The Shib News Recap: Monday

Today’s crypto news cycle is filled with critical regulatory updates, the implications of such for the crypto ecosystem, and Michael Saylor’s reaction to an anti-crypto rhetoric.

Crypto Regulation News

The Financial Accounting Standards Board (FASB) has launched new Fair Value accounting rules for Bitcoin and similar cryptocurrencies. Companies will now need to report their crypto assets at fair value in their financial statements. This adjustment aims to provide a clearer view of profits and losses due to the volatility of cryptocurrency prices. However, the rules exclude certain digital assets like NFTs and wrapped tokens.

In other regulatory news, the Australian Federal Court has fined Bit Trade, a subsidiary of Kraken, $5.1 million AUD for offering an unapproved margin lending product. Bit Trade Pty Ltd introduced a “margin extension” product in October 2021 but failed to obtain the necessary target market determination. More than 1,100 customers incurred over $7 million USD in fees, with total trading losses of more than $5 million USD. This is the first penalty against a cryptocurrency exchange for lacking a TMD.

Vanguard’s Dismissal vs MicroStrategy’s Defense

Vanguard, a major investment firm, remains opposed to Bitcoin and cryptocurrencies, viewing them as speculative and lacking real value. They stated that Bitcoin has no place in long-term investment portfolios due to its speculative risks. Duncan Burns, Vanguard Asia-Pacific’s CIO, described the digital asset sector as weak, noting that while some speculators profit, many others incur losses. Michael Saylor, co-founder of MicroStrategy, criticized Vanguard’s stance, arguing against their dismissal of cryptocurrencies in investment strategies.

World Liberty Financial $250K ONDO Purchase

World Liberty Financial has purchased $250,000 worth of ONDO tokens. They acquired 134,216 Ondo Finance tokens at an average price of $1.83 through Cow Protocol. The project has also invested in $30 million in Ether and $10 million in Coinbase Wrapped BTC. Following this acquisition, the ONDO token increased by over 14% in 24 hours and surged by 28.5% in the past week.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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