Tether burned $500M's worth of USDT yesterday, and this is the best possible news. We all know Tether is posing a systemic risk to the ecosystem. The only way to save it is to retire Tether, and the only people who can do this are the very people who created it. And this is exactly what's happening. I told you in yesterday's show that Tether is calling back USDT to a so called Treasury account, where they store Tethers which are out of circulation. I've also said that keep a close eye on this wallet because if the theory is right, they have to start burning some of these tokens, taking them out of circulation for real. And, this is exactly what happened yesterday.

Amazing news from Japan as the country shows the world, again, the way forward in crypto. Yesterday, the FSA, the Financial Services Agency which is the equivalent of the SEC has formally approved a cryptocurrency exchange association as a self-regulatory industry body. This is a much better model than government agencies, or God help us, elected representatives meddling with the regulations around crypto. It's just moving too fast... and the Japanese understand this.

Another country which gets it is Taiwan. There is new ICO legislation in the pipeline, expected to become law next June. It will make a clear distinction between security tokens, which will need to comply with the existing securities act and utility tokens, which won't be regulated and can be issued freely. This brings some welcome clarity to the field and it's good to see that Taiwan doesn't follow Korea, or even worse, China in curbing the creativity in crypto.