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- ☕️ Can the UK Solve Crypto's Biggest Problem? 🇬🇧 🫖
☕️ Can the UK Solve Crypto's Biggest Problem? 🇬🇧 🫖
🏦 The answer to crypto’s banking woes may lie across the pond. 🌊
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England. We’re still not so sure about it.
They were in charge of America at one point, and we really didn’t like that.
They did kinda perfect the castle, though. So maybe we’re back on board.
Wait, then there’s Jack the Ripper and mushy peas.
Again, we’re still trying to decide how we feel about jolly old England, but if the Brits can figure out one of crypto’s greatest problems, we might be ready to embrace the nation across the pond with open arms.
Espresso Shots
☕️ Blackrock Making ETF Moves 🏃♂️ 🏔️
Blackrock and Nasdaq sat down with the SEC on Tuesday to discuss Blackrock’s potential Bitcoin spot ETF.
This meeting comes after Blackrock made some critical changes to its application earlier this week, converting their potential fund to a cash-only ETF so that shares can only be purchased with cash, not Bitcoin.
This will mark the fifth time that Blackrock’s ETF team has sat down with the SEC.
With the next window for potential ETF approvals coming in January of 2024, these meetings may include those crucial conversations that could push Blackrock’s application across the finish line.
Though naturally, SEC follows mafia sitdown rules, and the meeting was scheduled in a crowded, Italian restaurant, where guns could only be hidden in toilets.
☕️ Ripple Registers in Ireland 🌊 🇮🇪
Ripple has officially registered as a virtual asset provider with the Central Bank of Ireland.
Based on next year’s MiCA regulation, exchanges can pick one member state from the EU through which to passport its crypto license and Ripple has chosen Ireland.
“By providing regulatory clarity for the industry, Ireland — and the EU more broadly — are boosting confidence in the digital assets, payments and fintech ecosystem,” said Eric van Miltenburg, Ripple’s senior vice president for strategic initiatives, as reported by DLNews.
It’s even more impressive that Ripple executives were able to find the Central Bank of Ireland, as it only appears at the end of a rainbow.
☕️ The Law Needs to Learn Crypto ⚖ 📚
A recent survey has revealed that 99% of law enforcement agencies report needing more crypto-related training.
The survey was published by the blockchain intelligence firm, TRM Labs.
TRM Labs also surveyed 300 individuals, 93% of whom were staffed on various US law enforcement agencies.
61% of the respondents indicated that they lacked sufficient tech to combat crypto threats. And yes, though 90% indicated that they had already received some crypto-related training, 99% reported needing more.
We’re just a little worried about when the law learns about cold wallets and recovery phrases and starts turning off their body cams to “protect our privacy.”
Spilling the Beans
England’s Crypto Empire 👑 🇬🇧
One of the most important aspects of travel is that it affords you the opportunity to see how other countries live.
Yes, they drink water, drive cars, and commit crimes just like the rest of us. But in some countries, they drive on the other side of the road, have bidets in every bathroom, or don’t even speak English.
Well, thank God, today we’re covering a country that doesn’t just speak English, they invented it! England.
America’s relationship with Great Britain is somewhere between older brother and ex-girlfriend.
Yeah, they used to be in control of us, but we’ve fought a few wars together and England is quite a few centuries older than the U.S., so it doesn’t hurt to look for guidance on how to keep our empire chugging along.
And it seems like a problem that England might be figuring out a little sooner than America, is the issue of crypto and the banks.
Both in England and America, even regulated and established firms have problems opening bank accounts with traditional banks.
Though, unlike America, England is actively taking steps toward solving this problem.
Last Tuesday, Jeremy Hunt, the U.K.’s Finance Minister, announced that his ministry would begin sitting down to discuss crypto’s banking troubles in England.
Hunt’s response was prompted by a question from Lisa Cameron, the head of England’s All-Party Parliamentary Group (APPG) who asked why these seemingly regulated companies were finding it impossible to open bank accounts.
"The U.K., London in particular, has become the global crypto hub, but to make sure that the market really can take off in the way that was intended in a responsible way, we need to regulate it, which is why we've introduced regulations for stablecoins, for promotion of crypto services," Hunt responded.
Now, that seems like a call for further regulation. But where we have to praise England is that Hunt and his cabinet are already taking actionable steps to remedy this problem.
In America, when it comes to crypto regulations, we’re still stuck in a quagmire of infighting that seems to be going nowhere fast.
Yes, we’re looking to change that with hefty donations from crypto Super PACs, but it still seems to be a rocky, unreceptive road toward legitimization.
Unfortunately, this seems to be yet another case of foreign crypto regulation where we’re screaming internally at our lawmakers, “Look at how they’re doing it! Can’t we just do it like them!?”
But before we praise or envy England any further, we need to make one thing clear.
England is full of tea drinkers. Famously. This is Coffee & Crypto, a coffee-themed crypto newsletter.
We don’t endorse tea drinking. Tea is the refuge of hedge witches, monocle-wearing lords, and anybody with a sore throat or cold symptoms.
Coffee is the drink of the working man. Coffee is the lifeblood of athletes and scholars.
Yes, England, we admire your steps toward crypto regulation, but keep your thin, herbal, barely caffeinated nonsense to yourself. Here in America, we drink coffee, cause we have work to do.
Crypto 101
Chain Abstraction: We strongly feel that this is going to be a crypto buzzword in 2024.
Chain abstraction refers to the coming trend in which blockchain and other web3 infrastructures will become increasingly invisible, to both the public and developers, as the technology evolves and becomes sleeker and more seamless.
The Last Sip
The Last Sip: If you’re wondering who is the president of the Central Bank of Ireland, wonder no longer. You’ve already seen him… on every box of Lucky Charms.
Stay Caffeinated,
Coffee & Crypto Team
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