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| What you need to know today in crypto and beyond May 21, 2021 Sponsored By: Welcome to The Node.
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Today's must-reads Top Shelf ADVANCE WARNING: The U.S. Department of the Treasury is calling for businesses that receive transfers of more than $10,000 in crypto to report them to the IRS. The policy is said to go into effect in 2023, though it may have contributed to market volatility yesterday.
CAPITAL ALLOCATION? Coinbase is in talks to acquire Osprey Funds, an asset management firm with a popular closed bitcoin fund and newly launched Polkadot fund. In other institutional product news: ETF provider Teucrium Trading filed an application with the SEC to launch an ETF, benchmarked by bitcoin futures rather than physical BTC. This product could have an edge in getting SEC approval. GREENING BTC: Greenpeace USA has stopped accepting bitcoin donations, citing its carbon footprint and lack of use. Bitcoin companies are scrambling to deal with the increasingly heated energy debate. BitMEX said today it is committed to becoming carbon neutral – it’ll start buying carbon offsets. Separately, Chinese mining firm BTC.com invested $25 million in a new Texas facility, claiming its energy mix is 85% renewable. BLOCKCHAIN BLOCKERS: On Tuesday, China issued a warning to institutions not to service crypto-related businesses, a restatement of existing policy that sent ripples through the market. The notice – though familiar – signals a sharpened focus on the financial industry. Separately, the Hong Kong government is moving to license virtual asset service providers and set up "necessary intervention powers" to restrict or prohibit some crypto services. Finally, Iran’s intelligence agency will begin cracking down on illegal crypto miners to reduce strain on the nation’s electricity grid.
–D.K.
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Countdown to #Consensus 2021 First COVID. Then Gamestop. Then Coinbase. The events of the last year have destined bitcoin to play an integral role in our world.
Next week at Consensus by CoinDesk, our virtual big-tent conference, we explore the place of bitcoin as an asset, as a worldview and as a response to the extraordinary policies coming out of our financial, technological and societal institutions.
Join our Explorations track "Bitcoin as a Worldview," sponsored by Stacks, with Cynthia Lummis, Lyn Alden, Dan Held, Meltem Demirors and more at Consensus by CoinDesk, May 24-27. Register today.
Overheard on CoinDesk TV Sound Bite “It’s not about the money, it’s about moving the culture forward and giving back to the community.”
What others are writing... Off-Chain Signals Bitcoin Miners Are Giving New Life to Old Fossil-Fuel Power Plants (WSJ) “Despite the volatility on Wednesday, Hawkins said many retail traders remained interested in trading [bitcoin] ETFs. ‘This is something that people want to trade and own,” he said. “[Bitcoin] is a very, very high risk underlying asset and people have to know that. ETFs are very clear about the risk disclosure.’” (Financial Times) FTX preparing to raise up to $1 billion at $20 billion valuation (The Block) British MP Tom Tugendhat is an ETH bull (sees BTC “flippening”) and wants “crypto innovation in the U.K.” (The Block) Deutsche Bank: "The value of bitcoin is entirely based on wishful thinking" (Yahoo) Privacy Coin Monero Rises 30% After Biden Reveals Tax Plans for Crypto Transactions (Decrypt)
–D.K.
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A message from CoinDesk Introducing Unlocked 101 at Consensus by CoinDesk 2021 New to crypto? Here's a crash course. Unlocked 101 is a free educational series of sessions designed to give you the tools to navigate crypto. Sessions will be hosted May 4–20 to prepare you for Consensus by CoinDesk 2021, our virtual big-tent event.
Register for Unlocked 101 this May.
Putting the news in perspective The Takeaway TFW No More Up Only
Challenge accepted.
"Up Only" Someone told me yesterday
But I can see the coming flip
Up only
Up only
Up only Up only
Up only
Now Bitcoin's losing dominance
Taking gains at 8%
Up only
Up only
Up only Up only
Up only
Up only (I see it)
It's gonna go!
Up only
Only, ETH's only
Up only
Holding only!
I see it!
I hold
I hold
It's up only
Hold only
Up only (I'm holdin')
* Running an Ethereum 2.0 validator requires a minimum of 32 ETH to run. Ethereum 1.0 used proof-of-work, not proof-of-stake. At first the old chain will run as a part of Ethereum 2.0 but many expect it to someday wind down.
–Brady Dale
The Chaser...
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