Day: September 20, 2023

Vivek Ramaswamy is Drafting a ‘Crypto Policy Framework’

Following an appearance from Anthony Scaramucci – the financier famous for his brief stint as Donald Trump’s communications director – Ramaswamy’s remarks speak to crypto’s growing prominence in the U.S. political landscape. As Selkis noted as he welcomed Ramaswamy to the stage, “If you told me a couple of years ago that we’d have a major presidential candidate talking at a crypto conference, I don’t think anyone would have believed it.” Source CryptoDraftingFrameworkPolicyRamaswamyVivek CryptoX Portal

Huobi Global Faces Risks As Investments In stUSDT Surge To $1.8 Billion

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Huobi Global, a prominent cryptocurrency exchange, is at risk as investments in the staked USDT (stUSDT) project soar to $1.8 billion. The project, spearheaded by crypto entrepreneur Justin Sun, promises 5% returns tied to low-risk securities like government bonds.  However, according to a Bloomberg report, Huobi’s heavy involvement in the project raises concerns about the exchange’s ability to manage sudden outflows of funds and the transparency of its reserves.  Huobi’s Association With stUSDT Sparks Concerns And Triggers Institutional Withdrawals Per the report, Huobi’s close association with the stUSDT project has…

International financial group finds gaps in digital euro legislative package

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The Institute of International Finance (IIF) has published an assessment of the European Commission’s proposed legislation on the digital euro. It gave the bill middling marks. The IIF is a financial industry global advocacy group headquartered in Washington, D.C. with members in 60 countries. It rated the digital euro bill introduced in June and the impact assessment that accompanied it. The note is a follow-up to its comments submitted in June. The IIF looked at seven areas. It considered six of those areas “partly addressed” by the proposed legislation. Some…

Report Says Ethereum Is Trading Well Below Fair Value, What’s The Correct Figure?

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Ethereum’s price may have been dealt a massive blow as a research report on the Ethereum valuation has revealed that the cryptocurrency giant has been trading below its fair price. Ethereum Trading Value Slips A new on-chain research report has delved deep into the fair value of the Ethereum cryptocurrency since its inception, segregating the cryptocurrency’s value into sections and utilizing its trading activities and active addresses to evaluate the network’s worth over the past years.  Lewis Harland, an RxR analyst, revealed in the research report that Ethereum has been…

Apple, Goldman Sachs drop plans for trading app: Report

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Apple and Goldman Sachs scrapped plans to launch an app for futures trading, CNBC reported on Sept. 19, citing people familiar with the plans.  The project had an initial rollout date for 2022, but it was put on hold last year as economic conditions deteriorated, with a rise in interest rates and inflation pressures driving investors away from risky assets. According to the sources, the project infrastructure was “mostly built” and is ready for launch if Apple proceeds with its original plan. Additionally, it is unclear whether Goldman and Apple…

Is Bitcoin Bull Run Coming Soon? What Network Fundamentals Say

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Here’s what the Bitcoin network fundamentals have to say regarding whether the cryptocurrency could see a bull run soon or not. Monthly Average Bitcoin New Addresses Have Shot Up Recently In a new post on X, analyst Ali discussed the possibility of a bull run starting soon for the cryptocurrency. According to the analyst, “a bull run is often characterized by increased on-chain activity.” To measure the activity, Ali has used the “new addresses” metric, which keeps track of the total number of new addresses coming online on the Bitcoin…

US Democrats speak up for CBDC global leadership, Republicans fear ‘dark side’

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Debate in the United States House Financial Services Committee during the markup of the CBDC Anti-Surveillance State Act on Sept. 20 occasionally wandered beyond strictly financial and technical issues. Star Wars and anarchists were mentioned in the discussion at various points, as were crypto bros. Beneath the rhetoric, the value of research, U.S. citizens’ privacy and the role of government in everyday life were discussed as they relate to a U.S. central bank digital currency (CBDC). Tom Emmer introduced the bill after several other bills had been passed through the…

U.S. CBDC Efforts Opposed in Legislation Advanced by House Republicans

“It will keep the United States behind other countries, including China, as a race forward to develop a global standard for central bank digital currencies,” Waters said, accusing Republicans of taking a “deeply anti-innovation stance” on the technology, which has been embraced by other nations. The legislation, she said, would “stifle that research and prevent us from moving forward, even if it means that the dollar loses its status as the world’s reserve currency and even if it means that U.S. citizens lose out on faster, cheaper and simpler payments.”…

Singapore Police report higher total involved in money laundering case

The Singapore Police Force is planning to take further action in response to the largest money laundering case in the country. Currently, cryptocurrencies valued at $26 million have already been seized in relation to the case. Major seizures It was reported in August that Singaporean authorities apprehended 10 foreign individuals, between the ages of 31 and 44, all of whom were holding Chinese passports. A new report from local media added the sum implicated in Singapore’s most extensive domestic money laundering investigation is now estimated to be $1.76 billion. In response, the official statement…

Analyst’s Vision Of A 20% Rally

Chainlink (LINK) has caught the attention of crypto analyst Rekt Capital, who has offered an optimistic outlook for LINK. In a new price prediction, he suggested that the decentralized oracle network is on the verge of a significant recovery. Rekt Capital, a prominent figure in the crypto community, took to the social media platform X to share insights on Chainlink’s recent performance. According to the analyst, LINK has shown resilience by respecting its range-high resistance, a crucial milestone following its notable surge in price back in July. This achievement has…