Will Regulation kill Crypto
- ⚖️ Will Regulation kill or help Crypto?
- 🎨 A Year to Remember
- 👀 Under the Radar
- 📰 ICYMI
- 🙏🏻 Grateful for…
- 💸 Coupons
U.S. President Joe Biden signed an executive order on Wednesday calling on the government to examine the risks and benefits of cryptocurrencies. The order primarily outlines the following:
- Calls on the government to examine the risks and benefits of cryptocurrencies.
- The measures focus on six key areas: consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion and responsible innovation.
- The Biden administration also wants to explore a digital version of the dollar.
The crypto markets turned positive a few hours before the signing of the order. Bitcoin added 9.53% between Tuesday night and Wednesday afternoon, and most cryptocurrencies were in positive territory despite the fact that we are not out a bear market.
This move is extremely important as everyone knows digital assets will be regulated, the questions is when and how. Many of us have been asking for a clear answer on how to do things.
Louis Lehot, a cryptocurrency expert at the law firm Foley & Lardner, said in an interview. “We’ve seen a complete lack of any strategic direction or thought from the federal government for years. The industry still doesn’t know what’s a security, for example, and what’s a utility token that is exempt from regulation. Those are things that would help us.”
We desperately need 21st century comprehensive regulation and it seems that the geopolitical instability in Eastern Europe is accelerating the need to come up with solid answers. For small independent players in the industry, a clear and transparent path can be highly beneficial in order to be able to navigate, educate, and still benefit in a space where large financial firms and venture capital are starting to operate without being identified and this results in market inflation and manipulation, leaveing small players out of the game.
We believe that every nation wants to take advantage of this cutting edge technology and not be left behind, we have seen many countries take huge steps into adopting crypto and/or allowing the flow of it. Some richer nations have been a bit slow to accept the fact that Crypto is here to stay and that is a matter of how it will be accepted. This year we are seeing certain more stable financial nations take a more serious stand on creating a clear path for digital currencies as well as developing their own digital versions.
I personally have met people that have lost their life savings to crypto scams due to lack of knowledge of how the space works. This can be mitigated by properly educating users, which can be implemented if government officials understand it and allow and/or invest in educational channels. I am a firm believer that blockchain technology and cryptocurrencies must be added to school curriculums worldwide because this technology is here to stay and it will continue to evolve snd penetrate everyone’s lives.
As TheDefiant stated, The Crypto Community Relieved by Biden Order’s Balance Yet Wary as Oversight Regime Takes Shape a must read.
🎨 A Year to Remember
One year ago today, an NFT titled EVERYDAYS: THE FIRST 5000 DAYS by Mike Winkelmann — the artist known as Beeple — sold at Christie’s for $69 million. The sale, which remains the largest ever for an NFT, was a watershed moment for the digital assets that have exploded in popularity (and notoriety).
A new NFT report released yesterday by NonFungible.com explores the market in the year when “stacking apes” became a phrase meaning something other than balancing orangutans on top of one another.
- NFT sales hit $17.7 billion in 2021, a 200x increase from 2020’s $82.5 million.
- The average NFT price shot up from $49.18 in 2020 to $807.52 in 2021, a more than 1,500% increase.
- Speculate much? NFTs were owned for an average of 48 days in 2021, a nosedive from 2020’s 156 days.
👀 Under the Radar
- Terra — $Luna has been running like a tiger like the rest of the market has been bleeding. The blockchain protocol uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
- Stacks — Trading volume for this protocol has grown over 6,000% the past week and its value has increased 40% during that same period. The chain that is powering the CityCoins project has gather a lot of attention as it has been a success for Miami and NYC and other cities are next.
- inSure DeFi — Community-based crypto asset insurance ecosystem, where users can insure their crypto-portfolio by buying SURE tokens with fiat and other cryptocurrencies. inSure is designed to distribute crypto ownership risks amongst a liquidity pool, with insurance premiums determined by a Dynamic Pricing Model that leverages Chainlink.
- Mirror Protocol — MIR is the governance token of Mirror Protocol, a synthetic assets protocol built by Terraform Labs (TFL) on the Terra blockchain.
- Mirror Protocol is decentralized from day 1, with the on-chain treasury and code changes governed by holders of the MIR token. TFL has no intention of keeping or selling MIR tokens, and there are no admin keys or special access privileges granted. The intent for this is to be a completely decentralized, community-driven project.
- Convex Finance — Convex is a protocol that simplifies Curve boosting experience in order to maximize yields. Convex allows Curve liquidity providers to earn trading fees and claim boosted CRV without locking CRV themselves. Liquidity providers can receive boosted CRV and liquidity mining rewards with minimal effort. Convex Finance hit an all time high of $60.09 on Jan 01, 2022.
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