Crypto Market Overview October 5th | Dex-Trade
Bridgewater Associates Loses Ray Dalio: Who Will Take Over as Co-CIO?
Ray Dalio, founder of hedge funds Giant and Bridgewater Associates (BA), stepped down as co-CEO at BA, transferring all his voting rights to the board of directors. The fund was founded back in 1975, and in the first years of operation, Dalio managed to receive an investment of $5 million from the World Bank. But time is irreversible and control over the hedge giant passes into the hands of a new ruling elite. As part of the broadcast, BA's co-CEO, Nir Bar Dea, stated that "Ray no longer has the final word." Dalio immediately announced the resignation to his Twitter followers, describing the day as special because he "transitioned control of Bridgewater to the next generation," and adding: “I feel great about the people and ‘machine’ now in control. This transition moment is the culmination of a 47-year journey.” Following Dalio's departure, the company's senior management will be led by co-CEOs Marc Bertolini and Nir Bar Dea. By the way, Dalio has consistently criticized bitcoin and blockchain technology in general throughout his professional career. He argued that world governments would eventually outlaw crypto. At the same time, the billionaire said last fall that a “tiny percentage” of his investments are still in digital money. However, this is done solely for the purpose of diversification.
Floyd Mayweather 'Fights' in Court Against EMAX Promotion Allegations
Boxer Floyd Mayweather, accused in the case of illegal promotion of the Ethereum Max (EMAX) token, continues to fight in court and claims that the prosecution has no evidence of any mention of EMAX in his public statements or on social networks. Recall that at the beginning of the year, some celebrities were involved in a lawsuit about the alleged Ethereum Max (EMAX) scam. Among them were reality TV star Kim Kardashian, Mayweather, as well as former professional athletes Paul Pierce and Antonio Brown. The class action lawsuit accused celebrities of inflating the price of the token, which then expectedly dropped by 97%, causing investors to lose money. The boxer's attorneys in the Central District of California filed a motion to drop the charges against the boxer. According to the document, Mayweather claims he never made statements promoting EMAX and pleaded with the plaintiffs to provide evidence of his accusatory position. By the way, Mayweather’s connection with Ethereum Max really came down to the fact that he wore EMAX branded merch. However, the boxer never said anything in support of the cryptocurrency. His lawyers object to the credibility of the claims in the lawsuit and speak of a lack of evidence. The motion also added that "The absence of such allegations is fatal to every claim pled against Mayweather and requires that he be dismissed from this lawsuit." The main thing now is not to try to buy off the court with EMAX tokens...
Regulation Must Start With Stablecoins: Former SEC Chairman Jay Clayton Says
In an interview with CNBC, the former chairman of the Securities and Exchange Commission, Jay Clayton, spoke about how he thinks the stablecoin sector is the best place to start regulating cryptocurrencies. Clayton is a supporter of a systematic and multifactorial approach to regulation, therefore, he believes that the first step to develop common rules should be regular meetings of the Financial Stability Oversight Board (FSOC): “I think it’s very good that the FSOC is getting together. Crypto assets, or digital assets, span the jurisdiction of many groups. What we’re seeing is them getting into the room and saying ‘Where is this in your arena? Where is this in my arena? Where do we need additional guidance or legislation?’ That, I think, is the first step.” At the beginning of this week, the FSOC released a report on crypto assets and their ability to negatively affect the stability of the traditional US financial infrastructure. Given the popularity of digital money, Clayton says that stablecoins may be the industry's most easily regulated, "low-hanging fruit" of the industry, so it would be worthwhile to start talking about uniform rules of regulation with them.