roadrunner

Cryptocurrency exchange Coinbase has filed an application with the National Futures Association (NFA) to offer futures and derivatives trading on its platform. The exchange says its new offerings aim to “Further grow the cryptoeconomy.” Coinbase Registers to Offer Crypto Futures and Derivatives Trading Coinbase Global Inc. (Nasdaq: COIN) announced Wednesday via Twitter that it has filed an application with the National Futures Association (NFA) to register as a Futures Commission Merchant (FCM). The exchange wrote: This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms. The exchange added that its goal is to “Further grow the cryptoeconomy.” The filing shows that the company is registered as Coinbase Financial Markets Inc. Crypto derivatives have become a huge market and most major cryptocurrency exchanges offer derivatives trading, including Binance, Okex, FTX, CME Group, and Kraken. In April, Coinbase announced that it had acquired Skew, a crypto data analytics firm that specializes in tracking the derivatives market. Coinbase is currently raising funds by issuing bonds. Initially, the company planned to issue $1.5 billion worth of senior notes. However, due to high interest, it has raised the amount to $2 billion. Coinbase said it intends to use the net proceeds from the offering “for general corporate purposes, which may include continued investments in product development, as well as potential investments in or acquisitions of other companies, products, or technologies that Coinbase may identify in the future.” What do you think about Coinbase offering derivatives trading? Let us know in the comments section below. View the full article

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, explained that there is not enough investor protection in cryptocurrency. He added that the securities regulator needs more funding and manpower to effectively regulate the crypto sector. SEC Chair Gensler Says More Funding Needed to Regulate Crypto Space SEC Chairman Gary Gensler detailed his agency’s approach to regulating cryptocurrencies before the Senate Banking Committee Tuesday. He assured senators that the SEC is working overtime to create a regulatory framework for crypto assets. Noting the enormity of the task, he told Senator Catherine Cortez Masto that the SEC could use “a lot more people” to evaluate the 6,000 digital “projects” and determine whether they are securities under the U.S. securities law. He said: Currently, we just don’t have enough investor protection in crypto finance, issuance, trading, or lending. Frankly, at this time, it’s more like the Wild West or the old world of ‘buyer beware’ that existed before the securities laws were enacted. Senator Pat Toomey, the committee’s ranking member, pressed Gensler over whether stablecoins meet the definition of securities. He emphasized: I think we need clarity on this. I think you should publicly disclose this … And we certainly shouldn’t be taking enforcement action against somebody without having first provided that clarity. Gensler has insisted that the rules on cryptocurrencies are clear. “We have a set of investor protection laws in this country … that was laid out in the 1930s where Congress wanted to protect the public against fraud and other bad actors … I think the laws [on cryptocurrencies] are clear,” he told CNBC Wednesday. “The case law, the Supreme Court’s weighed in on this multiple times and that many of these tokens do come under the securities laws.” What do you think about the comments by SEC Chairman Gary Gensler? Let us know in the comments section below. View the full article

The world’s largest movie exhibition company, AMC Entertainment, has announced its plan to accept cryptocurrencies by year-end. AMC CEO Adam Aron says the entertainment giant will accept bitcoin, ether, litecoin, and bitcoin cash. AMC Prepares to Accept Cryptocurrencies AMC, the largest movie exhibition company in the U.S., Europe, and the world, has unveiled its plan to accept cryptocurrencies by the end of the year. As of March 31, AMC owned or operated approximately 950 theaters and 10,500 screens globally. AMC CEO Adam Aron tweeted Wednesday: Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept ethereum, litecoin and bitcoin cash. AMC unveiled its plan to accept bitcoin during an earnings call in August. The CEO detailed on Twitter at the time: “By year end, we will have the technology in place to use Apple Pay and Google Pay in our online ticketing, and in a breakthrough, we also expect by year end to accept payment online in bitcoin. That’s a historic step for AMC.” His tweet continues: “I see that many of you are crypto enthusiasts. AMC is pleased to get out in front, by planning to accept payment online in bitcoin.” Aron clarified: If it remains safe and reliable to use, it would seem that cryptocurrency will get even more important in future years. What do you think about AMC accepting cryptocurrencies by year-end? Let us know in the comments section below. View the full article

September 16th, 2021 09:00 UTC – The HUMAN Protocol Foundation, the team behind HUMAN Protocol, have announced today that the Protocol’s native utility token, HMT, is listed on Bitfinex. Bitfinex is one of the crypto world’s legacy exchanges. It consistently performs as one of the highest ranked exchanges, taking into account trading volume, liquidity, website visits, and compatible fiat currencies (USD, EUR, etc.) It offers users state-of-the-art trading tools, and high-quality customer service. “We are delighted to bring our community access to HMT on such a prestigious exchange,” said Haryjot Singh, Director of Technology at the HUMAN Protocol Foundation. “Bitfinex is one of the highest quality crypto exchanges, one of the legacy platforms that offers users a first-class trading experience. We are already fortunate to work with some top exchanges, and we hope Bitfinex offers our users another great opportunity to interact with HMT.” HMT broke the CoinList record for the number of participants in an ICO, adding 63,000 new stakeholders to the HUMAN community. HMT is the native utility token of HUMAN Protocol, meaning work is paid for in HMT. All services within the network, such as data sanitation and quality verification of responses, are also rewarded in HMT. “As the use of HMT increases, both in and outside the HUMAN ecosystem, it is important that it also becomes more accessible. With each listing, we increase the circulation of the token, and ensure it remains accessible to those requesting work, and attractive to both Workers and those completing roles within the network,” said Haryjot. Deposits for HMT on Bitfinex open at 09:00 UTC on September 20th, and trading opens the following day, on the 21st, at 09:00 UTC. About HUMAN Protocol HUMAN Protocol is an infrastructure to support the automated management and payment of a distributed workforce, working to complete any kind of task. A workforce can be any pool of workers that contributes value, paid for the work they do, whether big or small. The Protocol is decentralized, trustless, and, because it runs on the blockchain, it can automate the lifecycle of a job through smart contracts, while offering microtransactions for microwork. It has the potential to create new markets, and innovate old ones, as demonstrated by the first job market on the Protocol: a permissionless, automated market for data labeling, offering ML practitioners a chance to curate better datasets, and Workers to earn for labeling data. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

On Wednesday, U.S. Internal Revenue Service (IRS) commissioner Charles Rettig and Janet Yellen, the Treasury secretary, urged lawmakers to give the IRS permission to report annual inflows and outflows from American bank accounts. Regardless of tax liability, financial institutions across the country will have to report accounts with at least $600 worth of transactions or more. The proposal stems from the Treasury’s “American Families Plan Tax Compliance Agenda.” Yellen, IRS Push Tax Compliance Agenda on Wednesday — Biden Fails to Mention Agenda in Tweets and Facebook Posts Using Twitter, United States president Joe Biden told the public that if a citizen made under $400,000 his administration won’t raise taxes. “To be clear,” Biden tweeted on Tuesday, “If you make under 400k, my Build Back Better Agenda won’t raise your taxes a cent. Not only that — you’ll get a historic tax cut, and see lower costs on things like child care and health care. And all of it will be paid for by the wealthy paying their fair share,” Biden’s tweet added. The following day Janet Yellen and Charles Rettig “pressed lawmakers” about giving the IRS more access to annual inflow and outflow information about taxpayer bank accounts. The Wall Street Journal tweeted about the story saying that the “Biden administration [is trying] to salvage its struggling tax-compliance proposal.” The publication’s article about the matter also went into more detail about the “American Families Plan Tax Compliance Agenda” and explained that “House Democrats didn’t include a bank account reporting provision in their tax bill.” Other reports confirm “a list of House ‘pay-fors’ did not include the IRS reporting requirement.” "The American Families Plan Tax Compliance Agenda" on the heels of nation states adopting and legalizing cryptocurrency doesn't seem like a coincidence. — mαtαd⓿r (@bitOHfunguy) September 9, 2021 Of course, Joe Biden does not mention such matters in his tweets nor does he explain how the American Families Plan tax reform can hurt Americans via capital gains taxes. Biden’s Facebook and Twitter posts also fail to mention the annual inflow and outflow monitoring. The monitoring is clearly an invasion of privacy and the proposal is catching criticism for the attempt. Author Matt Welch tweeted on September 8: “My latest Reason print column is about how Biden, Elizabeth Warren, and the IRS want to construct a vast surveillance network to track all your financial transactions, under the creepy name of ‘The American Families Plan Tax Compliance Agenda.’ In the report, Welch asks: What if every one of your noncash financial transactions was automatically reported to a beefed-up, audit-hungry IRS? The Missouri Bank Warns Monitoring Will ‘Expose Your Financial Privacy,’ Americans Ask Why $600 The Missouri Bank (TMB) posted a complaint to Facebook about the situation on September 10. “While The Missouri Bank does not normally engage on topics relating to politics, we feel there is an URGENT matter pending in Congress that needs your attention,” TMB said in a Facebook post. “Because we care about you, your finances, and your account(s) with TMB, we want you to know the facts, especially when it relates to concerning developments around public policy that expose your financial privacy.” TMB further adds: This indiscriminate, comprehensive bank account reporting to the IRS can soon be enacted in Congress and will create an unacceptable invasion of privacy for our customers. So, how does this affect you? If passed, the proposal would require financial institutions, like ours, to report the inflows (deposits) and outflows (withdrawals) of $600 or more, on personal and business accounts to the IRS regardless of customers’ consent. Of course, many are confused by Biden’s tactics to have the agenda make it so the IRS can spy on individuals with $600, as the billionaire class Democrats attack are not at all concerned about $600. “It claims to increase taxes on Billionaires but I don’t know very many billionaires making $600 deposits or [withdrawals]. I do know a lot of normal hard working people though where that $600 could be their rent money or paycheck,” one individual wrote on Twitter. What do you think about Joe Biden’s “American Families Plan Tax Compliance Agenda” and Yellen and the IRS pressing for it? Let us know what you think about this subject in the comments section below. View the full article

The Turkish central bank has established a new platform together with technology stakeholders to further the development of a digitalized version of the national fiat currency. The new collaboration will allow Turkey to focus on expanding research and conducting tests of the prospective digital lira. Turkey Sets Up Digital Lira Collaboration Platform The Central Bank of the Republic of Turkey (CBRT) has secured agreements with two defense and technology companies, Aselsan and Havelsan, the Scientific and Technological Research Council of Turkey, and the Informatics and Information Security Research Center to cooperate on the digital lira project, the state-run Anadolu Agency and Daily Sabah reported. As per the signed memorandums of understanding, the partners are launching a “Digital Turkish Lira Collaboration Platform” to facilitate the research, development, and testing of the new currency, the bank said in a statement. Efforts will focus on examining the potential benefits of introducing a digital lira to complement Turkey’s existing payment infrastructure, but a final decision on its issuance is yet to be made. Turkey announced its intentions to explore the matter of minting a central bank digital currency (CBDC) in late 2019 when the project found a place in Recep Tayyip Erdogan’s Annual Presidential Program. The document specifically noted that the coin will be created as a “blockchain-based digital currency” and tests were expected to begin as early as 2020. First Results From Pilot Study to Come Out Next Year The country’s monetary authority explained that the process, which started with the completion of the proof of concept phase, now moves on to the next stage that will involve the new participants. During the initial phase of the new study, the CBRT plans to develop a prototype “digital Turkish lira network” and conduct limited, closed-circuit tests with the help of the technology stakeholders. The bank elaborated: Based on the results of those tests, the CBRT will unveil advanced phases of the pilot study that will reflect a broader participation. The Central Bank of Turkey added that it plans to carry out experiments aimed at diversifying the coverage of the digital lira project into fields such as implementation of blockchain technology, development of payment systems based on distributed ledgers, and integration with instant payment systems. Results from the first phase of the current pilot will be announced in 2022, the regulator said. After participants in the Digital Turkish Lira Collaboration Platform complete their assessment of various technological and architectural alternatives, authorities will decide whether existing technologies are able to “meet the economic, legal and financial requirements of the digital Turkish lira,” the CBRT stated. Do you expect Turkey to eventually issue a digital version of its sovereign currency? Tell us in the comments section below. View the full article

While Africa is seen as one of the smallest cryptocurrency markets, according to a preview of Chainalysis’ Geography of Cryptocurrency annual report, this region has “some of the highest grassroots adoptions in the world.” African Volumes Mainly Composed of Retail Transfers The crypto adoption observation for Africa is corroborated by the blockchain analysis firm’s latest Global Crypto Adoption Index. According to this index, four African countries, namely Kenya, Nigeria, South Africa, and Tanzania, are all in the top 20. In addition to being the region with one of the highest grassroots adoption rates, Africa’s cryptocurrency market grew by “over 1200% by value received in the last year.” This market is also reported to have received $105.6 billion worth of cryptocurrency between July 2020 and June 2021. As the latest preview indicates, Africa has “a bigger share of its overall transaction volume made up of retail-sized transfers than any other region at just over 7%, versus the global average of 5.5%.” African P2P Volumes Surging Chainalysis also notes that “P2P platforms are especially popular in Africa compared to other regions.” In fact, the preview acknowledges that “no other region uses P2P platforms at a higher rate than African cryptocurrency users.” Cross-region transfers are another metric showing Africa is more active than other markets. The Chainalysis preview explains: “Cross-region transfers also make up a bigger share of Africa’s cryptocurrency market than any other region at 96% of all transaction volume, versus 78% for all regions combined.” Concerning the surge in P2P volumes, the Chainalysis team surmises that “many African cryptocurrency users rely on P2P platforms not just as an on-ramp into cryptocurrency, but also for remittances and even commercial transactions.” The restrictions imposed on cryptocurrencies by some regulators are also believed to be driving the use of P2P platforms. In countries like Nigeria, more people are switching to cryptocurrency in order “to preserve their savings amidst harsh economic conditions.” Do you agree with Chainalysis’ findings? Tell us what you think in the comments section below. View the full article

Authorities in the Chinese province of Hebei have reportedly launched a campaign against cryptocurrency mining and trading. According to a quoted announcement by the region’s cyberspace administration, a number of government agencies are working together to prevent the use of the region’s computing power in the crypto activities which the government considers illegal. Cyberspace Watchdog Targets Crypto Mining and Trading Operations in Hebei Hebei province in Northern China has become the latest Chinese region to undertake measures to clamp down on cryptocurrency mining and trading, media reports revealed. South China Morning Post (SCMP) wrote that the regional cyberspace administration has started a campaign against cryptocurrency mining and trading, citing various reasons ranging from environmental and financial concerns to national security considerations. Government agencies and state-run companies in the province which surrounds Beijing have been asked to inspect their information systems and put an end to any use of their computing power to mint digital coins by the end of September, the newspaper detailed. Furthermore, local universities and research institutes have been instructed to scale down the capacity of such systems to match only their academic needs. According to a report by the state-controlled broadcaster CCTV, as published by Sina, Hebei’s internet and telecom office has joined forces with the provincial departments of education, public security, financial supervision, and communications among others, as well as the Shijiazhuang branch of the People’s Bank of China to carry out the “rectification actions against virtual currency mining and trading activities.” Chinese crypto journalist Colin Wu, also known as ‘Wu Blockchain’ on Twitter, spread the news on social media on Tuesday, linking to a Wechat post. On September 14th, China’s Hebei Province stated that it would start checking and cracking down on cryptocurrency mining from October. https://t.co/zij82HQiKR — Wu Blockchain (@WuBlockchain) September 14, 2021 “Cryptocurrency mining consumes an enormous amount of energy, which is against China’s ‘carbon neutral’ goal,” Hebei’s cyberspace administration has been quoted by Reuters as stating. “Its exchange and transaction are highly disruptive to the nation’s financial order, and the financial risk is big,” the agency added, according to the SCMP. The proliferation of virtual currency, the watchdog warned, will affect economic and social development in the People’s Republic and threaten its national security. Once the current campaign is over on Sept. 30, government agencies in Hebei will continue to regularly monitor the situation and impose penalties on those who illegally mine and trade digital currencies, starting from October. The province’s cyberspace administration also said that internet and financial regulators should enhance the collection of reports from the public about such cases. China banned cryptocurrency trading back in 2017 but Beijing authorities did not directly interfere with cryptocurrency mining until earlier this year. In May, the State Council, the cabinet of ministers, announced a crackdown on the crypto-related activities following President Xi Jinping’s pledge that the country will achieve carbon neutrality in the next four decades. The government offensive has already affected mining operations in a number of provinces, including Sichuan, Xinjiang, Qinghai, Yunnan, Inner Mongolia, and Anhui. Gansu in Northwestern China launched its crackdown last week. The province received a closure notice for crypto mining facilities from the State Grid Corporation of China in July. Do you think China will maintain its current policies towards the crypto industry in the future? Tell us in the comments section below. View the full article

On September 15, the top non-fungible token (NFT) marketplace, Opensea, revealed that an Opensea executive profited from insider trading. “Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly,” Opensea informed the public on Wednesday. Opensea did not name the employee, but social media posts accused an Opensea executive of using “secret wallets” on Tuesday. Opensea Team Says NFT Market Operators Are ‘Incredibly Disappointed’ Opensea is the leading NFT market in terms of trade volume and during the last seven days, Opensea saw $519.51 million in volume, according to dappradar.com stats. While the volume is decent, it is down 48.20% during the last week in terms of sales. Meanwhile the number of Opensea traders did increase last week by 6.10% to 164,878 traders. On Wednesday, the Opensea management team announced that an employee has been accused of leveraging and profiting from inside information. “Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly,” Opensea’s statement details. “This is incredibly disappointing. We want to be clear that this behavior does not represent our values as a team.” Opensea to Implement New Policies for Employees According to the marketplace operators, are conducting an “immediate and thorough review of this incident.” The firm wants to gather a “full understanding” of how this happened and go over precautionary steps. The popular NFT marketplace Opensea added the company has implemented a few new policies such as: Opensea team members may not buy or sell from collections or creators while we are featuring or promoting them (e.g. on our home page); and Opensea team members are prohibited from using confidential information to purchase or sell any NFTs, whether available on the Opensea platform or not. On September 14, the Twitter account @Zuwutv tweeted about an employee leveraging “secret wallets” to buy front page drops. “Hey, Opensea,” Zuwutv tweeted. “Why does it appear @natechastain has a few secret wallets that appears to buy your front page drops before they are listed, then sells them shortly after the front-page-hype spike for profits, and then tumbles them back to his main wallet with his punk on it?” The problem with insider information during NFT market auctions and sales is that the prices of NFTs in general can be susceptible to manipulation. Bitcoin.com News has covered the subject of manipulated NFT sales and auctions. In that report, shill bidding was discussed and how shill bidding can affect NFT auctions, and auctions in general, in a negative manner. While, social media posts accused an executive of the insider trading, Opensea did not name the accused employee in the statements made on Wednesday. Opensea explains that the outing of a suspected employee manipulating NFT sales shows the marketplace’s commitment to keeping the NFT industry trustworthy. “For a new, more open internet that empowers creators and collectors, we will need to bake in trust and transparency into all that we do,” Opensea’s statements concluded. “We’re committed to doing the right thing for our users and earning back the trust of the community we serve.” What do you think about Opensea’s issue with an employee who was allegedly inside trading NFTs? Let us know what you think about this subject in the comments section below. View the full article

This week, ABEY has announced that it has been adding an average of 20,000 active ABEY 2.0 addresses each week since the beginning of August 2021, making it one of the fastest-growing blockchains in the world and finishing an exceptional week that included the ABEY token being listed on Liquid Global, a premier international cryptocurrency exchange. ABEY developers say there are more than 120,000 active ABEY 2.0 addresses today, quadrupling from 30,000 addresses at the beginning of August. Developers say this growth began around the first airdrop of XT, the native token of XSWAP on August 17th. This news follows the confirmation that ABEY token, the native token of third-generation blockchain platform ABEYCHAIN, is now listed on popular cryptocurrency exchange Liquid Global. Major milestone for ABEY This development indicates the rapid growth of the ABEY ecosystem and will expose the token to more users globally. Liquid Global is a Japan-based exchange that ranks among the top 20 exchanges based on the daily traded spot volume of BTC/JPAY trading pairs. The exchange also recently achieved an all-time trading volume of $1.1billion in 2021. With this listing, ABEY token will be accessible to over 800,000 users in more than 100 countries. Holders can trade, exchange, and speculate on the token within a safe and regulated environment. ABEY token has posed an impressive investment return of over 400% since its first public listing on ZBX.one exchange in 2020. Initially trading for around $0.61, the token is now trading for around $2.50 at the time of publication. With this new listing, ABEY token is on the right track to continue its upward price trajectory as it gains exposure to Liquid’s massive user base. This growth is also spurred by the fast-rising development of the ABEYCHAIN ecosystem. A Next-generation blockchain ecosystem ABEYCHAIN is one of the world’s fastest growing blockchain networks with over 100,000 users. It is a third-generation public blockchain that integrates a hybrid consensus system to resolve scalability, decentralization, and efficiency problems. ABEYCHAIN users can count on high-speed transactions, cross-chain interoperability, and a growing base of decentralized applications (dApps) within a fast-expanding ecosystem. It is also ideal for developers to build applications with its blockchain architecture able to accommodate 10,000 TPS. In addition, a variety of high-quality cryptocurrency assets from other blockchains can be seamlessly transferred or processed through ABEYCHAIN without experiencing any significant delays. Its ecosystem consists of a wide range of products that are designed to ensure great value for users. XSwap is a decentralized exchange that allows users to swap between supported assets. Crypto assets created on ABEYCHAIN can be listed on the exchange and traded for other assets at no extra costs making it significantly better than other options in the crypto market. In addition, the DEX features advanced trading tools and also integrates DeFi products like yield farming, staking, lending, and more. ABEYCHAIN also has its native stablecoin called aCash Token (ACT). The stablecoin is pegged 1:1 to the USDT and has a unique mining mechanism. ACT is mined when users purchase the token and burned when it is converted to other crypto-assets. This mechanism ensures that its peg is maintained. Other features include the ABEYCHAIN Storage Network, a decentralized storage system that delivers high-quality data storage for users. Storage miners are incentivized with its unique token AST (ABEY Storage Token) that can be exchanged for Filecoin at a 1:1 parity. The ABEYCHAIN 2.0 NFT marketplace appeals to NFT enthusiasts and provides an environment for users to explore the NFT sector. In addition, artists can list their NFT creations for visibility and auction their collections. More developments in the future The ABEYCHAIN Foundation fosters the blockchain’s development, governance, and research. The organization has revealed that more products are in the works. In addition, ABEY token will also be listed on more exchanges to ensure greater token adoption. Apart from Liquid Global, ABEY Token can be traded on www.zbx.com and www.zbx.plus. To learn more about ABEY blockchain, visit the website at www.abey.com. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Maxime Bernier, a former cabinet minister nicknamed “Mad Max” and the leader of the People’s Party of Canada (PPC), says he supports bitcoin and cryptocurrencies. “I hate how central banks are destroying our money and economy … cryptos are another new and innovative way to counter this that should be encouraged,” he said. ‘Mad Max’ Supports Bitcoin and Crypto Maxime Bernier, the leader and founder of the People’s Party of Canada (PPC), has revealed his support for bitcoin and cryptocurrency. He is a former Canadian foreign minister whose supporters have nicknamed “Mad Max.” According to an EKOS poll, the PPC has 9% support nationally, which is higher than the Green Party but well below Justin Trudeau’s Liberal Party and Erin O’Toole’s Conservative Party, each with around 30%. Bernier tweeted Tuesday: Many people are asking if I support bitcoin and cryptos. Of course I do! I hate how central banks are destroying our money and economy. He continued: “I’m more of an old-fashioned gold & silver fan, but cryptos are another new and innovative way to counter this that should be encouraged.” Bernier has long been vocal in criticizing how his government’s policies hurt the economy and the people. On June 9, he commented on the Bank of Canada holding the current level of the policy rate, tweeting: “Yes, continue to print money, debase the dollar, force all prices higher, impoverish the poorest, fund Trudeau’s gigantic deficit, distort the economy, fuel the housing bubble, and artificially boost the stock market, you moronic Keynesian bureaucrats.” In August last year, he tweeted in response to the news of the U.S. Federal Reserve making a major commitment to ramping up inflation. He wrote: These crazy Keynesian bureaucrats will do everything to dilute the purchasing power of your dollars and make you poorer. He noted at the time that “The Bank of Canada studied the same policy some years ago and may implement it too.” What do you think about Bernier’s comments and his support for bitcoin and cryptocurrencies? Let us know in the comments section below. View the full article

At the U.S. Senate Banking Committee hearing Tuesday, Senator Elizabeth Warren called on the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, to increase oversight of cryptocurrency. She brought up several problems she associates with cryptocurrency that could hurt small investors. Senator Elizabeth Warren Says ‘There’s a Whole List of Problems With Crypto’ U.S. Senator Elizabeth Warren questioned U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler about several issues regarding cryptocurrency at the Senate Banking Committee hearing Tuesday. The senator from Massachusetts began by noting that last Tuesday, “In a matter of hours, $400 billion in market value disappeared.” She then pointed out that as the prices of cryptocurrencies tumbled, “several of the biggest crypto exchanges had outages, which kept customers from making withdrawals or trades.” Questioning how this affects small retail investors, “who don’t have a lot of money to lose,” Warren described a hypothetical situation. “Let’s say that last Monday I took out the last sliver of my savings. I went on the crypto exchange Coinbase. I bought $100 worth of ether. Then I woke up early on Tuesday morning, I saw that the market looked like it was beginning to tank, and I thought I better sell right now,” she said, adding: But when I tried to sell, Coinbase, the exchange, was down. So, Chair Gensler, was there anything I could do to get my money out? Gensler replied: “Not at a federal agency because they [Coinbase] haven’t yet registered with us, even though they have dozens of tokens that may be securities.” Senator Warren then described another hypothetical situation. “Instead of buying ether on Coinbase last Monday, I decided instead to put that $100 towards buying a new, cool token — let’s call it ‘new coin’ — that was being hyped on Twitter,” she detailed. “New coin is available only on a ‘decentralized’ crypto exchange, so to buy it I had to pay a fee, about $20, to the crypto miners who processed the transactions … Then of course I woke up on Tuesday morning and the market was tanking.” She asked Gensler how much she would have to pay the exchange to sell her coins and get back into dollars fast, stating: How much would I have to pay to get out of defi on Tuesday to sell my coins. Would I have had to pay a second $20 fee or might I have had to pay even more? The SEC chairman promptly replied, “I don’t know because it will be all in the user agreement.” He added that many platforms “are only decentralized in name only,” citing that “There is a user agreement. There’s something you are doing with this platform. There’s a governance token. There’s usually some fees.” While the SEC chairman stated that he does not know what fee a particular exchange charges, Senator Warren brought up network fees. “We do know some of the fees from last Tuesday. The fee to swap between two crypto tokens on the Ethereum network was more than $500, obviously way more than the $100 I was trying to trade in the first place,” she exclaimed, noting: The question I have is, in the face of these high, predictable fees, small investors could easily get jammed and wiped out entirely. Senator Warren then asserted that cryptocurrency is not a path to financial inclusion. “Chair Gensler, advocates say crypto markets are all about financial inclusion. But the people who are most economically vulnerable are the ones who are most likely to have to withdraw their money the fastest when the market drops. Does this sound like a path to financial inclusion to you?” Gensler replied: “It’s a highly speculative asset class. It doesn’t sound like the path that you mentioned.” Warren continued: There’s a whole list of problems with crypto: unreliable tech, scams, devastating climate impact. But high, unpredictable fees can make crypto trading really dangerous for people who aren’t rich. She concluded, “Regulators need to step up to address crypto regulatory gaps,” emphasizing, “Chair Gensler, I expect you and the SEC to take a leading role in getting this done.” What do you think about what Senator Elizabeth Warren said to SEC Chairman Gensler? Let us know in the comments section below. View the full article

Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, believes that if bitcoin is “really successful,” the regulators will “kill it,” reiterating his previous concerns of governments banning cryptocurrencies. Nonetheless, he sees bitcoin as a good alternative to cash and owns some. Billionaire Hedge Fund Manager Ray Dalio Warns of Regulators Killing Bitcoin Ray Dalio warns about regulators coming after bitcoin if the cryptocurrency gains mainstream success at the SALT conference in New York Wednesday. Dalio currently serves as Bridgewater Associates’ chairman and co-chief investment officer. His firm’s clients include endowments, governments, foundations, pensions, and sovereign wealth funds. Referring to bitcoin, the Bridgewater boss said: I think at the end of the day if it’s really successful, they will kill it, and they will try to kill it. I think they will kill it because they have ways of killing it. This was not the first time Dalio warned about governments killing bitcoin. While he did not elaborate on how the regulators will kill the cryptocurrency, he said in May that they could impose tough regulation on the crypto market. He also said several times that governments could also ban or outlaw bitcoin. Regulators worldwide have been increasing efforts to regulate cryptocurrency, including the U.S., where Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), has been asking for more funds to increase oversight of the crypto sector. Other countries actively trying to regulate crypto include India, which is working on a cryptocurrency bill; China, which has been cracking down on crypto activities; and South Korea, where new crypto law will go into effect on Sept. 24. Meanwhile, El Salvador has made bitcoin legal tender alongside the U.S. dollar. Dalio described: You have El Salvador taking it on and you have India and China getting rid of it. And you have the United States talking about how to regulate it and it could still be controlled. Dalio explained that bitcoin does not have intrinsic value, meaning it lacks fundamental and objective worth. He opined: “There are so many things in a historical perspective that didn’t have intrinsic value and had perceived value. And then it went hot and it became cold. It could be either way. You just have to know what it is. It could be tulips in Holland.” Nonetheless, the billionaire investor owns a small amount of bitcoin, seeing it as a good alternative to cash. The Bridgewater chief said: I think it’s worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. I have a certain amount of money in bitcoin … It’s an amazing accomplishment to have brought it from where that programming occurred to where it is through the test of time. What do you think about Ray Dalio’s concerns regarding regulators killing bitcoin? Let us know in the comments section below. View the full article

The blockchain network Solana had issues processing blocks on September 14 and according to a status report on September 15 at 2:01 a.m. (EST), the Solana validator community “successfully completed a restart of Mainnet Beta.” Solana Validators Restart Mainnet Beta Solana is now a member of the club of blockchains that have stalled for several hours stopping people from sending SOL transactions, using decentralized apps (dapps), and troubling block explorers and wallets with significant issues. During the early morning hours on Wednesday, following Solana’s block production stall on Tuesday, the “Solana Status” Twitter account gave the community an update. The official Solana Twitter page also retweeted the Solana Status tweet. “The Solana validator community successfully completed a restart of Mainnet Beta after an upgrade to 1.6.25,” Solana Status explained. “Dapps, block explorers, and supporting systems will recover over the next several hours, at which point full functionality should be restored.” Despite the restart people still complained about errors stemming from two different block explorers. The individual said: Why [do] Solscan and Explorer have different block heights? Solscan doesn’t show new blocks for an hour already. Explorer’s clock is wrong as well. Did Solana fork again? Solana Users Ask for Compensation, Solana’s Use of Blockchain Questioned, Software Developer Explains Solana’s Bug Differences From Ethereum’s Issue in 2016 In response to the Solana Status report at 2:01 a.m. this morning, a few individuals asked for compensation. “Please compensate us solana holders who have been sh***ing our pants since the crash,” one individual replied on Twitter to the Solana Status update. The Solana blockchain community caught a lot of flak for the outage and some wondered why the network uses a blockchain in the first place. “Why does Solana even use a blockchain?” the Twitter account ‘Mike in Space’ tweeted on Tuesday. “If you can just shut it down all day for “maintenance” it doesn’t sound very censorship-resistant to me,” he added. An individual responded to the tweet from Mike in Space and said: “It doesn’t matter that it isn’t censorship resistant because its main use case is something else.” But this did not satisfy the cryptocurrency supporter and he replied: Why not a database then? Seems like a lot of unnecessary overhead. Ethereum developer Hudson Jameson wrote about how he believes what happened to Solana “is not the same thing that happened during the Ethereum Shanghai attacks in 2016, but I understand why people think so.” “Both attacks were DoS attacks meant to halt block production, so that is similar. The big difference is that in Ethereum blocks never stopped producing during the attacks because of our multi-client design decisions. Solana is literally having to do a network restart,” Hudson stressed. The software developer added: I don’t like the rhetoric and comparisons to Ethereum [Anatoly Yakovenko] and others have made throughout the day on Twitter because it feels disingenuous and feels like it minimizes the issues Solana faced. I also don’t like that some people in the Ethereum community are bashing Solana for having to manually restart. Ethereum could just as easily be in a similar position if the merge has a bug. All that being said, I hold no ill will towards Solana and wish them the best. At press time, solana (SOL) is down 7.5% over the last seven days and remains a top seven crypto asset in terms of market valuation. The incident did very little damage to people’s perspective of the market and in the past four hours, SOL prices have seen gains. What do you think about the issues the Solana network has seen in recent times? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. AscendEX is thrilled to announce the listing of the Sovryn token (SOV) under the trading pair USDT/SOV on Sept. 15 at 1 p.m. UTC. Sovryn is a Bitcoin-based decentralized finance (DeFi) protocol launched in early 2020. The Sovryn platform provides the tools to trade, lend, and leverage Bitcoin and other assets permissionlessly, secured by the Bitcoin Blockchain with minimal gas fees. Their platform features a trading interface uniquely designed for Bitcoin-native DeFi users with no transaction limits and support for multiple assets to trade. Sovryn aims to connect Bitcoin with the entire crypto ecosystem, while maintaining high-level security and the flexibility of smart contracts. Sovryn set a vision to “create an open, fair, and transparent financial operating system for the world,’ Building upon that vision, the platform provides an opportunity for their users to have a say in their financial decisions, with little or no external control or oversight while keeping everything as secure as possible. Sovryn token holders can use Defi tools without giving away the ownership of their coins and leverage its infrastructure for a Bitcoin-native DeFi layer integrated with Ethereum, Binance, and other crypto-assets and chains. As a result, users can have access to the best aspects of DeFi coupled with the security of established networks. The platform’s native token, SOV, is used for decisions about the project’s future and governance process. It can also prevent centralized parties from ever controlling the platform. SOV coordinates the entire Sovryn ecosystem and gives access to the Origins Launchpad for new projects on the ecosystem. Holding SOV is like gaining access to an index of Bitcoin DeFi. In just 5 months, Sovryn has raised funding of $23M from investors like AscendEX, Greenfield One, Monday Capital, Pomp, Collider Ventures, and more. As of now, Sovryn has achieved over $568M in transactions, $77M Total Value Locked (TVL), and $551M Assets Under Management (AUM). About AscendEX AscendEX (formerly BitMax) is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 150 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions. AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com. For more information and updates, please visit: Website: https://ascendex.com Twitter: https://twitter.com/AscendEX_Global Telegram: https://t.me/AscendEXEnglish Medium: https://medium.com/ascendex About Sovryn Sovryn is the world’s first BTC application that will allow users access to the decentralized trading and lending of Bitcoin. Sovryn is built on the Rootstock (RSK) platform, which is a Bitcoin sidechain compatible with the Ethereum Virtual Machine that can support the smart contracts protocol. For more information and updates, please visit: Website: https://sovryn.app/ Twitter: https://twitter.com/SovrynBTC Telegram: https://t.me/SovrynBitcoin YouTube: https://www.youtube.com/channel/UCzMk0lOf3pFOg_9PgnafdNQ This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

On Tuesday, Bitcoin.com News spoke with Marc Falzon, an individual who has been documenting the bitcoin rollout in El Salvador since the law was implemented on September 7. Falzon says that there are a number of issues that no one is talking about in regard to the bitcoin law and the Chivo wallet, a government-crafted bitcoin wallet. One specific issue is the fact that Chivo wallet users cannot spend less than $5 when using the app. Marc Falzon: Reporting on the Bitcoin Situation in El Salvador from the Ground On September 7, 2021, El Salvador implemented the bitcoin tender law and now both bitcoin (BTC) and the U.S. dollar are legal currencies in the country. There’s been a lot of controversy surrounding the rollout and one survey shows that a majority of Salvadorans were not content with the new law. There was even a street protest and Salvadoran citizens took to the streets to object against the new law. Marc Falzon recorded a protest on his drone and when he uploaded the recording to social media, a bitcoin influencer from El Salvador reposted the video and said it was misinformation. What would happen if you were forced to us Bitcoin/LN to accept a purchase at your business, only for it get lost for over 5 days? This video is proof of the failures here that are NOT solved by just “switching wallets.” pic.twitter.com/ARQnZXgiwG — Marc Falzon (@MarcFalzon) September 13, 2021 Interestingly, when Bitcoin.com News published the post concerning the protest, commenters said the same thing. Our news desk was told that the protest was a small handful of people that did not amount to anything relevant. Falzon said that he also uploaded some of his findings to the Reddit forum r/bitcoin and the post was flagged. Subsequently, Falzon was also banned from r/bitcoin, although he managed to get reinstated. The r/bitcoin mods complained that the post was “misleading” and Falzon has been getting a lot of flak for his reporting. I believe that, going forward, I will continue covering cryptocurrency adoption. I will take the same approach I did here in El Salvador: being measured – testing everything first hand – caring what local people actually think. Avoiding the hype, showing what's real. — Marc Falzon (@MarcFalzon) September 15, 2021 Falzon’s reporting has been getting a lot of attention and his videos have been getting flak from so-called bitcoin influencers. Local media has covered Falzon’s findings and his point of view has been shared across various social media channels. Despite the criticism from some crypto supporters, there are those that believe his reporting has been 100% objective and on point. Chivo Wallet Does Not Process Transactions $5 and Under, Bitcoin Influencers Create False Narrative Speaking with Falzon on Tuesday, he explained that the situation is so bad it could leave a bad taste in Salvadorans in regard to cryptocurrencies in general. While some people believe that despite the initial problems and forcing the currency on Salvadorans, the end outcome will produce a silver lining, Falzon is not so sure. At the moment the issues are not sustainable for people who want to leverage microtransactions under $5 and his testing shows the Lightning Network feature on the Chivo wallet is losing transactions. Influencers showing how "easy" it is to buy Starbucks Lattes, while people here can't withdraw USD from Chivo, can't make sub $5 BTC purchases on Chivo, have their money locked in pending with Chivo. Let's be real and have a truthful conversation. https://t.co/SrMTThAqIE — Marc Falzon (@MarcFalzon) September 13, 2021 Misinformation, Falzon says, is stemming from the popular bitcoin influencers who are painting a glossy and artificial narrative of how things have been going. There have been problems and influencers are acting as though everything works great while buying items from chains like McDonald’s and Starbucks. Bitcoin.com News asked Falzon about the issues with microtransactions, as spending small increments of money is necessary to buy food and things like coffee. “Right now in El Salvador any transaction (using the Chivo wallet) under the amount of five U.S. dollars is being blocked,” Falzon told Bitcoin.com News. “There was never any mention of that when the [bitcoin tender] act came out. In fact, they said in the commercial promoting Chivo wallet, to the population here, that people would be able to buy everything. But during the initial launch, people are not able to make any microtransactions.” Falzon added: Today is day six, and they [Chivo wallet] just announced that they will at some point, lower the minimum threshold to a single penny. So it seems like it will be a temporary problem. Lightning Network Transactions Lost, Businesses Worried When asked if this was the case for both onchain bitcoin (BTC) transactions and the Lighting Network, Marc said: “Excellent question and that’s just something we don’t have an answer to right now.” Bitcoin.com News then asked if Lighting Network transactions were available at all. “That’s a complicated question and let me explain why. So in theory, yes, you can use Lightning for amounts over $5,” Falzon remarked. “However, in my testing, Lightning Network transactions at this time are being lost. To give you a specific example, in one of my videos I have a friend who is a local here send me $10 via Lightning Network to my wallet. That transaction was six days ago, that money still has not arrived in my wallet. Now what makes this scary is that the money has been deducted from my friend’s balance. So in his app, it shows he sent the money.” “To make matters even worse, in the Chivo wallet app there’s no way to see any information about the transaction,” Falzon continued. “One of the really big problems is that it’s not affecting me but that it’s affecting supermarkets and restaurants. To give you a specific example there’s a health food market near me and the owner is friends with all the owners of other supermarkets. She said that the other markets are worried because they have transactions sent in that are not showing up. So do you just let the customer just walk out of the store? By law, they need to accept the bitcoin transaction.” Bitcoin Acceptance by Salvadoran Merchants Is Not Optional Unless They Don’t Have Technical Infrastructure On August 24, Bitcoin.com News reported on the Salvadoran president Nayib Bukele promising that the bitcoin law would not be forced on citizens. Falzon says in some ways, Bukele’s statements are correct but in other instances, it is not true. “The president has said that bitcoin here in El Salvador was optional and that the Chivo app is also optional,” Falzon relayed. “However, that is actually not true. The president is correct that individuals can choose not to use the Chivo app. Like when they buy things they can use cash. They don’t have to use the Chivo app to use Lightning.” Falzon further added: However, merchants, store owners, business people, mom and pop shops, must accept bitcoin from the Chivo app. If the customer comes in and they want to buy something with the Chivo app, the merchant must accept it. For merchants acceptance is mandatory, and therefore the Chivo app is mandatory. “The way that the law is written, article seven says that all merchants must accept bitcoin by law, with the threat of force, you must do it,” Falzon emphasized in his statements on the phone. “However, article twelve in the law, says that merchants who are not currently able to be equipped as far as technology to accept the payment will not have to accept bitcoin until they have been properly equipped. About half the residents in El Salvador do not have an internet connection. For these people, from what I understand, they will not have issues with the government if they don’t accept it. Unless they are equipped to accept it.” Another heavily armed guard in front of a #Chivo #bitcoin ATM. After taking these photos the military made me erase them and watched me do it. Was able to save a few. I love #BTC but this is a bad look. #ElSalvador #SanSalvador pic.twitter.com/OHQYUSSVNo — John Dennehy (@jdennehy_writes) September 4, 2021 Although Falzon said that some small businesses do have the capability to add the technology and they would be forced to accept bitcoin. “Some small business owners do have the technology, they do have mobile phones,” Falzon stressed. “These business owners would no longer fall under article twelve. Article twelve doesn’t mean you have a choice not to accept it, it means that you have a little more time before you have to. If you have the technology then you fall under article seven.” The cryptocurrency advocate continued: For most people it’s not a loophole, most people are just not accepting it here, period. They just say no. The only places that I have found that accept bitcoin right now, are large chains such as McDonalds, Starbucks, all the stuff that you would see from influencers. But the individual shops that I’ve seen that are equipped and I’ve offered to pay in bitcoin, they just say no. They don’t give a reason, they just say no. Bitcoin Law Is ‘Encouraging Traditional Centralized Banking as It Has Always Been’ What’s even worse is that Falzon says many merchants are turning to an application crafted by the largest bank in El Salvador called Banco Agrícola. Instead of promoting a peer-to-peer electronic cash system, these Salvadoran merchants are handling bitcoin temporarily as they almost immediately get a fiat replacement for the bitcoin they accept. You're right, I have issues with the Chivo app – and I'll be on the News to discuss. Tune in, Niñito! https://t.co/n20nHx4ETh — Marc Falzon (@MarcFalzon) September 12, 2021 “The sad part about this is that the supermarkets and the business owners are getting an app called Wompi,” Falzon concluded. “What the Wompi app does is that it lets merchants accept bitcoin and it immediately converts it into USD and puts it in the merchant’s bank account. As if I paid in fiat. Businesses are using this app, to get around article seven,” Falzon highlighted. His findings show that the antiquated and centralized system of the past still remains fully functional. “What’s sad is that the Wompi app is made by the largest banking institution, Banco Agrícola S.A. (Banco Agrícola),” Falzon said. “Banco Agrícola developed the app. So basically, the situation that we have down here is [bitcoin is] not only not being used as a currency but it’s encouraging traditional centralized banking as it has always been.” What do you think about Marc Falzon’s findings and the situation in El Salvador? Do you agree with his assessment of the situation? Let us know what you think about this subject in the comments section below. View the full article

Unnamed sources familiar with the matter indicate the Biden administration may allow Federal Reserve chairman Jerome Powell to continue as the central bank’s lead. The news follows three U.S. representatives asking Biden to replace Powell with a central bank leader that addresses equality and climate change. Jerome Powell to Stay for Second Term, Sources Say A report written by Market Watch contributor Greg Robb shows that U.S. president Joe Biden and his administration will likely keep Jerome Powell at the helm of the central bank. Robb says the sources stem from “analysts who keep tabs on Washington for Wall Street” and they are “now fairly certain about his renomination.” Jerome Powell, the Federal Reserve’s chairman, has been leading the central bank throughout a period of time when the Fed has expanded the monetary supply like never before in history. Many complaints have been directed at Jerome Powell and the Federal Reserve’s schemes. Speaking with Market Watch, Stephen Myrow, managing partner of Beacon Policy Advisors said: “My base case is Powell now. That’s the consensus.” Meanwhile, Robb also reported that the managing director for the U.S. for Eurasia Group, Joe Lieber, agrees. “I think it is a high probability they renominate Powell,” Lieber said on Tuesday. However, the Biden administration may be getting complaints about Powell from members of the Democrat party. Three specific U.S. representatives (Alexandria Ocasio-Cortez (AOC), Rashida Tlaib, and Ayanna Pressley) want him to address other issues besides just Covid-19. AOC slammed Powell and said: “Under his leadership, the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system.” The three U.S. representatives want someone who will expand the monetary system to address things like equality and so-called climate change. Joe Lieber: ‘Picking Powell Is a Slam-Dunk in Terms of Market Reaction and a Slam-Dunk in Terms of the Senate’ Myrow stressed to Robb that “[Biden now] has too much on his plate,” and Leiber explained that it will be “good politics” to choose Powell again. “It is a slam-dunk in terms of market reaction and a slam-dunk in terms of the Senate — Powell will get 80 votes,” Leiber explained in his interview. Meanwhile, last month’s Survey of Consumer Expectations (SCE) report shows that many American households are concerned about rising inflation. The central bank’s metrics from the report published this week indicate that SCE respondents envision one-year inflation to jump to 5.2% and three-year expectations will be around 4%. It is likely that Biden will choose someone who will continue the monetary expansion to meet the administration’s ends. Despite the complaints from a few Democrats, Powell has shown he is willing to expand the U.S. monetary supply, suppress interest rates, and keep quantitative easing (QE) going strong. Every Federal Reserve chair ever chosen to lead throughout history has been ever so willing to expand the Fed’s powers. What do you think about Joe Biden potentially choosing Jerome Powell to run the Fed again for a second term? Let us know what you think about this subject in the comments section below. View the full article

New York Attorney General Letitia James has secured a court order to shut down cryptocurrency exchange Coinseed. The order also “permanently appoints the court receiver to obtain, safeguard, and return all assets invested and traded through” the exchange. New York Attorney General Letitia James Shuts Down Crypto Exchange The office of New York Attorney General Letitia James announced Monday that the attorney general has shut down cryptocurrency trading platform Coinseed. James has secured a judgment against Coinseed and its founder and CEO, Delgerdalai Davaasambuu, “that permanently halts their illegal and fraudulent operations,” the announcement describes, adding: The judgment secured by Attorney General James today permanently appoints the court receiver to obtain, safeguard, and return all assets invested and traded through Coinseed and orders a money judgment against the defendants in the amount of $3,061,511, both together and separately. Attorney General James filed a lawsuit against Coinseed in February for defrauding thousands of investors across the U.S. Coinseed CEO Delgerdalai Davaasambuu and CFO Sukhbat Lkhagvadorj were also defendants in the suit. The Office of the Attorney General further revealed that since the filing of the lawsuit, it has received more than 175 complaints from investors about the exchange. Despite the legal action, Coinseed and its CEO “continued their fraud and commenced additional fraudulent conduct by trading in investors’ accounts without permission and then blocking investors from accessing those accounts,” the announcement notes. In June, the New York County State Supreme Court granted James’ motion for a preliminary injunction. However, Coinseed and its CEO “defied that preliminary injunction by creating, offering, and selling a new virtual currency — including to New York investors — and failed to respond to Attorney General James’ complaint.” Attorney General James opined: For years, Coinseed and its CEO have engaged in egregious and fraudulent activities that have cheated investors out of millions. In defiance of court orders, this company has continued to operate illegally and unethically, holding investors’ funds hostage and underscoring the dangers of investing in unregistered virtual currencies. What do you think about New York Attorney General Letitia James shutting down Coinseed? Let us know in the comments section below. View the full article

State Bank of India (SBI) has reportedly blocked payments to cryptocurrency exchanges using its Unified Payments Interface (UPI). Payment processors have been told to disable the bank’s UPI for crypto merchants. Payment Processors Instructed to Disable SBI UPI for Crypto Firms State Bank of India, the country’s largest bank, has reportedly “blocked the receipt of funds by crypto bourses on its UPI platform,” the Economic Times reported Wednesday, citing sources in the payments industry. Unified Payments Interface (UPI) is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) to facilitate interbank transactions through mobile phones. The UPI payment system is regulated and supervised by India’s central bank, the Reserve Bank of India (RBI). According to the publication: The bank has told payment processors to disable SBI UPI for crypto merchants. This means SBI bank customers cannot transfer funds via UPI to crypto exchanges to buy cryptocurrencies, including bitcoin. An SBI spokesperson was quoted as saying: “It is the policy of the bank not to comment upon matters relating to the subject matter.” Several banks in India have been clamping down on fund transfers to crypto exchanges. The NPCI, however, said in May that it will not block payments to crypto companies using UPI. Instead, it advised banks to make their own decisions whether to allow transactions involving cryptocurrencies based on their own risk assessment. Now that SBI has made its decision, many other banks may be reluctant to onboard crypto merchants on their respective UPI platforms, the publication conveyed. One of the largest Indian cryptocurrency exchanges, Wazirx, has already been impacted. CEO Nischal Shetty told the publication: “We’re trying to discuss and put forward our points to SBI. Wazirx follows KYC (know your customer) norms and AML (anti-money laundering) policies. Being the largest crypto exchange in India, millions of Indians are currently affected due to this move by SBI.” What do you think about State Bank of India blocking payments to crypto exchanges? Let us know in the comments section below. View the full article

The Original DeFi Meme Token – HOGE has joined forces with the DeFi Angels to give their project a voice on Capitol Hill as the regulation conversation heats up. It’s no secret that American based blockchain crypto companies are fighting the infrastructure bill in D.C. This bill could create big change in the world of DeFi over the next several years. HOGE is an ERC20 token on the Ethereum blockchain that has a 2% tax on every transfer. Part of that tax is reflected to current holders, and part is burned forever making HOGE a deflationary cryptocurrency asset. Hoge was a fair launch project; everybody can buy in on day one. Even the developers. This project is entirely comprised of a decentralized community and one of the few token projects out there that has no developer wallet meaning they are a project that is responsible for creating their own self-sustaining ecosystems that provide revenue channels to continue to fund and grow their project. Hoge has achieved early success by focusing on brand building, refining their Decentralized Finance (DeFi) technology, running charitable events and most importantly fostering an authentic and inviting community environment. HOGE has found a strategic ally to fight the DeFi regulation battle with and ensure their blockchain infused voice is heard in the House. The DeFi Angels are an investment community in the Decentralized Finance (DeFi) sector whose member based proprietary platform focuses on education, fair launches, and community vetted deal-flow. They are known for transparency and ethics; leveraging these core values, their community acts as a sophisticated filter for investors looking to get into early-stage DeFi projects. Valuing women empowerment, the DeFi Angel’s created a safe environment for female investors to flourish within a male-dominated field. They also provide a platform for new and experienced entrepreneurs to present their projects in an organic environment, where teams can answer various technical and business model questions. Together, these two communities are headed to congress to attend appointments and speak with legislators, as well as people in regulatory affairs to create fair and balanced DeFi regulation. Coming along with them is J.P. Deese & Associates, LLC to act as the official HOGE Lobbyist and the political voice for a project that has over sixty-five thousand (65,000) current investors. In a recent comment, J.P. Deese said,” This serves as an excellent opportunity for the crypto and DeFi spaces to come together, flesh out their own language, and aggressively advocate at the federal level for these proposed changes. The moment is now; the moment is ours.” To add fuel to the regulation fire, Coinbase, one of the most popular American based crypto exchanges, has come under fire from the SEC over their new crypto lending product that’s scheduled to come to market in Q4 this year. Coinbase’s official Twitter page released a statement online last week stating,” After months of trying to engage with the SEC on our planned Coinbase Lend product, we recently received notice that it intends to pursue legal action against us. We believe dialogue is at the heart of good regulation, even if the SEC may not.” It will be interesting to see how the next few weeks play out leading to the DeFi Bill passing through the House, but one thing is for sure, HOGE and The DeFi Angels will have representatives front and center to do everything they can to give their projects and the DeFi ecosystem a chance to be heard. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Cryptocurrency cannot be adopted as a means of payment in Uzbekistan, a high-ranking official from the country’s central bank has recently stated. Speaking to local media, the regulator’s representative also noted that unlike cryptocurrencies, the national fiat is backed by the bank’s assets. The statement comes in spite of Tashkent’s crypto-friendly moves in the past. Cryptocurrency Cannot Be Accepted for Payments in Uzbekistan, Monetary Authority Says Cryptocurrencies such as bitcoin cannot be recognized as legal tender in Uzbekistan and that’s unlikely to ever change, a central bank official told Spot this week. Speaking to the local news outlet, the Deputy Chairman of the Central Bank of the Republic of Uzbekistan (CBU) Behzod Hamraev said: As an economist, I can assume that it [cryptocurrency] will never be equal to world currencies such as the dollar, euro, yen, ruble. The representative of the monetary authority pointed out that 28 trillion Uzbekistani sum (the nation’s fiat money) are currently in circulation and they are all backed by the central bank’s assets. “You can even see an inscription of the regulator’s obligations on the banknotes, and cryptocurrency is not backed by anything,” he added. The government of Uzbekistan incorporated a ban on the use of cryptocurrency for payments into its legislation back in 2019. According to current law, the sum remains the only legal tender in the Central Asian country. A decree issued by the National Agency for Project Management, a regulatory body responsible for the oversight of the digital economy, emphasized: Crypto assets cannot be used on the territory of the Republic of Uzbekistan as a means of payment. At the same time, the decree also introduced regulations governing the licensing and operation of cryptocurrency exchanges. Crypto trading was legalized in 2018 but in December 2019, authorities effectively banned residents from purchasing cryptocurrencies on the trading platforms while they were allowed to sell their crypto holdings. Then, in January 2020, Tashkent announced it planned to set up a national mining pool as a priority, establish a licensed cryptocurrency exchange where miners will be permitted to sell their digital coins, create a blockchain valley and introduce crypto tax exemptions. The regulated digital asset platform, Uznex, operated by the South Korean entity Kobea Group, was launched later the same month. The latest statement from the Central Bank of Uzbekistan regarding the status of cryptocurrencies comes after El Salvador became the first country to adopt bitcoin (BTC) as legal tender alongside the U.S. dollar. It also follows a similar statement by Dmitry Peskov, spokesman of Russian president Vladimir Putin, who recently said Russia isn’t ready to accept the coin as a means of payment. Do you think Uzbekistan will change its policies towards cryptocurrencies in the future? Share your expectations in the comments section below. View the full article

According to the findings of a study by KLA, a market research and data specialist firm, some 47% of South African adults are holders of cryptocurrency, with the majority of this number holding low-value investments. In addition, the study shows that 36% plan to invest in crypto in the future. South Africans Still Experimenting With Cryptocurrency Though the KLA findings report that 47% of South Africans are holders, the Businesstech report quoting KLA’s Tessa Nowosenetz explains the value of crypto assets held is still very low. This low average value suggests that many are still trying to understand crypto. To emphasize this point, Nowosenetz said: While this percentage is high, the amount invested is low. This indicates that the bulk of South African crypto investors are experimenting and dabbling without making a significant financial commitment. According to the study’s findings, 25% of respondents that hold cryptocurrency have between $7 and $70 (or between 100 and 1,000 rands) invested in digital assets. Fewer South Africans — about 13% of the respondents — are holders of cryptocurrencies that are valued between $70 and $700. Only three percent of the respondents said they own digital currencies whose value is in excess of $3,400. Still, despite having a significant number of people that hold cryptocurrencies, a majority of South Africans (53%) are not crypto holders, the study found. Many Attracted by Quick Gains Businesstech notes that despite their cautious crypto investment approach, many South Africans remain curious and are “interested in learning the ropes while engaging in a trial.” The report notes however that many are venturing into crypto because they are interested in making “a quick gain.” Nowosenetz explained: The main appeal and advantage of crypto is the perception that there is an opportunity to make considerable gains on your investment in the short-term, with 43% stating this as their main reason for interest in crypto. The report also reveals that about 20% of those that are dabbling into cryptocurrency are doing so because they want to diversify their portfolio. On the other hand, some 16% of the respondents said they are interested in using or trading cryptocurrencies because “everyone can do it.” The study shows that 36% plan to invest in crypto in the future and that only four percent of the respondents list the lack of regulation as their prime reason for choosing to hold cryptocurrencies. What are your thoughts on the findings from the survey by KLA? Tell us what you think in the comments section below. View the full article

Interactive Brokers, one of the largest online brokerage firms, has announced today it is offering cryptocurrency trading services in alliance with Paxos. Users of the platform now have a complete suite of cryptocurrency trading options, along with traditional trading offerings like stocks and bonds. The company recognized the importance of digital assets for traders to help them achieve their financial objectives. Interactive Brokers Debuts Crypto Trading Interactive Brokers, an online brokerage with more than one million customers, has introduced cryptocurrency to its suite of trading options, plans for which its CEO announced back in June. Now, users of the Interactive Brokers platform will be able to trade for different crypto assets: bitcoin, ether, litecoin, and bitcoin cash. With this inclusion, Interactive Brokers acknowledges the rising importance of the cryptocurrency asset class for diversification in today’s financial market. About this, Milan Galik, CEO of the company, stated: In giving our clients access to cryptocurrency trading, we recognize the need to meet the growing investor demand to trade cryptocurrency alongside other asset classes in a convenient and low-cost way. The firm wants to consolidate as the go-to broker to acquire cryptocurrencies at low fees. The company announced they would only collect a maximum of 0.18% of trade value, with a USD $1.75 minimum per order, without added spreads, markups, or custody fees. This could open the doors to a large number of investors that put their trust in Interactive Brokers, and that hadn’t had exposure to this kind of asset through traditional brokerage offerings. Paxos Powered Trades To achieve its objective of bringing cryptocurrency trading to its platform, the brokerage partnered with Paxos, a New York-based cryptocurrency services firm. The solution used is called Paxos Crypto Brokerage, which allows the company to manage the volume and complexity of the trades coming from Interactive Brokers and other customers. On this, Charles Cascarilla, CEO and co-founder of Paxos, stated: Paxos provides the regulated blockchain infrastructure to ensure enterprises can enable crypto safely and with reduced risk. Our collaboration with Interactive Brokers allows experienced investors to have fast, reliable access to the digital economy for the first time. The company is now configured to become a complete rival of Robinhood, the fee-free financial platform, as it now offers a fully comparable trading options stack. What do you think of Interactive Brokers introducing cryptocurrency trading to their customers? Tell us in the comments section below. View the full article

Ark Investment Management CEO Cathie Wood expects the price of bitcoin to be more than $500,000 in five years’ time, which is over 10 times what it is today. She also shared her view on cryptocurrency regulation and Coinbase’s trouble with the U.S. Securities and Exchange Commission (SEC). Cathie Wood’s Ark Invest Predicts $500K Bitcoin Cathie Wood, the CEO of Ark Investment Management (Ark Invest), discussed bitcoin and crypto regulation in an interview at the SALT conference Monday. Wood is also the firm’s founder and CIO. She was asked what bitcoin will be worth five years from now. Wood replied, “If we are right and companies continue to diversify their cash into something like bitcoin, institutional investors start allocating 5% of their funds into … bitcoin, or other crypto,” then: We believe that the price will be tenfold of where it is today, so instead of $45,000, [it would be] over $500,000. Wood also commented on cryptocurrency regulation. Based on her meeting with state, local, and federal regulators, she described: “Our working assumption from the beginning was that … no regulator wanted to be blamed for preventing the next big technology breakthrough to happen in the U.S.” She proceeded to say she is “really happy” that the chairman of the SEC, Gary Gensler, “understands crypto and understands the merits of bitcoin in particular.” Nonetheless, she noted, “He is a regulator though and he’s a hardcore regulator.” The CEO of Ark Invest then talked about cryptocurrency exchange Coinbase’s trouble with the SEC regarding its lending product, noting that she “was shocked” to hear that Coinbase received a Wells Notice. “Are you kidding? They haven’t even released the product. What is this?” she exclaimed. Coinbase revealed last week that it received a Wells Notice from the SEC. However, the exchange said that it does not know what problem the SEC has with its Lend product. “We don’t know why … We got no explanation from the SEC,” the exchange wrote. “I think what that Wells Notice is doing, it’s a call out by regulators saying we got to discuss this stuff because this is happening very quickly and I think we are going to bring courts into the system,” Wood opined, adding: This happened in Canada. A company called 3iq sued the regulator there and won in court so they were able to issue bitcoin ETFs [exchange-traded funds], and closed in funds and ether as well. She concluded: “So, I’m beginning to think that Coinbase doesn’t mind it at all and if you saw the stock reaction, it hardly budged.” When asked which cryptocurrency she would invest in if she could pick just one, Wood said she would default to bitcoin “because countries are now deeming it legal tender.” The Ark Invest executive is referring to El Salvador where the country’s Bitcoin Law went into effect on Sept. 7 making BTC legal tender alongside the U.S. dollar. Do you agree with Cathie Wood? Let us know in the comments section below. View the full article

Global investment bank Morgan Stanley is establishing a new cryptocurrency research team. “The launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets,” the bank said. Morgan Stanley Sets Up New Research Team Morgan Stanley is launching a dedicated cryptocurrency research team, Bloomberg reported Monday, citing the bank’s internal memo to staff it has seen. Led by Sheena Shah, the firm’s lead cryptocurrency analyst, the team will research cryptocurrencies’ impact on both equities and fixed income globally. Shah will be based in London, where she will report to Adam Wood, who leads Morgan Stanley’s fintech and payments research team in Europe. She will also report to James Faucette, who leads the firm’s fintech and payments research team in the U.S. The memo states: The launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets. Morgan Stanley was among the first major investment banks to embrace cryptocurrency. In March, the firm made three bitcoin funds available to its clients. In April, the firm added bitcoin to 12 mutual funds’ investment strategies. Several other major financial institutions have also established dedicated cryptocurrency teams, including Bank of America (BOFA) which created a crypto research team in July. Last week, asset management firm Franklin Templeton posted a job notice for an “investment research analyst” for cryptocurrency. A growing number of investment banks have begun offering or are in the process of offering cryptocurrency services to their clients. They include Goldman Sachs, Citigroup, Standard Chartered, Wells Fargo, and DBS. What do you think about Morgan Stanley launching a dedicated crypto research team? Let us know in the comments section below. View the full article