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Category Archives: Cryptocurrency
Posted: November 20, 2020 at 12:55 pm
Cryptocurrency is steadily winning grounds. You can use cryptocurrency as an investment or a means of payment. Its a digital alternative to cash or credit cards to make everyday payments. In the past, the crypto business sounded scary. But many are now gaining trust and investing in the different types of cryptocurrencies available.
What is blockchain cryptocurrency?
Blockchain cryptocurrency is a digital asset that works as a medium of exchange. Its different from the common traditional currencies in that it works on digital channels with strong encryption to secure all online financial transactions. The encryption layers also control the creation of additional units and also verify the transfer of assets. There are various types of blockchain cryptocurrencies such as:
Bitcoin is one of the commonly used currencies. Its perceived to be an original cryptocurrency and was created in 2009. Bitcoin uses blockchain technology and enables users to make peer-to-peer transactions. The transactions are secured through an algorithm within the blockchain. You can view the transactions, but only the bitcoin owner can decrypt it using a private key.
Bitcoins are different from bank transactions in that theres no central regulatory authority. The users manage and control the transactions, which allows for anonymous exchanges. You can use Bitcoin to pay bills using Bitcoin debit cards. You can also use Bitcoins in Bitcoin licensed casinos to pay for poker and slot games.
Litecoin is a Bitcoin alternative, which was launched in 2011. Like other cryptocurrencies, its an open-source and a global payment network. Is there a difference between Litecoin and bitcoin? Yes, some are listed below;Litecoin offers faster transaction times than bitcoinThe coin limit for Litecoin is 84 million, while the limit for Bitcoin is 21 million.Both use different algorithms; Litecoin is a scrypt, while Bitcoin is SHA-256.
3. Bitcoin Cash
Bitcoin cash is a type of digital currency. It was designed to enhance some of the Bitcoin features and came with many gains. The cryptocurrency was launched in 2017 and enhanced the block sizes, enabling more and faster transactions. The launch of Bitcoin Cash was supported by some key Bitcoin investors, such as Roger ver, who was for the idea that Bitcoins block size limit inhibits its ability to scale or accrue value.
4. Stellar Lumen
Stellar Lumen operates as an intermediary currency and facilitates currency exchange. Its borderless and allows for exchanges between different currencies from one owner to another. With Stellar, you can create, send, and trade in different digital forms of money, pesos, dollars, Bitcoin, and many more. It allows the worlds financial systems to operate on a single network.
Ethereum is an open-source platform and a type of blockchain technology lanced in 2015. Ethereum is accessible worldwide, and you can use it to write codes that control digital values and run as programmed.
It helps in the tracking of ownership of digital currency transactions. It also runs the programming code on decentralized applications allowing application developers to use the Ethereum network for paying the transaction fees and services.
Cryptocurrencies are now used as a payment mode, and you can use them to pay bills in places that allow such transitions. To trade in cryptocurrency, choose an exchange wisely. Besides, cryptocurrencies arent regulated by a centralized body.
Read more from the original source:
Common Types of Cryptocurrency that You Should Know - Blockchain News
Posted: at 12:55 pm
With the exception of BitMEX and Arthur Hayes, the U.S. Commodity Futures Trading Commission doesnt seem to have any other cryptocurrency exchanges, blockchain company executives or DeFi projects on its enforcement radar at least not in the immediate future.
Last month, the CFTC charged cryptocurrency exchange BitMEX and several senior company executives including CEO and co-founder Hayes with operating an unregistered trading platform and violating the know-your-customer and anti-money laundering (KYC/AML) requirements under the Bank Secrecy Act. Despite the criminal charges, Hayes a Hong Kong resident has remained out of reach of U.S. authorities because of a suspended extradition treaty.
CFTC chairman Heath Tarbert said during a recent CoinDesk event that the agency might be looking at other noncompliant cryptocurrency exchanges and DeFi projects.
When asked if CFTC is investigating other platforms as well, Tarbert reportedly replied: Ill say maybe.
But in reality, the CFTC doesnt seem like it is looking into any more cryptocurrency exchanges in an official manner at this time.
Freedom of Information Act requests sent by Forkast.News to the CFTC since April reveal that the agency investigated Arthur Hayes and BitMEXs parent company HDR Global Trading. But the CFTC would not disclose more details or subpoenas under the enforcement-themed exemption 7a because an active investigation was underway. A second FOIA request made by Forkast.News last month for information on the top cryptocurrency exchanges and a number DeFi projects has come back from the CFTC with a no documents response.
The difference between FOIA exemption 7a [which is used to withhold documents due to law enforcement proceedings] and no responsive documents reply is the difference between meat and vegetables, attorney David Reischer, CEO of LegalAdvice.com, told Forkast.News. The 7a exemption requires a two-step analysis on whether a law enforcement proceeding is pending or prospective, and the release of information about it could reasonably be expected to cause some actual harm. The no responsive documents reply means that the agency searched and found no relevant records.
Braden Perry, a former CFTC enforcement attorney and now a law partner at Kennyhertz Perry, believes that the commission would go after the low hanging fruit of Bank Secrecy Act violations for not having adequate know-your-customer and anti money laundering provisions, which is what allegedly did Hayes and BitMEX in, but would stop short of broad regulatory action because a hasty attempt to reign in every potential for wrongdoing would likely fail and cause more damage than good to the DeFi environment.
The CFTCs increasingly expanded view of their jurisdiction will likely be challenged, especially against offshore exchanges and participants that have limited ties to the United States, Perry told Forkast.News. This is dangerous territory for the CFTC.
Perry points to the possibility that a campaign against DeFi platforms would be regulation by enforcement, as opposed to a defined regulatory framework, transparent and clear to all participants.
The last thing any industry wants is what the CFTC appears to be doing: regulation by enforcement, in which agencies decide that some practices should have been illegal, and instead of declaring it illegal from now on through rulemaking, go back and prosecute the people who were doing it before, Perry added But that regulatory framework cannot catch innovation and many times frustrate those willing to adopt new technology.
As Forkast.News has previously reported, there is a regulatory framework for cryptocurrency exchanges and DeFi that is making its way through Congress.
The Digital Commodity Exchange Act (DCEA) would seek to regulate the trading venues which list emerging digital commodities, such as Bitcoin, Ether, their forks, and other similar digital assets, for trading, to an official public summary of the bill. The end result of the bill would be the creation of a digital commodity exchange, or DCE, to replace the existing regulatory setup of exchanges being regulated as money service providers. The DCEA also delineates legislative responsibilities for token creation and sales, which would categorize the token itself as a commodity under the purview of the CFTC.
While Perry says the proposed bill is a start and hits some existing pain points such as custody of funds and market data, theres not enough clarity in the bill to bring exchanges and projects to the U.S. from their offshore domiciles.
If the CFTC really wants to reign in offshore market participants, they need to understand their lack of action is pushing these companies offshore, Perry said. Without a transparent structure, the DeFis are stuck watching their back as opposed to looking to the future.
Posted: at 12:55 pm
Warren Buffett, meanwhile, has said cryptocurrencies will come to a bad end.
The International Compliance Association (ICA) is a professional membership and awarding body. ICA is the leading global provider of professional, certificated qualifications in anti-money laundering; governance, risk, and compliance; and financial crime prevention. ICA members are recognized globally for their commitment to best compliance practice and an enhanced professional reputation. To find out more, visit the ICA website.
When such esteemed (and profitable) investors have contrasting views about cryptocurrency, it is hard for the rest of us to say if its influence is positive or negative. However, one thing is certain: It is here to stay.
Cryptocurrency is no longer the plaything of criminals or confined to dark corners of the Web. These views are outdated excuses to avoid confronting it. While no one can claim to be an expert, its still an area we must try to understand. We shouldnt judge ourselves too harshly, as it is a complicated topic, but by accepting it and trying to come to grips with what it isand how it workswe will be better placed to avoid regulatory censure and benefit from it.
This article will illustrate some of the challenges, even mysteries, of cryptocurrency and highlight the importance of everyone in compliance staying on top of it all. Well look at what regulators are trying to do, and we will also give you a tip on where to go to study this complex topic further.
As the saying goes, you cant run before you can walk, so in this situation you need to understand the technology before comprehending how it is used. Cryptocurrency, blockchain, distributed ledger technology (DLT)these are all terms becoming more common as they gain higher levels of adoption. It can be great for compliance (for example, DLT can be used to bring more transparency to business transactions and speed up global commerce), but it also has the potential to be an asset for criminals (the anonymity provided through blockchain can create a haven for bad actors to operate within).
The fast-evolving blockchain and distributed ledger technologies have the potential to radically change the financial landscape. But, their speed, global reach and above all - anonymity - also attract those who want to escape authorities scrutiny.
Source: Financial Action Task Force
What about for the regulator? This is not as clear cut, as they sit in the middle. Too much regulation stifles growth and adoption at a time when the world is crying out for developments and improvements to how business is done, but too slack an approach allows criminals to run riot and exploit holes in regulation.
The problem for compliance professionals, then, is how to treat this burgeoning technology when we begin to encounter it? Its really complicated, but thats OKwere all discovering and trying to understand it together. As with all risks, there are threats and there are opportunities. Clearly, we must follow regulatory guidance, but what happens when that evolves or is updated? Equally, what happens when new technology emerges so quickly that regulation cant keep up? There are so many new products and novel ways of moving value globally that criminals are poised to exploit that regulators have a mighty challenge on their hands to stay abreast. So, lets take a breath and see how regulators and authorities are attempting to do exactly that.
Bitcoin exploded onto the scene in 2009, immediately catching the attention of the Financial Action Task Force (FATF). The most recent additional guidance was added to their recommendations in 2019. As part of that addition, a 12-month review was planned for June 2020, and a survey of its membership and its broader global network was carried out in March 2020. Thirty-eight FATF members (37 jurisdictions and 1 regional organization) and 16 FATF-style regional body member jurisdictions responded.
Quite often when a new regulation is issued, or guidance is given on a specific topic, there is the temptation to feel its contents are sufficient to cover the need and the issue resolved. However, it is rarely that simple. Regulations are complicated, and the guidance that follows can take multiple iterations to get right. This is especially true in such fast-paced areas as new technology, virtual assets, and cryptocurrency.
While the recommendations are being implemented, there is still a long way to go to total adoption and full regulation. The FATF is aiming to bring consistency through its virtual asset service provider frameworks, its recommendations, and its review.
In addition to the recommendations from the FATF, other jurisdictions are coming to terms with how to regulate cryptocurrency. The European Union has found it is hard to set clear and strict rules given the opaque nature of the Internet (anonymity provided by IP addresses, data being moved quickly, locations disguised via a virtual network, etc.). It is proving near impossible to apply sanctions in the world of cyber in the same way as against arms dealers or nuclear proliferation activities.
Nevertheless, the European Union in November 2020 imposed its first cyber-sanctions regime targeting Russian, North Korean, and Chinese actors deemed responsible for cyber-attacks against EU member states. Similarly, the United States has also pursued sanctions and indictments against Russian, North Korean, and Chinese actors. However, attributing blame and guilt in the cyber-sphere often lacks what would otherwise be deemed essential evidence, either because governments dont have access to incontrovertible proof or because they are unwilling to provide it.
Further, given IP addresses can be altered or hidden, the location of a perpetrators address constitutes neither adequate nor necessarily correct evidence of their true location. The easily blurred and untraceable nature of cyber-space will therefore make identifying the complete networks of individuals difficult. Cyber-sanctions may consequently not result in significant asset freezes or have much impact on the financial networks supporting illicit cyber-actors. Thus, its unsurprising that its taking some time for authorities to come to grips with it all.
The United States has yet to formulate a consistent legal approach to cryptocurrencies, with laws varying from state to state. Federal authorities even differ in their definition of the term: The Financial Crimes Enforcement Network (FinCEN) doesnt yet consider cryptocurrencies legal tender; in contrast, the Internal Revenue Service (IRS) regards cryptocurrencies as property. Different terms being used for the same thing is just another example of how complicated this area is.
The situation in China is different. Cryptocurrency was initially handled very cautiously there but more recently has received some backing. In 2017, the Peoples Bank of China banned initial coin offerings and cryptocurrency exchanges and attempted to root out the industry by making token sales illegal. The biggest exchanges thus ceased trading. This all changed in 2019 when a Chinese court ruled Bitcoin was digital property. Since then there has been a shift in cryptocurrency adoption, with Chinese President Xi Jinping calling for an increase in development efforts on blockchain. There is still some caution, but China is certainly a country with development on its mind.
Why is this all important to you? Well, the adoption of virtual assets, blockchain, and cryptocurrency is rapidly increasinga recent report by Chainanalysis found that of the 154 countries analyzed, 92 percent had some sort of cryptocurrency activity. The way we work, bank, and live in years to come could well look very different to now, with some of these technologies being used to underpin our basic activities.
In a work environment, and focusing on compliance, it is going to be vital to not just monitor these changes but to take action to ensure you and your business remain compliant. A company that fails to evolve will lag behind, and the same applies to compliance professionalsif you dont keep yourself up to date, you too will be out of the loop. Educate yourself about the technology; demystify it. If youre able to understand it and know what youre dealing with, this will help you to manage risks and leverage value. Remember that it works both ways. If youre a FinTech, understand how the technology is exposed to risk through its features and usability and find ways to control it.
There is a plethora of information available on virtual assets, crypto, blockchain, and so on, but to stay on top of it all is almost a full-time job. As mentioned at the start, no one is an expert in this area yet, so all we can do is educate ourselves as best we can and then share that knowledge.
Cryptocurrency is confusingthere is little point in pretending otherwise. But through education and sharing knowledge, we are all better able to understand it and adapt to its adoption and continued use. Its here to stay, so we may as well get on board and enjoy the ride.
The International Compliance Association is a sister company to Compliance Week. Both organizations are under the umbrella of Wilmington plc.
Here is the original post:
Cryptocurrency's future: What compliance needs to know | Article - Compliance Week
LSU student allegedly tampered with 169 university-owned computers, used them to mine cryptocurrency – WBRZ
Posted: at 12:54 pm
BATON ROUGE - Police arrested a college student after he allegedly installed malware on more than one hundred devices across different LSU computer labs over the course of about two years.
Campus police arrested Carlos Munoz-Salazar, 25, after a campus technology services employee found a USB drive he allegedly left in one of the infected computers.
Arrest records suggest the same device was used to install software on 169 different computers which allowed Munoz-Salazar to control them remotely. After gaining access, he then allegedly installed a program that allowed him to mine cryptocurrency from the university-owned computers.
LSU employees said some computers were infected as far back as June 2018, and the "attacks" continued until the university's ITS department blocked the software on July 23, 2020.
Police said the university was then able to use Munoz-Salazar's misplaced USB device to identify when he logged onto another computer at the school last week. An employee found Munoz-Salazar at the infected computer and took a photo of his student ID.
Munoz-Salazar admitted to authorities he made about $2,500 from mining virtual currency on the university's computers. He was arrested Friday and booked on 169 counts of computer tampering and computer fraud.
Posted: at 12:54 pm
Bitcoin (BTC) being on a bull run may be hounding all the attention but the world's apex cryptocurrency is getting outdone by several decentralized finance, or "DeFi," projects.
What Happened: SushiSwap (SUSHI), one such DeFi cryptocurrency,has surged 96.24% in a 7-day period up to press time beating Bitcoin, which is up 12.86%.
DeFi has seen rising popularity in the cryptocurrency community, with some dubbing it as a fad. A lot of DeFi projects may be in a bubble, but that doesn't mean that "DeFi will eventually disappear entirely,"Binance CEO Changpeng Zhao said this week, as reported by Cointelegraph.
Zhao advocated cryptocurrencies like Bitcoin saying it was the money of freedom for millions of people worldwide.
Why It Matters: SushiSwap, the DeFi protocol supported by SUSHI,has been among the most popular such projects. SUSHI had surged 331% to $11.17 in September before its anonymousfounder cashed out $6 million worth of tokens, tanking the cryptocurrency.
Yearn Finance (YFI), another DeFi cryptocurrency, which offers yield farming, surpassed Bitcoins 7-day gains this week.At press time, YFI is up 13.1% in the 24-hour trailing period and 49.3% over seven days at $24,667.87.
SUSHI traded 16.85% higher at $1.33 at press time, while Bitcoin traded 0.51% higher at $17,756.63.
See Also:Bitcoin Storms Past $18,000
2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted: at 12:54 pm
The past few weeks were marked by a tremendous acceleration in bitcoin price, that recently broke the 18,000 level, nearly doubling in value since early December. We previously saw that the massive liquidity injections from major central banks and especially the Federal Reserve has led to a sharp recovery in most of the asset classes since mid-March and a sharp consolidation on the US dollar, with the DXY down 10%. Figure 1 shows the performance of a diversity of assets since the market reached its low on March 20th; Bitcoin is by far the asset that experienced the most drastic recovery, up 380%, followed by the 'FANGs' stocks, up 125% since their bottom.
Hence, investors have been asking themselves the following question: is the move done on bitcoin or should we experience much higher prices in the medium term?
Source: Eikon Reuters
With most of the European nations under national lockdowns, which is also expected to be announced in the US in the near term, investors have been speculating that economies will strongly rely on governments' support in the next few months, which implies a significant increase in central banks' assets. We saw that assets from the top major 5 central banks (Fed, ECB, BoJ, PBoC, and BoE) have grown by over 7 trillion USD this year, which has clearly supported most of the markets and resulted in a sharp recovery in asset prices and fundamentals. Figure 2 shows a very strong relationship between the annual change in CBs assets and the price of Bitcoin; as more restrictions imply more debt financed by central banks (i.e. QE), the cryptocurrency has surged as some investors have been looking at bitcoin as a hedge against currency 'debasement'.
Source: Eikon Reuters, RR calculations
Another interesting development has been the strong divergence between bitcoin and FANGs stocks in recent weeks; figure 3 shows that while the FANG+ index has been oscillating around 5,300 since the start of September, bitcoin has surged from $10,000 to $18,000. We saw that in the past, bitcoin prices were very sensitive to equity moves (especially the mega-cap growth stocks) and were strongly correlated during upside momentum but also during equity drawdowns. Bitcoin went down 60% during the February/March episode and was also down nearly 20% during the early September bear consolidation.
Hence, investors will be curious in the future to see if bitcoin prices can hold if tech stocks start to fall.
Source: Eikon Reuters
Even though US real interest rates seem to have found their low back in August, with the 5Y real IR trading at -1.4% back then (currently at -1.25%), the amount of negative-yielding debt has continued to surge in recent months. After peaking at 17tr USD in August 2019 (when the 2Y10Y US yield curve inverted), the amount of negative yielding debt had fallen dramatically until March 2020 to 8tr USD and then started to skyrocket again. The negative-yielding debt could be seen as a 'real-time gauge' of the economic activity; more debt yielding below 0 percent simply means growing concerns over the economic outlook. Therefore, we could also link the rise in bitcoin to the constant increase in the amount of negative-yielding debt around the world.
Interestingly, gold, which has also shown a strong co-movement with the negative-yielding debt in the past few years, has been following the US real rate in recent weeks and constantly testing new lows, which implies that the precious metal is still very sensitive to US real rates in the current environment.
Source: Eikon Reuters
In the medium to long term, we are strongly bullish on bitcoin as we think it could act as a strong hedge against currency depreciation and inflationary pressures. In figure 5, we look at the equity curve of the top asset in each decade of the past 50 years; we first had gold in the 1970s due to the unexpected sudden rise in inflation coming from the oil shocks, then came the Japanese stocks in the 1980s with Japan's economic miracle, then the US boom in the 1990s led to a titanic performance in US growth stocks, then the double-digit growth in China led to an outperformance of consumer staples in the 2000s, and then the prominent growth of new Internet companies led to a strong performance in Tech stocks in the past decade. If we look at the cumulative returns of each asset in the past 50 years, a person who invested $100 would have accumulated over USD 1.3 million of wealth, averaging 22.2% in annual return for a volatility of 25.3% (Sharpe ratio of 0.88).
We are strongly convinced that cryptos (especially bitcoin) could be the best pick for the next 10 years and that investors should hold some bitcoin in their portfolio as it could eventually act as a good diversifier and generate significant returns from current levels.
Source: Eikon Reuters, RR calculations
In the short run, we could see a small consolidation as bitcoin approaches its ST resistance at 19,500 (December 2017 high) as investors start to take profit on the cryptocurrency. We think that any significant bounce on bitcoin should be considered as a good opportunity to buy the dip.
Disclosure: I am/we are long BTC, GBPUSD. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Cryptocurrency Mining Market to Observe Strong Growth to Generate Massive Revenue in Coming Years 2020 to 2027 – re:Jerusalem
Posted: at 12:54 pm
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The report includes CAGR, market shares, sales, gross margin, value, volume, and other vital market figures that give an exact picture of the growth of the global Cryptocurrency Mining market.We have also focused on SWOT, PESTLE, and Porters Five Forces analyses of the global Cryptocurrency Mining market.
The major market players that are operating in the Cryptocurrency Mining market are AntPool, Ebot, BTC Top, Genesis Mining, BTC.com, F2Pool Hashing 24, ViaBTC, Bitmain Technologies Ltd., and Hashflare..
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Competitor analysis is one of the best sections of the report that compares the progress of leading players based on crucial parameters, including market share, new developments, global reach, local competition, price, and production. The degree of competition among leading global companies has been elaborated by examining various leading key players operating across the global regions An expert team of research analysts sheds light on various attributes such as global market competition, market share, latest industry developments, innovative product launches, partnerships, mergers or acquisitions by leading companies in the Cryptocurrency Mining Market.
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Table of Content (TOC):Chapter 1 Introduction and OverviewChapter 2 Industry Cost Structure and Economic ImpactChapter 3 Rising Trends and New Technologies with Major key playersChapter 4 Global Cryptocurrency Mining Market Analysis, Trends, Growth FactorChapter 5 Cryptocurrency Mining Market Application and Business with Potential AnalysisChapter 6 Global Cryptocurrency Mining Market Segment, Type, ApplicationChapter 7 Global Cryptocurrency Mining Market Analysis (by Application, Type, End-User)Chapter 8 Major Key Vendors Analysis of Cryptocurrency Mining MarketChapter 9 Development Trend of AnalysisChapter 10 Conclusion
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Impact of Outbreak of Coronavirus (Covid-19) on Cryptocurrency and Blockchain Market 2020-2027| Intel Corporation, Microsoft Corporation, NVIDIA…
Posted: at 12:54 pm
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Posted: at 12:54 pm
A battle for currency supremacy is underway as China doles out millions of digital yuan.
Cryptocurrencies offer innovative payment and security solutions for commerce, supply chains, and manufacturing. They make global payments faster, safer, more efficient, and more transparent. For years, Washington has neglected or misunderstood this most promising U.S. innovation, leaving American start-ups lost in a maze of regulatory uncertainty. Now that blockchain and cryptocurrency solutions have entered the real economy, revolutionizing money and payments, regulatory confusion has set the cryptocurrency community ablaze.Meanwhile, the Chinese are poised to capitalize on US policy mistakes yet again.
The leading American innovators in blockchain solutions are on the verge of leaving the US in frustration.Why?Because Washington has failed to develop a clear regulatory framework that would keep them in the US and ensure American leadership.This is the declaration of the CEO of Ripple, Americas leading cryptocurreny firm, who says the US is losing the tech war to China.
While Americas Constitution supports the flourishing of new technology, the administrative state has killed many important innovations in the cradle. This happens as obsolete agencies look for new things to regulate and join forces with protected industries to stifle competition, the process of regulatory capture described by Nobel economist George Stigler. At least eight US federal regulatory bodies have asserted jurisdiction over new fintech and digital currencies.This is not to say there should be no accountability in financial innovation, but the right policy should focus on achieving the objective in the most efficient, least intrusive way. Policymakers should think intelligently about the function they are trying to perform, not copy-paste paper-based bureaucracy on anything new.
Other countries are not immune to capture, but they are smart enough to not kill the golden goose. They have developed market-friendly frameworks to welcome crypto innovation to their shores, but the talent and scalability of the US market made the risk worthwhile until now.Crypto entrepreneurs hoped that after their billions of dollars in investments and development of innovative products that Washington would wake up, but no. Meanwhile China has advanced to garner increasing share of US and global financial markets.
The coming year will make or break cryptocurrency in the US. It depends on whether Congress and the Executive Branch can resolve their conflicting views of financial innovation, stop the grab bag of regulatory enforcement, and build a coherent policy framework. Bad actors have always found ways to exploit new developments, but that is not an excuse to deny consumers the fruits of new technologies. Law enforcement exists to prevent and punish crime, not to stop enterprise. Indeed, digital currency can reduce certain financial crimes.
Sadly, the current administration, purporting to promote the interests of Main Street investors, has been at war with itself on cryptocurrency. Outgoing Securities and Exchange Commission (SEC) Chairman Jay Clayton treated cryptocurrencies and other fintech startups like flies, swatting innovators with more than 50 enforcements. This contrasts with SEC Commissioner Hester Peirce who sees crypto as the next great technology. Again, the issue is not that poor conduct should not be addressed; its a question of priorities. For years, the SEC has done busy work while the Chinese government has exploited Americas stock exchanges and US technology.
As a new report from Congress bipartisan U.S. China Commission (USCC) notes, 217 Chinese companies are listed on US exchanges with a total market capitalization of $2.2 trillion, including 13 Chinese state-owned enterprises. According to the USCC, these companies endanger US national security through censorship and surveillance, evade American standards of transparency, and jeopardize the wealth of American investors. The SEC has not been able to perform oversight on the audits of these companies because of systematic blocking by the Chinese government. Meanwhile the number and size of these Chinese companies traded in the US has ballooned. Failing to deal with the real threats to Americas financial system, the SEC has directed its energy to homegrown startups.
The US lost the race on Bitcoin, and China now controls 65 percent of the computing power to mine the currency. The next battle is underway as the Chinese government has piloted a program to distribute digital yuan, a digital currency backed by Chinas central bank.It is only a matter of time before Chinas digital currency is offered to billions across the globe coupled with Chinese payment solutions copied from U.S. innovators.The US wont be able to block the proliferation of digital yuan. It can only win by making a better solution and getting to market first.
The SECs Clayton will step down at the end of the year, providing an opportunity confirm a Chair who will recognize the value that cryptocurrencies and blockchain technology, will step up stop Chinas abuse of Americas exchanges, and put American consumers first. Americans, not the Chinese government, should be first in line for American technological innovation. The new SEC Chair will be critical to ensuring whether the U.S. dollar retains its position as the worlds reserve currency.US policymakers should promote crypto, not crush it. Otherwise and once again, China will pick up the technology that the US discards.
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The SEC Swats Cryptocurrency Flies While The Chinese Government Takes The Farm. - Forbes
Posted: at 12:54 pm
On November 10, six members of the U.S. House of Representatives wrote to Acting Comptroller of the Currency Brian Brooks raising concerns about the OCCs recent unilateral actions to regulate cryptocurrencies. In the letter, the members question the OCCs regulatory priorities. For example, the members highlight that, through recent actions, such as its advance notice of proposed rulemaking on digital activities (covered by InfoBytes here), the OCC has sought to serve those already-banked with better payments options while potentially overlooking opportunities for assisting the unbanked and underbanked to participate in the economy and the banking system. Additionally, the members note that the OCCs interpretive decisions, which authorize financial institutions to hold cryptocurrency and stablecoins for customers (covered by InfoBytes here and here), may have broad implications for the future of banking and are best made in collaboration with your fellow regulators and with Congress to ensure we avoid potential harms to institutional safety and soundness and equity and inclusion. In closing, the members ask the OCC to answer a number of questions, including (i) whether stablecoin reserves will be segregated from calculating the capital requirements of large banks; (ii) what consumer protections the agency will impose on stablecoin providers; and (iii) whether the OCC has collaborated with other federal regulators on their recent decisions.