Daily Crypto NewsEDITION #211, 08 May 2021

Who will protect crypto investors?

Hey #Moni Maker 🎸

Today, in 2004, German police arrested the 18-year-old creator of the Sasser computer virus. In the zero years, viruses were something completely incomprehensible and unknown to society. Now people are afraid of Trojans even more than the coronavirus. The coronavirus does not steal money from accounts. Oh, wait...

Okay, our news is getting cold. Let’s go!

Gary Gensler, the newly-named chairman of the Securities and Exchange Commission, is asking Congress to make some key decisions around crypto regulation.

"This market, which is close to $2 trillion, [the] crypto-asset market, is one that could benefit from greater investor protection," Gensler commented, remarking:

"I do think that working with Congress, and I think it's only Congress that can really address it, it would be good to consider...whether to bring greater investor protection to the crypto exchanges. And I think if that were to be the case, because right now, the exchanges trading in these crypto-assets do not have a regulatory framework either at the SEC or at our site agency, the [CFTC], that could instill greater confidence.

"Right now, there’s not a market regulator around these crypto exchanges and thus there’s really not protection against fraud or manipulation,” Gensler went on to say.

So what?

We have a question ... and the crypto investors themselves want someone to protect them? ... Well, and one more moment! And who will protect crypto investors from the SEC themselves?...

A letter to Square shareholders says that Bitcoin sales through the Cash App brought payment company Square a record $3.51 billion in the first quarter of 2021.

That figure is double Square's Cash App revenue in the fourth quarter of 2020 ($1.76 billion) and 11 times the first quarter of 2020 ($306 million).

Goldman Sachs Group Inc. is wading deeper into the $1 trillion Bitcoin market, offering Wall Street investors a way to place big bets.

The investment bank has opened up trading with non-deliverable forwards, a derivative tied to Bitcoin’s price that pays out in cash. The firm then protects itself from the digital currency’s famous volatility by buying and selling Bitcoin futures in block trades on CME Group Inc., using Cumberland DRW as its trading partner. Goldman, which still isn’t active in the Bitcoin spot market, introduced the wagers to clients last month without an announcement.

And you...buy Bitcoin! 😉