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The biggest crypto news and ideas of the day Sept. 10, 2021 Sponsored by Welcome to The Node.
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Today's must-reads Top Shelf BIG SPENDERS: The Algorand Foundation has launched a 150 million ALGO (US$300 million) fund to support DeFi innovation on the Algorand network. Meanwhile, the Harmony Foundation is allocating more than $300 million in the network’s ONE token over the next four years to attract projects away from Ethereum.
DIGITAL ASSETS: Swiss stock exchange SIX has been given regulatory approval to launch an exchange and depository for digital assets by Swiss financial regulator FINMA. It is not clear yet exactly which digital assets will be supported, though SIX’s initial announcement three years ago made reference to tokenizing traditional securities.
EURO ADOPTION: The European Securities and Markets Authority published a report on financial trends and risks last week that called cryptocurrencies “volatile” but “innovative.” Meanwhile the U.K.’s Post Office will next week start offering users the ability to purchase crypto through its identity-verification service, EasyID.
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Overheard on CoinDesk TV... Sound Bites "I don't necessarily think applying 80-year-old laws to these kinds of dynamics are really the best way that government can promote innovation wealth creation and access to financial inclusion."
–Former CFTC official Brian Quintenz on the regulatory girdlock in the U.S., on CoinDesk TV’s “First Mover.”
What others are writing... Off-Chain Signals The New Yorker is auctioning off an NFT of its cover to benefit 9/11-themed charities Inside the cult of crypto (Financial Times) How Joseph Lubin became Wall Street’s crypto whisperer (Financial Times) Benoit Coeure calls on central banks to 'act now' on crypto and DeFi (The Block) Acting US Comptroller Hsu says he's looking to the lessons of 2008 for crypto regulation (The Block)
Introducing Crypto for Advisors, a weekly newsletter built specifically for financial advisors (FAs) and registered investment advisors (RIAs) who seek to incorporate this rapidly moving asset class into their work. Subscribe today.
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Putting the news in perspective The Takeaway Bukele’s MS-13 Double-Bind Among the reactions to El Salvador’s adoption of bitcoin as legal tender, which became official this week, has been concern about Salvadoran President Nayib Bukele’s relationship with the country’s violent gangs. Those gangs, including the California-bred group MS-13, have made El Salvador one of the most dangerous places in the world.
The problem for Bukele is that negotiating with the gangs is viewed with suspicion by both the Salvadoran public and, it seems, the international community. Domestically, Bukele has officially denied negotiations and instead claimed the drop in murders is the result of a militarized “Iron Fist” approach to the gangs. That approach is much more popular with the Salvadoran public than any sort of negotiations, Breda told me – even though there’s no evidence that military force is an effective solution to the complex social and economic failures underpinning the gang situation.
–David Z. Morris
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