Twitter's role in crypto / SEC chair says crypto should be treated same as securities / Singapore passes law to regulate crypto market

Also, The Waves blockchain project and Alameda Research price manipulation dispute

Inside.com Part of   Network April 05, 2022

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Yesterday, Elon Musk acquired a 9.2% stake in Twitter, making him the company's single largest shareholder. Let's take a closer look at what Twitter is planning for the crypto space.  What could it mean for crypto? People familiar with the matter speculate that Musk will first push efforts to rid Twitter of crypto scammers and phishing schemes. Others expect Musk will help push more crypto-related features. You might have already heard of "Twitter Crypto," the unit that is involved with Web3 and decentralized technologies.  CEO Parag Agrawal had already played a key role in Bluesky, a Twitter-backed project that is designed to build decentralized social networks, before taking over the CEO role. Twitter might build Web3 and crypto projects based on communities that go beyond cryptocurrency.  Analyst's take: Musk's biggest gripe with Twitter is the platform's content moderation. It is safe to assume that he will want to tackle this issue prior to adding any ancillary crypto features to the site. Coin Telegraph

The Waves blockchain project and Alameda Research are engaged in drama over price manipulation. More: The controversy began when Waves founder Sasha Ivanov alleged that Alameda was shorting Waves and was encouraging others to do it as well. Alameda argues that its actions were justified given the high funding rates for Waves. High funding rates are good opportunities for short positions because it translates to long positions paying a small amount of their open trades to shorts. Given the negative funding rates, it's possible that Alameda actually had a long position.

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Web3 Tweet: A deep dive into L2s.

Singapore passed a law to regulate the cryptocurrency market. The Financial Servies and Markets Bill was passed in parliament on Tuesday and will require crypto service providers to be licensed.  More:  Currently, cryptocurrency providers don't face rules against money laundering or financing terrorism.  Companies in the crypto space are also discouraged from advertising to the general public. Binance had also withdrawn its application back in December from the region.  Other rules listed under the bill include: The Monetary Authority of Singapore has greater powers to prevent individuals that do not meet the criteria to perform certain takes in the financial industry.   A higher maximum penalty of $1M ($737,050 U.S.) on financial institutions if there are any disruptions in service of cyber attacks.  BNN Bloomberg

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Bitcoin could reach $1.3M according to one radical crypto price prediction. Investors are preparing for "big surprises" in crypto markets this week.  More:  Bitcoin was sitting at a high of nearly $70,000 late last year, but then dropped to as low as $35,000. It currently trades at around $45,000.  Some believe that the dramatic price prediction of bitcoin reaching $1.3M is unrealistic.  "Our emerging markets bond investment team attempted to quantify the emergence of new gold or bitcoin-backed currency regimes," say analysts at investment manager Van Eck  However, Bitcoin could reach $100,000 sooner, as Ethereum leads the way, and JPMorgan warns that investors prefer investment in Ethererum over Bitcoin.  Forbes

SEC Chair Gary Gensler says platforms for cryptocurrency trading should be regulated like traditional securities exchanges and that there's "no reason to treat the crypto market differently just because different technology is used." More:  On April 4, 2022, Gensler stated that the SEC is working on this during a blockchain event hosted by Pennsylvania Carey School of Law. By definition many tokens on the crypto platforms are the same as "securities" and play similar to traditional exchanges.  Gensler believes that we need to be technology-neutral because "The SEC's remit is overseeing the capital markets and our three-part mission: protecting investors, facilitating capital formation, and maintaining fair, orderly, and efficient markets ... regulators also care about guarding against illicit activity ... There's no reason to treat the crypto market differently just because different technology is used." Investopedia

Quick Hits:  How one ex-cop fell for a $66M cryptocurrency scam.  Here is a list of the wealthiest crypto billionaires in the world.  The role of cryptocurrency and philanthropy and how it is changing the way we view social issues.  Today's update on crypto price data and where Ethereum, Bitcoin, and others stand.

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Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel.  Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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