Coinbase claps back at Big Brother,
Elon Musk is considering creating his own social media platform,
and some very bullish XRP data is discovered.
My name is Ben.
This is your nightly crypto news wrap-up.
Let's get it!
Last week, the EU had the industry holding its breath as they voted on the proof-of-work mining ban.
Luckily, it didn't go through.
Everyone had a sigh of relief, high-fived their friends and felt at ease.
For a couple of days anyway.
Now, the European Union is back at it again.
And this week, they're set to vote on a revision for the Transfer of Funds Regulation.
This is Big Brother's weekly attempt to overregulate the crypto space
off the back of crypto financing terrorism and money laundering.
They must have missed the memo that everything on the blockchain is visible forever
and cash is still the best way to launder money.
What will this amendment do if it's passed?
First, all crypto transactions will be "travel" rule eligible.
Meaning that the sender of the transaction has to provide not only their address and identity,
but the address and identity of the recipient as well?
This separates crypto from fiat
because the fiat limit is 1,000 euro.
It's a worse invasion of privacy for those who use self-hosted wallets
because the exchanges will be obligated to collect, verify and report information
about wallet users who aren't even their customers.
Although the limit is 1,000 euros, for the self-hosted wallet transactions,
it's still egregiously unethical
because they're leaving the door open for more regulations or bans against them.
A similar regulation is already about to start in Canada on April 4.
People are not happy about it.
Coinbase recently posted a blog imploring people to speak up
since this amendment would be against their privacy rights.
In the post, they touched on how bad facts make bad law.
Coinbase states,
"If adopted, this revision would unleash an entire surveillance regime
on exchanges like Coinbase, stifle innovation and undermine the self-hosted wallets
that individuals use to securely protect their digital assets."
The outcome of this vote could be as early as this Thursday.
And hopefully it gets shut down like the last proposal.
But some people, such as Patrick Hansen, seem to think this one is more likely to pass
since it has multi-party support.
The EU's terrible misunderstandings about the crypto space are turning into terrible policies
that will hit harder than Will Smith at the Oscars.
Stories like this are all too relevant in this day and age.
People don't want governing bodies prying into all of our businesses.
We respect freedom.
We can regulate ourselves.
We live in a country that was built off the idea of freedom,
yet government overreach and censorship are alive now more than ever.
In response to this,
Elon Musk weighed in on Twitter over the weekend,
saying that he's given serious thought to opening a social media platform of his own.
In another tweet on Friday, he stated,
"Free speech is essential to a functioning democracy."
Underneath it, he did a poll asking,
"Do you believe Twitter rigorously adheres to this principle?"
Just over 70% of the 2 million people who voted on the poll said no.
That says a lot.
Twitter must realize they're on thin ice with their users
considering the fact they didn't pull this tweet down.
Although there have been several failed attempts for censorship-free platforms,
if anyone has a chance to pull it off, it could be Elon Musk.
Comment below on what you think Elon would rename Twitter to if he bought it.
Now, let's head over to Frankie Candles for some market update.
Thank you, Ben!
Alright, guys. Let's jump in and do a little market watch here.
We got Bitcoin coming in at $47,204.
We got Ethereum coming in at $3,349.
Up about 1.8% for the day.
We had Bitcoin crack that $48K level.
We had Ethereum break that $3,400 level.
Things are feeling bullish.
Things are feeling good.
Let's take a look at the top movers.
We got Waves coming in at up 34% for the day.
We got GNO up 14.5% for the day.
We got Filecoin up 12%.
We got EOS up 8%.
We got Loopring up 6.8%.
Things are feeling bullish, everybody.
If you want to follow me on YouTube, it's Frankie Candles,
and then if you want to follow my socials, I'm @Frankie_Candles on all socials.
Back to the news.
Finally, some breaking news about XRP that's rocking the banking world.
In elite Goldman Sachs presentation from November of 2021,
Twitter user WKahneman found that the banking giant
breaks down digital assets and blockchain for their investment banking division
to get them up to speed on what's happening in blockchain.
But the slide on page 37 is what really set crypto Twitter on fire
when Goldman Sachs called out Circle, Coinbase and Ripple
as what they consider to be the standards for crypto payment ecosystems.
RippleNet was noted as the cross-border payment system in the document
that was the middleman between on-ramps like Circle and off-ramps like Coinbase.
This is how huge news for XRP holders.
It backs up what we've been telling you for months now
that the SEC case against XRP is a show.
Smoke and mirrors.
XRP is going to come out on top.
Looks like April is going to be a month for the history books.
Make sure to smash that like button.
Don't forget to subscribe to the channel.
That's all I got.
Be blessed.
BitBoy out.