Hey DEFI TIMES community,
Treasury Secretary nominee Janet Yellen was interviewed on Wednesday.
Yellen is known for appearing in the famous "Buy Bitcoin" photo.
One of the questions in the interview involved Bitcoin.
As you can guess, she wasn't very positive about it. She said that cryptocurrencies were mainly used for "illicit financing" and suggested that lawmakers should "curtail" Bitcoin use. You can listen to it yourself.
For me, this is just another sign that regulators are going to give us a hard time. In last week's CRYPTO FRIDAY edition, we talked about Christine Lagarde claiming that Bitcoin was mainly used for money laundering.
Both Lagarde and Yellen are dead wrong. In fact, they couldn't be further from the truth. Only 0.5% of all Bitcoin transactions have been spent on the dark web.
Last week we also talked about the famous quote by Mahatma Gandhi:
"First they ignore you, then they laugh at you, then they fight you, then you win."
Yellen's negative comments are another confirmation that we are currently in the fighting phase. Big regulators, especially leaders of the central financial system, are increasingly going after Bitcoin.
Don't expect this to stop. The fight will become worse, and it will be brutal. But in the end, the best form of money will win.
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Synthetix Optimism transition
Synthetix has released its plan to migrate to the L2 solution "Optimism". Just like ETH 2.0, Synthetic will also migrate in several steps. The first step involves:
- One-way SNX bridge from L1 to L2 including escrowed SNX
- SNX & sUSD will be non-transferrable on L2
- Minting of non-fungible sUSD
- Claiming of SNX (funded via the sDAO)
YAM ends rebase
YAM ends its rebase functionality. From now on, it will focus solely on the YAM ecosystem.
Optimistic rollups are now on the mainnet. Optimism hasn't rolled out all features yet. However, this is a big step in the right direction: a scalable Ethereum ecosystem. Optimistic rollups are currently the most promising L2 solution. This news could be a gamechanger for the whole DeFi ecosystem.
Furucombo integrates SushiSwap
Furucombo is now partnering with SushiSwap. They will soon integrate SushiSwap's Automated Market Maker into their platform.
Cointelegraph fake news
Cointelegraph published an article with false claims about a double-spend attack on the Bitcoin blockchain. The news was spread by a BSV user.
After the article was released, Andreas Antonopoulos invited his followers to boycott Cointelegraph.
All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.
Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.