Coinbase Launches “Moving Forward America” Awareness Ad Campaign
The post Coinbase Launches “Moving Forward America” Awareness Ad Campaign appeared first on Coinpedia Fintech News
U.S Crypto Exchange Coinbase launches a national ad campaign emphasizing the crypto’s role in modernizing global finance. The “Moving America Forward” campaign will have four ads with CEO Brian Armstrong, airing on popular Sunday shows such as NBA Final ad breaks. The campaign seeks to promote adoption of crypto and Blockchain abroad with a focus on China. It emphasizes a potential risk to U.S global economic leadership and national security.
Ripple CEO Slams US For Lack Of Crypto Clarity: Is America Falling Behind?
Countries worldwide are scrambling to implement comprehensive regulatory frameworks to keep up with evolving crypto industry. Unfortunately, the United States is lagging behind its peers in this regard, drawing criticism from industry leaders like Brad Garlinghouse, CEO of Ripple.
Garlinghouse has been vocal about the nation’s lack of progress and unclear guidelines for cryptocurrency activities, and with Ripple currently embroiled in a legal battle with the SEC over regulatory framework, this issue has become all the more pressing.
Keep reading to learn more about the state of cryptocurrency regulations in the US and how it compares to the rest of the world.
Ripple CEO Slams US Authorities
Ripple CEO Brad Garlinghouse has criticized the United States for its slow progress in establishing clear regulatory frameworks for cryptocurrency-related activities.
In a tweet today, Garlinghouse acknowledged the positive developments happening in other parts of the world, such as the United Kingdom, United Arab Emirates (UAE), and the European Union (EU), which have moved forward with new regulatory frameworks for crypto activities.
During his response to the release of Ripple’s Q1 2023 financial report, Brad Garlinghouse said he “like to focus on the positive,” as Ripple’s Q1 2023 report shows that XRP Ledger Saw 114K+ New Wallets, 116M+ Transactions, and 140K+ XRP Burned in Q1 2023. Additionally, the report revealed that Ripple’s ODL remained healthy despite the banking crisis.
Crypto Regulations in EU, UAE, and UK
Last week, the European Union Parliament made a significant move towards regulating the cryptocurrency industry by approving its first comprehensive framework. The new framework, known as MiCA, aims to reduce risks for crypto investors by holding providers responsible for lost crypto assets. The EU Parliament also passed the Transfer of Funds regulation to combat money laundering activities.
Dubai’s 2023 rulebook for regulating cryptos aims to protect investors, attract crypto businesses, and curb illicit activities. Meanwhile, the UK government outlined plans in February to regulate different aspects of crypto activities, including payment transactions, remittances, and new user admissions to trading platforms.
Related: BREAKING: Hong Kong Regulator To Release Crypto Exchange Rules; Will US SEC Follow Suit? – Coinpedia Fintech News
US Regulations ‘Fail’ The Test
While countries such as the UK, EU, and UAE have made significant strides in regulating their crypto industries, the US is lagging behind in establishing clear rules. The SEC’s regulatory tactics have been criticized for being too enforcement-focused, and calls from industry stakeholders for clear guidelines have largely been ignored.
The question remains: will the US catch up with its peers in establishing a comprehensive regulatory framework for crypto, or will it continue to struggle to keep up with the fast-paced industry?
Here’s The Best Timeframe To Invest In Crypto Again – Predicts Bank Of America
The crypto market has significantly changed the map of investment portfolios this year. Investors are facing a harsh time as the recent crypto winter has erased 50% of their holdings on average. The community is confused about investment decisions and is actively looking for buying opportunities to generate the maximum profit and make up losses amid the bearish market.
According to a survey by Bank of America Corporation, the crypto market has almost touched the bottom line before making a massive bullish reversal by the beginning of 2023, indicating the best time for investors to buy in the dip and bring a wave in portfolios.
Reason Behind Crypto Market’s Struggle
The crypto sphere is stuck in a closed range as the leading cryptocurrencies are unable to make an upward breakout. The crypto market’s momentum significantly depends on the general stock market. Sometimes, any negative news in the stock market causes turmoil in the crypto market. There is a metric called ‘Beta,’ which indicates the correlation between the stock market and the crypto market.
According to Coinbase’s research, the value of Beta for the crypto market is 2, meaning that it carries twice the price movement of the general stock market. Therefore, it displays a robust correlation with US tech stocks under NASDAQ 100.
This is one of the primary reasons behind the crypto market’s downtrend, as the stock market was negatively impacted by the Federal Reserve’s unexpected CPI data and continuous implementation of interest hikes to 75 bps to control inflation. As the US stock market went down, it plunged the crypto space hard, leading to a significant loss.
Right Time To Invest In Crypto!
According to Bloomberg, the Bank of America’s survey shows that the stock market has almost reached the final capitulation before going bullish in the next year. Chief US strategists of BoA believe that the final capitulation will be achieved by the end of this year as the Fed is now taking necessary steps to bring stability to global economic infrastructure. The survey shows that the stock market is testing the pessimism of investors by drastically dropping in liquidity.
The Bank of America states that investors will get relief by the end of Q1 of 2023 as the Fed will implement further steps to strengthen the US stock market. However, a prominent crypto expert, Florian Grummes, mentioned that the bearish trend might continue for another year or a year and a half.
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The Oldest Bank Of America, BNY Mellon Now Supports Cryptocurrencies
In a press statement on Tuesday, Bank of New York Mellon (BK), the oldest lender in the United States and the largest custodian bank in the world, announced the addition of cryptocurrencies to its custody services, as reported by The Wall Street Journal.
BNY Mellon, is the oldest bank in the United States, with a 238-year history of reliability, tenacity, and invention. In keeping with this, BNY Mellon established an enterprise Digital Assets Unit in 2021 to create solutions for the technology behind digital assets. The unit aims to introduce the first multi-asset platform to connect digital and traditional asset custody.
“Touching more than 20% of the world’s investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets. We are excited to help drive the financial industry forward as we begin the next chapter in our innovation journey,” said Robin Vince, Chief Executive Officer and President at BNY Mellon, as reported by Marketscreener.
A recent poll by BNY Mellon reveals the substantial institutional demand for a financial infrastructure that is scalable and designed to support both traditional and digital assets. Almost all institutional investors (91%) expressed interest in investing in tokenized products, according to the poll. Additionally, 41% of institutional investors currently own bitcoin in their portfolios, and another 15% expect to do so in the next two to five years.
To this point, traditional fund managers interested in holding digital assets would typically have had to find a company specializing in cryptocurrency for custody services. These fund managers would normally rely on BNY Mellon (or other custodial lenders) to carry out the necessary back-office tasks related to their typical securities holdings.
As well as performing the other standard bookkeeping tasks, BNY Mellon will now be able to offer those fund managers storage of the keys required to access and move around their bitcoin (BTC) and ether (ETH).