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Crypto This Week – Week 41

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Para Para Parachains... The Polkadot (DOT) governance forum has approved a proposal to conduct the first parachain auctions on the network from 11 November 2021. The auctions will come in two batches. The first will consist of five auctions lasting seven days each, while the second will handle six auctions.

The first Bitcoin ETF to be approved by the SEC may be the ProShares Bitcoin Strategy ETF on 18 October. But that will only be a futures ETF. The more heavily in-demand physically-backed Bitcoin ETFs may not be approved for a while. WTF?

Russian President Vladimir Putin is slowly warming up to cryptocurrencies. Cryptocurrency “has the right to exist and can be used as a means of payment,” Putin said in an interview with CNBC that was posted on the Kremlin’s website Thursday. Still, he cautioned it was too soon to talk about using digital currencies for trading oil and other commodities that form the bulk of Russia’s exports. To Crypto, from Russia with Love.

The US has overtaken China to become the largest mining hub. According to the Cambridge Centre for Alternative Finance, 35.4% of bitcoin’s hashrate, the collective computing power of miners, comes from the US. This recent increase is largely attributable to Beijing’s crypto crackdown in the spring, which diminished China’s dominance in the industry. Eeny meeny Miners mo, China let the miners go...

Back to the future - Payment processing giant Stripe is forming a cryptocurrency team to help the platform support crypto. Three years after it ended support for bitcoin payments, the company is hiring engineers and designers to ‘build the future of Web3 payments’

Coinbase wants the US government to create a new regulator to oversee the cryptocurrency industry. The exchange also proposed that the crypto industry establish a self-regulatory organisation for crypto businesses. Under their Digital Asset Policy Proposal decentralised exchanges (DEXs) wouldn’t qualify as MDAs and the regulator would have the authority to approve any cryptocurrencies beyond bitcoin and ethereum for listing or trading in the U.S. Hit me baby, one more time.


Jamie Dimon, the CEO of JPMorgan Chase once again called Bitcoin worthless. "No matter what anyone thinks about it, the government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax," Dimon said. The bank however facilitates the trading of crypto for their wealthy clients. OK Boomer!

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