Best Twitter threads of the day – June 2nd

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• Digital dollar favors banks and govts over people

  TL;DR Breakdown The digital dollar was once seen as a tool for financial inclusion but failed due to implementation challenges. A wholesale digital dollar is emerging, focusing on rapid global payments among big financial institutions. This innovation favors banks and governments, not the general populace, aligning with power and control rather than individual empowerment. Description A forgotten dream, once cradled by the embrace of cryptocurrency enthusiasts and governmental advocates, stirs once again in the shadows. The concept of the digital dollar, an idea that once swept Washington off its feet, but was later left abandoned at the altar of failed financial innovation, is stirring once more. But this time, the … Read more A forgotten dream, once cradled by the embrace of cryptocurrency enthusiasts and governmental advocates, stirs once again in the shadows. The concept of the digital dollar, an idea that once swept Washington off its feet, but was later left abandoned at the altar of failed financial innovation, is stirring once more. But this time, the game has changed. This isn’t about financial inclusivity or crypto glam; it’s…

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• Malaysia’s ringgit holds steady against G10 currencies, except USD

  TL;DR Breakdown The ringgit is expected to maintain its relative strength against most Group of 10 (G10) currencies in the upcoming week, except for the US dollar. US interest rates and sluggish economic growth in China and Europe primarily influence the ringgit’s performance. Singapore is partnering with Malaysia and Indonesia to strengthen its regional supply chain, aiming to capitalize on increased investments. Description The ringgit is anticipated to maintain its relative strength against Group of 10 (G10) currencies in the upcoming week, except the US dollar. This projection comes in light of the European Central Bank’s adjusted lower growth forecast and increased inflation rate. Stephen Innes, the managing director of SPI Asset Management, noted that the ringgit will … Read more The ringgit is anticipated to maintain its relative strength against Group of 10 (G10) currencies in the upcoming week, except the US dollar. This projection comes in light of the European Central Bank’s adjusted lower growth forecast and increased inflation rate. Stephen Innes, the managing director of SPI Asset Management, noted that the ringgit will likely experience continued depreciation…

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• Google vs. DoJ: Big Tech under scrutiny in test case

  TL;DR Breakdown Google is facing a significant trial against the US Department of Justice, reminiscent of the US government’s past legal challenge against Microsoft. Despite potential legal implications, big tech companies like Alphabet (Google’s parent) have seen robust stock market performances. Regulatory efforts, both in the US and globally, have thus far had minimal impact on big tech’s dominance in their respective markets. Description As the courtroom awaits the impending face-off between Google and the Department of Justice, echoes of yesteryears when the government challenged Microsoft reverberate. This trial represents not only a deep dive into Google’s business practices but also signals the broader scrutiny of big tech giants’ dominance in the market. A Blast from the Past and … Read more As the courtroom awaits the impending face-off between Google and the Department of Justice, echoes of yesteryears when the government challenged Microsoft reverberate. This trial represents not only a deep dive into Google’s business practices but also signals the broader scrutiny of big tech giants’ dominance in the market. A Blast from the Past and Present Implications Decades…

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• Bittrex CEO forecasts crypto-TradFi integration in 5 years

  TL;DR Breakdown Bittrex Global’s CEO, Oliver Linch, suggests that cryptocurrency should position itself as a unique component within traditional finance (TradFi). He criticizes the tendency to analyze crypto from the perspective of traditional financial structures, arguing for the recognition of its distinct nature. Linch envisions a future where cryptocurrencies seamlessly integrate into traditional finance within 5 to 10 years. In an intriguing forecast, Oliver Linch, CEO of cryptocurrency exchange Bittrex Global, has suggested that the cryptosphere should position itself as a unique facet within traditional finance (TradFi), rather than attempting to mold itself into pre-existing financial forms. Linch’s comment comes on the heels of the U.S. branch of the company filing for Chapter 11 bankruptcy, stressing that this would not affect the global operations. Cryptocurrency: An integral component of traditional finance Linch presented these remarks at the recent Bitcoin Miami event, where he underscored that in many jurisdictions, the U.S. included, regulators tend to understand and evaluate cryptocurrencies from the perspective of conventional financial structures. According to Linch, this viewpoint is counterproductive, as it diminishes the innovative potential of the…

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• Uniswap lawsuit over fraudulent token sales dismissed by federal judge

  TL;DR Breakdown A federal judge in New York dismissed a class-action lawsuit against decentralized exchange Uniswap, ruling that the platform was not liable for fraudulent token sales conducted on it. The judge emphasized that due to Uniswap’s decentralized nature, the identities of fraudulent token issuers were unknown, leaving the plaintiffs with no identifiable defendant to blame for their losses. Description A federal judge in New York has dismissed a class-action lawsuit against Uniswap, ruling that the decentralized exchange was not liable for fraudulent token sales conducted on its platform. The decision has far-reaching implications for the DeFi sector and the application of existing securities laws. The lawsuit had accused Uniswap of being complicit in fraud … Read more A federal judge in New York has dismissed a class-action lawsuit against Uniswap, ruling that the decentralized exchange was not liable for fraudulent token sales conducted on its platform. The decision has far-reaching implications for the DeFi sector and the application of existing securities laws. The lawsuit had accused Uniswap of being complicit in fraud and violating securities laws by facilitating the…

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