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Month: June 2021

US Congressman Calls for Law Allowing Government to Reverse Cryptocurrency Transactions – Regulation Bitcoin News


A U.S. congressman has called for a law that allows the government to identify cryptocurrency users and reverse crypto transactions. “There’s a significant sentiment, increasing sentiment, in Congress that if you’re participating in an anonymous crypto transaction that you’re a de-facto participant in a criminal conspiracy,” he said.

Rep. Bill Foster Stresses the Need for Law to Allow the Government to Reverse Crypto Transactions

Democratic Rep. Bill Foster of Illinois, who is also co-chair of the Congressional Blockchain Caucus, talked about cryptocurrency regulation during an Axios virtual event Tuesday. Addressing the problem of ransomware attacks and how criminals are asking for bitcoin and not cash, the congressman stressed that “there is a fundamental difference between crypto assets and real-world assets. That’s an important distinction that we must make ultimately in the law.”

Emphasizing that laws must be passed to allow federal courts to identify crypto users and reverse transactions in bitcoin or other cryptocurrencies, he said:

You have to be able to go to a court to unmask participants under some circumstances.

He discussed “The condition under which we can reclaim” cryptocurrencies, such as ransoms paid to criminals, noting that it is one of the fundamental decisions which has to be made about crypto assets.

The congressman pointed out that the law needs to address whether cryptocurrency is “truly anonymous or is there a court you can go to, to unmask the participants.” In addition, “is there a court, a third-party, that you can go to, to reverse fraudulent or mistaken transactions.”

Foster gave an example. “If someone dragged you into an alley and put a gun to your head and say get out your cell phone and transfer all your bitcoin to my wallet. Are you just out of luck or can you go to court, have them unmask the participant.” Furthermore, “can the court — if they decide that the transaction was fraudulent, criminal, or mistaken … use its access to very heavily guarded key, cryptographic back door, in a sense, that allows them to cryptographically reverse transactions on a blockchain.”

The lawmaker claims that such tools are necessary for the government to protect itself, the people and companies from ransomware attacks, like the one suffered by Colonial Pipeline.

Rep. Foster opined:

I’ve just said about three things there that will drive the crypto purists berserk, like the trusted third party and so on.

He believes that “For most people, if they are going to have a big part of their net worth tied up in crypto assets, they are going to want to have that security blanket of a trusted third-party that can solve the problem when they get hacked, when they get stolen or even just a mistaken assumption.”

Foster further said that cryptocurrencies must become compliant with federal regulations and laws for them to ever become mainstream instruments for conducting transactions. Replying to a question about how the U.S. would regulate cryptocurrencies given their global and borderless nature, he affirmed, “We’re going to have to establish a law between the legal and illegal regimes here,” elaborating:

There’s a significant sentiment, increasing sentiment, in Congress that if you’re participating in an anonymous crypto transaction that you’re a de-facto participant in a criminal conspiracy.

Many people took to social media to ridicule the congressman and his attempt to reverse bitcoin transactions, stating that he does not understand how bitcoin works. Some responded to Foster’s criminal allegation, stating that they are “not de-facto criminals.”

What do you think about Rep. Foster calling for legislation to give the government power to reverse cryptocurrency transactions? Let us know in the comments section below.

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Bitcoin regulation, blockchain caucus, Congress, Crypto regulation, Cryptocurrency regulation, government authority, reverse bitcoin transactions, reverse crypto transaction, us congress, us crypto regulation, us lawmaker

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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, goods or services mentioned in this article.





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How Ethereum Can Reach $2 Trillion In Market Cap, Matthew Sigel


Ethereum has had a lot of growth in the past year. Growing more than bitcoin and producing more gains. But it is no secret that the market cap of Ethereum is still a long way away from $2 trillion. The market cap of the digital asset currently sits at $248 billion.

A $2 trillion market cap prediction might be overly optimistic. But Matthew Sigel does not believe that it is. According to Sigel, Ethereum can reach a $2 trillion market cap in a “blue sky scenario.” The prediction does not come as a surprise given the level of confidence in Ethereum lately. With forecasts even reaching as high as $20,000 per coin in some cases.

What’s A Blue Sky Scenario?

A blue sky scenario is used in financial markets to represent the best-case scenario for an asset. There are usually three kinds of scenarios in financial markets. The first is the base case. The base case is the most probable scenario for an asset. This is used to represent the most likely outcome for an asset. Usually the most conservative case.

Related Reading | Ethereum to $20,000? Factors Behind The Bold Call

The next is the worst-case scenario. In worst-case scenarios, everything fails regarding the asset and nothing works out. All assumptions and predictions do not come to fruition. And the asset most likely fails.

Lastly is the blue sky scenario. The blue sky scenario is when everything goes according to plan. The asset does as well as it could possibly do in the market. Forecasts are correct for the success of that asset.

The blue sky scenario for Ethereum is where Matthew Sigel believes that the $2 trillion market cap is a possibility for Ethereum.

A base case scenario would be seeing the market cap of ETH hitting $1 trillion in a few years. Maybe by the next bull market. But a $2 trillion market cap in a blue sky scenario does not seem out of place for a digital asset with countless utilities.

Ethereum is quickly catching up in popularity with the number 1 which is Bitcoin. Although Bitcoin still commands a much higher market valuation than Ethereum does by over 50%.

Ethereum Is A Disruptive Technology

Sigel has always been on the lookout for technologies that possess the power to “disintermediate not only big tech but other kinds of centralized institutions.” Sigel had said this when he was talking about his conclusions to buy Google on his investment research note “Google is evil.”

Related Reading | Ethereum Breaks $2,000, What You Should Prepare For

According to Sigel, blockchain technology is such that anyone can join the network from anywhere as long as they had an internet connection.

Sigel noted that the valuation of Ethereum is still very cheap when compared to other Web 2.0 software companies. The price to sales valuation was much lower. But he continued on to say that the volatility of the asset and the earnings model is what can help to push the price up.

Ethereum is in a position where it could capture a large share of global retail revenues.

Ethereum market cap from TradingView.com

Ethereum currently undervalued at $248 billion market cap | Source: Market Cap ETH from TradingView.com

Sigel’s May 25th research note pointed out that Ethereum was poised to take most, if not all, revenues from investment banking, asset management, payments, and trading industries.

Speaking further on this, Sigel believes that if Ethereum could capture two-thirds of this value and the Ethereum market cap and revenue ratio held steady, then Ethereum could very well land an enterprise value between $1.8 trillion and $2.3 trillion.

Matthew Sigel joined VanEck in April as the Head of Digital Assets Research. This role did not exist previously at VanEck and it is a sign that the company is moving towards more innovation and research within the digital space.

Sigel had previously worked as a financial journalist for Bloomberg, CNBC, and NHK.

Featured image from Publish0x, chart from TradingView.com



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Bitcoin Game Theory Understand – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides



Game theory is the science concerning the systematizing of strategic conflict and cooperation among rational actors. It was formalized in the mid-40s by the genius polymath John Von Neumann, and then it allegedly found its way into all kinds of science, even though the only people talking about it are venture capitalist types like Balaji Srinivasan using it in word salads to make simple things sound very complex.

When game theory got a little pop culture notoriety with John Forbes Nash Jr.’s depiction in the 2001 biographical drama “A Beautiful Mind,” it somehow became one of those things that people thought could be utilized as a life hack without ever really understanding it, like nootropics and magnetic bracelets. No, seriously, what are nootropics?



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NFL Star Tom Brady Determined To Stake Big In The Crypto Field


The crypto bug is seemingly proving to be having a big bite on the sports industry as Tom Brady joins other sports celebrities pursuing a dream in the blockchain sector.

The quarterback of the Super Bowl champs – Tampa Bay – had for weeks indicated his enthusiasm, through several tweets about crypto before declaring his intention now to be a “pioneer” in the industry.

The Super Bowl GOAT had for a few days back told the media that he’s a “big believer” in cryptocurrencies. Also, he further disclosed he had acquired some digital coins, which he declined to reveal when asked which ones specifically.

Sports Personalities Delving Into Cryptocurrency Sector

The announcement has made this sports personality the latest entrant into the crypto-world.

This development is coming a few days after a prominent and controversial former batsman from England – Kevin Petersen – affirmed that he’s “getting closer & closer to joining the #bitcoin world.”

Related Reading | Top English Cricketer Kevin Pietersen Acknowledges Bitcoin (BTC)

Similarly, one Shoaib Akhtar, an ex-Pakistani cricketer, had before then launched the world’s first cricket-centric NFT marketplace about two weeks ago.

The FTX Company 

Following his latest crypto activities, Tom Brady has been appointed a brand ambassador for FTX. The FTX is a US-regulated cryptocurrency exchange built from the ground up.

It is a company bent on growing the digital currency ecosystem, offering the US and international traders a platform that inspires their loyalty, and becoming the market-leading US-regulated cryptocurrency exchange.

Tom Brady Met Sam Bankman-Fried

Today, during a Q&A on Twitter that the company mainly organized to promote his new role as their brand ambassador, the experienced quarterback talked with pomp over his latest partnership with the crypto exchange. But unfortunately, he also dismissively belittled the threat of the recent market doldrums.

Related Reading | Blockchain Caucus Co-Chair: Government Needs The Ability To Reverse Transactions

On being asked by his host Sam Bankman-Fried, about what exactly his recent exodus of tweets on Twitter were driving at, “I want to be a pioneer in this field,” Brady revealed.

Host Sam Bankman-Fried is the founder and CEO of the US-based digital currency company.

What Attracted Brady?

In the half-hour-long dialogue with the CEO, Brady assessed his current adventure into the blockchain industry. He equally revealed why he had chosen the FTX over others.

He revealed a “charitable mission” adoption, given the rapidly growing crypto exchange.

Indeed, a fact check shows the US-regulated exchange has obliged to donate 1% of all “net fees” to charity and has thus far put up $10 million from the pledge.

“I got a call from a guy I work with who has a lot of great knowledge about this space. He said, “I think this would be something you would be interested in.” Brady, talking about how he was intrigued to start digging into the company.

The results were his investment into the company and the ensuing ambassadorial reward, he said.

Brady, however, never ceased to give more significant credit on FTX’s charitable project, which he said endeared the company to him the most.

Tom Brady Excited To Partner With’ Charitable’ FTX

“I’m excited about the endless possibilities that we have to create things together,” Brady said, as he revealed how exciting it is for him to partner with FTX in giving back to the communities, the planet, and spreading the crypto knowledge.

The 43-year-old super bowl’s “greatest of all time” revealed his new role at FTX is inclusive of his wife.

He explained she would be working primarily on the charitable part of the partnership. She will help determine which charities to fund with the money the FTX continues to raise, Brady revealed to Sam Bankman-Fried.

Super Bowl Star Tom Brady Determined to Stake Big in The Crypto Field
The Bitcoin chart shows bears are forcing BTC to remain sluggish  | Source: BTCUSD on TradingView.com

Undoubtedly, the cryptocurrency sector is appealing and it’s gaining traction at an impressive pace. As the most renowned sports personalities show interest in Bitcoin and other digital assets, the prices are expected to skyrocket in the near term.

Featured image from Tom Brady's Twitter, Charts from TradingView.com





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Coinbase to Launch Apple-Like Crypto App Store – News Bitcoin News


Cryptocurrency exchange Coinbase has unveiled its plan to build “the crypto app store,” inspired by how Apple Inc. built its app store. CEO Brian Armstrong said: “Apple didn’t attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps.”

  • In a blog post published on Tuesday, Coinbase CEO Brian Armstrong detailed several opportunities in the crypto space the Nasdaq-listed company is pursuing. One of them was to “Build the crypto app store.”
  • The CEO detailed, “Like the internet, or the mobile app stores, we’re seeing developers rush into the space to use these new tools to develop innovative use cases that we couldn’t have imagined before,” adding:

Apple didn’t attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps … We’ll work to give our users easy access to all of this from the main Coinbase product.

  • Armstrong stressed: “We need to do the same [as Apple] in crypto. There is now 10s of billions of dollars of economic activity running on Dapps, and a new trend coming out every three months.”
  • He further shared:

Soon any app built on decentralized crypto rails will be accessible to users of the Coinbase app … In the future you will have the option to do self-custody of your crypto, right in the main Coinbase app.

What do you think about Coinbase launching an Apple-like app store? Let us know in the comments section below.

Tags in this story
Apple App Store, apple apps, Coinbase, coinbase app store, coinbase apps, crypto app store, dApps, decentralized apps, DeFi, defi app store, ipad, iPhone

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, goods or services mentioned in this article.





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Africa Country Adopt Bitcoin – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides


With El Salvador becoming the first country to give legal tender status to bitcoin, it begs the question: should African countries follow suit?

After June 8, we can say that the world entered the “nation state game theory” phase of Bitcoin adoption. Latin American neighbors to El Salvador, such as Panama, have started mulling over the prospects of passing similar legislation, as they don’t want their nations to be left behind. Latin American countries are not the only nations feeling pressure to move forward with bitcoin-friendly legislation. Kal Kassa wrote a fantastic piece about Ethiopia and bitcoin. In addition, American football player of Nigerian descent, Russell Okung, wrote a compelling open letter to the president of Nigeria imploring him to embrace a bitcoin standard.





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Bridging the Gap Between Medical Research and Blockchain Technology – Sponsored Bitcoin News


The COVID-19 pandemic has ravaged the global economy, leaving many industries re-evaluating the robustness of legacy models in times of crisis. Unsurprisingly, one of the most impacted industries has been the global healthcare industry, as governments raced to test for, treat and develop a vaccine for the fast-spreading virus. Whilst, on the whole, the testing regimes, treatments and vaccination programs have been somewhat successful in developed countries (especially the United Kingdom and Israel), existing pain points in pharmaceutical research and development have exacerbated delays according to a number of experts.

Namely, the clinical trial industry, a sector responsible for testing the safety and efficacy of new vaccines and therapeutics before these enter the market, is currently hampered by various inefficiencies. The pandemic has exemplified the need for solutions to tackle these inefficiencies and thereby help ensure an efficient influx of new medicines.

This is where Triall enters the scene.

Triall is building a global digital ecosystem for clinical trials. Capitalizing on both the rapid digitalization of healthcare and the technological advances in the blockchain and crypto space, Triall is applying blockchain-based technologies to a sector that has become increasingly complex, data-heavy and fragmented over the past decade.

Increasing Costs and Longer Development Timelines

Clinical trials are integral to the healthcare industry’s response to new and existing diseases and viruses. They involve a number of industry stakeholders, including pharmaceutical companies, contract research organizations, and hospitals, as well as external parties such as governments and regulators.The clinical trial industry plays a crucial role in ensuring that society’s unmet medical needs can be addressed, inside and outside of crisis situations like the COVID-19 pandemic.

However, the clinical trial process is currently fraught with complexity and resource-inefficiency which artificially lengthens development timelines. There are several notable reasons for this, including:

  • Fragmentation: Data is scattered across sites and systems.
  • Oversight issues: Clinical trial professionals experience a lack of oversight over their clinical trial processes and activities.
  • Inefficient record-keeping: There is no efficient and universal way to manage and store data, causing significant delays and safety risks, as well as increasing costs.
  • Data integrity issues: There are a growing number of data integrity issues being uncovered during clinical trial inspections according to the World Health Organization (WHO).
  • Low patient engagement: As much as 85% of trials fail to retain enough patients which also leads to costly delays.

Indeed, the data show that these problems are only getting worse, with the cost of clinical trials increasing up to 9% per year on average. More shockingly, the sector suffers from a development success rate of just 11%.

Upgrading Global Healthcare with Technology

Triall’s innovative new platform is laser-focussed on resolving these critical issues and shortening the time to market of new medicines. The company is building a global ecosystem for clinical research professionals that crosses organizational boundaries and domains. Participants in the platform include: clinical research professionals, medical staff, patients and software developers, as well as other contributors and maintainers such as blockchain engineers and node operators.

Fundamentally, the platform allows for the efficient exchange of clinical trial data leveraging blockchain-enabled technologies and open standards for identity and access management. Triall will implement Decentralized Identifiers (DIDs) and Verifiable Credentials (VCs) to integrate the severely fragmented landscape of industry stakeholders in the clinical trial sector. As a result, Triall’s platform will ensure clinical trials can be conducted smarter, safer and more-efficient due to more closely integrated workflows.

Speaking about Triall’s driving philosophy, the company’s CEO, Hadil Es-Sbai had this to say:

“We believe state-of-the-art Information Technology and scientific insights make a difference. Our passion lies in advancing clinical development, consolidating the unconnected, and fostering a global ecosystem that promotes trust and reliability throughout all phases of clinical development.”

The Future of Clinical Trials

Combining this driving philosophy with the rapid digitization trends resulting from the pandemic, Triall is positioned to take a leading role in revolutionizing the clinical trial space.

In addition to its unique approach, Triall also leverages a breadth of experience in the field. The Triall team has managed over 100 clinical trials in more than 30 countries. Accordingly, the company has curated a strong and global network of stakeholders that will be instrumental to driving its platform’s development. Moreover, with 250+ peer reviewed papers published in various top-tier scientific journals, Triall also brings a wealth of academic knowledge, combining academic experts from several medical disciplines that support the shaping of its platform’s features. These include experts on topics such as immunology, infectious diseases, vaccinology, microbiology, eHealth technologies, drug and vaccine development.

Finally, Triall is already more than just a proof of concept. Its first application Verial eTMF, a blockchain-integrated document solution, was piloted in the summer of 2019. According to the team, this was the world’s first implementation of blockchain in a live and running clinical trials. The commercial version of Verial eTMF is now being onboarded in 6 clinical trial projects around the world. Indeed, this serves as the ultimate mark of validation, from both the market and industry.

For more info on how Triall is bridging the gap between the healthcare and crypto domains, visit their website here


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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, goods or services mentioned in this article.





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Analyzing The Critical Bitcoin June 2021 Monthly Close


Today, June 30 marks the last day of the month, and after around 8PM ET the Bitcoin monthly candle will come to a close. This monthly candle isn’t anywhere as damaging as this past May, which historically was one of the worst on record.

However, there’s no denying that this month was also still fairly nasty and has left the market in a state of indecision. Here’s what past moments of indecision say about the current market cycle, and what could come next depending on which side of the trade gains control over the next month in Bitcoin.

Stalemate Between Bulls And Bears Results In Sideways Action

From the local top to the recent bottom, Bitcoin has collapse by nearly 60% and its only taken three months in full. Q2 2021 is now destined to be the bloodiest on record, with May nearly breaking records for the worst monthly drop ever.

Despite the violent drawdown, the cryptocurrency bull market still could very well still be on. The market knows this, so investors and traders are still cautiously buying the dip.

bitcoin monthly close ichimoku

Price action is trapped between the Tenken-sen and Kijun-sen | Source: BTCUSD on TradingView.com

At the same time, panic sellers are being shaken out with each failed attempt to push lower. The sideways price action can be explained best due to price action – currency forming a red doji candle on the monthly – being sandwiched between the Tenken-sen and Kijun-sen.

Related Reading | Could The Golden Ratio Provide Clues To The Bitcoin Bottom?

The two span lines make up a small portion of the tools the Ichimoku indicator offers. The Relative Strength Index, pictured below, shows a bearish divergence across the most recent peak and the last bull market top.

bitcoin monthly close indicators

Technical signals are a mixed bag but mostly lean bearish | Source: BTCUSD on TradingView.com

The miss of the higher, dotted trendline on the RSI could suggest another push higher is still possible, however, falling so deep out of the bull zone isn’t good for Bitcoin. At the same time, the Parabolic SAR has been tagged suggesting a major trend change, and the LMACD has begun to turn downward.

The LMACD hasn’t yet crossed bearish yet, and ahead of any cross happening bulls could push another wave higher. The histogram on the monthly MACD also hasn’t switched red just yet, which could prevent further downside if the green bars grow again.

Bitcoin And The Red Doji: What Could Come Following This Monthly Close

Interestingly, red doji candles, which indicate indecision between bulls and bears, have typically resulted in some of the largest bullish impulses in the months following.

bitcoin monthly close doji

Red doji often lead to reversals in cryptocurrency markets | Source: BTCUSD on TradingView.com

The red doji could suggest that bears are failing to continue to bring prices to lower support levels, and bulls might be able to regain the upper hand.

Related Reading | Institutional Bitcoin Selloff Leaves Retail With Bloody Aftermath

After such an enormous selloff market structure is typically damaged to the point of no return. Bulls best hope to hold out for is a repeat of the 2013 final wave up, which instead had a green doji to pin-point the exact bottom before a reversal to new highs.

bitcoin monthly close doji fractal

Bulls best hope is for a repeat of something like 2013, but is hope enough? | Source: BTCUSD on TradingView.com

If Bitcoin can regain lost highs, another final leg up could bring the leading cryptocurrency by market cap to the final cycle high, and set another bull market peak.

The importance of this monthly close to the bull cycle continuing cannot be understated and is one that anyone in crypto should be paying. close attention to.

Featured image from iStockPhoto, Charts from TradingView.com



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Bitcoin St Petersburg Game – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides


If you’ve fallen down the Bitcoin rabbit hole even a foot, you’ve probably seen references to the idea of “everything there is, divided by 21 million.” Originally posited by Knut Svanholm, Ioni Appelberg and Guy Swann in a YouTube video with the same title, the concept reflects the seemingly infinite potential value of Bitcoin. As it continues to overtake various asset classes like gold and spread into new markets, the total value of the Bitcoin market appears to be only constrained by the absolute maximum of 21 million circulating bitcoin.



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Bitcoin Is Like Playing Lottery? This Congressman Thinks So


The U.S. Congress Oversight and Investigations Subcommittee held a hybrid hearing on Bitcoin and cryptocurrencies. The institution summoned Alexis Goldstein, Director of Financial Policy for the Open Market Institute, Sarah Hammer, Managing Director at the Stevens Center for Innovation in Finance, Peter Van Valkenburgh, Director of Research at Coin Center, and others.

Adam Cochran, a partner at Cinneamhain Ventures, made a detailed summary of the event. The members of the Committee made their opening statements with Congressman Tom Emmer defending Bitcoin and the potential of blockchain technology to create more trust and transparency in traditional systems.

Similarly, Emmer criticized the lacked clarity on regulation and the danger of U.S. companies leaving to other territories consequently. The representative called for answers on a key topic: the classification of digital assets and whether they will be treated as securities, commodities, or currencies.

However, not every member of the Committee was an advocate of Bitcoin. Representative Brad Sherman claimed that “he would rather people make ‘bets’ in equity markets or the California lottery” than invest in BTC or cryptocurrencies. He added:

(…) the only advantage of crypto is avoiding KYC and its supported by anarchists for tax evasion.

Representative Anthony Gonzalez seemed to support cryptocurrencies and encouraged everyone to listen to the opinions of all the members in the Committee and not just the hostiles ones. He classified the idea of investing in the California lottery over Bitcoin as “ridiculous”.

Does Bitcoin Need New Regulations?

Amongst the speakers, Valkenburgh’s presentation highlighted the importance of Bitcoin as a tool that aids different human rights causes around the world. He cited the Nigerian Feminist Coalition in Nigeria to demonstrate the power of receiving money with a censorship resistance network anywhere in the world.

Valkenburgh believes there is sufficient regulation in the crypto industry. His argument had two main points: over the past 10 years, several federal and local governments issued their own legislation towards this new asset class. He added that technologies within the blockchain are a type of regulation.

(…) onramps, offramps and exchanges, are money transmitters, banks and trusts, and are all under the BSA, report to FINRA and require KYC/AML.

In BTC’s decade of existence, there have been no reports of a U.S.-based exchange that has suffered major losses. Regulators in this country have swiftly punished fraud, money launders, and other crimes related to the industry.

Valkenburgh thinks that central bank digital currencies (CBDCs) from China and other “totalitarian governments” will launch in the coming years. Thus, he called on the U.S. Congress to accept financial inclusion or “cede” the influence of these governments. Representative Warren Davidson agreed.

At the time of writing, BTC trades at $34,856 with losses in the lower timeframes. The first cryptocurrency by market cap has experienced a downtrend in the past days and could face further unless it makes a significant push towards former highs.

Bitcoin BTC BTCUSD
BTC moving sideways in lower timeframes. Source: BTCUSD Tradingview





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