SEC Chairman Jay Clayton About Crypto
Another week, another round of Crypto Tidbits. While price action wasn't all too hot, with Bitcoin losing its strides above $8,000 to tap $7,450, the underlying industry still saw a flurry of developments. Some positive, some negative.
On the positive, Apple quietly added a Bitcoin symbol to its developer kit repertoire; Facebook is nearing the launch in the digital asset, slated to be a massive on-ramp to true cryptocurrencies; and a report revealed that much of your crypto asset mining information mill backed by renewable systems.
On the other side of the equation, a crucial regulator claimed that the market still isn't ready for the Bitcoin ETF, Indian authorities proposed an all-on ban on digital assets, and users of an exchange lost millions in a margin lending imbroglio.
Crypto & Bitcoin Tidbits
India Purportedly Looking to Jail Bitcoin Users: Within a weird turn of events, Bloomberg's Quint division recently reported that Indian regulators, including representatives from key financial agencies, are seeking to jail anyone who mines, holds, sells, creates, or deals in non-official cryptocurrencies like Bitcoin. Citing a draft bill, the outlet revealed that if implemented, into your market will make an one several ten-year jail sentence and/or other punishment for those charged. Along with this bill, regulators have also proposed the creation of a Digital Rupee which may be presumably make out the void caused by the removal of bonafide digital currencies. This move would exacerbate bans already in place, possess caused the shutdown of cryptocurrency exchanges with operations in the land.
Apple Quietly Adds BTC Logo To Dev Kit: This week, Apple conducted its latest Worldwide Developers Conference (WWDC), during which executives of the firm created number of announcements about new things. What hit headlines was the firm's new Mac Pro, which has drawn flak for its cheese grater-esque design, it really is new $5,000 monitor and $1,000 monitor stand. But what slipped under the radar was that in Apple's latest update to SF Symbols, which gives developers of Apple applications symbols to utilize, Bitcoin was added. Four symbols were added, two circular and two square marketing. At the same time, company also unveiled a CryptoKit, which happens to be in reference to cryptography, not cryptocurrency.
Block.one Launches EOS-Based Voice, Social Media Platform: Cayman Islands-based Obstruction.one, a blockchain developer behind the EOS.io protocol, will be launching a social media platform dependant upon the platform. Called Voice, the new venture transform how social works, implementing a token system that permits all users to let their voices be came across. The token is fittingly named Voice. In the same announcement, Block.one executives also unveiled a partnership with Coinbase Earn, which will give users an opportunity to earn EOS; and a major scaling protocol that will allow blockchain solutions to be more rapidly than these were previously.
Facebook to launch Crypto White Paper In Coming Weeks: Per research studies from The knowledge and TechCrunch, Facebook will fully announcing its cryptocurrency, Globalcoin, by June 18th. The company is expected to secrete a white paper, and likely release the full product sometime later this season or early next new year. LinkedIn data shows that there are over 100 staffers functioning on the project, which is dramatically higher than the reported 50 captured. For those who missed the memo, Globalcoin is to be able to be a stablecoin-esque asset that will be used to be a digital medium of exchange for Facebook's economy.
Vancouver Looks to Ban Bitcoin ATMs: Reported with the Star, Vancouver's mayor, Kennedy Stewart, recently suggested a fully-fledged ban on Bitcoin ATMs the actual planet Canadian the city. There are over 70 crypto vending machines in the city, which became the earliest to possess a Bitcoin ATM in October 2013. Specialists are encouraging seemingly performed to curb the rampant money laundering issue in Vancouver and the nearby cities, which saw $7.4 billion in dirty money change hands in their vicinity in 2018.
Much of Bitcoin Mining Operation is Powered by Renewables: According to a new report from CoinShares, 75% of the Bitcoin Network is being run with renewable energies, namely hydro. They propose that much with the mining operations take placed into areas with abundant hydroelectric power, like Northern Europe, Canada, and China. This contradicts reports that suggest that Bitcoin mining and protection of other blockchain networks is burning the oceans, so to speak.
Poloniex Users Lose Millions in Altcoin Flash Crash: Announced on Thursday, Poloniex's market for CLAM, a lesser-known but long-standing altcoin, suffered an enormous collapse on May 26th. On this day, there was a sudden, severe crash in originates from of the cryptocurrency, which widely went unnoticed using the public. CLAM's sudden drop caused a variety of margin loans to default, generating a generalized loss of 1,800 BTC, currently valued at just over $14 million, from Poloniex's lending billiard. This means users of Poloniex's Bitcoin loan pool, which purportedly make up 0.4% of your exchange's entire user base, have lost 16% of the principal of their total loan positions.
SEC Chairman Still Skeptical of Crypto Market: From a recent interview with CNBC, the Aid businesses Securities and Exchange Commission's Clayton explained that ben has still about the status of the actual cryptocurrency market, looking specifically to custody and market manipulation.
Binance Launches a Stablecoin: Binance initiated a policy of to issue tokens on its in-house blockchain when preparing of making stablecoins accessible the buyer.
Justin Sun & Crypto Execs So you can get Dinner With Warren Buffett: Over you will discover week, Warren Buffett's name has become like a hot altcoin thrown about on Twitter willy-nilly. This best good rationale. Justin Sun, the enigmatic entrepreneur behind both Tron and BitTorrent, was recently revealed to have been the mystery winner of the Oracle of Omaha's latest charity lunch auction. Per previous reports from NewsBTC, Sun revealed earlier on that he spent $4.67 million for that auction, managing to outbid the world's white-collars to secure this meeting, that take put into New York at the Smith and Wollensky Steakhouse. In a press release, the Tron founder stated that he, alongside among his peers, hopes go over the promises of blockchain technologies and discuss entrepreneurship.
SEC Chairman Jay Clayton has realized something the crypto community has been trying to inform him sony walkman cryptocurrencies aren't the traditional stock market. In an interview with CNBC this morning, Clayton offered the securities regulator's latest start bitcoin, and it seems they seem no more detailed providing any clarity for traders and blockchain startups today compared to what they were this past year. This is really a setback for tech innovation in the U.S. due to the fact more time the SEC takes, higher entrepreneurs have a tendency to wish to pack their bags and take their successful projects elsewhere.
Clayton in the interview described how individual investors would look at bitcoin and fooled into thinking that it trades much like a stock or bond even although it doesn't. He added:
We have sophisticated rules and surveillance to make sure you keep people are not manipulating the stock exchange. Those cryptocurrency markets by and huge do canrrrt you create that.
The things that make the sec uncomfortable inside bitcoin ETF include:
Custody (incidentally, Fidelity Digital Asset Services provides crypto custody)
Lack of rules
DID SOMEONE SAY Manipulation?
There would certainly be a couple different ways to dissect this valuable. First, it's the job of regulators and lawmakers to generate a framework that cryptocurrencies can trade and companies can raise funds, give up. So when he states that the guidelines are missing in crypto, this is where he should look in the mirror. Clayton seems recognize this, adding:
And we're working difficult to see as we can pay-day loans in albuquerque. But I'm more than simply going turnover a switch and say this is probably like bonds and stocks.'
The thing is, nobody is asking him to try this. Just ask messaging company Kik, will be about invest to court with regulations to prove that its cryptocurrency Kin is not only security. If he's making reference to the yet-to-be-approved bitcoin ETF, on that the SEC carries on to kick the can, Clayton is sticking his head in the sand and denying the inevitable.
As far as manipulation, despite securities laws, the stock exchange is riddled with it. It wasn't that some time past that the CFTC sacked hefty fines on major financial institutions including UBS and Deutsche Bank for spoofing techniques and manipulation in the U.S. commodities markets. Oh, the hypocrisy.
On the positive, Apple quietly added a Bitcoin symbol to its developer kit repertoire; Facebook is nearing the launch in the digital asset, slated to be a massive on-ramp to true cryptocurrencies; and a report revealed that much of your crypto asset mining information mill backed by renewable systems.
On the other side of the equation, a crucial regulator claimed that the market still isn't ready for the Bitcoin ETF, Indian authorities proposed an all-on ban on digital assets, and users of an exchange lost millions in a margin lending imbroglio.
Crypto & Bitcoin Tidbits
India Purportedly Looking to Jail Bitcoin Users: Within a weird turn of events, Bloomberg's Quint division recently reported that Indian regulators, including representatives from key financial agencies, are seeking to jail anyone who mines, holds, sells, creates, or deals in non-official cryptocurrencies like Bitcoin. Citing a draft bill, the outlet revealed that if implemented, into your market will make an one several ten-year jail sentence and/or other punishment for those charged. Along with this bill, regulators have also proposed the creation of a Digital Rupee which may be presumably make out the void caused by the removal of bonafide digital currencies. This move would exacerbate bans already in place, possess caused the shutdown of cryptocurrency exchanges with operations in the land.
Apple Quietly Adds BTC Logo To Dev Kit: This week, Apple conducted its latest Worldwide Developers Conference (WWDC), during which executives of the firm created number of announcements about new things. What hit headlines was the firm's new Mac Pro, which has drawn flak for its cheese grater-esque design, it really is new $5,000 monitor and $1,000 monitor stand. But what slipped under the radar was that in Apple's latest update to SF Symbols, which gives developers of Apple applications symbols to utilize, Bitcoin was added. Four symbols were added, two circular and two square marketing. At the same time, company also unveiled a CryptoKit, which happens to be in reference to cryptography, not cryptocurrency.
Block.one Launches EOS-Based Voice, Social Media Platform: Cayman Islands-based Obstruction.one, a blockchain developer behind the EOS.io protocol, will be launching a social media platform dependant upon the platform. Called Voice, the new venture transform how social works, implementing a token system that permits all users to let their voices be came across. The token is fittingly named Voice. In the same announcement, Block.one executives also unveiled a partnership with Coinbase Earn, which will give users an opportunity to earn EOS; and a major scaling protocol that will allow blockchain solutions to be more rapidly than these were previously.
Facebook to launch Crypto White Paper In Coming Weeks: Per research studies from The knowledge and TechCrunch, Facebook will fully announcing its cryptocurrency, Globalcoin, by June 18th. The company is expected to secrete a white paper, and likely release the full product sometime later this season or early next new year. LinkedIn data shows that there are over 100 staffers functioning on the project, which is dramatically higher than the reported 50 captured. For those who missed the memo, Globalcoin is to be able to be a stablecoin-esque asset that will be used to be a digital medium of exchange for Facebook's economy.
Vancouver Looks to Ban Bitcoin ATMs: Reported with the Star, Vancouver's mayor, Kennedy Stewart, recently suggested a fully-fledged ban on Bitcoin ATMs the actual planet Canadian the city. There are over 70 crypto vending machines in the city, which became the earliest to possess a Bitcoin ATM in October 2013. Specialists are encouraging seemingly performed to curb the rampant money laundering issue in Vancouver and the nearby cities, which saw $7.4 billion in dirty money change hands in their vicinity in 2018.
Much of Bitcoin Mining Operation is Powered by Renewables: According to a new report from CoinShares, 75% of the Bitcoin Network is being run with renewable energies, namely hydro. They propose that much with the mining operations take placed into areas with abundant hydroelectric power, like Northern Europe, Canada, and China. This contradicts reports that suggest that Bitcoin mining and protection of other blockchain networks is burning the oceans, so to speak.
Poloniex Users Lose Millions in Altcoin Flash Crash: Announced on Thursday, Poloniex's market for CLAM, a lesser-known but long-standing altcoin, suffered an enormous collapse on May 26th. On this day, there was a sudden, severe crash in originates from of the cryptocurrency, which widely went unnoticed using the public. CLAM's sudden drop caused a variety of margin loans to default, generating a generalized loss of 1,800 BTC, currently valued at just over $14 million, from Poloniex's lending billiard. This means users of Poloniex's Bitcoin loan pool, which purportedly make up 0.4% of your exchange's entire user base, have lost 16% of the principal of their total loan positions.
SEC Chairman Still Skeptical of Crypto Market: From a recent interview with CNBC, the Aid businesses Securities and Exchange Commission's Clayton explained that ben has still about the status of the actual cryptocurrency market, looking specifically to custody and market manipulation.
Binance Launches a Stablecoin: Binance initiated a policy of to issue tokens on its in-house blockchain when preparing of making stablecoins accessible the buyer.
Justin Sun & Crypto Execs So you can get Dinner With Warren Buffett: Over you will discover week, Warren Buffett's name has become like a hot altcoin thrown about on Twitter willy-nilly. This best good rationale. Justin Sun, the enigmatic entrepreneur behind both Tron and BitTorrent, was recently revealed to have been the mystery winner of the Oracle of Omaha's latest charity lunch auction. Per previous reports from NewsBTC, Sun revealed earlier on that he spent $4.67 million for that auction, managing to outbid the world's white-collars to secure this meeting, that take put into New York at the Smith and Wollensky Steakhouse. In a press release, the Tron founder stated that he, alongside among his peers, hopes go over the promises of blockchain technologies and discuss entrepreneurship.
SEC Chairman Jay Clayton has realized something the crypto community has been trying to inform him sony walkman cryptocurrencies aren't the traditional stock market. In an interview with CNBC this morning, Clayton offered the securities regulator's latest start bitcoin, and it seems they seem no more detailed providing any clarity for traders and blockchain startups today compared to what they were this past year. This is really a setback for tech innovation in the U.S. due to the fact more time the SEC takes, higher entrepreneurs have a tendency to wish to pack their bags and take their successful projects elsewhere.
Clayton in the interview described how individual investors would look at bitcoin and fooled into thinking that it trades much like a stock or bond even although it doesn't. He added:
We have sophisticated rules and surveillance to make sure you keep people are not manipulating the stock exchange. Those cryptocurrency markets by and huge do canrrrt you create that.
The things that make the sec uncomfortable inside bitcoin ETF include:
Custody (incidentally, Fidelity Digital Asset Services provides crypto custody)
Lack of rules
DID SOMEONE SAY Manipulation?
There would certainly be a couple different ways to dissect this valuable. First, it's the job of regulators and lawmakers to generate a framework that cryptocurrencies can trade and companies can raise funds, give up. So when he states that the guidelines are missing in crypto, this is where he should look in the mirror. Clayton seems recognize this, adding:
And we're working difficult to see as we can pay-day loans in albuquerque. But I'm more than simply going turnover a switch and say this is probably like bonds and stocks.'
The thing is, nobody is asking him to try this. Just ask messaging company Kik, will be about invest to court with regulations to prove that its cryptocurrency Kin is not only security. If he's making reference to the yet-to-be-approved bitcoin ETF, on that the SEC carries on to kick the can, Clayton is sticking his head in the sand and denying the inevitable.
As far as manipulation, despite securities laws, the stock exchange is riddled with it. It wasn't that some time past that the CFTC sacked hefty fines on major financial institutions including UBS and Deutsche Bank for spoofing techniques and manipulation in the U.S. commodities markets. Oh, the hypocrisy.
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