On The Brink with Castle Island
Weekly Roundup 08/18/23 (Stablecoins offshoring, Better Markets oddity, more Prometheum) (EP.444)
Aug 18, 2023
In this episode, Matt and Nic discuss the geographic distribution of USDC and USDT, the dollarization of blockchains, Helium's phone plan, SBF heading to jail, the fine imposed by Dubai regulators on OPNX, Argentina's Libertarian presidential candidate, the need for a new theme song for the SEC, the ongoing Prometheum saga, Better Market's situation, Coinbase's approval to offer Bitcoin and ETH futures, and the settlement between FTX and Genesis.
40:37
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Quick takeaways
- The approval of Prometheum by the SEC, despite lacking customers and a viable business model, raises concerns about transparency at the organization.
- The letter from Better Markets containing inaccurate information and potential bias casts doubt on the SEC's handling of the fidelity Bitcoin ETF approval process.
Deep dives
SEC Chairman under scrutiny for lack of transparency on Prometheum
Several members of Congress have demanded answers and records from SEC Chairman Gary Gensler regarding the approval of Prometheum, a questionable CCP-affiliated broker dealer. The approval raised concerns as Prometheum lacks customers and a viable business model. The SEC has yet to produce the requested records, raising further questions about transparency at the organization.
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