Regulation

Cryptocurrency fans and investors just breathed a major sigh of relief. Jerome Powell– Chairman of the Federal Reserve– has confirmed that he “has no intention” to ban cryptocurrency in the US. Powell’s Position on Crypto The chairman confirmed and clarified his position today while testifying in front of congress. House Representative Ted Budd asked Powell to explain one of his previous statements on the matter.  [caption id="" align="aligncenter" width="967"] Jerome Powell. Source: Reuters[/caption] In July, Powell joined a slew of…

US Securities and Exchange Commission chair, Gary Gensler, advised crypto products offering returns to align with the law. He warned cryptocurrency platforms that 'somebody is going to get hurt' without safety measures. Gensler is confident that those cryptocurrency trading and lending platforms that promise returns to investors cannot evade the SEC law. However, he said that those crypto products offering returns to investors are wrong to think they can avoid the US Securities and Exchange Commission regulation. On Wednesday, the SEC…

Elon Musk says that the United States should do "nothing" to regulate the cryptocurrency sector– unlike China. He also suggests that crypto's advancement can merely be slowed but not "stopped" by governments. Elon Musk On China and Crypto Regulation The "Technoking" aired his thoughts in a recent interview at CodeCon 2021, an annual technology convention. The interviewer started by questioning Musk about China's recent re-ban on cryptocurrency in the country. He speculates that part of China's concern with Bitcoin could…

Ukraine's Central Bank (NBU) is looking to employ a blockchain (BC) developer. The Bank's IT director, Vladimir Nagornyuk, has recently published an advert announcing the opening. The LinkedIn posting described the roles, responsibilities, and benefits that come with the office. Forklog quotes Nagornyuk's post stating NBU will offer the candidate "opportunities for professional development. The BC will be in a stable and transparent organization. Again, it'll give them "market level remuneration" with performance-based bonuses. Other perks include a corporate pension…

China's crypto crackdown was always going to affect the industry in several ways. However, the country still holds a significant stake in the industry. It appears that the fallout of its crypto ban is quite strong. Everyone is Leaving China Several crypto companies are leaving China this week. They're doing so because the government has made all crypto transactions illegal. Like South Korea, China regulates crypto harshly. The exits have been swift. Crypto exchange BitMart announced that it would remove all accounts created…

The United States government is trying to set an excellent regulatory policy for crypto. The Securities and Exchange Commission (SEC) will play a significant part in that effort. Now, the agency is getting some help in its endeavors. This week, the SEC confirmed hiring Dan Berkovitz as its general counsel. Berkovitz is currently a commissioner at the Commodity Futures Trading Commission (CFTC). He has held that position since 2018, so he has solid experience. Interestingly, Berkovitz's tenure at the CFTC lasts until…

Binance.com is working on cutting off some crypto-related services for Singapore citizens. It comes after the Singapore government put the exchange on an investor's alert list. In addition, the Monetary Authority of Singapore reported that Binance had breached local regulations. To that end, on Thursday, Singapore put the Binance global website on an alert list. The intent was to warn Singapore consumers that the exchange was not regulated or licensed to provide financial services. Binance Restrictions To adhere to the prescribed rules…

Crypto users in mainland China may not have access to the two most popular crypto market data sites. According to recent reports, China's internet firewall has blocked CoinMarketCap and CoinGecko. This indicated that China's Great Firewall blocked these two sites at 100% as of press time. Users of the two sites started to notice signs of blockage early morning (China time) on Tuesday. It is not clear when these sites became inaccessible. TM Lee, the co-founder of CoinGecko, told The…

According to a panel hosted by Morningstar, Executives said direct exposure to crypto might outdo exchange-traded funds (ETFs). An ETF could provide more security to investors. However, the executives said that it would not help them with immediate financial needs. Executives alleged that financial advisers better exchange-traded funds in the industry. Last week, they said at a panel that Bitcoin ETFs might be more valuable to only financial advisers and their clients. Cryptocurrencies Compared to ETFs Tyrone Ross, chief executive of Onramp…