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Former SEC head and treasury undersecretary defend US crypto regulations

Former top policymakers Jay Clayton and Brent McIntosh has defended the crypto regulatory regimes established during their respective government tenures.

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The regulatory pressure is mounting in the U.S., with more politicians questioning whether the current framework is adequate.

An opinion piece penned for Wall Street Journalby former SEC Chairman, Jay Clayton, and former Undersecretary of the Treasury, Brent McIntosh, have defended the United States’ existing regulatory apparatus regarding crypto and warned that excessive rulemaking could stifle innovation.

The discussions come as cryptocurrencies have been thrown into the regulatory spotlight once again in the wake of two crippling ransomware attacks in the U.S. Over the weekend, two senators deliberated on the prospect of banning cryptocurrencies as a solution to the ransomware attacks.

Clayton served as SEC head from May 2017 until December 2020 and stated that the agency did not take up Bitcoin regulation because the asset was declared not to be a security before he took up his position as its head. Clayton has remained in the industry following his departure from the SEC and currently advises One River Asset Management on cryptocurrencies.

McIntosh was the Under Secretary of the Treasury for International Affairs from September 2019 until January 2021, previously serving as General Counsel to the Department of the Treasury between 2017 and 2019.

The pair emphasized the challenge of finding a pragmatic regulatory balance that ensures basic consumer protections without stifling the crypto industry’s growth, warning that the sector could easily be subjected to excessive or insufficient regulatory oversight while praising existing guideline:

“Existing regulatory frameworks provide the tools to address many of the risks of new technologies without stifling their promise.”

They advised policymakers to ground their efforts in the principal objectives underpinning existing financial regulations. These include financial stability and the prevention of fraud and illicit activity.

The pair concluded that a coordinated approach is required that ensures the U.S. retains its role as a financial leader:

“A prompt, coordinated approach to regulatory clarity that builds on our existing knowledge base will empower responsible innovation and ensure that the U.S. financial system continues its leadership role in the formation of capital, the provision of credit, and the maintenance of stability on which the modern global economy depends.”

Those in power appear to be angling for a heavier-handed approach, with Treasury Secretary, Janet Yellen, stating that the misuse of crypto is a growing problem in February.

SEC chairman Gary Gensler also hinted at greater regulatory oversight for U.S. crypto exchanges in early May.

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Source: https://cointelegraph.com/news/former-sec-head-and-treasury-undersecretary-defend-us-crypto-regulations

Blockchain

UMA Technical Analysis: Price Has Fallen Below the Fibonacci Pivot Point of $12.38

UMA price has tested and fallen below 23.6% FIB retracement level of $13.14. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

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Universal Market Access is a protocol to create synthetic assets that are based on the Ethereum blockchain. A synthetic asset is a different asset class that represents the value of the underlying asset. However,  UMA helps its users to create self-enforcing financial contracts and run them on Ethereum. The following UMA technical analysis will predict the price trends for the next few days:

Past Performance

On June 10, 2021, UMA started trading at $13.01. As of June 16, 2021, the closing price of UMA was $12.04. Thus, in the past week, the UMA price has plummeted by roughly 7%. In the last 24 hours, UMA has traded between $11.85-$13.14.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/uma-technical-analysis-price-has-fallen-below-the-fibonacci-pivot-point-of-12-38.png

https://www.tradingview.com/x/AoAaDOFl/

Day Ahead And Tomorrow

Currently, UMA is trading at $12.20. The price has increased slightly from the opening price of $11.97. Thus, the market looks positive.

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The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is bullish, and we can expect a price to rise. However, both the lines are close to the zero lines and may change signs soon. Thus, a trend reversal is on the horizon.

The OBV indicator is gradually falling. Thus, selling volumes are higher than buying volumes. Hence, we can expect the UMA price to decrease.

The RSI indicator is at 49%. It has just rallied from the 30% mark. Thus, buying pressures are slowly mounting. Hence, we can expect the price to start rising again in a few hours.

UMA Technical Analysis

The price has fallen below the Fibonacci pivot point of $12.38. As some oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $11.81 soon.

READ  Are Bitcoin [BTC] and Gold Prices Correlated? – ‘Pomp’ and Schiff to Battle Soon

The price has tested and fallen below the 23.6% FIB retracement level of $13.14. If the price falls below the 23.6% FIB extension level after some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

#UMA #Universal Market Access

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Source: https://www.cryptoknowmics.com/news/uma-technical-analysis-price-has-fallen-below-the-fibonacci-pivot-point-of-12-38

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Blockchain

Ethereum Non-Exchange Whale Holdings Hit A 5-Year High, Michael Saylor Praises ETH

For the last week and more, the world’s second-largest cryptocurrency Ethereum (ETH) has been trading under pressure with its price failing to hold above the $2500 support levels. However, ETH whales seem to be making the most of this price correction and have started accumulating in big numbers. As per the recent data from the

The post Ethereum Non-Exchange Whale Holdings Hit A 5-Year High, Michael Saylor Praises ETH appeared first on Coingape.

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For the last week and more, the world’s second-largest cryptocurrency Ethereum (ETH) has been trading under pressure with its price failing to hold above the $2500 support levels. However, ETH whales seem to be making the most of this price correction and have started accumulating in big numbers.

As per the recent data from the on-chain provider Santiment, the holdings for the top ten Ethereum non-exchange whale wallets have surged rapidly in recent times. The combined holdings of these top-ten wallets have climbed to a massive 19.67m coins, the highest over the last five years since July 2016.

Courtesy: Santiment

On the other hand, Ethereum (ETH) whale addresses holding 10K to 100K tokens have remained at an all-time high despite. But at the same time, mid-tier addresses holding between 10-10K ETH continue dropping.

Recently, Ethereum has been in the eyes of institutional players and market veterans. Bitcoin evangelist and MicroStrategy CEO Michael Saylor recently went on praising Ethereum.

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Michael Saylor – Ethereum Provides Financial Establishment

In a recent interview with CNBC, the Bitcoin evangelist for the first time spoke about other digital assets apart from BTC. Talking about Ethereum, he said that the blockchain will disrupt traditional finance. Saylor said:

“You’re going to want to build your buildings on a solid footing of granite, so bitcoin is made to last forever — high integrity, very durable. Ethereum is trying to dematerialize exchanges and the finance establishment. I think that as the market starts to understand these things, there’s a place for everybody.”

Michael Saylor’s MicroStrategy has been massive raising funds over the last few months to invest in crypto.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Source: https://coingape.com/ethereum-non-exchange-whale-holdings-hit-a-5-year-high-michael-saylor-praises-eth/

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CNN Launches “Vault” to Sell NFTs of Historic News Moments

The WarnerMedia-owned multinational news channel CNN is launching “Vault by CNN” to offer a select set of NFTs from the channel’s 41-year old archives.

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If you’ve ever wanted to own a piece of history, now might be your chance. The WarnerMedia-owned multinational news channel CNN is jumping into the NFT space with a new offering called “Vault by CNN”. The project will mint a select set of NFTs from the channel’s 41-year old archives on the Flow blockchain, which is also home to NBA Top Shot, a marketplace for sports highlights.

CNN NFTs Will Be Available in Late June

While CNN hasn’t specified the details for its first batch of NFTs, the channel has hinted that the offering will be based on its early exclusives, world history, and Presidential Elections. “Vault” will begin dropping these moments over a span of six weeks starting in late June 2021. Users could expect the successive collections to cover more topics and themes as Vault by CNN adapts to the community.

Explaining the rationale for the launch of its new service, CNN stated:

“Until now, there has been no way to ‘collect’ these moments. Users can often find old footage online, or packaged up in documentaries, but they cannot ‘own’ them or display them in the way they can with a print newspaper or magazine.”

The tokenized news moments will be available in a combination of both limited and open editions. To purchase these tokens, users will have to sign up for “Vault”, where they will store the moments. Unlike other NFT shops, users are not required to fulfill their payments in cryptocurrencies; they can buy their tokens using traditional methods such as credit cards. Although, users will need to create a digital wallet with the mobile application Blocto.

Users Will Be Able to Render Their NFTs Offline

CNN has partnered with video framing company Infinite Objects to help users render their NFTs onto a screen without an internet connection. 

Interestingly, Fox and Time Magazine have also announced their foray into the NFT market before CNN. As of yesterday, Fox Corporation revealed that it was investing $100 million in Blockchain Creative Labs for NFT content creation. 

READ  CHSB Technical Analysis: Breakout of the Pivot Resistance Level of $1.35

#CNN NFTs #Fox NFTs #News NFTs #Vault by CNN

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Source: https://www.cryptoknowmics.com/news/cnn-launches-vault-to-sell-nfts-of-historic-news-moments

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SEC Delays VanEck Bitcoin ETF Decision Yet Again, Deadline Pushed to July

The United States Securities and Exchange Commission (SEC) has delayed its decision on the VanEck bitcoin ETF again, saying in a filing that it wanted public commentary.

The post SEC Delays VanEck Bitcoin ETF Decision Yet Again, Deadline Pushed to July appeared first on BeInCrypto.

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The United States Securities and Exchange Commission (SEC) has delayed its decision on the VanEck bitcoin ETF again, saying in a filing that it wanted public commentary.

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The United States Securities and Exchange Commission has once again delayed its decision on the VanEck bitcoin ETF, the regulator announced in a filing published on June 16. The decision follows the first announcement of a delay in April when it requested an extension of 45 days to make a decision on the approval. The next deadline is set for July 2021.

The SEC will now seek public comments on the proposal to list the product prepared by Cboe Global Markets. Investors will likely be disappointed about the decision but will have to make do with the fact the ETF decision has only been delayed, not outright rejected.

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Concerns over investor protection

A bitcoin ETF would give a much larger swathe of investors the ability to invest in bitcoin easily. It allows investors to access the cryptocurrency market easily via a stock listing. This is the problem foreseen with an ETF, namely that the accessibility could lead to more risk for investors.

In the past, the SEC has cited investor protection and market volatility as the primary reasons behind the absence of bitcoin ETFs. Bitcoin’s recent correction of over 40% — though it has picked up to around the $40,000 range — has only exacerbated this concern.

In the filing, market manipulation and fraud have also been listed as concerns. The SEC asks the Cboe if it has taken any actions to prevent these occurrences, as well as if the trust and shares would be susceptible to manipulation.

More interestingly, it asks the degree to which bitcoin is transparent and how much it has changed in the past five years. It also asks potential commentators on the size and regulation of the bitcoin futures contract.

Insiders and market enthusiasts have pushed for an ETF, saying that it is about time for an asset that is now more or less in the mainstream. But regulators across the world are unsure what to do with such a nascent asset class and envision that there will be both legal and economic challenges to bringing it into greater public access.

Will the U.S. see an ETF approval this year?

The likeliness of a cryptocurrency ETF being approved this year in the U.S. is up in the air. VanEck has also submitted an SEC filing for an ETH-centered ETF, but updates on that are limited as it was only submitted early in May.

Gabor Gurbacs, a Director at VanEck, has called upon officials to embrace bitcoin, saying there are “trillions of dollars in potential value.” The U.S. remains a noticeable laggard in the cryptocurrency arms race, with economic rivals like China and developing nations taking to the technology at a much quicker pace.

The SEC now has several ETF applications on its desk, though the VanEck ETF remains the most prominent of them all. It could be that the SEC and other regulatory bodies are focused on a broader crypto framework first. In any case, the market should hear some news on the matter before the end of the year.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Since then, he has guided a number of startups navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars. He has a Masters degree in Finance.

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Source: https://beincrypto.com/sec-delays-vaneck-bitcoin-etf-decision-yet-again-deadline-pushed-to-july/

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