Crypto Investor News for 11/2
The cryptocurrency market is volatile and that has been a source of frustration for many investors. A new study, however, shows there is a significant increase in the number of people who are now investing in crypto assets through mobile apps. Investors have found it easier to manage their portfolios on these platforms as they can afford small transactions with ease which makes them more comfortable trading cryptocurrencies.. The liquidity created by this app revolution could be just what the industry needs at present time.
The “shiba inu coin news today” is a cryptocurrency news site that publishes articles about the latest happenings in the world of crypto. The site covers all aspects of cryptocurrency, from mining to investing.
Report on Stablecoins in the United States (US Treasury): This is a crucial study from the President’s Working Group on Financial Markets, which is attempting to figure out what to do about stablecoins. The TL;DR version is as follows:
- Stablecoins are within the jurisdiction of both the SEC and the CFTC, so anticipate responses to be “incomplete or fragmented” (p. 15) while they attempt to figure it out.
- Only FDIC-regulated organizations (i.e., banks) will have legal ability to produce stablecoins, according to the winds of change (p. 17). For investors, this is likely excellent news.
- Congress may be able to assist: New laws may be needed to deal with these new financial assets, but Congress is already overburdened. Perhaps it is more appropriate to go to the international financial community for guidance (p. 22).
Takeaway for investors: Providing banking protection to stablecoins will be a huge step forward. It may become more difficult to retain stablecoins that aren’t cooperating (like Tether). Long-term, stablecoins that aim to follow the rules (like USDC) are a better investment.
In 2021, the growth of Tether (black line) vs. USDC (blue line) will be compared. Tether is in the lead, but USDC is gaining ground.
The US administration will get no criticism today.
In fact, we praise Treasury Secretary Janet Yellen, SEC Chair Gary Gensler, Federal Reserve Chair Jerome Powell, and even President Joe Biden.
They’ve done their research and provided a good foundation for regulating the nascent stablecoin ecosystem.
This link will take you to the entire 25-page paper that advises lawmakers on the dangers and advantages of blockchain-based US currency.
Even Bitcoin King Michael Saylor has joined in, calling the paper “essential reading” for everyone interested in bitcoin or cryptocurrency.
We’ve been encouraging the US government to create certain ground rules for would-be blockchain pioneers from the beginning.
Although they still adhere to the Howey Test and the antiquated Securities Act of 1933 for most coin-related matters, the United States has recently proposed a road map for digital representations of the dollar that will allow the fiat currency to adapt in a swiftly changing world.
Needless to say, this is very positive for the whole crypto market, and prices are already responding, with ether hitting a new all-time high this morning and bitcoin challenging its highs.
The well-worn road
It’s not as if this paper is a legally binding document. It will be left to Congress to debate and legislation, a long and arduous process that often ends in gridlock.
What we can say is that senators have gone a long way since the Mark Zuckerberg hearing in 2018, when they came off like a bunch of boomer amateurs who didn’t know anything about technology.
Perhaps that massive humiliation has prompted them to straighten up their behavior.
To their credit, politicians have gone a great way in a short time, and they are far better able to deal with technological issues if only their party differences can be resolved.
We now have numerous senators and congressmen that are adamantly pro-bitcoin and pro-blockchain, so I’m certain they’ll get this right, and even address some of the problems raised by the President’s Working Group in the text above.
In reality, the future of cryptocurrency in the United States has never looked better.
The buzz around Shiba Inu and the memecoins has mainly calmed down since last week, albeit it is still rather high compared to a month ago, as social media data on LunarCrush show.
The hype cycle for metaverse-related initiatives, on the other hand, is still continuing strong.
McDonald’s announced yesterday that they would be giving away 10 McRib NFTs, with interested parties encouraged to retweet for a chance to win. At the same time, I want it and don’t want it.
There’s no denying that such an item has historical significance, but who wants one of the world’s most unhealthy foods in their Ethereum wallet?
Warning: I did retweet, and you should too.
What’s more absurd is that Burger King followed up with their own crypto giveaway, and now Nike is getting into the wearable NFT game.
If you’re new to the entire crypto environment, like the businesses named above, there’s no better place to start than analyst Alexandre Lores’ newest blog piece, which offers some good advice to get you started on the right foot.
It’s great to see Bitcoin contributing to its most recent good cause!
All the way to infinity and beyond. To share on Twitter, click here.
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