The United States Securities and Exchange Commission’s chairperson Gary Gensler announced this month that the crypto industry should not escape the purview of the regulator. He highlighted that decentralized finance (DeFi) trading and lending protocols need particular attention when it comes to investor protections. Regulation can extend into a menu of options that covers custody, reporting, counterparty verification and asset classification and issuance. Reports are surfacing that people are waiting with bated breath on how the SEC will regulate the DeFi industry, but Germany's Federal Financial Supervisory Authority, also known as BaFin, has found a way to apply existing securities …
Dan Morehead, founder and CEO of Bitcoin (BTC) investment firm Pantera Capital, has maintained his bullish Bitcoin prediction for 2021. Bitcoin is poised to hit as much as $115,000 by August 2021, surging 200% in the next eight months, Morehead reportedly said at a conference call on Jan. 12. The exec initially made this prediction in August 2020, when Bitcoin was trading at about $11,600. At publishing time, the cryptocurrency is trading at over $38,000. On Tuesday, Morehead said that Bitcoin still has lots of room for growth: “Is bitcoin overvalued? I would say no. [...] Bitcoin has spent three …
A Brexit-inspired plan wants to make California its own nation, separate from the USA. The people behind the plan are now looking to establish cryptocurrencies as the financial backbone of the proposed nation. The movement is called “Yes California,” though it is more commonly known as the “Calexit movement.” The group recently appointed a Blockchain expert named Alastair Caithness to analyze how an economy based on digital assets like Bitcoin (BTC) could be used to guarantee a Universal Basic Income, or UBI, for citizens. Caithness praised the idea of a future crypto-based economy, which he believes could “finance a level …
This weekly roundup of news from Mainland China, Taiwan and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. Huobi Asset Management is looking to be the Grayscale of Asia with the launch of four cryptocurrency-related tracker funds. The funds include a Bitcoin Fund, an Ethereum fund, a multi-asset basket of digital currencies, and a private equity fund for mining businesses. The aim is clearly to entice major institutional investors into the space with a product that feels familiar. The fund and asset management company is set …
Blockchain technology is widely associated with the exchange of interchangeable digital assets, from payment systems like Zcash (ZEC) and Libra to platforms like Ethereum and Substrate, using what are known as fungible tokens. An item that is fungible is interchangeable with another identical item. Your dollar bill and my dollar bill, your Bitcoin (BTC) and my Bitcoin, are all worth the same amount. However, nonfungible tokens are not worth the same as any other token or currency, even one that may seem similar. While this characteristic may appear impractical — especially considering the trading utility of tokens — it is …