number of issues since the SEC filed a lawsuit against the company in December. The commission assumes that Ripple sold unregistered securities, namely the XRP tokens. The lawsuit is still ongoing, but shortly after the lawsuit was filed, a number of exchanges and brokers stopped trading XRP, including Coinbase, Kraken, OKCoin, Bitstamp, eToro, Crypto.com, Genesis, and others. A new SEC head is now expected. Good news for Ripple? Probably not too much.
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