Day: March 23, 2023

Bitcoin Regains Momentum as Investors Shrug Off Banking, Fed Concerns

boss

Ether, the second larges crypto in market value, was recently changing hands at $1,810, up 4.6% from Wednesday, same time. Other major cryptos were largely in the green, regaining ground lost the previous day. Stablecoin XRP and TRX, the token of blockchain-based platform Tron Network, recently rose 5.7% and 9.4%, respectively. TRX dropped the previous day after the U.S. Securities and Exchange (SEC) charged its founder with selling and airdropping unregistered securities, fraud and market manipulation. Litecoin continued its recent momentum, rising 7.8%. The CoinDesk Market Index, a measure of…

Crypto Industry Receives Protection with New Blockchain Regulatory Bill

Member of the US House of Representatives and Majority Whip Tom Emmer has recently introduced a new bill to provide regulatory clarity for the blockchain and cryptocurrency industry. The bill is called the Blockchain Regulatory Act (BCRA). According to Emmer, the purpose of this bill is to establish legal clarity for blockchain developers and service providers who do not hold or manage consumer funds. The bill proposes that these entities should not be considered money transmitters subject to “stringent” regulation.  Additionally, the BCRA is a bipartisan bill co-led by Representative…

Do Kwon faces fraud charges from US prosecutors hours after arrest

boss

Terraform Labs CEO Do Kwon has been charged with fraud by United States prosecutors in New York, just hours after he was reportedly arrested in Montenegro. The 31-year-old entrepreneur was charged with eight separate counts, including securities fraud, commodities fraud and wire fraud, according to a March 24 report from Bloomberg. Filip Adzic, the minister of interior of Montenegro reported on March 23 that an individual suspected of being the former “cryptocurrency king,” was detained at the Podgorica airport with “falsified documents,” and authorities are awaiting official confirmation of identity.…

Is This Finally an Atomic Bomb From the SEC?

The U.S. Securities and Exchange Commission’s notice to Coinbase (COIN) that it’s likely to be accused of breaking securities laws could foreshadow an agency effort to break the back of the crypto sector as it now operates, but it also may finally force court rulings that define how the industry can move forward. Source

Bitcoin Mining In Texas Remains Undeterred Amid Concerns Over Power Consumption

boss

Texas’ Bitcoin mining industry has shown growth amid turmoil in the crypto industry and concerns over power consumption.  Power consumption of Bitcoin miners in the state has risen 75% over the past year.  Some counties in the state of Texas have offered tax incentives along with wind and solar energy to miners.  A Texas lawmaker recently introduced legislation to protect miners operating in the state.  The ripples from the turmoil in the broader crypto industry seem to have missed the bitcoin mining industry of Texas. The growth in the power…

Bitcoin Advocates Discuss US Government’s Alleged Mission to Eliminate Crypto Access – Bitcoin News

boss

Since the collapse of three American banks friendly to cryptocurrency businesses and the U.S. government’s insistence that crypto assets are “risky investments,” many speculators believe bureaucrats are purposely closing access to cryptocurrencies. Some refer to the U.S. government’s recent enforcement as “Operation Chokepoint,” a mission aimed at eliminating access to the crypto ecosystem in the United States. Bank Shutdowns Raise Concerns About U.S. Government’s Stance on Crypto In recent weeks, crypto advocates have discussed U.S. government enforcement actions toward digital currency projects and businesses such as crypto exchanges. The collapse…

The world could be facing a dark future thanks to CBDCs

During the financial crisis of 2007–2008, many people lost trust in traditional financial institutions and turned to alternative forms of currency, such as cryptocurrencies. It was a way for people to maintain their financial freedom and privacy in a system that had let them down. However, the rise of central bank digital currencies (CBDCs) raises serious concerns about privacy and freedom. One of the most significant concerns with CBDCs is the death of anonymity. Currently, cash transactions offer the secrecy and anonymity needed for financial freedom. People can use cash…

Bank profits at risk from potential CBDC transformation of global economy: Moody’s

boss

Emerging central bank digital currency (CBDC) cross-border transaction technology could transform the global economy by providing faster, cheaper and safer services for many of its players. But banks may not fare as well in that new economy, Moody’s Investor Service said in a report dated March 21. Many proposals for the domestic use of CBDCs foresee a crucial intermediating role for banks in their operations, but cross-border CBDC transactions would depend on entirely new infrastructure that reduced the role of banks more severely, Moody’s pointed out. Banks would see benefits…