SEC Chair Gensler: ‘We Don’t Have Enough Investor Protection in Crypto Finance, Issuance, Trading, or Lending’

SEC Chair Gensler: ‘We Don’t Have Enough Investor Protection in Crypto Finance, Issuance, Trading, or Lending’

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. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for…

SushiSwap leads DEX token gains as SUSHI price rises by 23% in 24 hours

SushiSwap leads DEX token gains as SUSHI price rises by 23% in 24 hours

SushiSwap (SUSHI) prices crept higher on Sept. 16 following another day of gains for decentralized exchange (DEX) tokens.The SUSHI/USD exchange rate rose by 7.54%, or $1.14, to reach $16.31 for the first time since May 21. The pair’s upside move pushed its 24-hour adjusted timeframe profits up to 23%, making SUSHI the best-performing DEX token in the given period.For instance, UNI, the token representing the leading DEX Uniswap by market cap, jumped 6.23% against the U.S. dollar in the previous 24 hours. Meanwhile, PancakeSwap (CAKE) rose 2.5%, THORChain (RUNE) climbed circa 13%, and Curve (CRV) inched higher by over 4.5%.The performance of top DEX tokens in the previous 24 hours. Source: MessariWhy is SushiSwap leading the DEX pack?Decentralized finance sector analyst Kris Kay noted that SushiSwap, as a DEX platform, has lately branched out to more blockchains than its peers. As a result, it has been generating more fees for its users, thus raising the prospect of holding SUSHI tokens.Specifically, the latest bout of buying in SUSHI markets came a day after SushiSwap announced its deployment on Arbitrum, a layer-2 scaling solution for Ethereum-powered decentralized applications or DApps. With super fast transaction speeds, you never have to sit and wait for tx confirmation again at https://t.co/aoFOsbikeu.Just try switching your network to Arbitrum today! ️️️️️️️$30M TVL and counting… pic.twitter.com/qgmybXWhjt— SushiChef (@SushiSwap) September 15, 2021 It also revealed that stakers had locked $30 million worth of SUSHI tokens into Arbitrum’s smart contracts.Kay noted that SushiSwap’s efforts to scale its DEX solutions across multiple layer-1 and layer-2 chains also cater to its ecosystem’s growth. For instance, the platform has launched many new services in recent months, including DeFi liquidity provider Onsen and lending/borrowing dapp Kashi. On Sept. 2, SushiSwap also unveiled its upcoming non-fungible token (NFT) marketplace, dubbed Shoyu. The sales volumes for blockchain-verified unique digital collectibles grew from $13.7 million in the first half of 2020 to $2.5 billion in the first half of 2021. SUSHI price outlookAs a result, SUSHI has beaten its DEX rivals in terms of interim returns. Its profits in the previous seven days sit over 45% compared to UNI’s 16.93%. Nonetheless, SUSHI lags in year-to-date (YTD) gains, jumping more than 370% compared to UNI’s 474% gains.Meanwhile, PancakeSwap’s CAKE has led the top DEX pack after delivering…

Cuba’s cryptocurrency regulations take effect

Cuba’s cryptocurrency regulations take effect

Resolution 215 of 2021 issued by the Banco Central de Cuba (BCC) — the country’s central bank — recognizing cryptocurrencies like Bitcoin (BTC) is now in effect.According to Cuba’s official state news agency Prensa Latina, the order became official on Wednesday.With crypto legally recognized by the BCC, Bitcoin and other cryptocurrencies can now be used for commercial transactions and investments in Cuba.As previously reported by Cointelegraph, the central bank first announced plans to recognize and regulate crypto back in late August.Indeed, Resolution 215 of 2021 contains provisions for a licensing regime for crypto exchanges and other virtual asset service providers operating in Cuba.Despite legalizing the use of crypto assets in Cuba, the BCC has warned of the risks associated with cryptocurrencies.According to the BCC, while crypto operates outside of the nation’s banking system, the use of virtual currencies poses significant monetary policy risks and financial stability concerns.Cuba’s central bank also warned of the potential for bad actors to take advantage of the perceived anonymous nature of crypto transactions for illicit transactions.Related: Sept. 7 is ‘Bitcoin Day’ in El Salvador as BTC becomes legal tenderBy recognizing crypto, Cubans may begin to enjoy easier remittance flows from overseas despite the United States embargo. Global money transfer services like Western Union have largely exited the country under increasing pressure from Washington.Indeed, the country is towing a similar line to El Salvador in embracing Bitcoin amid crippling U.S. sanctions and the economic impact of the COVID-19 pandemic. El Salvador recently became the first country to adopt Bitcoin as legal tender.Crypto interest in Cuba has been high over the last few years with virtual currencies associated with the possibility of financial freedom for many in the country. The recognition of crypto by the BCC could be a major step in transforming Cuba’s cryptocurrency industry as a formal sector of the island nation’s struggling economy.

Bitcoin ledger as a secret weapon in war against ransomware

Bitcoin ledger as a secret weapon in war against ransomware

Ransomware, malicious software that encrypts computers and keeps them “locked” until a ransom is paid, is the world’s fastest-growing cyber threat, according to Coinfirm. Recent attacks on critical national infrastructure, like the Colonial Pipeline incursion that crippled oil and gas deliveries for a week along the U.S. East Coast, have set off alarms. Ransom payments are almost always made in Bitcoin or other cryptocurrencies. But while many were shaken by May’s Colonial Pipeline attack — the Biden administration issued new pipeline regulations in its aftermath — relatively few are aware of that drama’s final act: Using blockchain analysis, the FBI was was able to follow the ransom payments fund flow and recover about 85% of the Bitcoin paid to ransomware group DarkSide. In fact, blockchain analysis, which can be further enhanced with machine learning algorithms, is a promising new technique in the battle against ransomware. It takes some of crypto’s core attributes — e.g., decentralization and transparency —  and uses those properties against malware miscreants. While crypto’s detractors tend to emphasize its pseudonymity — and attractiveness to criminal elements for that reason — they tend to overlook the relative visibility of BTC transactions. The Bitcoin ledger is updated and distributed to tens of thousands of computers globally in real time each day, and its transactions are there for all to see. By analyzing flows, forensic specialists can often identify suspicious activity. This could prove to be the Achilles’ heel of the ransomware racket.An underused means“The blockchain ledger on which Bitcoin transactions are recorded is an underutilized forensic tool that can be used by law enforcement agencies and others to identify and disrupt illicit activities,” Michael Morrell, former acting director of the U.S. Central Intelligence Agency, declared in a recent blog, adding:“Put simply, blockchain analysis is a highly effective crime fighting and intelligence gathering tool.[…] One expert on the cryptocurrency ecosystem called blockchain technology a ‘boon for surveillance.’” Along these lines, three Columbia University researchers recently published a paper, “Identifying Ransomware Actors in the Bitcoin Network,” describing how they were able to use graph machine learning algorithms and blockchain analysis to identify ransomware attackers with “85% prediction accuracy on the test data set.”Those on the frontlines of the ransomware struggle see promise in blockchain analysis. “While it may at first…

New Bitcoin price model suggests BTC won’t go below $39K again

New Bitcoin price model suggests BTC won’t go below $39K again

Bitcoin (BTC) must cost at least $39,000, says a new tool combining two of its most powerful metrics.In a tweet on Thursday, analyst William Clemente presented the illiquid supply floor chart — and its findings are firmly bullish for BTC.Bitcoin’s price floor rises and risesWith exchange reserves dwindling and major corporate buy-ins expected to be announced in the coming weeks, analysts are all but guaranteeing BTC price upside.As Cointelegraph reported, long-term holders are now in possession of more of the supply than at any time since October 2020.Now, illiquid supply data has been combined with the popular and highly accurate stock-to-flow Bitcoin price model to form a new minimum price for BTC/USD.As Clemente described, it is “a price floor based on Bitcoin’s real-time scarcity.”A screenshot of the new chart shows a lower boundary for BTC/USD as being $39,000 as of this week — a level that neatly lines up with current technical predictions of where the pair should bounce in the event of a reversal.Bitcoin illiquid supply floor chart. Source: William Clemente/TwitterBloomberg eyes “significant advance” in 2021Stock-to-flow, meanwhile, has long demanded stronger performance from Bitcoin spot price, and its creator, PlanB, continues to stick by a $135,000 “worst case scenario” end-of-year close.Related: BTC holds $48K as Evergrande forms ‘Lehman Brothers moment’ for ChinaHe’s not alone. In its latest research, Bloomberg Intelligence gave renewed credence to $100,000 coming true for BTC/USD in 2021.“Past Bitcoin trading trends and the crypto’s declining supply vs. mainstream adoption suggest a significant advance in 2021, potentially to $100,000, we believe,” chief analyst Mike McGlone said as part of Twitter comments that echo Clemente’s.Bitcoin supply data vs. BTC/USD chart. Source: Mike McGlone/TwitterMcGlone said that no fewer than five charts currently point to the magic six figures — one year after Bitcoin first hit a five-figure price tag and never lost it.

AMC Confirms Plan to Accept Bitcoin, Ethereum, Litecoin, and Bitcoin Cash

AMC Confirms Plan to Accept Bitcoin, Ethereum, Litecoin, and Bitcoin Cash

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. Tags in this story AMC BCH, AMC Bitcoin, AMC bitcoin cash, AMC crypto, AMC cryptocurrencies, AMC cryptocurrency, AMC entertainment, AMC ether, AMC ethereum, AMC litecoin, AMC theaters, AMC Theatres Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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,…

HUMAN Protocol (HMT) Announces Listing on Bitfinex

HUMAN Protocol (HMT) Announces Listing on Bitfinex

sponsored 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…

IRS, Janet Yellen Press Lawmakers to Push ‘Tax Compliance Agenda’ — Banks to Report Deposits, Withdrawals of $600

IRS, Janet Yellen Press Lawmakers to Push ‘Tax Compliance Agenda’ — Banks to Report Deposits, Withdrawals of $600

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,…

Central Bank of Turkey Expands Research, Prepares to Test Digital Lira on New Platform

Central Bank of Turkey Expands Research, Prepares to Test Digital Lira on New Platform

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…

There’s a Bitcoin boom among Baby Boomers, reports BTC Markets

There’s a Bitcoin boom among Baby Boomers, reports BTC Markets

Australian cryptocurrency exchange BTC Markets has observed a significant uptick in older clients using its platform over the past financial year.More older Australians are viewing crypto assets as viable investments, according to data provided by one of the country’s oldest and largest exchanges. In its annual “Investor Report,” BTC Markets, which started in 2013, reported a 15% increase in the number of investors over 65. The report also indicates that they are the group making the largest deposits.Baby Boomers, which are classified as those born between 1946 and 1964, now compose 5% of the platform’s estimated 325,000 customer base.BTC Markets CEO Caroline Bowler proclaimed that “young male traders have relinquished their monopoly on crypto,” as the boomer growth figure was the second-highest after the 18 to 24 age range.More than a quarter of the exchange’s customers are investors over the age of 44, and they have more money to invest. The platform reported that the over-65 demographic had the highest average initial deposit of $3,200 and an average crypto portfolio size of $3,700.Bowler added that low-interest rates are a key factor behind boomers looking toward alternative investments, such as crypto assets, before adding:“These Baby Boomers are often at a time in their lives when they have accumulated significant wealth and assets and have many years of experience investing in financial markets. They are not worried about allocating a small percentage of their portfolios to cryptocurrencies.”Younger traders in the Generation Z category aged 18 to 24 had far smaller initial deposits and portfolios, around a quarter of their senior counterparts. The exchange surveyed 1,800 clients to ascertain their motives for investing in crypto. It discovered that 34% of those surveyed were seeking early retirement, 28% portfolio diversification, and 23% fear of missing out (FOMO).Related: 17% of Australians now own crypto, totaling $8B between themSpeaking to Bloomberg Crypto on Wednesday, Bowler said that the firm has been looking at the Singaporean model of embracing the community as well as the regulatory challenges for the crypto industry.She said that 28% of Australians said that one of the biggest challenges they face is the lack of regulation locally. This has a knock-on effect since financial advisors are not allowed to advise on crypto asset investing, which would help investors mitigate…