107 Exchange Invest Weekly Podcast August 14th, 2021

Transcript:           This week in the parish of bourses and market structure:                             SEC Chief Gary Gensler will likely deem this week’s DeFi failures as his dream invitation to distribute the DeFi marketplace in his own inimitable way throughout the Federal penitentiary system, we suspect.         My name is Patrick L. Young, welcome to the bourse business weekly digest.          It’s the Exchange Invest Weekly Podcast 107.          Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox.         More details are in ExchangeInvest.com.          Networks are funny things, they are after all fundamentally interconnected things. At the same time, some people get so drunk on the power of the networks that they seem to ignore the commonality of the nodes themselves. To that end, we had a story from the Bangkok Post in last week’s Exchange Invest discussing “The Curious Case of Binance”.          An apt headline one might think, as the article noted:         “Despite Thai regulators filing a criminal complaint this month against Binance — the world’s largest digital asset exchange — for operating without licence, many users are determined to keep trading on the site and doubt the government’s ability to prevent them from doing so.”         Binance may be the most popular crypto exchange in the country, surpassing its competitors such as Bitkub based solely on anecdotal evidence. While the company does not release data on how many users it has in Thailand, the largest Thai Binance Facebook group boasts more than 250,000 members.          One uncertainty for traders is how the Securities and Exchange Commission (SEC) would stop trade on Binance if it moves forward with the criminal complaint.          Ladies and gentlemen, this is arguably fair if you are the Thai SEC. If Binance avoids the Baht and management doesn’t suddenly do any trips to the nation, they could be okay, BUT the problem is what happens when everybody’s regulator is similarly pursuing the decentralised CZ machine?         We’re approaching a singularity there and moreover, into the whole affair the cavalry in the shape of Gary Gensler and his SEC cohort are about to bring the US to the party.          Folks in Singapore may think they are ‘oh so safe’ but the scope to fly a C-130 into the military side of Changi Airport is considerable and the ability to take some folks (back) to the US of A strap...