Its the end of the week with fresh disturbing news from China: Reports worldwide - “Some 242 deaths from the new coronavirus were recorded in the Chinese province of Hubei on Wednesday - the deadliest day of the outbreak. There was also a huge increase in the number of cases, with nearly 15,000 people diagnosed according to reports. And although Hubei has started using a broader definition to diagnose people - which accounts for most of the rise in cases - markets have already started to react - at the time of this taping Asian markets have already reacted to the fresh news showing slides and pre US market opening some predict (as they were not affected thus far) that the same will happen there. The panelists discussed if they saw this affecting the sphere as well - and can we even connect the situation to the remarkable rise in sphere market.
Chair of the Federal Reserve Jerome Powell found himself earlier this week under questioning by United States Congressman Bill Foster (D-IL). Foster wanted to know what the U.S’s central bank is doing regarding a digital currency (CBDC). Powell’s response was quite intriguing. 24 hours later, United States secretary of the Treasury Steven Mnuchin announced the U.S. will soon announce new regulations related to cryptocurrency and digital payment systems.
JPMorgan Chase is in talks to merge its marquee blockchain unit Quorum with Ethereum co-founder Joe Lubin’s ConsenSys. The deal is likely to be formally announced within the next six months, but financial terms are still unclear. The news received a mix welcome in the sphere.
Democratic presidential candidate Andrew Yang has ended his 2020 bid after failing to gain traction with voters. Yang started his presidential race in November 2017 on the promise of a universal basic income of $1,000 per month to every American adult. He also advocated for nationwide crypto regulations, rather than state-by-state policies.
SEC Commissioner Hester Peirce has put forward a new proposal looking to build a safe harbor for networks in their infancy seeking to avoid classification as securities. Peirce’s proposal is seeking to give tokens run by core developer teams some time to build out early-stage networks that are decentralized enough to avoid classification as securities. It is unclear if the proposal will be adopted by the SEC, especially with chairman Jay Clayton not being known to be a supporter.