Category Archives: Cryptocurrency
Cameroon, DRC and Republic of the Congo to adopt cryptocurrency into their economic structures – BanklessTimes
The below article is a press release:
11 April 2022, 10 am BST: Cameroon, the Democratic Republic of the Congo (the DRC) and the Republic of the Congo have today announced their intention to adopt cryptocurrency and blockchain-based solutions to drive future economic progress. Layer one proof-of-stake blockchain, The Open Network (TON) is the leading contender to become the blockchain to power this. The DRC has also confirmed that it is considering a new national stablecoin, built on the TON blockchain.
TON has been engaging with all three countries independently for some time and has taken the lead to deliver cryptocurrency and blockchain solutions for each nation. These countries will each undertake a phased transition to adopting cryptocurrency as a central pillar of their economic structures.
The future use of cryptocurrency will ensure that both banked and unbanked individuals will be better able to engage in the economy. This in turn will act as a powerful economic stimulus. In the DRC, for instance, as of 2019 12.4 million people had an account with a financial institution, whereas over 40 million have access to mobile phones or other internet-enabled devices, demonstrating the significant potential for cryptocurrency.
The TON blockchain was designed to process millions of transactions within seconds. Its ultra-affordable, user-friendly and fully scalable. With TON being a decentralized platform, it will provide control and certainty for citizens, removing the possibility of interference. In addition, TON anticipates that applications will be uniquely integrated with the Telegram app to provide users with a seamless, accessible experience.
Speaking about the potential partnership, the Congolese Minister for Posts, Telecommunications and the Digital Economy, Lon Juste Ibombo, commented: The Republic of the Congo has been on this path for a number of years, having encouraged and witnessed the widespread adoption of mobile payments across the country. This is the next step in that journey and we believe that TON is the right partner to facilitate this. This will be an invaluable, practical instrument for the growth and creation of wealth, both for the government and our people alike.
Minette Libom Li Likeng, the Minister of Posts and Telecommunications for Cameroon, said: " The partnership with TON can play a fundamental role in the digital ecosystem of Cameroon for boosting the payment solutions and financial inclusion via CAMPOST, the public postal operator."
Steven Yun, Founding Member of TON Foundation, remarked: There is an unbounded potential for these three countries to benefit from the adoption of cryptocurrency with our blockchain as the foundation. Its fantastic that TONs value is recognized, both in terms of its technology and utility. Were excited to embark on this journey to building strong and long-lasting partnerships.
This announcement follows the adoption of Bitcoin by El Salvador as legal tender, and it is anticipated that new stablecoins will be developed for Cameroon and the Republic of the Congo, in addition to the DRC, to provide confidence and assurance to citizens.
Two expected to plead guilty in cryptocurrency case – Concord Monitor
As Keene resident and libertarian activist Ian Freeman awaits trial on federal charges related to his bitcoin-exchange business, two of his alleged co-conspirators have signaled they will enter guilty pleas.
Renee and Andrew Spinella, both of Derry, are scheduled for change-of-plea hearings Tuesday in U.S. District Court in Concord. Their shift from not-guilty pleas to pleading guilty would mark the first time any of the six alleged co-conspirators have admitted wrongdoing.
Freeman, Colleen Fordham of Alstead, Aria DiMezzo of Keene and a Keene man who legally changed his name from Richard Paul to Nobody have all pleaded not guilty to all charges.
Prosecutors claim Freeman and his alleged co-conspirators violated federal law by running an unlicensed virtual currency-exchange business that handled more than $10 million in transactions over several years.
According to the government, Freeman and other co-defendants used personal bank accounts and accounts in the names of purported religious entities like the Shire Free Church, the Crypto Church of NH, the Church of the Invisible Hand and the Reformed Satanic Church to conceal the nature of their business while directing customers to falsely report that they were donating to churches or buying rare coins, not purchasing cryptocurrency.
The government arrested the six in March 2021. The FBI conducted several searches in Keene one day that month, including at 73-75 Leverett St. and at two properties on Route 101.
Those properties are linked to the libertarian activist group known locally as Free Keene, which has ties to some of the defendants. The Route 101 searches were at 661 Marlboro Road, at a business called Bitcoin Embassy N.H., and 659 Marlboro Road, which is owned by Shire Free Church Holdings LLC. The FBI also conducted an operation at a local convenience store, with an employee at the time telling The Sentinel agents removed a Bitcoin ATM.
Court records indicate the defendants trial is scheduled to begin Nov. 1.
All six alleged co-conspirators were charged with conspiracy to operate an unlicensed money-transmitting business, and all but DiMezzo also face a charge of conspiracy to commit wire fraud.
Renee Spinella additionally faces two charges of wire fraud and Andrew Spinella faces a single additional charge of wire fraud. Court documents do not indicate what charge or charges they are expected to plead guilty to.
Freeman also faces charges of operation of an unlicensed money-transmitting business, continuing financial-crimes enterprise, money laundering and six counts of wire fraud. The continuing financial-crimes enterprise charge carries a 10-year mandatory minimum sentence.
Unfortunately the way the federal government works is they do their best to intimidate people by stacking on as many charges as possible, Freeman said Saturday.
Freeman said he has not been allowed to talk to his co-defendants, but has heard that the prosecution threatened the Spinellas with additional charges to force them into a plea deal. The Sentinel has not been able to confirm this. Court documents do not indicate any additional charges. Renee Spinella was not immediately reachable by phone. Neither Andrew Spinella nor his attorney were immediately reachable Saturday for a request for comment.
Freeman said he does not expect that the Spinellas will cooperate with the government, despite the scheduled guilty plea.
Nobody here did anything wrong. These are victimless so-called crimes, he said. I expect they will not be cooperating with the state because we all believe the state is evil.
Assistant U.S. Attorney Georgiana L. MacDonald has previously alleged that hordes of cybercriminals bought virtual currency from Freeman in an effort to avoid detection by banks and government regulators.
The government also claims in court documents Freeman allowed an undercover agent to exchange around $20,000 in cash for bitcoin after the agent told him he was dealing drugs. Freemans lawyer, Mark Sisti, has previously told The Sentinel he doesnt know where the governments claim about an undercover agent is coming from. He said he has seen evidence of Freeman refusing to deal with criminals.
DiMezzo, also reached by phone Saturday, said the Spinellas have to do what is best for themselves even if that means entering a plea deal with the government.
In the libertarian philosophy as long as they are making the decision that is best for them the world is best served, DiMezzo said.
While she said she believes a jury will find no evidence of the alleged crimes, certainly, if they agree to be star witnesses to the prosecutors, that certainly will have an effect on other peoples cases.
But a guilty plea is not evidence of guilt, DiMezzo argued, claiming, as Freeman did, that the federal government stacks charges against defendants to bully them into pleas.
Its hard to accept a guilty plea as an actual confession of guilt in the modern court system, she said. Whether theyre guilty or not, [defendants] accept the deal to make the bigger threat go away.
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Two expected to plead guilty in cryptocurrency case - Concord Monitor
Cryptocurrency Shiba Inu’s Price Increased More Than 21% Within 24 hours – Benzinga – Benzinga
Over the past 24 hours, Shiba Inu's SHIB/USD price has risen 21.35% to $0.000028. This continues its positive trend over the past week where it has experienced a 1.0% gain, moving from $0.000027 to its current price.
The chart below compares the price movement and volatility for Shiba Inu over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has climbed 97.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 2.08%. This brings the circulating supply to 549.15 trillion. According to our data, the current market cap ranking for SHIB is #15 at $15.42 billion.
Powered by CoinGecko API
This article was generated by Benzinga's automated content engine and reviewed by an editor.
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Cryptocurrency Shiba Inu's Price Increased More Than 21% Within 24 hours - Benzinga - Benzinga
Could Miami become the cryptocurrency capital of the world? – NewsNation Now
(NewsNation) With interest growing in cryptocurrency by the day, the city of Miami is hoping to lead the world in the new technology.
Bitcoin 2022, which organizers say is the biggest Bitcoin event in the world, is taking place there this week.
Thousands of Bitcoin enthusiasts are in Miami learning how to network, pitch ideas and share announcements on the cryptocurrency.
And many parts of Miamis currency are changing to crypto as well. Some bars have already accepted cryptocurrency over cash, and Miami Mayor Francis Suarez has pledged to take his entire salary in Bitcoin.
Crypto has become almost a preferred method of payments for a lot of people across the Web3 ecosystem here in Miami, Chris Adamo, co-founder of venture capital firm Flamingo Capital, said. Web3, according to Wired, refers to a decentralized online ecosystem, where users can earn and maintain an ownership stake by helping to develop and maintain blockchain services.
Worldwide, there are over 300 million cryptocurrency users, including tens of millions in the U.S., according to crypto exchange company TripleA. Roughly 16% of all adult Americans have invested in cryptocurrency, and the market for it has risen rapidly over the last few years.
Cryptocurrency reached its peak value of nearly $3 trillion last November. driven in part by the coins incredibly high trading value.
New York City and Silicon Valley have been leading the industry in fundraising for blockchain startups with $6.5 billion and $3.9 billion. Now, Miami is making a name for itself, with firms pulling in more than $760 million in funding.
Suarez has spent the last two years pushing for Bitcoin and attracting investors. His latest victory, getting to display an 11-foot, 3000-pound crypto bull in the heart of Miami, a nod to Wall Streets charging bull statue in New York City.
[Miamis] definitely become the capital of crypto in America for sure, Adamo said. This is the place to be if youre in America and youre into any type of cryptocurrency or Web3 companies.
The largest company to move to Miami so far is Blockchain, which is currently building an office for its 200 employees.
Bitcoin, cryptocurrencys most popular and oldest coin, reached a value of $68,990 per coin last November. But with crpto currency being so new, these sky-high prices are still pretty volatile. Looking back at the overall valuation of the crypto market, there have been many rises and dips over the last few months.
While many are touting cryptocurrencys benefits, some critics question the assumptions that have been made about the claimed value and utility of the new technology.
Right now, the crypto market is valued at $1.9 trillion, which is still higher than a few years ago, but down $1.1 trillion from its peak.
The Associated Press contributed to this report.
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Could Miami become the cryptocurrency capital of the world? - NewsNation Now
Here’s My Top Cryptocurrency to Buy and Hold Forever – The Motley Fool
Having soared by almost 15,000% since its 2017 launch, Solana( SOL 0.56% ) is the sixth-largest cryptocurrency with a market cap of $37 billion. But the fast-growing asset may still be in the beginning stages of reaching its long-term potential. Let's explore why Solana is my top cryptocurrency to buy and hold forever.
Solana is one of several next-generation cryptocurrencies called "Ethereum killers" because of their ability to disrupt blockchain technology. Ethereum revolutionized the industry by introducing support for decentralized applications (dApps), which are programs that use self-executing smart contracts to offer services on the blockchain. Solana takes things a step forward with its industry-leading scalability.
Image source: Getty Images.
While Ethereum can only handle a measly 15 transactions per second, Solana can manage 50,000 -- and it is much cheaper to use, with an average transaction fee of just $0.00025 compared to Ethereum's $2.40. Solana achieves this through its innovative design.
Unlike Ethereum, which uses a cumbersome proof-of-work (PoW) system where miners solve computational puzzles to update the blockchain, Solana uses proof-of-stake (PoS). In a PoS system, miners verify transactions by locking up tokens they own (staking) in return for newly minted coins. Solana supplements this system with an important innovation called proof-of-history (PoH), which records timestamps on the blockchain to speed up the verification process.
Much of the platform's growth is driven by its popularity with dApp developers -- in particular decentralized finance (DiFi) dApps, which are financial services operating on the blockchain without a centralized intermediary, such as a bank or broker.
Solana is ideal for DeFi because of its speed. The platform has attracted projects ranging from decentralized exchanges like Serum(which allow users to buy and sell cryptocurrencies on the blockchain) to decentralized banks likeOxygen, designed to let users store value and earn interest on their deposits.Solana is the fifth-largest DeFi ecosystem with $7.4 billion in total value locked (TVL), a term that represents the sum of all assets deposited in its DeFi-related applications.
But Solana's developers, Solana Labs, aren't limiting their efforts to on-chain finance. The organization is also targeting real-world fintech through a project called Solana Pay, designed to make it easier for customers to use Solana's native token, Sol, and other cryptocurrencies for online shopping through a convenient user interface. This project could be a first step in taking advantage of Solana's technical abilities to power real-world utility.
Cryptocurrency has been off to a weak start in 2022, with its total market cap declining 9% to $2 trillion at the time of writing. But the industry has a track record of bouncing back from its declines. Assets like Solana could help power the rebound with their spectacular technical capacities and forward-looking development strategy.
This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis even one of our own helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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Here's My Top Cryptocurrency to Buy and Hold Forever - The Motley Fool
New Hampshire woman says hacked phone led to theft of thousands of dollars’ worth of cryptocurrency – WMUR Manchester
A New Hampshire woman who had thousands of dollars stolen from a cryptocurrency account is sharing her story to prevent others from being hacked.The woman, who asked to just use her first name, Michelle, said she thought she had done everything she needed to do to stay safe, but her hacking nightmare began with a simple click on her phone."It said, 'Samsung account update,' and I pressed it, and I think that's what it was," she said. "Within probably an hour, my phone went down."Michelle said her cell service provider got her phone working, but when she logged into one of four cryptocurrency accounts, it was empty."It's about $15,000 that's gone, just like that," she said.She asked her provider to restore emails that might have been deleted, and that's when she saw withdrawals."He would know my account screen name, forgot password, they'd email the password, and then he got it and he got in," Michelle said.Michelle said the hacker couldn't get into two other accounts but got access to a third, which is now frozen. He sent her a ransom note, and thousands of dollars more are now in limbo.Experts said Michelle's click likely installed malicious code."And when you do that, you then open up your phone to be available to whoever from wherever for whatever," said James Gorman, of Cyber Defense Media Group. "She got hit by the equivalent of a street thug walking down the street and stealing her purse."Cybercriminals have access to sophisticated tools, Gorman said."You can lease that technology. You can rent that technology. You can create that technology," he said. "It's all out there on what we call the dark web."He said it's important for people to take precautions, including using difficult-to-guess passwords, varying them and using multi-factor authentication whenever possible."You can make yourself harder to hack by thinking before clicking and keeping your software and operating systems up to date," Gorman said."I was like, if they can do this to me, I want to let people know you are never safe," Michelle said.Experts said if credit cards or bank accounts were involved, any lost funds would likely be recoverable. With cryptocurrencies such as bitcoin, the funds could be lost.Anyone who believes they're a victim of an online crime can report it to the FBI.
A New Hampshire woman who had thousands of dollars stolen from a cryptocurrency account is sharing her story to prevent others from being hacked.
The woman, who asked to just use her first name, Michelle, said she thought she had done everything she needed to do to stay safe, but her hacking nightmare began with a simple click on her phone.
"It said, 'Samsung account update,' and I pressed it, and I think that's what it was," she said. "Within probably an hour, my phone went down."
Michelle said her cell service provider got her phone working, but when she logged into one of four cryptocurrency accounts, it was empty.
"It's about $15,000 that's gone, just like that," she said.
She asked her provider to restore emails that might have been deleted, and that's when she saw withdrawals.
"He would know my account screen name, forgot password, they'd email the password, and then he got it and he got in," Michelle said.
Michelle said the hacker couldn't get into two other accounts but got access to a third, which is now frozen. He sent her a ransom note, and thousands of dollars more are now in limbo.
Experts said Michelle's click likely installed malicious code.
"And when you do that, you then open up your phone to be available to whoever from wherever for whatever," said James Gorman, of Cyber Defense Media Group. "She got hit by the equivalent of a street thug walking down the street and stealing her purse."
Cybercriminals have access to sophisticated tools, Gorman said.
"You can lease that technology. You can rent that technology. You can create that technology," he said. "It's all out there on what we call the dark web."
He said it's important for people to take precautions, including using difficult-to-guess passwords, varying them and using multi-factor authentication whenever possible.
"You can make yourself harder to hack by thinking before clicking and keeping your software and operating systems up to date," Gorman said.
"I was like, if they can do this to me, I want to let people know you are never safe," Michelle said.
Experts said if credit cards or bank accounts were involved, any lost funds would likely be recoverable. With cryptocurrencies such as bitcoin, the funds could be lost.
Anyone who believes they're a victim of an online crime can report it to the FBI.
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New Hampshire woman says hacked phone led to theft of thousands of dollars' worth of cryptocurrency - WMUR Manchester
‘Crypto? I thought that was the stuff that kills Superman’ – Crawley’s cryptocurrency takeover – The Athletic
When you talk about crypto, I thought that, to be honest with you, was the stuff that kills Superman, says Crawley Town manager John Yems at a press conference to mark the takeover which may prove to be the first step in English footballs cryptocurrency revolution.
Crypto virtual currencies such as Bitcoin and Ethereum underpinned by blockchain technology has taken the world of football by storm over the past couple of years as clubs including Barcelona to Manchester United sign lucrative deals with firms in the sector, amid excitement but also fierce criticism.
I aint got a clue, Yems, 62, tells The Athletic. But how many people in football know what their owners do?, or where they get their money from?
Yems has got a point, but this is a new frontier for the English Football League as League Twos Crawley become the first club in the league to be owned by a cryptocurrency group after Turkish steel magnate Ziya Eren sold his controlling stake to WAGMI United for a fee of around 5 million.
WAGMI United is the same US consortium that announced its intention to buy Bradford City, another fourth tier side, last year but abandoned the project after a war of words with Bradfords owner Stefan Rupp, the two parties disputing whether or not they ever had an agreement.
WAGMI which stands for Were All Gonna Make It, a popular expression among online cryptocurrency enthusiasts made a series of PR missteps at the time, such as telling the Washington Post our hope is that it works. Theres not that much downside if it doesnt.
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'Crypto? I thought that was the stuff that kills Superman' - Crawley's cryptocurrency takeover - The Athletic
Here’s My Top Cryptocurrency to Buy in April – The Motley Fool
Ethereum ( ETH 0.37% ) is winning again. The world's second-most-valuable cryptocurrency has soared 33% over the past month, and it's approaching a three-month high. Digital currencies in general had a strong March, but Ethereum is one that should continue leading the way in the month ahead.
The popular crypto has been a market fave since it planted the flag on smart contracts and other ways to make decentralized finance shine on top of its blockchain technology. With a significant event now just a couple of months away and Ethereum's shortcomings becoming less of a deal breaker, let's dive into why this is my top cryptocurrency to buy in April.
Image source: Getty Images.
The bearish case on Ethereum is fairly well established at this point. Despite being the dominant crypto in the realm of decentralized finance -- accounting for 55% of the total value locked across all denominations -- Ethereum is far from efficient. It's a laggard in terms of speed, the number of concurrent transactions that can take place, and (perhaps more importantly) the costs related to actually mining and ultimately using Ethereum. Gas fees can border on the outrageous for even the smallest of exchanges.
The good news is that there's no shortage of other cryptocurrencies that work with Ethereum instead of against it to make it more efficient. We're also now potentially two months away from Ethereum completing its shifttoproof of stake, a move that will do more than just ease environmentalist concerns about the resources-hogging nature of its current proof-of-work approach. The migration to Ethereum 2.0 won't make it perfect, but it will make it better on most fronts.
It's been a slow transition, but we're getting close. Developers successfully completed the last public test of merging the blockchain's proof-of-work and proof-of-stake chains. The June target might actually stick this time. "Sell on the news" is a mantra that sometimes burns investors with a sell-off when expected good news materializes. But with so many people still skeptical about Ethereum completing a smooth transition to proof of stake this summer, it could drive the crypto higher.
Completing the shift could also smoke out even more institutional support, and even a few risk-tolerant income investors. In a climate of low interest rates, staking crypto has been a way for buy-and-hold investors to generate some passive income from their digital currencies. The migration to proof of stake finds some traders holding out for staking yields in the range of 7% to 15% annually, according to a recent CoinDesk article.
With a market cap of $424 billion, five times larger than the bronze medalist, one can argue that Ethereum is already too big to be the top crypto idea to buy this month. I disagree. There might be smaller denominations picking up speed, but most blockchain roads go through Ethereum to a certain extent. It will continue to be a leader.
Any positive announcements this month suggesting that Ethereum is on track to full staking by June could help build on the crypto's already bullish momentum. Inflation isn't going away anytime soon, and the case for investing in the world's second-largest cryptocurrency denomination is only getting louder.
This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis even one of our own helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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Here's My Top Cryptocurrency to Buy in April - The Motley Fool
The Coming Battle Over Cryptocurrency Regulation – HuffPost
The creators of Unicorn Hunters, an online reality show where budding entrepreneurs pitch their business ideas to a celebrity panel, are launching a new cryptocurrency.
It may sound gimmicky, but the forthcoming Unicoin could come with a layer of accountability absent from most crypto tokens. Thats because TransparentBusiness, the majority owner of the show, says it plans to register Unicoin with the Securities and Exchange Commission.
Unicoin would be one of thousands of digital assets backed by the distributed ledger technology known as blockchain, but one of only a few voluntarily complying with securities laws. Its partly a bet that the SEC will expand its oversight of the $2 trillion crypto industry.
We anticipate that they will begin to have a regulatory presence at some point, Unicoin co-creator Moe Vela, an attorney and former senior adviser to Joe Biden when he was vice president, said in an interview. I think youre going to see regulatory guidelines and parameters that come in the next year.
The SEC has led the charge in the nascent battle over crypto regulation in Washington, having accused dozens of crypto players of using newfangled technology to violate old-fashioned securities laws against ripping off investors.
Cryptos proponents view it as one of many potential utopian applications of the blockchain technology, while its critics see fraud, speculation and criminal activity. Crypto transactions go through peer-to-peer computer networks rather than a central intermediary such as a bank, and criminals have used them for illicit transactions such as ransomware attacks; the International Monetary Fund has warned crypto could undermine monetary policy and financial stability.
In an executive order last month, President Joe Biden asked the SEC and other regulatory agencies, such as the Commodity Futures Trading Commission, the Federal Reserve, the Federal Trade Commission and the Consumer Financial Protection Bureau to help come up with a whole-of-government approach to making the industry safe.
In Congress, most lawmakers seem oblivious to crypto and intimidated by the endless jargon associated with the technology. Among the few lawmakers paying attention, there are fans; a small bipartisan group of House members has proposed exempting crypto from SEC oversight, arguing the federal government shouldnt pursue regulation through enforcement, echoing the pleas of the industry for Congress to step in.
We really should acknowledge that our banking and securities laws some of which date back to the 1930s are not equipped to provide a framework for regulating something that no one could have even imagined 20 years ago, Sen. Pat Toomey (R-Pa.), the top Republican on the Senate Banking Committee, told HuffPost.
Partisan battle lines havent settled, but Democrats are a bit more skeptical. Banking Committee Chairman Sen. Sherrod Brown (D-Ohio), for instance, has described digital assets as mainly beneficial for criminals, letting money launderers, hackers, and rogue regimes invent new ways to hide and move money in the dark, as he said at a hearing last month.
Brown told HuffPost Republicans calling for new legislation want to coddle the industry rather than crack down on fraud.
They say theyre for regulation, but theyre not going to do anything substantive that anybody in the industry would oppose, Brown said.
For now, Brown is happy to let executive agencies try to enforce existing laws. The SEC has brought more than 70 enforcement actions against digital asset market participants over the past decade, including an ongoing lawsuit alleging the company Ripple Labs violated securities laws by failing to register its XRP digital asset with the commission, thereby depriving investors of disclosures about XRP and Ripples business.
Commissioner Gary Gensler has spoken stridently about crypto, likening the industry to the Wild West. He said exchanges where people buy and sell crypto are illegal if theyre not registered. Its a question of whether theyre registered or theyre operating outside of the law and Ill leave it at that, he said last month.
Republican SEC appointees have complained the commissions enforcement actions are a piecemeal approach that leaves the crypto industry unsure of when its crypto coins count as securities or another kind of asset not subject to securities laws. The Commodity Futures Trading Commission, for instance, has said that the best-known cryptocurrency, Bitcoin, counts as a commodity, not a security. Theres no company or central entity behind Bitcoin, making it one of the most decentralized digital assets that exists.
Todd Phillips, an expert on financial regulation and corporate governance at the progressive Center for American Progress, said its clear enough current laws already cover much crypto activity, theyre just being ignored.
Many issuers of crypto tokens are failing to register their offerings with the SEC, Phillips said. If you want to sell tokens to the public and do it right, federal law requires you to register.
Phillips said the reason the crypto industry remains essentially unregulated is that the SEC doesnt have the resources to enforce the law at the scale needed to bring the necessary amount of lawsuits.
Lawmakers have been bamboozled by new financial technology before. If Congress exempted the crypto industry from regulation, Phillips has argued, it would be making the same mistake it did in 2000, when lawmakers carved financial derivatives contracts out of commodities regulation. Back then, members of Congress talked about derivatives the same way many now rave about crypto, complaining that outdated statutes were stifling financial innovation and threatening Americas technological leadership. Unregulated derivatives subsequently played a starring role in the 2008 financial crisis, magnifying the fallout from risky mortgage lending.
Kevin Dietsch via Getty Images
A broad, bipartisan crypto bill could come together this year, the result of a collaboration between Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.). Lummis, herself a major crypto investor, said the legislation would not shield the industry from SEC oversight developers would have to register their initial coin offerings with the commission.
It preserves traditional authorities: CFTC over commodities, SEC over securities, Lummis told HuffPost. It provides definitions. It discusses stablecoins, banking, privacy and consumer protection.
Lummis emphasized that shes working on the legislation with Democrats: Digital assets are a nonpartisan subject, she said.
Its not clear if the industry would embrace such a bill. Adelle Nazarian, CEO of the American Blockchain Political Action Committee, sounded a skeptical note about the idea of requiring initial coin offerings to be registered with the SEC.
It would be remiss of me to suggest that ICOs could ever be exempt from regulation by the SEC, Nazarian said. Therefore, there must be a whole new subset of rules, deferential language with a more elastic framework for ICOs with guidance from the SEC that will fall under the heading of the same overarching [anti-money laundering and know-your-customer] rulemaking in following these guidelines so innovation may continue to flourish.
Industry insiders argue Congress shouldnt try to pigeonhole crypto into existing regulatory frameworks. Steve Bumbera, the lead developer of a crypto project called the Many Worlds token, said the SEC has been on the warpath and that Congress should come up with a new agency dedicated to crypto regulation. Short of that, he said lawmakers could at least come up with a clearer system for figuring out which regulator oversees different types of crypto product.
It doesnt really fall strictly into one asset class or another. Some can first be a security and change into a utility, Bumbera said. If the SEC wanted everyone to register as a security, that would destroy 95% of projects.
In the case of Unicoin, its creators say the token will pay dividends based on the performance of investments in emerging growth companies, including some of those featured on the Unicorn Hunters show, in which Vela and Apple co-founder Steve Wozniak, plus other business luminaries and celebrities, evaluate investment pitches from entrepreneurs hoping to vaunt themselves into billion-dollar unicorn status.
In other words, its obvious that Unicoin would meet the definition of a security buying the coin means investing in a common enterprise with a reasonable expectation of profits to be derived from others.
Many other crypto tokens are securities, too, but without tough enforcement there is a strong incentive to avoid registering with the SEC, because its a major chore.
Its expensive and it takes a while, Richard Devlin, senior vice president and general counsel for TransparentBusiness, said in an interview. You need a lot of lawyers and its a several months long process. And then youre a public company, which has its own ongoing reporting and compliance requirements, so its not cheap.
Daniel Marans contributed reporting.
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The Coming Battle Over Cryptocurrency Regulation - HuffPost
Metaverse Will Be Most Popular Place to Buy, Trade, Store Cryptocurrency, Survey Shows Metaverse Bitcoin News – Bitcoin News
The metaverse will become the most popular place to buy, sell, and trade cryptocurrency, according to a recent survey. In addition, 70% of respondents agreed that cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse.
Nasdaq-listed Agora (NASDAQ: API), a video, voice, and live interactive streaming platform, conducted a survey on the metaverse and published the results Tuesday.
The company asked 300 U.S.-based developers a set of questions to learn more about what they thought about the metaverse and what we will see in the coming years, Agora detailed. Developers were surveyed because for them, the growth of the metaverse allows the development of new communities and allows them to better connect with users, the company explained.
According to the results:
57% of respondents think that the metaverse will become the most popular place to buy, store and trade cryptocurrency, while 18% disagree and 25% feel neutral.
In addition, 70% agreed that cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse, while 9% disagreed.
Regarding non-fungible tokens (NFTs), The majority of developers are bullish on NFTs and believe they will become the biggest [currency] in the near team, the survey results note.
Survey participants were also asked who they think will own the metaverse. 55% of respondents said Meta (formerly Facebook), 9% said Google, 7% said Microsoft, 6% said Apple, and 5% said Amazon.
Meta recently filed eight trademark applications covering the metaverse and a wide range of crypto services.
A number of analysts have estimated the size of the metaverse. Last month, Citi predicted that the metaverse could be a $13 trillion opportunity with five billion users by the year 2030. Meanwhile, investment banks Goldman Sachs and Morgan Stanley both said the metaverse could be an $8 trillion opportunity.
In February, JPMorgan opened a lounge in Decentraland after stating that The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.
Do you think that the metaverse will be the most popular platform to buy, sell, and store cryptocurrencies? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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