Hey, what a week. Coinbase sent a signal of its intent to go public. Block.one revealed it has more than its purported 140,000 BTC war chest. And bitcoin is still above $20,000 – everyday adding a new notch to its longest streak.
FinCEN is hiring two policy officers to help draft regulations related to the “threats” posed by the cryptocurrency space, advise financial institutions and collaborate across government and the private sector on crypto policy. Earlier this month, rumors swirled that Treasury Secretary Steven Mnuchin would rush out self-hosted wallet regulations many think would harm the crypto industry. The Block reported this may require crypto companies file a “currency transaction report” on crypto transactions over $10,000 involving a self-hosted crypto wallet. (More on this below.)
Coinbase filed preliminary paperwork to go public, beginning the long road to what could be the first major Bitcoin company trading on U.S. stock exchanges. This summer, rumors swirled that the firm, last valued at $8 billion, would pursue a “direct listing” rather than the bank-heavy traditional route of an initial public offering – though Thursday’s “confidential” filing offers few clues. Messari estimates the firm could fetch $28 billion on the open market.
State of the chain?
Compound Labs released a white paper Thursday detailing its plans to create Compound Chain, an application-specific blockchain that can provide money market services across multiple networks. The DeFi protocol is looking to beat Ethereum’s high gas costs, lack of chain interoperability and other technical challenges – though there’s no timeline for launch. Perhaps most important, it’s looking to target the nascent field of central bank digital currencies.