Thriller Rundown - S3EP8: Is This Why Bitcoin Matters?

  
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The Rundown

The US Quietly Printed $75 Billion out of Thin Air (For the Banks). This Is Why Bitcoin Matters

The United States Federal Reserve has suddenly injected $53 billion in short term lending markets by buying US Treasuries and other securities for the first time since 2008. They are to print another $75 billion today as money seemingly dries up with the culprit apparently being too much government debt offerings.

“Banks get the overnight capital they need by pledging collateral, usually Treasury bonds, in exchange for cash. When the Fed provides the cash, they basically print the money in exchange for the securities.”

The government is borrowing about a trillion a year, and that borrowing rate is increasing, with much of it going towards paying interest rates on some $21 trillion previously borrowed.

5 Good Minutes

SEC Chair Jay Clayton speak live at the Delivering Alpha conference

Jay Clayton is the chairman of the Securities and Exchange Commission. He spoke Thursday with Andrew Ross Sorkin at the Delivering Alpha conference. SEC Chairman Jay Clayton said investors are “sorely mistaken” if they think bitcoin and other cryptocurrencies undergo the same price discovery practices as products on top exchanges like the Nasdaq or New York Stock Exchange.

“We have to get to a place, in my view — just speaking for myself — we have to get to a place that we can be confident that trading is better regulated.”

The Hard Truth

Why Coinbase took a step back today.

According to a blog post from the exchange, Coinbase is exploring the addition of avalanche, celo, chia, coda, dfinity, filecoin, handshake, kadena, mobilecoin, NEAR, nervos, oasis, orchid, polkadot, solana, spacemesh, and telegram.

Some of those coins, including telegram, are not yet live.

Coinbase’s goal is to offer support for all assets that meet our technical standards and which comply with applicable laws. Over time we expect our customers around the world will have access through Coinbase platforms to at least 90% of the aggregate market cap of all digital assets in circulation. To date, we have largely explored support for assets that are already live and available to trade on other venues. Today, we are announcing our intention to explore assets that have not launched and which Coinbase may choose to support in the future. We will continue to evaluate prospective assets against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world. 


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