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Cryptocurrencies Don’t Need New Rules, Former US Regulators Say

Jay Clayton and Brent McIntosh argued that cryptocurrencies do not need new rules. They just need regulatory clarity to grow.



It is one thing to go to a conference like Bitcoin Miami 2021 to hear that cryptocurrencies don’t need more legal rules, and quite another to read this argument from the pens of two recognized american legal experts and former regulators in none other than the Wall Street Journal.

In an opinion piece published on June 6, 2021; former SEC chairman Jay Clayton and former undersecretary of the Treasury  for International Affairs Brent McIntosh argued that the current US Administration’s stance of viewing the U.S. legal system as unfit to regulate cryptocurrencies is fundamentally flawed.

Don’t Reinvent the Wheel. Cryptocurrencies Don’t Need New Rules

Clayton and McIntosh sought to refute the arguments of current U.S. Treasury Secretary (and prominent Bitcoin skeptic) Janet Yellen , who asserts that the U.S. framework isn’t “up to the task” of regulating cryptocurrencies. They also believe that the thinking of Gary Gensler, current Chairman of the Securities and Exchange Commission, who said that cryptocurrency markets have no protection against fraud or manipulation, is wrong.

For the regulatory experts, it is all a matter of applying the correct interpretation to the laws and one or another touch of legal analogy. Clayton and McIntosh claim that the U.S. legal framework already has all the necessary elements in place to cover cryptocurrency-related activities, and there is no need to reinvent the wheel or over-regulate the scene, which, they argue, threatens innovation:.

Existing regulatory frameworks provide the tools to address many of the risks of new technologies without stifling their promise. If applying these frameworks reveals outdated requirements, such as a mandate to use paper records or other outmoded technologies, including for governmental functions such as recording mortgages and security interests, then regulators should remove them. If coordinated analysis by national and international authorities reveals a regulatory gap, it should be filled. But we shouldn’t begin by assuming a need to reinvent the regulatory regime.

They cited as an example the case of ICOs and the boom of these proposals in 2017. They argue that instead of creating a set of laws to regulate this activity or attempting to implement new rules of the game, it was sufficient to apply existing rules to securities offerings that already have a proven strength in the U.S. legal system.


What Should Regulators Do?

The most appropriate approach, according to them, is based on 3 fundamental pillars:

Firstly the regulators should focus on drawing the boundaries of their competencies to avoid conflicts of opinion or loopholes in the law. This would achieve efficiency and legal clarity that would benefit the entire industry and the crypto community.

Secondly, they should have precise requirements for a token or cryptocurrency business to operate in the country, minimizing risks and stimulating new businesses.

Thirdly, the Biden administration should decide on which approach to take regarding CBDCs and stablecoins. If  those alternatives prove to be more efficient for transferring value and making payments, there should be a clear focus on where to direct efforts, either towards launching a digital dollar or boosting digital means of payments such as stablecoins.


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Everything You Need to Know About The Challenges Plaguing The DeFi Ecosystem and Spherium Finance

Spherium Finance is a cutting-edge DeFi platform that offers a unified DeFi solution including a universal, cross-chain compatible crypto wallet.



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The traditional perception of money involves a centralized authority distributing fiat currency to the people. While this hierarchical system has worked well for the past couple of centuries, the current business landscape seeks more flexibility and autonomy over the process of exchanging values.

That’s where decentralized finance or DeFi comes in.

Creating a system where financial transactions can be carried out seamlessly without the interference of a governing body or a “middleman” has been the main goal of the DeFi sector.

Based on the advantages the DeFi markets offer, it is no surprise that the sector has seen tremendous growth in the last couple of years with the unicorn projects including among others Compound, Maker, Aave, Uniswap, SushiSwap, Curve Finance, and Yearn Finance. The transaction volumes and total value locked across DeFi projects are currently estimated at $59 billion, witnessing exponential growth in 2021. Nevertheless, some fundamental issues are still plaguing the DeFi space:

1. Complicated User Interface/Experience (UI & UX)

The current digital age, Web 3.0, demands an intuitive user experience without sacrificing the technical complexity of products. However, the current solutions in the DeFi space are geared towards technically proficient individuals thereby limiting broader adoption of the DeFi platforms.

A wider DeFi adoption requires DeFi products with user-friendly interfaces, simple options designed for less technically-minded retail users. To discover how DeFi works and to feel comfortable using DeFi solutions will doubtlessly be deterred by a complicated learning process.

Also, since crypto wallets are an important part of the DeFi ecosystem, DeFi platforms must provide a means for multi-currency integration. Therefore, to become universally adopted, the industry focus should shift from features or functionalities to user experience.

2. High Transaction Fees

The fundamental motivation behind cryptocurrencies was to provide a decentralized medium for carrying out financial transactions while eliminating intermediaries and keeping the costs low. These challenges have been resolved only to a certain extent as growing demand for resources and other market factors have led to a spike in transaction charges, especially in the Ethereum blockchain. The average transaction fee on the Ethereum network stood at about 32.50 Gwei as of June 8, 2021. 


READ  Did US Congress Send Bitcoin Price Back to Five Figures?

3. Fragmented DeFi Landscape

To encourage mass adoption, the DeFi space should have a seamless flow. An immersive consumer experience should be a key element of DeFi transactions.

Unfortunately, the current DeFi ecosystem is fragmented making it difficult for new users to adopt DeFi. A new user who wants to trade cryptocurrencies has to first create an account on a DEX and if that same user wants to lend cryptocurrency, he is also required to create another account on a lending platform. This can be frustrating and result in a frustrating user experience.

While some lending platforms have identified this problem and are trying to solve it by collaborating with other service providers in the space, the current framework is still far from perfect.

The Spherium Finance Solution

Spherium Finance is a cutting-edge DeFi platform that intends to address the above challenges. It is a one-stop platform offering a unified DeFi solution including a crypto swap, money market product and a universal, cross-chain compatible crypto wallet.

Thus Spherium Finance is launching an entire suite of DeFi products. 

I. HyperSwap

HyperSwap is a decentralised platform for swapping ERC20 tokens using a cutting-edge Automated Market Maker (AMM) algorithm. It enables liquidity providers rather than intermediaries to make profits by reducing the prices and lowering the asset value back to the market price.

HyperSwap is among the pioneers in cross-chain AMMs enabling users to swap tokens across Ethereum and BSC networks. Its intuitive interface allows users to switch across different chains with a single click.

HyperSwap is also a layer-2 protocol for mitigating high transaction fees (gas fees) while at the same time maintaining the security guarantee of layer-1, also known as the settlement layer.

II. Spherium Wallet

Spheirum Wallet is a cross-chain compatible universal crypto wallet. It acts as the gateway to all Spherium products. The wallet can be connected to any DeFi platform via the Wallet Connect protocol. Customers will be able to use all the services provided on the Spherium ecosystem anytime and anywhere from their mobile device. Meanwhile, Spherium ensures the safety and security of the user’s assets through the adoption of best practices in cybersecurity. 


$SPHRI is the native utility token of the Spherium ecosystem that will allow Spherium users to access the complete palette of Spherium products and services and also act as the governance token for the ecosystem. $SPHRI token holders will be able to submit proposals as well as vote e.g. on new proposals and new liquidity pools on HyperSwap. 

Users can earn $SPHRI through the following: 

  • Incentive for liquidity providers to HyperSwap; 
  • Incentive for HyperSwap traders/users;
  • Incentive for SPH token stakers; 
  • Incentive for SphereComp lenders. 

IV SphereComp 

SphereComp represents decentralized money markets allowing users to lend and borrow digital assets across different blockchains. The interest rates for such loans are determined by the law of demand and supply. 

The Spherium team recently announced its dual Initial Decentralized Offering (IDO) (medium link here) across BSCPad and PentaLaunch. This will be one of the first insured IDOs on PentaLaunch, and it will be happening on June 16, 2021. Spherium has insured its IDO through InsurACE. It’ll ensure the safety of the funds of the participants against any security threat. Net supply available for public sale on PentaLaunch will be 128,205 $SPHRI at 1 $SPHRI to 0.195 USDC. 


  • Opening time: 16/06/2021 04:00 AM UTC
  • Closing time: 16/06/2021 10:00 AM UTC
  • Time to claim $SPHRI: 16/06/2021 12 PM UTC


The net supply available for the public sale event on BSCPad will be 641,025 $SPHRI.

  • Staking Eligibility Deadline: 16/06/2021 03:00 AM UTC
  • Allocation Round: 16/06/2021, 06:00 AM UTC
  • FCFS Round: 16/06/2021, 11:00 AM UTC
  • Pancakeswap Launch: 16/06/2021, 12:00 PM UTC
  • Time to claim $SPHRI: 16/06/2021, 12:00 PM UTC

More information about Spherium Finance is available under

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Binance Coin, Filecoin, Tron Price Analysis: 13 June

The recent market fall has led to traders rushing toward sell-offs, even as Bitcoin’s price started to consolidate. The king coin’s downtrend on June 12, which led to an over 6% fall in valuation,

The post Binance Coin, Filecoin, Tron Price Analysis: 13 June appeared first on AMBCrypto.



The recent market fall has led to traders rushing toward sell-offs, even as Bitcoin’s price started to consolidate. The king coin’s downtrend on June 12, which led to an over 6% fall in valuation, was followed by several alts such as Binance Coin, Filecoin, and Tron’s TRX. Breaking through important support levels, these coins also faced rising selling pressure and depleting capital inflows. Their south-bound movement kept them vulnerable to additional losses going forward.

Binance Coin [BNB] 

Source: BNB/USD, TradingView

Binance Coin continued on its downtrend. After gaining over 33% just between May 31 and June 2, its valuation fell by 20% during June 7-9. Still trading in the red, the coin was priced at $337.8 at press time. After testing resistance at $365, it had fallen a further 13.2% over the past week.

Relative Strength Index or RSI dipped below the median line on June 10 to 39.8 at press time. If selling pressure continues to mount, the coin could be headed for the oversold zone. As Parabolic SAR’s dotted line hovered above the candlesticks, a downtrend for the price action could be noted.

However, according to Awesome Oscillator’s histogram, bullish momentum could be seen creeping in although it was too early to declare a positive price movement based on the indicator alone.

The support at $304 remained strong and could act as a savior if BNB continues its downward movement.

Filecoin [FIL] 

Source: FIL/USD, TradingView

Filecoin lost 26% of its valuation during the market reduction on June 7. The coin fell through support lines at $84.5 and $75.5 and had since lost further valuation during the price fall on June 11. It was trading at $69 and saw slight gains on the four-hour chart with the emergence of a green candlestick at press time.

Chaikin Money Flow indicated that traders rushed to sell their holdings on June 12, as the capital outflows mounted way over the inflows. Selling pressure also continued to be overpowering, as Relative Strength Index continued to hover over the oversold region since June 8. The convergence of the Bollinger Bands did highlight the reduced volatility of the market and price action could be constricted going forward.

Tron [TRX] 

Source: TRX/USD, TradingView

The blockchain network recently hit several milestones. Tron’s daily active users hit an all-time high of 5.26 million, while the total daily transaction count has also hit an all-time high of 6.22 million on Tuesday.

Nevertheless, Bitcoin’s retracement on June 10-11 proved to be detrimental to Tron, which fell by over 12% during this time. The coin broke through its support at $0.069 but found new support at the $0.065 mark, with the former acting as a strong resistance. The 24-hour trading volume for the coin also fell by 31% over the past day.

Bollinger Bands remained diverged during this time, indicating that market volatility was picking up. The appearance of a red line below Awesome Oscillator’s histogram suggested that bullish momentum was starting to surface on the coin’s price action. Moreover, MACD’s histogram closed in one a bullish crossover, even as the lines remained below the equilibrium and moved in alignment with one another.

Since the indicators suggest that bearish momentum is declining, TRX could defend $0.065 support from a breakdown. In case the support is broken, the coin could face a plunge of over 20% towards the next support at $0.055.

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Why NFL’s Russell Okung Asked Nigeria To Adopt The Bitcoin Standard

Following El Salvador’s decision to grant Bitcoin the status of legal tender, other government officials in the region have hinted at adopting similar measures. Most of the interest seems to have a source in developing countries. Their populations have been the most benefit from Bitcoin’s open and censorship resistance network. NFL’s professional player Russell Okung […]



Following El Salvador’s decision to grant Bitcoin the status of legal tender, other government officials in the region have hinted at adopting similar measures. Most of the interest seems to have a source in developing countries. Their populations have been the most benefit from Bitcoin’s open and censorship resistance network.

NFL’s professional player Russell Okung wrote an open letter to the Nigerian government. He asked the official of this country to adopt the Bitcoin standard “or risk falling behind”.

Okung is of Nigerian descendant and is well-known for his pro-BTC stance. He famously used the phrase: “Paid me in Bitcoin”, as a demand to his team’s management. The professional football player has kept an eye on the situation in El Salvador and believes that “soon every nation will be faced with this decision”.

Therefore, Okung argues that it will be more beneficial for the country to be first in Africa to make BTC legal tender. In that way, Nigeria will “will enjoy significant advantages globally for generations to come”.

Similar to El Salvador, Nigeria and other countries in Africa have placed their fate in “the hands of global central bankers”. Okung believes these entities have acted for their own benefit and not those of the Nigerian people.

The NFL’s player emphasizes that the current global economic outlook calls for fast and extreme measures. Other countries, Okung claims, such as Russia, China, Kenya, and Iran use Bitcoin in some form to “circumvent U.S. sanctions” and retake more participation in the global financial system. He adds:

I’m proposing an equally aggressive approach to national Bitcoin adoption which would significantly bolster every sector of the Nigerian economy and revitalize the spirit of every Nigerian domestically and abroad.

What Countries Risk By Not Adopting Bitcoin

Nigeria has a troublesome history with the cryptocurrency. A national ban was imposed in the country, only to be removed after a couple of days when BTC’s price rose 46%. The measure caused people to panic buy BTC to protect their savings, businesses, and hedge against the situation described by Okung.

Data from Statista indicates that around $400 million are traded in cryptocurrencies in this country for 2021 alone. This suggests that the Nigerians have a lot of interest in this asset class.

The African country has seen a wave of massive protest, as a report from The Guardian claims. Nigerians have been celebrating Democracy Day and have mobilized to manifest rejection for their government’s bad governance.

The report claims that Nigeria is one of the most corrupt countries around the globe. Thus, seems logical that their citizen has high Bitcoin adoption levels. At the same time, it seems improbable that government officials will give BTC legal tender status. Still, Okung presented his arguments, he seems to understand the benefits for Nigerians and what truly it’s at stake.

(…) a delay in pursuing a national plan for bitcoin adoption will risk a scenario where Nigeria is left behind and its citizens excluded from the possibility of significant wealth creation and preservation.

At the time of writing, BTC trades at $37,464 with moderate gains in the daily chart. BTC experienced high volatility during the weekend. In order for the bulls to take control, the $40,000 resistance must be flipped into support in the short term.

BTC with moderate gains in the daily chart. Source: BTCUSD Tradingview

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How will the drop in this metric affect UNI, CAKE, SUSHI, AAVE?

Bitcoin maximalists are currently gaining from the dropping altcoin market capitalization. Another group in on that is DeFi project traders and HODLers. This weekend, the altcoin market capitalization

The post How will the drop in this metric affect UNI, CAKE, SUSHI, AAVE? appeared first on AMBCrypto.



Bitcoin maximalists are currently gaining from the dropping altcoin market capitalization. Another group in on that is DeFi project traders and HODLers. This weekend, the altcoin market capitalization dropped further. In the past 7 days, the altcoin market capitalization has dropped along with a drop in altcoin prices. BNB, ADA, DOGE, XRP, DOT and CRV have dropped and this has increased the accumulation, investment inflow.

Low marketcap projects have offered high returns over the past 7 days. There are several factors supporting this narrative. Increasing trade volume of DeFi projects has increased in proportion to altcoin market cap. The demand across exchanges has increased and there is an increase in the number of unique wallet addresses and TVL. This may change the narrative of DeFi to bullish.

High market cap projects may lead to the increase in demand and investment inflow proportionate to the interest of their users. The low market cap projects continue to face a correction when traders exit. The drop in altcoin market capitalization has a direct impact on DeFi users.

Is the diminishing altcoin market capitalization bullish for DeFi

Source: DuneAnalytics

The diminishing altcoin market capitalization has had a direct impact on the investment inflow, the number of traders and the demand across exchanges. This is bullish for DeFi projects as the rising number of users and the metrics related to number of trades, wallets and users indicate a growing interest, investment, institutional investment inflow and growth in DeFi market capitalization.

With the rise in the number of DeFi projects, there is a surge interest from institutions. With the upcoming biggest smart contract event of the year, it is likely that DeFi projects like UNI, CAKE, SUSHI, AAVE that haven’t rallied in the past 2 weeks would rally following increasing demand and popularity, social media mentions.

When the average price chart of these projects is observed, and they are ranked in accordance to their ranking of growth in Active users, there is a strong correlation between users and market capitalization. AAVE, UNI, SUSHI have ranked the highest. Though ranking does not have a direct correlation with social volume and price, it has increased following drop in altcoin market capitalization. This builds a bullish case for DeFi in the following two weeks.

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