With all the turmoil going on in the crypto industry, you need to ask yourself whether this is the right time to hold crypto assets on a exchange.
The regulators lack of clarity is partly responsible for this debacle.
Brian Armstrong is Coinbase CEO
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From Kraken CEO
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The US regulators have a history of being hostile to anything crypto. Coinbase CEO was discussing a few years ago how they have regular conversations with agencies with whatâs going on looking for guidance.
Everything seems to be going well and then get blindsided with a lawsuit.
There is no advisory, etc. Total clusterâŚ
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In order to protect the norms and the money system, they want crypto banned.
When crypto hit the scene, nobody saw it coming. By the time they got involved, the industry took off, so they made things difficult for it.
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Crypto needs to stand the test of time. Currently, there is chaos in the industry
SEC Chairman Gary Gensler met with head of FTX months before collapse
Gary Genslerâs controversial tenure as chairman of the Securities and Exchange Commission could reach peak drama over a 45-minute Zoom call with Sam Bankman-Fried, the former crypto wunderkind at the center of the largest debacle the $1 trillion digital coin industry has ever witnessed.
On March 23, some eight months before Bankman-Friedâs crypto empire collapsed and was forced into bankruptcy, Gensler granted what some crypto players are calling an unusual meeting to the then-billionaire and prolific fundraiser for Democratic candidates, including his boss, President Joe Biden.
Even before the FTX imbroglio, Gensler mounted an aggressive and, some would say, controversial regulatory assault on the crypto business. In public comments, he has stated most digital coins qualify as unregistered securities, and thus creators could face sanctions similar to those sought from executives of Ripple who face an SEC lawsuit over the unregistered issuance of their native coin XRP.
While exchanges such as Coinbase, Binance, and Bankman-Friedâs FTX process crypto trades for customers, they operate in a regulatory gray area without explicit SEC approval, thus opening management to possible sanctions.
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Conflating other legitimate businesses with SBF is typical SEC tarbrush propaganda.
âregulatory gray areaâ
âregulatory gray areaâ
âregulatory gray areaâ
âregulatory gray areaâ
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Can two things be true at the same time
FTX Collapse Slaps the Winklevoss Brothers
The cryptocurrency exchange debacle is spreading to other platforms.
Cryptocurrency brokerages Gemini and Genesis are reassuring people that their operations are still solvent after the massive collapse of exchange FTX.
The insolvency of FTX could result in more companies in the industry facing severe liquidity issues, including crypto exchanges and lenders.
Gemini, the exchange founded by the Winklevoss twins, is attempting to calm crypto investors. The exchange said on Wednesday that it would halt withdrawals on its Earn accounts that provide interest. The lending partner for the Earn accounts is Genesis.
âWe are aware that Genesis Global Capital, LLC (Genesis) â the lending partner of the Earn program â has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days.,â Gemini said.
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Crypto bank Genesis halts withdrawals, citing fallout from FTX failure
The lending arm of crypto brokerage Genesis Global Trading suspended redemptions and new loan originations after an âabnormalâ number of withdrawal requests that exceeded its current liquidity, citing market turmoil from the failure of rival FTX.
Genesis said it was working with advisers âto explore all possible options,â adding that it would release a plan for the lending business next week. âWeâre working tirelessly to identify the best solutions for the lending business, including among other things, sourcing new liquidity,â the company said.
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FTX being a lynchpin of the funding crcl-jrk through Ukraine, and all the other supranational interests preparing new systems, and derivatives collapse knock-ons ⌠what an interesting time this coming January will be.
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This scares me
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They donât want reassurance they want out
Crypto Exchange Gemini Suffers $485M Rush of Outflows Amid Contagion Fears
Gemini, a crypto exchange and custodian founded by the Winklevoss brothers, has suffered a rush of withdrawals as crypto firms wrestle with the reverberations of the FTX-Alameda bankruptcy and subsequent contagion within the digital asset industry.
Data by blockchain intelligence platform Nansen shows that Gemini saw $485 million in net outflows in the past 24 hours, the largest among crypto exchanges. Outflows totaled $563 million, and were offset by only $78 million in inflows. In the past seven days, Gemini experienced a total of $682 million net outflows â the difference of $866 billion of inflows and $1.55 billion of inflows provided by Nansen â suggesting that most of the withdrawals have occurred on Wednesday.
https://www.yahoo.com/finance/news/crypto-exchange-gemini-suffers-485m-234234084.html
Think about how many companies were affected. who benefits?
Binance Denies Accusation From UK Lawmaker That It Deliberately Sank FTX
Binance, which is the worldâs largest cryptocurrency exchange by volume, denied it planned to deliberately sink rival FTX after being questioned by lawmakers in the U.K.
The exchange sent the Parliamentâs Treasury Committee a five-page document outlining the sequence of events that led to the FTX collapse on Wednesday after promising to do so at a hearing on Monday.
https://www.yahoo.com/finance/news/binance-denies-accusation-uk-lawmaker-160002649.html
@SmallPaul I hate to say it, but the crypto game is over. There hasnât been much movement in the last one year except for a couple of occasions or so, but as soon as the bullish trend comes, the bearish follows. A few months ago, it was Terra, now itâs FTX and in future, there will be something else. I doubt that this time around, not even Elon Musk can push the price of cryptos. We all saw the bullish trend in dogecoin after he tweeted that dog image, but the prices didnât go through the roof. A few cents rise wonât make a difference because people (normal investors) have been HODLing doge at much higher prices, and they donât want to average the price because they are kinda doubtful if the price is going to go back to where it was last october or november. And governments all around the world are hawkish about cryptos except for a few insignificant ones. They wonât let crypto and crypto investors/traders win. I donât like the current situation, but I think itâs kinda over until someone opens a pandora box which takes the crypto prices to the moon lol 
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My offshore broker allows me to move money through crypto, but I donât invest in cryptocurrency
Bitcoin will survive, but an overwhelming majority of shitcoins have always been problematic.
I remember the days where some random dev created his own shitcoin with hidden premine. He minted a large bag from the start and then dumped them on exchanges, essentially killing the coin.
Not too far off from what SBF had done.
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-Yes. The valuation will only depreciate so far. It will go back up so long as people can trade it. Thereâs simply too much vested interest in it and people believing that it is the future for it to fade away. So long as that hope still exists, it will not go anywhere, no matter how much the governments and banks want to stop it.
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I 2nd that emotion 
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Remember what the man said: âCompetition is a sin.â
Scroll to the map. See the pink? Those are⌠LAUNCHED.
Who can compete with this?
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