No Crypto Derivatives For You! Says UK Crypto Authority
Plus Galaxy gets in on the mining game (sorta)
Happy Tuesday, Blockfolians
The Lede
Hot on the heels of last week’s big CFTC and DOJ action against BitMEX, the UK’s Financial Conduct Authority has taken dramatic action against crypto derivatives products - outright banning them for retail investors.
The action is, of course, pretty patronizing.
Still, while most people in crypto are against their decisions being limited by regulators, there were still some commentators suggesting that this was actually good for the space as a whole.
In general, we’re pretty big fans of giving people more, not less, choice.
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Highly Relevant Reading
One of Wall Street’s best known technologists joins the board of Block.one
Is Ripple poised to leave the US in search of a more favorable regulatory environment?
Metamask has announced direct token swaps
Galaxy Digital announces financial services for crypto miners
Community Commentary
Concur.
Ouch, after telling everyone that he dumped bitcoin, Keith points out that it dumped on news of no stimulus.
A Really Big Number We Should Be Paying Attention To
>$100 Billion
That’s the volume of crypto-friendly Silvergate Bank’s Silvergate Exchange Network for bitcoin and stablecoins.
Final Thought
This is how bitcoin do.