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Today in Crypto: Goldman's gold rush, pet rocks, and more

A weekly recap of events in the crypto markets

It's Chrismus month!🌲 Hoping you're having a merry week. Here are some headlines as we head into the first (full) week of December

This week's crypto headlines:

  • Mathew McDermott, Head of Digital Assets at Goldman Sachs, told Reuters that FTX's implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to pick up business. Without giving details, he confirmed that Goldman is doing due diligence on a number of different crypto firms
  • Meanwhile, JPMorgan CEO Jamie Dimon said on CNBC that "crypto is a sideshow....crypto tokens are like pet rocks". He went on to say that blockchain, web3 and smart contracts have strong potential applications but too many crypto projects have no underlying utility.
  • Senators Elizabeth Warren (D-Mass.), John Kennedy (R-La.) and Roger Marshall (R-Kan.) sent a letter to Silvergate bank searching for answers on the bank's involvement with several crypto firms founded by Sam Bankman-Fried, including Alameda Research, FTX US and FTX Trading. The letter also demanded Silvergate to answer questions on whether the bank has undergone independent auditing of its Anti Money Laundering (AML) program, why Chief Risk Officer Tyler Pearson was replaced, and if it was aware that FTX was directing its customers to wire money to Alameda’s account.

In the spirit of Jamie Dimon, what "pet rocks" have been sitting in your portfolio? Share your thoughts on these headlines and any other crypto stories in the comments!

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**This content is for informational purposes and is not investment advice. Investing involves risk of loss

#crypto #todayincrypto

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