Crypto Exchange CoinFLEX to Launch Its First Initial Futures Offering for Polkadot’s DOT Tokens

Coinspeaker Crypto Exchange CoinFLEX to Launch Its First Initial Futures Offering for Polkadot’s DOT TokensToken issuance schemes in the cryptocurrency market have been taking new forms over the last few years. In 2017, the Initial Coin Offering (ICO) shot to fame during the crypto boom becoming a billion-dollar industry. However, after the crypto winter of 2018, the growing regulatory interference, and several scams, ICOs lost their sheen.Earlier this year, the concept of Initial Exchange Offering (IEO) gathered steam. A number of crypto exchanges like Binance, KuCoin, etc. facilitate IEO facility to launch new crypto tokens.Now, cryptocurrency futures exchange CoinFLEX – led by Polychain Capital – announces to launch its first Initial Futures Offering (IFO), ahead this week. Speaking to CoinDesk, CoinFLEX CEO Mark Lamb said:“This is the first time we’ve made a futures market for a coin that doesn’t actually exist yet. It’s a determiner of the price before the asset exists.”Polkadot’s DOT IFOCoinFLEX will be conducting its first Initial Futures Offering (IFO) for Polkadot’s DOT tokens. On Monday, July 15, CoinFLEX already started the pre-registration for buying Polkadot’s DOT tokens at a discounted rate of $75 per DOT.The IFO will launch on Wednesday, July 17, however, futures sales participants will need to purchase CoinFLEX’s native FLEX tokens. This model is similar to the one adopted by Binance which allows users to purchases other IEO tokens only through Binance Coin (BNB).The CoinFLEX exchange launched its native FLEX tokens earlier this month. Similar to BNB, the FLEX tokens are also useful to pay exchange fees and get access to exclusive opportunities.In the Polkadot IFO, nearly 300 FLEX token holders will get access to the DOT tokens at the discounted rate. Speaking to CoinDesk, a trader said that the $75 is just the over-the-counter rate for DOT contracts as the token launch is yet to happen. If Polkadot has to reach its target of $1.2 billion valuations, each DOT token needs to reach a price of $100.CoinFLEX CEO Mark Lamb said that the futures contracts will expire in four weeks after the token launch. He added:“In order to buy at the presale, you need to lock up a thousand FLEX. We don’t know when they [IFO contracts] expire, because we don’t know when mainnet is going to launch.”Crypto Futures Contracts for Pre-Launched AssetsBack in April 2019, the CoinFLEX exchange launched four futures contracts for Bitcoin (BTC) and Ethereum (ETH). Company CEO Lamb has said that the exchange also plans to launch Tron and BNB futures contracts by late summer.As most of the crypto futures contracts are currently around live assets like Bitcoin, it would be interesting to see the market enthusiasm and appetite for futures contracts associated with pre-launched assets.CoinFLEX’s head of business development, Emmanuel Alamu says that physically settled futures contracts have less risk over the cash-settled contracts.“IFOs are an innovative way for the market to develop price discovery and act as a barometer on the progress of these blockchains. We can handle dual margining and hence, enact rules that ensure both sides of an IFO trade will deliver their respective side of the digital asset,” Alamu added.Crypto Exchange CoinFLEX to Launch Its First Initial Futures Offering for Polkadot’s DOT Tokens

JPMorgan Pushes Its S&P 500 Prediction Above That of Stock Market Bull Tom Lee

Coinspeaker JPMorgan Pushes Its S&P 500 Prediction Above That of Stock Market Bull Tom LeeJPMorgan has expanded its S&P 500 prediction for the remaining half of 2019. The company’s latest appearance comes behind growing rumors leaning towards the conclusion of the U.S-China trade rivalry and the Federal Reserve accepting a slightly favorable monetary policy. The latest Fed Monetary Policy is anticipated to lead to borrowing costs for companies as well as firms, intensifying the market boost.JPMorgan pushed its forecast for the S&P 500 to 3,200, overcoming the 3, 125 predictions initially set by Thomas Lee, a popular stock market bull and Fundstrat co-founder.Speaking regarding revisited forecast, Dubravko Lakos-Bujas, the U.S’s Chief Equity Strategist for JPMorgan, said in CNBC’s featured report that:“We are raising our S&P 500 12 month price target to 3200 as our upside case for equities is increasingly in play with Fed and Trump easing on policy while investor positioning/sentiment remains low.”Reduce Economic Tension to Promote the S&P 500Early this year, there was mushrooming tension that the Fed would increase interest rates, intensified with the rise in the U. S-China trade war that could nurture a breeding ground for a recession. These anticipations have all disappeared now. The statement by JPMorgan acts as the final optimism that the United States’s bull-run is more than ready to extend past 2019 after recently writing history for offering job creation for the longest consecutive years.Besides, the company is highly confident regarding a trade deal between China and the U.S before the end of 2019, which will eliminate the trade frictions between both nations. The confidence generated from the recently concluded G20 summit in Osaka, Japan, where the two presidents met. The fear between the two nations had escalated in May when Presiden Donald Trump made true his threats and imposed higher tariffs on Chinese imports.Bullish Market ForecastThe market forecast by JPMorgan is now one of the most promising predictions on Wall Street. In fact, it’s far ahead of Tom Lee’s Fundstrat’s prediction for 7% stock campaign between now up to the end of the year to 3, 125. Fundstrat cofounder’s forecast in May Central Banks will feature on their monetary policies, indicating:“The market is comfortable with this earnings recession, and the Fed has proved its message is much more market-friendly.”Sometimes, Fundstrat encourages potential investors to purchase affordable stocks in firms with trustable dividends as well as earning potential, while avoiding stocks with unattractive volume.JPMorgan Pushes Its S&P 500 Prediction Above That of Stock Market Bull Tom Lee

‘Investigate Google’, Billionaire Tech Entrepreneur Peter Thiel Tells the FEDs

Coinspeaker ‘Investigate Google’, Billionaire Tech Entrepreneur Peter Thiel Tells the FEDsRenegade Venture Capitalist billionaire tech entrepreneur who is also an ardent Trump supporter, Peter Thiel, called on the CIA and FBI to investigate Google. He wants the company investigated for a ‘seemingly treasonous’ decision that is related to its works in China.Thiel’s speech at the National Conservatism Conference in Washington, D.C. tackled the burning questions. These were urgent questions according to a report in Axios that Google must answer. He wants to know how deeply Google’s Manhattan AI project has been penetrated by Chinese intelligence agents. The billionaire seeks to learn if that is the reason why Google has dived into the:“Seemingly treasonous decision to work with the Chinese military and not the US military”The investor’s questions add stress to the already mounting pressure Google is facing due to its work in China.What is the Impact of Peter Thiel’s Comments?Peter Thiel is significant in this context since he is a major investor and entrepreneur who notably co-founded PayPal. Currently, he is a Facebook board member who is also a high profile Trump supporter. His comments target Google at a time of an elevated US-China trade war.These calls for federal investigations into Google’s work in China will increase pressure on the company as Trump cranks up the war against big tech. It will be interesting to see where his loyalty will lie when it comes to Facebook vs. Trump. That confrontation seems imminent particularly after President Trump’s recent tirade on Twitter opposing Libra cryptocurrency.The rebel billionaire’s comments may lead to a federal investigation into Google’s actions in China if a powerful politician decides to run with it. But, the comments are guaranteed to pressure the tech behemoth to come clean explaining what is involved in its AI research in China.Google in ChinaMany ask what Google is doing in China and the answer is: many things. The Intercept leaked documents in 2018 showing that Google was creating a censored search engine app in China. The app goes by the name Dragonfly. That incident caused major protests among Google employees. Some 1,400 employees signed a protest letter demanding more details on what that project entailed.Google has since then claimed that work on Dragonfly has ended. However, not everyone is convinced. The tech giant has gone ahead to open an artificial intelligence research center in Beijing. Google announced in March that it would stop working with the Pentagon on a project to enable AI to analyze drone footage.After that announcement, Gen. Joseph Dunford, Chairman of the Joint Chiefs of Staff told Congres that:“The work Google is doing in China is indirectly benefitting the Chinese military. In fact, it’s more of a direct benefit to the Chinese military.”Sundar Pichai, Google’s CEO, countered with comments stating that Google is not developing any Artificial Intelligence for use in weapons. That may not be believable among American political and military elites who know that Chinese companies and the state are deeply interwoven.Though no reliable reports show that Chinese intelligence agents have infiltrated Google, Thiel’s Palantir data-mining company works hand-in-hand with the Trump administration. Does he know some inside information that the public does not? That is still a mystery. But since he is an advisor to Trump, his concerns will soon be known to the President if they are not yet known already.Google Stock News UpdatePeter Thiel’s comments seem to have had no significant effect on the Alphabet (GOOGL) stock. The share price is showing a slight upward trend currently hovering around $1,150.51 gaining around 0.45% in the past 24 hours. Alphabet Inc.’s market cap stands at $798.58B at the moment.‘Investigate Google’, Billionaire Tech Entrepreneur Peter Thiel Tells the FEDs

Tron (TRX) Price Analysis: Breakdown Looks Like The Real Deal

Tron price declined heavily after it broke the key $0.0310 support level against the US Dollar.
TRX price traded below many supports, including $0.0305, $0.0280 and $0.0250.
There is a major declining channel forming with resistance near $0.0265 on the 4-hours chart (data feed via Bitfinex).
The price remains at a risk of more losses if there is a downside break below the $0.0235 level.

TRON price is under a lot of selling pressure against the US Dollar and bitcoin. TRX price may continue to slide if it fails to recover above the $0.0265 and $0.0280 resistances.
Tron Price Analysis
There was a significant downward move in TRON price after it broke the $0.0310 support against the US Dollar. The TRX/USD pair broke many supports near $0.0300 to move into a bearish zone. Moreover, the price even traded below the $0.0265 support level and settled well below the 55 simple moving average (4-hours). Finally, there was a spike below the $0.0250 level and a new monthly low was formed at $0.0238.
At the moment, the price is consolidating above the $0.0240 level. An immediate resistance is near the 23.6% Fibonacci retracement level of the recent decline from the $0.0297 high to $0.0238 low. On the upside, there are many important resistances near the $0.0265 level. Moreover, there is a major declining channel forming with resistance near $0.0265 on the 4-hours chart.
The 50% Fibonacci retracement level of the recent decline from the $0.0297 high to $0.0238 low is also near the $0.0267 level to act a key resistance. Finally, there is a crucial bearish trend line forming with resistance at $0.0270 on the same chart.  If there is an upside break above the $0.0265 and $0.0270 resistance levels, the price may perhaps recover towards the $0.0305 and $0.0310 resistance levels.
On the downside, there is a major support forming near the $0.0235 and $0.0240 levels. If there is a downside break below $0.0235, the price might extend its decline. The next key support is near the $0.0210 level, below which the next stop for the bears is near the $0.0205 level.

The chart indicates that TRX price is clearly trading in a major downtrend below the $0.0265 level. If there is no recovery above $0.0265 and $0.0270, the price might continue to decline. The most important support for the bulls on the downside is near the $0.0200 level.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is losing pace in the bearish zone.
4 hours RSI – The RSI for TRX/USD is currently moving higher towards the 40 level, with a bullish angle.
Key Support Levels – $0.0235 and $0.0210.
Key Resistance Levels – $0.0260, $0.0265 and $0.0270.
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OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’

Coinspeaker OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’With only days to go until the landmark meeting between Tron and billionaire investor Warren Buffett, rumors are flying about some high-profile guests at the fund-raising lunch, from the world of politics and crypto.Justin Sun, CEO and founder of Tron, won the lunch date with Buffett, a renowned crypto skeptic, after bidding $4.6 million for the opportunity, with the money going to help San Francisco’s Glide charity.Lunch DateNow, with the lunch date set for Thursday, July 25, in Silicon Valley, speculation is rife that Sun will be inviting a selection of dignitaries from the world of cryptocurrency and blockchain along to the lunch to meet Buffett – who famously once called Bitcoin “rat poison squared”, but who is now thought to be softening his stance towards the leading asset, and crypto more generally.Among those expected at the lunch, Tron insiders have hinted that Andy Cheung, head of overseas markets, at OKEx, a world-leading crypto exchange, based in Malta, could be invited.An unnamed Tron insider said Cheung would represent the perfect candidate for the lunch:“Justin is working to get the brightest minds and the biggest names from crypto, and elsewhere, to the lunch.The idea is to show Buffett just how significant crypto and blockchain is, and we need the best people to help us do that.”Buffett told Bloomberg:“I’m delighted with the fact that Justin has won the lunch and am looking forward to meeting him and his friends. We are going to have a good time, and Glide will use his contribution to help many thousands of people.”OppositionThe news comes as it emerges that Sun has also invited US President Donald Trump to the lunch.Trump recently tweeted about Bitcoin, saying he wasn’t a fan, that it was based on “thin air” and was highly volatile.I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….— Donald J. Trump (@realDonaldTrump) July 12, 2019The comments came after Jerome Powell, chair of the US Federal Reserve said Facebook’s planned move into cryptocurrency with Libra “raises many concerns”.While Buffett has historically slammed Bitcoin and cryptocurrency as a “gambling device”, he has previously said that the underlying technology blockchain is important.Regardless of Buffett’s take on crypto and blockchain, Cheung and the OKEx team would be delighted with the opportunity to put their platform in front of the renowned investor and to have the exchange feature in such a high-profile event, which Sun is also reportedly inviting others from the world of crypto to attend.OKEx is one of the world’s leading crypto exchanges by trading volume and serves millions of users globally.OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’

U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat

Coinspeaker U.S. Treasury Secretary: Bitcoin, Libra Pose National Security ThreatU.S. Treasury Secretary Steven Mnuchin claimed that he was not currently comfortable with Facebook launching its Libra cryptocurrency platform. He said that he has “very serious concerns” about cryptocurrencies, including the one being developed by Facebook. That is one of the latest most obvious indications that Washington is preparing to exert its power over digital currencies.In a briefing at the White House, Mnuchin said cryptocurrencies pose a national security threat because they can be used to fund illicit activities. He also said that the Trump administration was “not comfortable” with Facebook’s plans to begin their own digital payment system. He said:“Libra could be misused by money launderers and terrorist financiers. This is indeed a national security issue. We will not allow digital asset service providers to operate in the shadows.”He added that with regard to Facebook’s Libra, their overriding goal is to maintain the integrity of the financial system and protect it from abuse.In response to a question on Bitcoin and other cryptocurrencies more broadly, Mnuchin said he did not know and would not speculate on how or why Bitcoin’s price might be trading at its current levels. He said:“We’ll make sure the general public and investors understand what they’re investing in and whether it’s the SEC or other regulators there will be proper disclosures.”This is obviously nothing new and it just follows president Trumps tweets made on June 12.I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….— Donald J. Trump (@realDonaldTrump) July 12, 2019Mnuchin added that the administration had multiple meetings with regulators and representatives from Facebook, where the U.S. government expressed its concerns to the social media company. He wouldn’t publicly speculate how long it would take before the administration felt comfortable with the idea. Today, it’s expected that Libra’s CEO David Marcus stands in front of the Congress defending cryptocurrency and the company’s politics.The truth is, however, that the most obvious reason why Mnuchin, Trump, Powell and the rest of the “crew” don’t want Bitcoin or any other cryptocurrency to succeed is the fact that it represents a direct threat to the U.S. dollar as the world reserve currency.Believing that if people would massively turn to Bitcoin, that could destabilize the world markets, the federal government decided essentially to kill all cryptocurrencies by using government regulations.Mnuchin was repeatedly saying that Facebook and other cryptocurrencies are going to have to meet all the banking regulations that every other financial instrument is required to comply with in the United States.Thomas Lee, co-founder of Fundstrat said that the fact that Trump actually spoke of crypto is a big deal. According to Lee, Trump’s tweet will have the unintended effect of bringing more attention to Bitcoin. He noted that Trump’s disdain for Bitcoin, Facebook’s Libra and cryptocurrencies in general “makes the other 99% more aware” of Bitcoin and funny enough Trump’s signature phrase “Bad publicity is sometimes better than no publicity at all.”On balance, it’s a positive.– there are at most 1% of the world who really follow crypto (more like 0.1%) so 99% basically don’t care– DJT stating he is not a fan makes the other 99% more aware.– if 1% of those gets positive, just 2x market size.— Thomas Lee (@fundstrat) July 13, 2019The thing is – Bitcoin is getting its piece just from public attention. It doesn’t even matter if it’s FUD or bullish news. The proof – at the time of writing BTC was up more that 5% to $10,806. Be it as it may, as Lee says: every PR is a good PR, including this one.He also called Bitcoin recent pullback healthy saying:It’s healthy to see #bitcoin pullback here.As for the search traffic for bitcoin being low, I also think that is a good sign. It means the rise in bitcoin has not been accompanied by massive hype.— Thomas Lee (@fundstrat) July 14, 2019U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat

Ethereum Price Analysis: ETH Remains At Risk of Further Losses

Ethereum price declined heavily after it broke the key $264 support area against the US Dollar.
ETH price even traded below the $240 support area and tested the $203 level.
There is a major bearish trend line forming with current resistance near $240 on the 4-hours chart (data feed from Coinbase).
The price remains at a risk of more losses as long as it is trading below the $240 resistance area.

Ethereum price nosedived recently and traded close to the $200 handle against the US Dollar. ETH price is currently correcting higher, but it is likely to struggle near $240.
Ethereum Price Analysis
After a downside break below the $295 support, Ethereum price started a major drop against the US Dollar. The ETH/USD pair broke an ascending channel with support near $295 to enter a bearish zone. Later, the price broke the key $264 support level. As a result, there was a sharp drop below the $250 support and the 55 simple moving average (4-hours). Finally, the price broke the $220 support level and traded close to the $200 handle.
A new monthly low was formed near $203 and the price recently corrected higher. It broke the $215 level and the 23.6% Fib retracement level of the recent decline from the $279 high to $203 low. However, the price is facing a lot of hurdles near $235, $238 and $240. Moreover, there is a major bearish trend line forming with current resistance near $240 on the 4-hours chart.
The 50% Fib retracement level of the recent decline from the $279 high to $203 low is also near the $240 zone to act as a resistance. Therefore, the price must clear the trend line and the $240 area to move back into a positive zone. If there is a break above $240, the price could climb back above the $250 level. The next key resistance is near the $262 and $264 levels.
On the flip side, if the price fails to climb above $238 or $240, it could start a fresh decline. An initial support on the downside is near the $215 level, below which the price may decline towards the $200 handle.

Looking at the chart, Ethereum price is clearly trading in a bearish zone below the $240 level. As long as the price is below $238 and $240, it remains at a risk of more losses in the coming sessions.
Technical indicators
4 hours MACD – The MACD for ETH/USD is struggling to gain pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still well below the 30 and 40 levels.
Key Support Levels – $215, followed by the $200 zone.
Key Resistance Levels – $240 and $264.
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Coinspeaker Announces Launch of Margin TradingInnovative and empowering crypto exchange has officially reported on the launch of its margin trading services, among the advantages of which are leverage up to 1:20, Bitcoin as margin nominal currency and use of the newest trading platform MetaTrader 5.Trade on margin can be done either on Demo or Live accounts. Going Demo is a great way to gain trading experience by applying leverage with zero risk (max. leverage amounts to 1:500). Conversely, Live margin trading is contingent on real market conditions, price swings and liquidity. Available leverage ratios are 1:3, 1:10 and 1:20, accordingly.Presently, the nominal cryptocurrency for margin trading is BTC, however new coins will be gradually introduced to accommodate the ever-growing market demands. There are no maximum deposit limits and the use of expert advisors for algorithmic trading is allowed. offers the use of the latest MetaTrader 5 with a massive number of charts, timeframes, market depth, order-hedging and netting.Besides, traders can subscribe to trading signals for automatic copying of trading operations of professional traders, use handy economic calendar and market depth.MetaTrader 5 can be freely accessed on desktop, web or mobile devices, thus allowing convenient and trading anytime and anywhere. renders fast network transaction speeds and guarantees timely crypto deposits and withdrawals. Further, the exchange offers 14 margin tools, among which are BTC/USD, ETH/USD, LTC/USD, XMR/USD, BCH/USD, ZEC/USD, DASH/USD, XRP/USDT, and EOS/USD.The newly launched service is available to all registered platform users with the exception of US residents so far. It is worth pointing out that leveraged trading is highly speculative and carries high risks ꟷ it can either bring significant profit or capital losses. It all depends on trading experience and skills, understanding market tendencies, risk management, asset diversification, etc.Due to its rapid growth and user-friendly interface, has gained a reputation as a reliable and trustworthy cryptocurrency trading platform.The major advantages include secure platform architecture, TLS/SSL encryption, highest liquidity in the order book, multiple trading pairs, frontline Customer Care Team available 24/7 and high-paying Referral program. Increasingly, has received the Certificate for BEST CRYPTO START OF THE Announces Launch of Margin Trading

Space, the Final Frontier: Amazon Launching Thousands of Internet Satellites

Coinspeaker Space, the Final Frontier: Amazon Launching Thousands of Internet SatellitesThat SpaceX is a huge deal – it’s already known. However, it seems Amazon (AMZN) wants the piece of the space cake too. The company decided to expand its empire and even Morgan Stanley believes Jeff Bezos’ ambitious satellite internet plan may become one of its most lucrative businesses.Back in April 2019 Amazon shown their intention to get into the internet satellite business. Following in the footsteps of SpaceX and their Starlink satellite system, Amazon intends to launch thousands of internet satellites in the coming years. Now, they’ve filed their application with the FCC.Dubbed Project Kuiper, it is aimed to launch a network of 3,236 small satellites to create some sort of interconnected network that beams high-speed internet to anywhere on Earth. Even though Amazon still has to put out a timeline or cost for Project Kuiper, Morgan Stanley analyst Adam Jonas thinks that this has potential.Jonas said Project Kuiper represents as much as a ”$100 billion opportunity,” marking it as a play in the consumer broadband sector of the space economy. The estimate is based on Morgan Staney’s expectation that the space economy will grow to more than $1 trillion over the next 20 years. The company’s comments came in a feature on Bezos’ space business Blue Origin, the latest in Morgan Stanley’s series on “space disruptor” companies. He said:“We believe investors may want to pay attention to Jeff Bezos for the advancement of efforts in Space, as he has demonstrated both the will and, increasingly, the financial muscle to put to work.”Just for comparison, according to SpaceX, their Starlink system could cost more than $10 billion, and its CEO Elon Musk said that they might make $30 to $50 billion per year.In their filing, Amazon said that there are almost 4 billion people in the world who don’t have access to reliable broadband internet. With their project, they intend to fill that gap.Project Kuiper’s satellites would be grouped into 98 different orbital planes. They’ll also be grouped into two orbital shells: 590 km and 630 km (366 and 390 miles.) They would operate in the Ka-band radio frequencies. Amazon, however, said their system won’t provide coverage to the entire globe. Too far north or too far south will probably be out of the reach, but most of the world’s population will be within.In their application to the FCC, Amazon wrote:“Amazon’s mission is to be Earth’s most customer-centric company, and the Kuiper System is one of our ambitious projects to fulfill this mission. The Kuiper System will deliver satellite broadband communications services to tens of millions of unserved and underserved consumers and businesses in the United States and around the globe.”Last week, FCC Chairman Ajit Pai showed his enthusiasm for both of the projects saying:“We now have in our sights new competition in the broadband marketplace and new opportunities for rural Americans who lack access to high-speed Internet access. That’s why the FCC under my leadership has moved quickly to give a green light to satellite entrepreneurs like OneWeb, SpaceX, and O3b and is considering other applications from entrants like Amazon and Boeing.”We couldn’t more of agree that competition, especially in this case – is a great thing. We also believe that Amazon (AMZN) stockholders will have nothing against it.Space, the Final Frontier: Amazon Launching Thousands of Internet Satellites

Steven Mnuchin: Stricter Crypto Regulation Is Coming

On Monday, United States Treasury Secretary Steven Mnuchin held a press conference from the White House regarding what the country’s present administration plans to do regarding cryptocurrencies and digital assets.
Mnuchin Explains the Path of Regulation
It seems residents of the U.S. have more regulation to look forward to. During the conference, Mnuchin explained that the country is taking a strict stance on digital currencies and claims that it will subject many of the nation’s leading crypto exchanges and trading platforms to the same banking regulations that most traditional financial establishments face.
Mnuchin, along with most of Trump’s administration, is fearful that cryptocurrency can be used for illicit purposes, such as money laundering.
This conference comes following President Trump’s tweets over the weekend saying that he did not care for bitcoin or other cryptocurrencies. In his tweets, Trump claimed that digital assets were “not real money” and that their prices were based on “thin air” rather than legit financial trends and usage.
The situation boasts several sides, some positive and some negative. On the one hand, the U.S. has been lagging when it comes to implementing the appropriate legislation to make crypto trading far more legitimate. Whether die-hard fans of crypto wish to acknowledge this or not, digital currencies are still vulnerable to hackings, volatility and other problems that make them less-than-stellar investments in the eyes of institutional players.
Incorporating stricter rules for cryptocurrency exchanges and related platforms to follow could finally convince these investors to enter the space, bringing crypto to an even higher position, and who wouldn’t want that?
At the same time, one must wonder, exactly, what stricter regulation can really do. Japan, for example, employs some of the strictest crypto regulation in the world, yet it still seems just as vulnerable to illicit activity as ever.
Recently, one of the country’s most popular exchanges, Bit Point, was victimized by hackers that ultimately stole more than $30 million-worth of users’ cryptocurrency funds. The coins were stored in hot wallets that ultimately made them more vulnerable to thieves and malicious actors.
Prior to this event, Japan had begun utilizing the aid of the country’s Financial Services Agency (FSA) to monitor all cryptocurrency exchange activity and ensure it remained up-to-speed regarding stricter regulatory tactics. Following the Coincheck hack in 2018, the FSA began sending threatening letters to exchanges that didn’t meet expectations, explaining that the time had come to shape up or ship out.
What Will Stricter Laws Do, Exactly?
Ironically, Bit Point is an exchange that received one of these letters, which clearly didn’t make enough of an impact on the company’s operations.
In addition, regions of the U.S., such as New York, have attempted to implement stricter regulation through the BitLicense. The maneuver simply caused several companies to exit the Big Apple and seek business elsewhere.
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