Dispatch #11: Pro-crypto Official Nominated to Head Top US Banking Watchdog

Nov 19, 2020 4 min read

Dispatch

In this patch of your weekly Dispatch:

Trump names pro-crypto lawyer Bryan Brooks as permanent OCC head
A new all-time high in Bitcoin market capitalization
Nexonomics announces NEXO Token buyback program

The Big Idea

Former Crypto Lawyer Brian Brooks Nominated as Comptroller of the Currency

A few months ago, the crypto industry got a major boon when former Coinbase counsel Brian Brooks was made acting Comptroller of the Currency – the nation’s top banking regulator.

Seemingly unsure of how much time he had with the office, Brooks wasted no time. He almost immediately proposed a federal licensing scheme for fintech companies that would avoid laborious state-by-state processes. He also announced in July that banks could offer crypto custody, expanding that in September to say that they could also provide services for stablecoin issuers.

Indeed, Brooks has moved so quickly on a variety of crypto-related issues that a group of Congressional Democrats sent him a letter asking him, effectively, to hold his horses. Despite that (or honestly, maybe because of that), outgoing President Trump this week nominated Brooks to take the role permanently. Should Brooks be confirmed, he will be one of the most experienced and stalwart allies of the industry in the US regulatory apparatus.

Top this with news that SEC Chairman Clayton – a historic opponent of pro-crypto moves like a bitcoin ETF – is stepping down early and things are getting interesting.

The Latest In…

Rich and Famous People Talking About Bitcoin

Seriously guys, in case you missed it, Bitcoin is having a hell of a week. In the process, several well-known media and business people have popped up to discuss. For example, former daytime talk host Rikki Lake said something and hip-hop artist Logic asked us to call him Bobby Bitcoin. A Mexican billionaire revealed on Twitter that 10% of his liquid assets are in Bitcoin. But easily the most fun is the girl with no name, Arya Stark of Winterfell.

The Latest In…

Mining

Need another indicator that things are rocking and rolling in Bitcoin land? Then ask yourself what sells out faster than PS5. Bulk preorders for the latest generation of Bitcoin ASIC miners are sold out through the spring. Vitamins website shows that orders for its AntMiner S19 Pro, S19, and T19 won’t be delivered until at least May 2021. Hash that power, baby!

The Latest In…

Nexonomics

The Nexo community is in for another big Nexonomics reveal: the much-anticipated buyback program for the NEXO Token is just around the corner. Since the launch of our eponymic tokenomics campaign earlier this fall, we have bumped interest rates, introduced the Earn in NEXO opt-in, and laid the groundworks of a new Loyalty program that goes live on December 9. The push drove the NEXO Token to outperform Bitcoin over the past month, with this and more upcoming releases expected to do the same.

The Latest In…

Altcoins

First, let’s look at ETH 2.0 news. A Dubai-based investment firm has announced that they will be staking $10M worth of ETH to support the Ethereum 2.0 launch. Beginning of a trend? In the wild world of privacy coins, Zcash has gone through its first halving - the most significant change being that the founder’s reward is officially over.

The Latest In…

Stuck-in-the-past Guys Who Still Don’t Get It

In an interview last week, Bridgewater founder Ray Dalio reiterated some crypto critiques that we couldn’t help but notice came straight from 2017. Later, he took to Twitter and suggested he’d love to be corrected. Later in the week, at the DealBook Conference, JPMorgan chief Jamie Dimon reiterated that, although they would always support blockchain technology, Bitcoin just wasn’t his “cup of tea.” More for us, Jaime. More for us.

The Week’s Most Interesting Data Story

Bitcoin Market Cap Hits New All-time High

You can feel the energy coming in waves off the crypto community. That $20,000 psychological marker, that precious Bitcoin all-time high is tantalizingly within grasp. Yet on the way to that moment, a slew of other all-time highs are being achieved. Perhaps the most notable is that, due to increased supply being unlocked in the subsequent three years since 2017’s high, Bitcoin has achieved a new high in market capitalization terms. This may not be the most psychological wall to fall, but it’s certainly as big as it gets before that $20,000 barrier is breached.

Hot Topics

What the Community Is Discussing

Many are wondering if we will see a retracement - even if it doesn’t totally stop the march up.

While most are focused on Bitcoin, some are thinking about whether Ethereum has credible answers for future potential institutional investors.

At the risk of “this time, it’s different” thinking, this time it really does feel different.

Our Take

@AntoniNexo This Week

The entire financial world AND Antoni talked about Bitcoin’s recent gains A LOT this week. “Markets are drawn to round numbers,” he told Bloomberg, adding that “since we passed $16,000, the next stop was $18,000. Now it’s $20,000.” Take your pick from CoinDesk and Decrypt for more of his insights on the topic du jour.
In an exclusive interview with Cryptonews, Antoni unveiled Nexo’s business plans to become “a full-fledged bank.”