COINBASE CEO SAYS U.S. RESPONSE TO LIBRA IS RIDICULOUS

COINBASE CEO SAYS U.S.  RESPONSE TO LIBRA IS RIDICULOUS


Crypto is used again to buy drugs on the dark web, and The CEO of Coinbase calls out the US government about their treatment of Libra. Let’s start the show. Welcome back to crypto global news, please make sure you like share and subscribe to the show. Also, we have a brand new website – jump over to cryptognt.com and have a look, we have all the latest news from the world of blockchain and cryptocurrency. You can find a link to our site in the show notes below. Enjoy today’s episode. A former interpreter for the United States military forces was sentenced to 30 years in jail for dealing fentanyl, which led to the death of a U.S. Marine. former Iraqi U.S interpreter was sentenced to 30 years in federal prison without the possibility of parole for using the darknet to sell fentanyl The suspect pleaded guilty to the drug charges and acknowledged using the now-defunct online darknet market Alpha Bay to sell a variety of hard drugs, such as oxycodone laced with fentanyl, while accepting payments in cryptocurrencies. What will be done in future so far as crypto regulation to prevent crypto being used for these illicit purposes? Stablecoin firm Tether and its affiliate exchange Bitfinex are expecting a lawsuit alleging that Tether token (USDT) is involved in market manipulation as the result of an unpublished paper. Tether and Bitfinex published statements claiming that they had become aware of an unreleased paper “falsely positing that Tether issuances are responsible for manipulating the cryptocurrency market.” Both firms argued that findings and conclusions claimed by that unpublished source relies on “flawed assumptions, incomplete and cherry-picked data, and faulty methodology.” Both announcements likewise refer to the paper as “non-peer reviewed.” What will become of USDT and bitfinex? Just a reminder, we have a brand new website – jump over to cryptognt.com and have a look, we have all the latest news from the world of blockchain and cryptocurrency. You can find a link to our site in the show notes below. And now, back to today’s episode. The rapid growth in popularity of cryptocurrencies has in some ways outpaced the infrastructure built to support it. When it comes tof security, cryptocurrency exchanges that serve both as a marketplace and a store of the digital assets have become a key target for hacker’s. Now that the cryptocurrency market has grown to its current capitalization of more than $200 billion, demand for crypto insurance is gaining traction. Already, big-time insurers are emerging as major players in the market: Lloyd’s of London, a centuries-old insurer with a net worth of $45 billion, partnered with Coinbase last year to provide a $255 million policy in April this year. other cryptocurrency custodians that have purchased insurance include Gemini, Kingdom Trust and Anchorage. What is the future of insurance in the crypto space? Blockchain analytics firm Chainalysis has announced the launch of its on-demand compliance and investigations software for several Ethereum (ETH)-based ERC-20 tokens. The company announced in a press release published on Oct. 3 that its Know Your Transaction (KYT) tool now supports tokens such as Basic Attention Token (BAT), DAI, GoldX, Maker (MKR), OmiseGO (OMG) and 0x (ZRX). The firm claims that — with the system in question — it is “helping businesses rapidly meet anti-money laundering/combating the financing of terrorism requirements for new ERC-20 tokens.” What is the future of the smaller Altcoins in the digital marketplace? Brian Armstrong, CEO and co-founder of major crypto exchange Coinbase,said in recent days that he expects the United States government to react to China’s stablecoin project by reconsidering its “ridiculous” response to Facebook’s Libra digital currency. Armstrong said he believes that “the way the U.S. government reacted it’s like they almost want to be left behind.” He went on to talk about his concerns over the United States possibly becoming obsolete due to innovation obstruction: “The way for countries to remain relevant over the long term and continue to have high economic growth is to invest in science, technology, and innovation. If the government can help here, even better. But first it needs to do no harm.” This brings up an interesting series of questions. What will the long term tune be of the US government in regard to Libra, how will the USA and other markets be affected by the Chinese digital currency, and overall what will regulations look like for the USA in the world of cryptocurrency? Many thanks for tuning into today’s episode, please make sure you like share and subscribe to the show, And please remember to go check out our new website at cryptognt.com where you can find all the latest news from the world of cryptocurrency. You can find a link to the site in the show notes below. For crypto global news I’m Edward, until next time you take it easy.

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