Cryptocurrency Regulations – Where we are now – crypto news

Cryptocurrency Regulations  – Where we are now – crypto news

Hi guys it’s Majesty Ibianga here with the Financial Drive-Thru where I help you get an edge in the crypto and financial markets through up-to-date news and Information and all the extra stuff that you need to get a heads up in the space so if you’re new, stick around,subscribe and let’s drive-thru First headline – EU finance ministers stall on crypto regulation EU finance ministers have sidelined a think tank report calling for stricter cryptocurrency regulations within the European Union Citing the need for caution in Developing a nuanced approach to potential risks presented by the crypto currency market the article says that this delay Coincides with failed regulatory action in China where authorities have failed to block off access to offshore exchanges We’re going to talk about that shortly The article goes on to say that the G20 watchdog announced in July that the EU does not consider crypto currency markets a threat to financial stability citing a ”limited use for real economy and financial transactions” on a small size relative to the traditional financial system. Just yesterday We saw this on a headline the SEC temporarily suspends the Bitcoin and Ethereum ETN Now an ETN is an exchange-traded note and should not be confused with an exchange traded fund, which is what the entire cryptocurrency Community has been rooting for and expecting. This is just a temporary Postponement and personally, I don’t think its something people should take too seriously or panic about because in this case they actually do seem to have a very good reason for this. The Rationale behind this is that it appears to the SEC that there’s lack of current, consistent and accurate information concerning the Bitcoin tracker One and Ether Tracker One financial instruments. They stated that some trading websites characterize ETNs as ETFs and In some other places they are called non-equity linked certificates So this can actually be confusing to both investors and regulators alike. And this is something they want to nip in the bud. It’s definitely good to point out is that this happened on Sunday, right before the Bitcoin futures opened and it did not have any effect on the Bitcoin price, but I’m actually curious to see what this holds for September 20th when they actually resume trading ETNs and September 30th When we’re expecting the ETF ruling. It’ll be interesting to see how these things play out and I’ll be sure to keep you posted on any information I get. Regarding their concern about some websites calling them ETFs, Let’s take a look at one of those here We have an article from finance magnate and here they say SEC prohibits trading in two cryptocurrency ETFs. So this is kind of where the confusion comes about and they even pointed out that the American regulators say that there’s confusion Surrounding Bitcoin tracker one and ETH tracker one. Meanwhile they’re part of the problem as far as I’m concerned So that’s all we’re gonna say about this. More on regulations, Let’s take a look at something that just happened… We have this headline ”Winklevoss-led Gemini Launches the first regulated USD pegged stable coin this is definitely trouble for Tether! Now for those of you that don’t know, A stable coin is any cryptocurrency that is pegged to a stable Asset so that could either be gold or fiat currencies. In this case.,It’s the US dollar .Tether is also pegged to the U.S Dollar, but the difference here is that this is regulated. This has the stamp and seal and approval of the NYDFS That’s the New York State Department of Financial Services So this gives it extra credibility and this might definitely be a game changer as far as bringing in the big-time investors is concerned So let’s take a look at the article and see what it has to say here; ”According to the announcement The gemini dollar is the first fully regulated stable coin since it to falls under the oversight of US regulators including the NYDFS that we just mentioned. The company notes that each Gemini dollar corresponds to a US dollar and is held at a bank in the United states and is eligible for FDIC pass-through deficits insurance. In an effort to avoid Transparency woes that have plagued all the stable coins like Tether, Gemini also noted that It will conduct monthly audits of its US dollar holdings and Publish the results for the public to ensure that YOU know, what’s going on. They’ve linked the first Transparency reports here and I’m gonna put that in the detail section of the video so you can check it out I’m also going to link the white paper as well For those of you who are interested in that kind of stuff. Now that we’ve looked at the path that’s going towards cryptocurrency regulation Let’s look at what happens when regulation makes life hard for crypto users ”Chinese crypto industry insiders investors find loopholes despite government ban” Recently, The crypto community in China was met with a blanket ban on crypto trading in its entirety. Since that happened Krypton investors and industry insiders have found a loophole in this seemingly ironclad clampdown What these exchanges have been doing is they started renaming themselves under different domain names and registering their companies offshore This is basically all to avoid detection and to be able to keep operating. What’s interesting is the Chinese investors actually converts into a fiat currency into Tether (USDT) to leverage What is popularly known as client to client trades. The way this works is that they’re transferring their money through bank accounts or third-party payment services and once the other party receives the Data, the client-to-client trading starts They also use VPNs to avoid government detection and I found this line particularly interesting.. ”The reports also stated that Chinese regulators don’t possess enough computer knowledge to access VPNs” So my question of the day to you after we’ve looked at all this is ”What are your thoughts on cryptocurrency regulations, And do you think it’s necessary to forfeit the privacy that the blockchain promised just to be able to operate in this industry?” Let me know what you think in the comment section of the video If you like this kind of content Do smash the LIKE button, if you want to be kept up to date on all the happenings in the cryptocurrency space, I encourage you to subscribe. I’d love to have you around. And once again, my name is Majesty Ibianga and This has been another edition of the Financial Drive -Thru! I’ll see you in the next one. Cheers 🙂

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