A U.S. lawmaker has introduced the Blockchain Regulatory Certainty Act to ensure that developers and non-custodial service providers in the crypto space are not considered money transmitters and are not subject to the same level of regulation as custodial cryptocurrency exchanges. “The longer we delay providing this commonsense clarification, the greater risk that this transformative technology is driven overseas, depriving domestic users and investors,” the lawmaker warned.
Blockchain Regulatory Certainty Act Launched
U.S. Congressman Tom Emmer (R-MN), the majority whip of the U.S. House of Representatives, announced on Thursday that he has introduced the Blockchain Regulatory Certainty Act (BRCA), “which affirms that blockchain developers and service providers that do not custody consumer funds are not money transmitters.” This bipartisan bill is co-led by Representative Darren Soto (D-FL). Emmer first introduced a similar bill in 2018.
“Crypto and blockchain technology, by nature, does not easily fit into the frameworks policymakers have considered when crafting regulations in the past. For too long, federal regulators and lawmakers have jammed the blockchain ecosystem into statutory definitions that just do not make sense,” Rep. Emmer explained, elaborating:
It should be simple: If you don’t custody consumer funds, you aren’t a money transmitter. My bill provides that necessary confirmation for the blockchain community.
“The longer we delay providing this commonsense clarification, the greater risk that this transformative technology is driven overseas, depriving domestic users and investors. This bill will help America remain a technological leader in the crypto space,” the House majority whip continued. Emmer and Soto also serve as co-chairs of the Congressional Blockchain Caucus.
Jerry Brito, executive director of Coin Center, a nonprofit focused on the policy issues facing cryptocurrencies, commented: “Sound cryptocurrency policy requires calibrating regulations specifically for the activities that present risks that should be mitigated.” He explained:
The Blockchain Regulatory Certainty Act would reinforce in law the established understanding that non-custodial services, such as mining or providing wallet software, should not be regulated in the same way as something like running a custodial cryptocurrency exchange.
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Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Specification:
AQA Component 1, Section 3.1.2: Political Parties
Edexcel Component 1, Section 2.2: Established Political Parties
Background: what you need to know
This article argues that, despite some superficial similarities, the Conservatives and Labour offer very different ideologically-based policies. The author highlights the two parties’ different approaches to several key areas, notably taxation, environmental policy, employment rights and wealth inequality.
The Conservative government has reluctantly embraced a higher tax, ‘big state’ agenda in response to circumstances. By contrast Labour under Starmer is not truly ‘Blairite’ but is instinctively much more comfortable with increased state intervention.
Click to read the article below and then answer the questions:
Evaluate the view that the ideas and policies of the main UK political parties are very different from each other.
You must consider this view and the alternative to this view in a balanced way. [30 marks]
TIP: Edexcel requires candidates to know about the policies of the main UK parties on four specific areas: the economy, welfare, law and order, foreign policy. AQA is less prescriptive but clearly these would all be good areas to look at. The article highlights the areas of difference but you should balance this with some discussion of areas of overlap.
Graham Goodlad, Portsmouth High School
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The founder of crypto exchange Bitzlato, who is facing a money laundering case in the U.S., is seeking support from members of the community. Anatoly Legkodymov was arrested in January for his role in the trading platform which allegedly processed millions of dollars’ worth of illicit funds.
Bitzlato Founder Looking for Bail Guarantors in U.S.
Anatoly Legkodymov, one of the founders and majority owner of the Russia-linked cryptocurrency exchange Bitzlato, has turned to the crypto community, hoping to find U.S. citizens who would agree to become guarantors for his release on bail.
The Hong Kong-registered trading platform was disrupted in mid-January by law enforcement in Europe, where French investigators seized its servers and hot wallet while several of its employees and executives were detained in other countries.
Legkodymov, a Russian national residing in China, was apprehended in Miami on money laundering charges. The U.S. Justice Department claims his exchange transferred at least $700 million in criminal proceeds from ransomware actors, darknet markets, and crypto pyramids.
This week, Legkodymov issued his call for help through crypto media. U.S. law allows defendants to be released before a decision is made in their case, provided they find guarantors for their bail, his lawyers explained, quoted by the Russian crypto news outlet Bits.media. A group of Russian associates urged those who wish to help him to reach out on Telegram, stating:
The crypto community knows Anatoly as a decent, law-abiding person and wants to help him get out of prison on bail until the end of the trial.
A user by the name “Anatoly Legkodymov” has been active on the Bitcointalk.org forum since 2011, the report noted, as well as on the Bits.media forum since 2016, when the crypto entrepreneur and his partners started their trading business under the name Changebot which later became Bitzlato.
Legkodymov appeared in New York federal court for the first time in mid-March, when he was ordered held without bail. The Russian denies the U.S. money laundering charges.
Another Bitzlato co-founder, Anton Shkurenko, was briefly detained, questioned, and released by Russian police in February. In a Youtube interview, he revealed that Bitzlato intends to relocate to Russia and relaunch operations from there. Earlier this week, the exchange reportedly restored partial access to users’ BTC balances.
Do you think U.S. authorities will release Bitzlato’s founder Anatoly Legkodymov on bail? Share your thoughts on the case in the comments section below.
Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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The banking crisis has led many investors to rotate their portfolio investments in the past two weeks, sending over $286 billion into United States money market funds so far in March, according to EPFR data obtained by the Financial Times.
The top winners from investors flooding cash into US money market funds in the past two weeks are Goldman Sachs, JPMorgan Chase, and Fidelity, according to the figures. Goldman Sachs’ money funds have received $52 billion, a 13% growth, while JPMorgan’s funds poured almost $46 billion and Fidelity saw inflows of nearly $37 billion, says the FT. The volume of inflows is the biggest for a month since the emergence of the Covid-19 outbreaks.
A money market fund commonly offers high liquidity and low risk, which makes them a popular option for investors during uncertain times. Currently, these funds are offering its best yields in years as the U.S. Federal Reserve keeps raising interest rates to curb inflation.
Money Market Fund Assets. Source: Investment Company Institute
Over a period of seven days ending on March 22, the total money market fund assets increased by $117.42 billion to $5.13 trillion, according to a report from the Investment Company Institute. Among taxable money market funds, government funds increased by $131.84 billion and prime funds dropped by $10.83 billion. Tax-exempt money market funds shrank by $3.61 billion.
Money market funds inflows are driven by fears surrounding the financial system health as banks in the US and Europe face liquidity constraints amid monetary policy tightening.
On March 24, Deutsche Bank shares dropped due to an increase in the cost of insuring against its potential default risk. The German bank’s five-year credit default swaps, known as CDS, climbed 19 basis points (bps) from the previous day, closing at 222 bps, according to Reuters, which cited S&P Global Market Intelligence data.
In the United States, uncertainty still looms over regional banks as insurance on default for financial services firms Charles Schwab and Capital One soared last week, with the latest seeing credit default swaps jump over 80% to 103 bps as of March 20.
BREAKING: Credit Default Swaps (CDS), insurance on default on Charles Schwab EXPLODE pic.twitter.com/KJdNTq2xMm
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Greenpeace, the well known environmental NGO, has unveiled the “Skull of Satoshi,” an art installation intended to spark debate about the impact of Bitcoin on the environment. The 11-foot skull was constructed with electronic waste materials and features smokestacks and Bitcoin logos. However, its creator, Benjamin Von Wong, explained it was not meant to be an anti-Bitcoin symbol.
Greenpeace Unveils ‘Skull of Satoshi’ Art Installation
Greenpeace, the international environmental NGO, unveiled the “Skull of Satoshi” on March 23, an 11-foot art installation destined to criticize Bitcoin’s effect on the environment. The structure, which was created by Benjamin Von Wong, has distinctive elements included to spark a debate on how destructive bitcoin mining can supposedly be.
One of these is the presence of smokestacks, which symbolize the use of fossil fuels to produce the energy that serves to operate the Bitcoin network via mining. Also, the skull has hundreds of protruding cables and bitcoin logos in its eyes. According to Greenpeace, it was created with e-waste material, to symbolize the computers used to validate Bitcoin transactions.
Greenpeace’s objective is to raise awareness of the energy consumption of Bitcoin, and how this could change via a change in the code of the cryptocurrency. Greenpeace’s Rolf Skar explained:
Our skull design serves as a powerful symbol, urging financial institutions to use their influence to advocate for a code change that could reduce Bitcoin’s electricity usage by a whopping 99%. We cannot afford to expand our reliance on fossil fuels any further.
The Skull of Satoshi will next travel to New York to be part of an “accountability tour,” in which Greenpeace will try to encourage financial institutions using Bitcoin to call for a change in the code of the currency to lessen its effects on climate change.
Benjamin Von Wong Making the Skull of Satoshi. Source: vonwong.com
Benjamin Von Wong Clarifies His Intention
Benjamin Von Wong, the maker of the Skull of Satoshi, took his opinions to Twitter, clarifying his true intentions with the construction of the installation. The installation, which was commissioned by Greenpeace, was created with a simplistic idea of Bitcoin, Von Wong explained in a Twitter thread on March 25. He stated:
I made the Skull believing that Bitcoin Mining was a simple black-and-white issue. I’ve spent my entire career trying to reduce real-world physical waste, and PoW felt intuitively wasteful. Of course, I was wrong.
Furthermore, Von Wong declared that the sculpture was never meant to be anti-Bitcoin, but part of his “optimistic hope that Bitcoin could shift away from the needless burning of fossil fuels without losing all the other features that make Bitcoin safe, secure, and decentralized.”
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What do you think about the Skull of Satoshi and Greenpeace’s campaign to change Bitcoin’s code? Tell us in the comments section below.
Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Benjamin Von Wong
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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The recent banking crisis in the United States seems to have shaken the belief of some customers in the legacy banking system. According to Federal Reserve data, customers pulled nearly $100 billion in deposits in the week ending March 15.
American venture capital investor and entrepreneur Tim Draper said in a March 25 report that “founders need to consider a more diversified cash management approach” due to the over-regulation of banks and micromanagement by the government. As part of a contingency plan, Draper suggested businesses keep “ at least 6 months of short-term cash in each of two banks, one local bank and one global bank, and at least two payrolls worth of cash in Bitcoin (BTC) or other cryptocurrencies.”
The move from the traditional banking system to cryptocurrencies may have already started as seen from the strong showing of Bitcoin in the past few days. Even after the recent up-move, investors do not seem to be hurrying to book profits in Bitcoin. However, the same cannot be said about most altcoins as they have witnessed a minor pullback.
In the short term, traders need to be selective of the cryptocurrencies to trade. Let’s study the charts of Bitcoin and select altcoins which may start the next leg of the up-move.
Bitcoin price analysis
Bitcoin has been hovering around the $28,000 level for the past few days. A consolidation after a strong rally is a positive sign as it shows that traders are holding on to their position, expecting a further up-move.
BTC/USDT daily chart. Source: TradingView
The upsloping 20-day exponential moving average ($25,936) and the relative strength index (RSI) in the positive area suggest the bulls remain in control. That enhances the prospects of a break above $28,900.
If that happens, the BTC/USDT pair could rally to the $30,000 to $32,000 resistance zone. The bears will try to defend this zone with all their might because if they fail in their endeavor, the pair may skyrocket to $40,000.
The vital support on the downside is $25,250. If this level fails to hold up, the pair may tumble to the 200-day simple moving average ($20,179).
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair has been trading in a range between $26,500 and $28,900 for some time. The 20-EMA is flat and the RSI is just above the midpoint, indicating a balance between supply and demand.
A break above $28,900 will signal that bulls have overpowered the bears. That will indicate the resumption of the up-move. On the contrary, if the price breaks below $26,500, the pair may tumble to $25,250 and then to $24,000.
XRP price analysis
XRP (XRP) soared above the overhead resistance of $0.43 on March 21. The bears tried to trap the aggressive bulls by pulling the price below the moving averages but the bulls held their ground.
XRP/USDT daily chart. Source: TradingView
Buyers are trying to push the price toward the overhead resistance at $0.51. If bulls clear this obstacle, the ETH/USDT pair could attempt a rally to $0.56. This level is likely to witness aggressive selling by the bears but if buyers bulldoze their way through, the next stop may be $0.80.
Another possibility is that the price turns down from $0.51. During the pullback, if bulls flip the $0.43 level into support, it will suggest that the sentiment has turned positive. That will increase the likelihood of a break above $0.51.
The crucial support to watch on the downside is $0.40. If this level gives way, the next support is $0.36.
XRP/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the bears are trying to defend the 61.8% Fibonacci retracement level at $0.46 and the bulls are buying the dips to the 20-EMA. This shows a state of equilibrium between the bulls and the bears.
If the price sustains above $0.46, it will suggest that bulls have seized control. The pair could then attempt a rally to $0.49 where the bears may again mount a strong defense. On the other hand, if the price slips below the 20-EMA, the pair may fall to $0.43 and then to $0.40.
Litecoin price analysis
While most major altcoins are struggling to start a recovery, Litecoin (LTC) is showing signs of strength. The 20-day EMA ($86) has started to turn up and the RSI is in the positive zone, indicating advantage to buyers.
LTC/USDT daily chart. Source: TradingView
The LTC/USDT pair could first rise to $98 and then retest the strong overhead resistance at $106. This is an important level to keep an eye on because if it crumbles, the pair may accelerate to $115 and then to $130.
Alternatively, if the price turns down sharply from $106, it will suggest that bears are active at higher levels. The pair could then drop to the 20-day EMA. If the price rebounds off this level, it will suggest that the sentiment remains positive. The bulls will then make another attempt to resume the up-move.
The first sign of weakness will be a break and close below the 20-day EMA. That could open the doors for a drop to $75.
LTC/USDT 4-hour chart. Source: TradingView
The rebound off the 20-EMA on the 4-hour chart shows that the bulls are viewing the dips as a buying opportunity. The bulls will try to kick the price above $96 and extend the up-move to the overhead resistance at $106.
Contrarily, if the price breaks below the 20-EMA, it will suggest that the bullish momentum is weakening. The pair could then descend to the uptrend line. This is an important level for the bulls to defend because if it cracks, the pair may tumble to $75.
After trading near the moving averages for a few days, Monero (XMR) has broken free and is trying to climb higher.
XMR/USDT daily chart. Source: TradingView
The 20-day EMA ($153) has started to turn up and the RSI is in the positive territory, indicating that buyers have the edge. There is a minor resistance at $170 but if bulls overcome this barrier, the XMR/USDT pair could pick up momentum and soar to $187 and subsequently to $210.
The moving averages are expected to provide support during pullbacks. A break and close below the 200-day SMA ($150) could turn the tide in favor of the bears. The pair may then slump to $132.
XMR/USDT 4-hour chart. Source: TradingView
The 20-EMA on the 4-hour chart is sloping up and the RSI is in the positive zone, indicating that bulls have the upper hand. The pair could reach $169 where the bulls may again face stiff resistance from the bears.
However, on the way down, if bulls do not allow the price to break below the 20-EMA, it will increase the likelihood of a rally above $169. If that happens, the pair may climb to $180 and later to $188.
The first sign of weakness will be a break and close below the 20-EMA. That could open the doors for a possible drop to the 200-SMA.
Avalanche price analysis
The bulls have successfully held Avalanche (AVAX) above the moving averages, indicating that lower levels are attracting buyers.
AVAX/USDT daily chart. Source: TradingView
The price has been consolidating between $18.25 and the 200-day SMA ($16.05) for the past few days but this range-bound action is unlikely to continue for long. If buyers thrust the price above $18.25, the AVAX/USDT pair will attempt a rally to $22 where they may face strong selling by the bears.
This positive view will invalidate in the near term if the price plummets and sustains below the 200-day SMA. The pair could then slide to $15.24 and thereafter to $14.
AVAX/USDT 4-hour chart. Source: TradingView
The bulls have successfully guarded the $16.25 level on the downside but they have failed to propel the pair above the resistance line. This indicates that the bears have not given up and they continue to sell on rallies. The flattish 20-EMA and the RSI near the midpoint do not give a clear advantage either to buyers or sellers.
This uncertainty could tilt in favor of the bulls if they take out the resistance line. The pair may then start the next leg of the recovery to $20 and later to $22. A break and close below $16.25 will tilt the advantage in favor of the bears.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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According to the Montenegro-based newspaper Vijesti, Do Kwon, the co-founder of Terraform Labs, also known as Kwon Do-hyung, is appealing the detention extension ordered by a Montenegrin court. Kwon was arrested on March 23, 2023, after being caught at Podgorica Airport in Montenegro while traveling with fraudulent identification documents.
Three days ago, Montenegro’s Interior Minister Filip Adzic announced on Twitter that Do Kwon, the co-founder and CEO of Terraform Labs, was arrested on Thursday for presenting forged identity documents. Kwon’s location was unknown for some time, with speculation that he was hiding in Singapore or possibly Dubai.
The Montenegrin police stated that Kwon’s fraudulent documents originated from Costa Rica and Belgium. According to the Montenegrin newspaper Vijesti and local media, Kwon’s legal team is seeking to appeal his 30-day detention extension. Kwon is facing several legal challenges abroad, including an investigation in South Korea and multiple lawsuits in the United States.
The report notes that detention for Kwon’s offense is typically limited to 72 hours, but the court granted the extension due to Kwon’s status as a flight risk. Montenegrin prosecutors have stated that Kwon and his companion’s identities have not been completely verified and that foreign prosecutors, such as those from South Korea, are seeking Kwon’s extradition. Two days ago, a South Korean spokesperson announced that their prosecutors are taking measures to “repatriate Kwon Do-hyung.” Kwon’s legal team and Vijesti reporters say that the appeal will be filed this week.
What do you think will be the outcome of Do Kwon’s legal battles in Montenegro, South Korea, and the United States? Share your thoughts about this subject in the comments section below.
Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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adminComments Off on Report: Terra Co-Founder Do Kwon Plans to Appeal Detention Extension After Arrest in Montenegro – Bitcoin News 0
