How Will The U.S. Government Shutdown Affect the Crypto Industry?
With the U.S. on the brink of another government shutdown, concerns arise about its potential impact on the already shaky cryptocurrency industry. Past shutdowns have left a dent; this time, it might not be any different.
Here is a closer look.
A Flashback to Previous Shutdowns
During previous government halts, crypto-related entities experienced delays in decisions. For instance, an ambitious bitcoin exchange-traded fund was shelved, with insiders attributing the setback to the shutdown.
Now, eyes are on the SEC, which appears to be tentatively postponing Bitcoin ETF applications. Moreover, Coinbase is eagerly awaiting an October 11 response from the SEC regarding its Mandamus petition.
The Looming Shutdown and its Mechanism
Should Congress not intervene timely, the government could halt its operations this weekend. Here’s how it works: The U.S. Constitution empowers Congress with financial decisions. Each fiscal year commencing on October 1 requires Congress to approve spending bills.
Missing this deadline results in a funding lapse, suspending non-crucial government functions. If Congress remains passive, a shutdown will commence on October 1, shortly past midnight. Predicting the shutdown’s duration is tricky due to the prevalent discord on Capitol Hill.
Crypto Industry Amidst the Chaos
This potential shutdown comes at a critical time for the crypto sector. The industry’s endeavors in the U.S. might face further disruptions, but experts believe essential matters will not go completely unnoticed, albeit with possible delays.
Historically, during shutdowns, the agency paused litigation where feasible, excluding cases jeopardizing consumer assets. Additionally, the approval process for new products would be put on hold. This doesn’t bode well for enterprises awaiting the SEC’s decisions on Bitcoin applications or firms like Coinbase and Binance, currently entangled in legal disputes.
The Crypto Market’s Unsteady Ground
The crypto market is uncertain, with all top 10 cryptocurrencies showing declining figures. If a shutdown were to occur, this trend might be exacerbated. With regulatory decisions being pivotal for the market’s stability, any delay could deter potential investors, causing a further dip.
Investors might also become wary, leading to potential sell-offs. Uncertainty is what drives volatility in the market.
Bernstein Research Say, Crypto Asset Management Industry to Hit $650B in 5 Years from $50B
The crypto asset management sector is poised for extraordinary growth, with projections indicating a potential increase to $650 billion in five years, up from its current valuation of $50 billion. This significant surge underscores the rapid evolution of the cryptocurrency landscape.
Cryptocurrency Funds Soaring to $650B in Half a Decade
According to insights from Bernstein, Research analysts, led by Gautam Chhugani, have projected an astonishing growth trajectory for crypto funds, estimating that they could surge to an impressive $500 billion to $650 billion within the next five years. This marks a remarkable leap from the current valuation, which hovers around the $50 billion mark.
The experts at Bernstein Research have found a few critical reasons for this. One of the main reasons is the possibility of something called a spot Bitcoin ETF.
Last month, something really important happened in the world of crypto. A court in the United States said the SEC should reconsider their decision to say “no” to a spot Bitcoin ETF from Grayscale.
The court said it doesn’t make sense for the SEC to allow one kind of Bitcoin ETF but not another. The SEC has until mid-October to say if they agree or disagree. This is also when they decide if other companies can make their own Bitcoin products.
Possibility of Crypto Funds Entering the Market by 2024
According to the experts, if the SEC says “yes,” we could have Bitcoin funds as early as next year. They also think these funds could be worth about 10% of all the Bitcoin and Ether, another cryptocurrency.
It’s not just Grayscale; big companies are getting involved too. names like BlackRock, Fidelity, WisdomTree, and Invesco have asked permission to make their own Bitcoin ETFs, showing that big businesses are interested in crypto.
But it’s not just Bitcoin; some companies are also thinking about products related to Ethereum, another kind of cryptocurrency.
PayPal, the company you might use for online payments, has launched called PYUSD a stablecoin, which is like a digital dollar. And Visa, the company known for credit cards, is testing a way to let you pay for crypto stuff with regular money.
The future of crypto asset management looks pretty exciting, with a chance to be worth $650 billion in just five years.
Taiwan Crypto Firms to Form Industry Group Ahead of Regulatory Guidelines!
Taiwan’s cryptocurrency firms have announced plans to establish an industry association ahead of the expected release of guidelines by the country’s financial regulator this week. The move would authorize firms to create self-supervisory rules for the largely unregulated industry in Taiwan while delivering legitimacy and oversight for the sector. The working group currently comprises nine firms, including major exchanges such as BitoGroup, MaiCoin, and ACE. The association, which aims to cover a range of crypto sub-sectors, including OTC trading platforms, wealth investors, and custodians, is expected to apply for official status in October.
Crypto Industry Awaits SEC’s Verdict on U.S. Spot Bitcoin ETFs
A recent turn of events left the U.S. Securities and Exchange Commission (SEC) red-faced, a U.S. appeals court slammed the regulatory body for its “arbitrary and capricious” decision-making. The crux of the dispute was the SEC’s denial to convert the Grayscale Bitcoin Trust into the first U.S. spot ETF while permitting several derivatives-based ETFs.
The court’s judgment contained sharp criticisms, calling out the SEC for failing to meet the “standard for reasoned decision-making.” It’s a situation that has left crypto enthusiasts and Wall Street analysts asking: Why did derivative ETFs get the nod, but not a spot ETF?
Alistair Milne, a well-known investor and crypto influencer, believes that SEC Chairman Gary Gensler may have a plan to regain the agency’s bruised reputation. During a recent Senate appearance, Gensler stated that the SEC is reviewing both the Appeals Court judgment and other Bitcoin spot ETF applications, ostensibly treating all applications as equals.
This is more than a mere coincidence. Large asset managers have been rushing to file for ETFs since Grayscale initiated legal action against the SEC. Milne says this could be the golden window for the SEC to restore its credibility.
SEC likely to Approve spot ETFs?
According to Milne, the SEC will likely approve spot ETFs from some of the most trusted ETF operators globally, thereby conveniently declaring the crypto market has ‘matured.’ This will enable the SEC to assert that the entry of significant players like Blackrock into the market will bolster trading volume in the U.S., thereby augmenting oversight and reducing the risk of market manipulation.
It’s an elegant solution that saves face and allows the SEC to avoid having to devise new excuses for denying spot ETFs or retracting approvals for derivative-based ETFs. Such actions would inevitably lead to more lawsuits and further public disgrace.
Timing is Everything
As Wall Street prepares to embrace Bitcoin fully, the SEC seems to be realigning its strategy. It’s worth noting that Blackrock has had only one out of its 576 ETF applications denied.
With the SEC having 45 days to review its decision on the Grayscale Bitcoin Trust, Milne speculates that several U.S. spot Bitcoin ETFs could be approved as soon as mid-October. This, in turn, could catalyze a new bull market, further amplified by the Bitcoin halving event slated for April 2024.
Blockchain Firm R3 Cuts Over 20% of Global Workforce Due to Industry Slowdown!
R3, a blockchain company backed by Bank of America and Intel, among others, has cut over 20% of its global workforce as it seeks to weather an industry downturn. People with knowledge of the matter say the New York firm made job cuts across different functions worldwide in an attempt to preserve cash. R3 is one of the pioneering blockchain startups and is focused on developing blockchain-based systems for banks and other financial firms. In a September 11 blog post, the firm announced it was reducing headcount without disclosing figures. Blockchain adoption in finance has been slower than expected.
PetaByteCapital Accused of Scamming in the Cryptocurrency Industry!
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PetaByteCapital, a self-proclaimed FLOKI co-founder, has been accused of shilling scams within the cryptocurrency community. Allegations against PetaByteCapital claim that the individual has no real affiliation with FLOKI while promoting cryptocurrency scams on social media platforms. The cryptocurrency community has issued a warning to others, urging caution when presented with claims of insider knowledge. A call for transparency within the industry to minimize fraudulent activities has also been made.
Shandong Aims to Grow Metaverse Industry to $20.5bn by 2025!
China’s Shandong province has unveiled draft guidelines aimed at boosting the expansion of its metaverse industry, with plans to develop industries to reach a market size of CNY150bn ($20.5bn) by 2025. The government aims to build several metaverse related industrial parks and nurture at least 100 metaverse companies. Specifically, the local government said it would operate to facilitate companies to apply for at least 3,000 international and domestic patents by 2025. The Chinese blockchain industry has seen huge acquisitions over recent months, with the government aiming to position China as a global innovation hub.
Private Funds Industry Unites Against SEC’s Regulatory Expansion
In a bold move to counter perceived regulatory overreach by the Securities and Exchange Commission (SEC), the private funds industry has come together to challenge expanded oversight of investment advisers. This united front aims to push back against recent SEC rules that have raised concerns within the industry.
Private Funds Unite to File Joint Lawsuit to Stop SEC Overreach
The private funds industry has taken a bold step to address concerns regarding regulatory overreach by the Securities and Exchange Commission (SEC).
The SEC’s Private Fund Adviser rule is at the heart of the matter. This comprehensive 660-page mandate requires quarterly investor reports on performance, fees, and costs.
Additionally, it mandates annual audits and third-party validations for private funds. Even before its adoption in August, this regulation had already received strong objections from industry participants.
Meanwhile, industry leaders such as the Managed Funds Association, the National Venture Capital Association, and the Alternative Investment Management Association are spearheading a lawsuit to challenge these rules. Their argument revolves around the SEC exceeding its lawful authority and impeding investment by implementing regulations without sufficient public input.
The lawsuit filing claims that the newly proposed rules would bring about significant changes to the regulatory landscape of private funds in the United States. The complainants argue that the actions taken by the SEC violate notice-and-comment requirements and are deemed arbitrary, capricious, an abuse of discretion, and contrary to the law.
This collective effort seeks to push back against the regulatory changes and preserve industry autonomy.
Crypto Industry and SEC Engage in Multi-Front Legal Battle
The SEC defends the new rules, asserting their alignment with the mission of safeguarding investors and ensuring financial market stability. However, the private funds industry vehemently opposes what they perceive as regulatory overreach.
The SEC faces not only one challenge but also high-stakes disputes with the cryptocurrency industry regarding its jurisdiction over digital assets.
Recent court setbacks have forced the SEC onto the defensive, as Ripple and Grayscale face legal challenges. Noteworthy industry leaders like Coinbase and Binance have made it clear that they are prepared to fight their legal battles until the very end, rather than settling with the SEC.
The outcome of this lawsuit will have a significant impact on the future of government oversight in private markets and the regulatory landscape of the financial sector.
Industry Experts Say Coinbase and Binance Will Win Against SEC – The Reasons
A recent podcast discussion between renowned crypto attorney John Deaton, ETF specialist Dave Nadig, and top-tier analyst Scott Melker, popularly referred to as Wolf of All Streets, got into the tides turning in favor of crypto giants against the notorious Securities and Exchange Commission (SEC).
Grayscale’s Game-Changing Win
Scott Melker reasoned that the recent monumental triumph of Grayscale over the SEC will compel the commission and its Chairman, Gary Gensler, to reconsider their approach. The victory is significant, particularly when acknowledging that the SEC previously couldn’t justify its decision to refuse the Bitcoin ETF, even as it greenlighted other Bitcoin futures ETFs. Such inconsistencies could tarnish the SEC’s reputation, prompting other regulatory bodies to question its credibility, says Scott.
Highlighting the ongoing trajectory, Deaton pointed out that the SEC is on unstable ground, given the string of recent defeats, including that against Ripple. Legal experts and even certain judges have increasingly labeled the SEC’s actions as “random and unfounded.” Such a stance suggests that the crypto industry isn’t merely defending its interests but is actively reshaping the narrative in its favor.
Drawing from the prevailing patterns, Deaton ventured that Coinbase might soon shrug off the lawsuit while Binance might reach a settlement with the SEC. Contrary to the views of ex-SEC member John Reed Stark, Deaton emphasized that relying on DoJ investigation insights in the ongoing case might not be the most prudent move.
Beyond Coinbase and Binance
While the SEC’s recent actions have led to setbacks, the commission remains undeterred. They persistently file securities claims against various entities operating with digital assets. One such entity under the SEC’s radar is Impact Theory. For those unfamiliar, Impact Theory is an initiative designed to empower people through content and education, leveraging digital assets to augment its reach and capabilities.
Anyways, crypto companies aren’t just passive players but could be formidable opponents against the SEC’s wicked fire. The stakes are high, and the world watches closely as these battles shape the future of the digital economy.
Ripple-SEC Case Raises Uncertainty Amid Positive Developments; Industry Experts Stress Clarity in Token Classification
After some positive developments for Ripple in July regarding its case against the SEC about XRP’s classification, things have gotten uncertain again. We’re all waiting for the final decision in the US court, but it’s not clear if Ripple will win or not. Cryptocurrencies and blockchain technology have been at the forefront of discussions in recent times and Ripple has been making headlines for demanding clarity.
Karen Ottoni, the Sr. The Director of Ecosystem and Strategic Initiatives at Hyperledger Foundation said in a conversation with Thinking Crypto that while comprehensive regulations from congressional bodies are still in the works, the ruling provides some clarity from the courts. A key takeaway from this ruling is that tokens themselves are not inherently considered securities. Rather, the focus is on how these tokens are packaged and presented to investors.
Karen explained that while it’s hard to talk about the Ripple case directly, the clear explanations from these rulings really matter. They help everyone, like governments, regulators, and people in the market, to know what tokens and securities mean in the world of cryptocurrency.
Furthermore, central banks around the world are considering the implementation of Central Bank Digital Currencies (CBDCs) using blockchain technology. For instance, the Central Bank of Brazil announced plans to build a CBDC on Hyperledger Basu, while countries like Nigeria and Norway have already launched CBDCs using Hyperledger technology.
She said, “It is definitely always very useful to have clarification on how governments or regulatory bodies are defining tokens and securities, as well as how they are being used.”
Ripple Labs and its senior executives, Brad Garlinghouse and ChrisLarsen, were accused by the SEC of selling securities unlawfully. The court agreed with the SEC on some points, like Institutional Sales, but disagreed on other matters in their summary judgment motions. In the recent update, the parties in the Ripple-SEC case told Judge Analisa Torres when they’re available. Ripple’s legal team said they’re ready for trial in the second quarter of 2024.
Ripple’s Legal Battle Sparks Regulatory Overhaul in Crypto Industry
The Ripple case has triggered a wave of change in the cryptocurrency industry and its regulatory landscape. Eleanor Terrett, a Journalist & Producer at Fox, recently highlighted the ongoing battle of jurisdiction between the SEC and the Commodity Futures Trading Commission (CFTC). While both agencies aim to regulate digital assets, their differing perspectives have created a regulatory vacuum.
She also spoke about the urgency behind the current legislative movement and the changing dynamics brought about by the SEC’s legal clash with Ripple. Terrett opened up about the rapid pace at which various bills are being moved through the legislative process.
In a conversation with Thinking Crypto, the journalist suggested that the SEC’s recent loss to Ripple in court has fueled a sense of urgency among policymakers. The industry’s collective response, including companies challenging the SEC’s regulatory approach through legal action, has prompted a shift in the narrative. She said, “I think the Ripple case really helped kind of solidify that because we saw the language in the bill was, you know, pretty much a carbon copy of what Judge Torres said.”
Industry Backlash: Pushing for Change
Terrett highlighted the industry’s mounting pushback against the SEC’s regulatory stance. Key players like Grayscale, Coinbase, and Gemini are actively voicing their concerns over the current regulatory environment. These companies, along with others, argue that the SEC’s approach is unsustainable and detrimental to the growth and innovation within the cryptocurrency space.
She also raised questions about the SEC’s actions in light of recent events. She mentioned the SEC’s apparent inaction during 2022 regarding certain companies, despite its strict regulatory approach to others.
In 2020, the SEC sued Ripple, claiming they sold unregistered securities in XRP. Judge Analisa Torres of the U.S. Southern District Court had planned a trial for other unresolved issues in the second quarter of 2024
Taiwan Proposes New Crypto Industry Association Category!
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Taiwan’s Ministry of Economic Affairs has proposed adding a new business category to regulations, which would allow cryptocurrency-related companies to form industry associations. This move is intended to encourage the development of self-regulatory guidelines. The proposed business category outlines the cryptocurrency sector’s scope of operations and includes exchanging cryptocurrency for legal tender or other digital tokens, providing services for crypto storage or management, and facilitating coin transfers. The Ministry of Economic Affairs is soliciting public opinion and aims to finalize the amendment.
Ripple Lawyer Claims SEC’s Actions in Crypto Industry Favored Corporate Capitalism
For many years, the US has been praised as a shining example of capitalism. But the reality, however, is far from this ideal, claims John E. Deaton, a well-known person in the cryptocurrency business. In his thought-provoking Twitter post, has opened up about what he perceives as the Securities and Exchange Commission’s (SEC) hidden motives in its approach to the crypto industry.
Here’s what he analyzed:
Deaton’s Observation on SEC Hidden Agenda?
Deaton’s views, shared on Twitter, point to what he perceives as an unfair system of corporate capitalism operating in the United States, rather than a true capitalist system. He specifically highlights the accredited investor rules, which he believes discriminate against the working class and the SEC’s actions against cryptocurrencies and platforms like Coinbase.
The lawyer argues that the SEC’s focus on Section 5 cases and the secondary market on exchanges, instead of addressing fraud within the crypto space, indicates misplaced priorities. He fears this approach could hinder innovation and growth in the emerging crypto industry.
In addition, Deaton condemns the SEC’s objection to individual investors serving as amici curiae in the Ripple case. According to his analysis, the regulatory body’s stance indicates a possible bias toward protecting the interests of huge financial institutions above those of individual investors.
Future of Bitcoin and crypto, a free trade possible?
For him, the bigger issue is that there are glitches in the SEC’s crypto regulations and it seems like a double standard. He points out that although the SEC refused to engage in talks with Coinbase, a platform that is actively attempting to comply with rules, SEC Chairman Gary Gensler met many times with the former CEO of FTX, Sam Bankman-Fried, an offshore cryptocurrency exchange that is facing allegations of scamming users. However, Coinbase is an example of a company that is actively seeking to comply with regulations.
Based on his research, Deaton concludes that the SEC’s uneven handling of various participants in the cryptocurrency market could prevent the development of new businesses while rewarding more established entities.
Even though Deaton may not be a fan of the crypto industry, he still sees promise in it. He is very enthusiastic about the idea behind Bitcoin since it enables everyone with a smartphone to take part in free markets without the need for banks or middlemen.
Together, these findings give emphasis on the attorney’s claim that the SEC’s actions in the crypto field may be motivated by a desire to protect corporate capitalism, which in turn raises concerns about the regulatory framework for digital assets and its potential for bias and inefficiency.
Bitdeer Launches Green Bitcoin Fund Targeting Bhutan’s Mining Industry!
Bitdeer, a cryptocurrency mining company has launched the Bitdeer Green Bitcoin Fund, targeting the Bitcoin mining industry in Bhutan. Led by Jihan Wu, the fund will partner with Bhutan’s investing department to develop a 600 MW construction target, with an estimated hash rate of close to 20EH/s. The focus on green energy reflects Bitdeer’s commitment to sustainability, and the company hopes the project will spur greater investment in renewable energy for the Bitcoin mining industry. Wu’s involvement is expected to generate interest and confidence in the fund.
Aave Launches Stablecoin, Fantom Project Hacked, Tradecurve Revolutionizes Trillion-dollar Industry
The cryptocurrency market is a hive of activity. Aave (AAVE) has launched a new stablecoin, while Fantom (FTM) has suffered a significant setback with a hacking incident. Meanwhile, the newcomer, Tradecurve (TCRV), is selling millions of tokens during a presale due to its potential to revolutionize the trillion-dollar trading industry. Let’s take a closer look!
Aave (AAVE) Launches Stablecoin: Expanding DeFi’s Horizon
Aave, one of the leading DeFi protocols, continues to make strides in the industry by introducing its own algorithmic stablecoin, GHO. The GHO stablecoin is pegged to the US dollar and has already seen substantial activity since its launch, with over $2.19 million worth of Aave’s GHO minted on the Ethereum mainnet.
Unlike traditional stablecoins, which are usually backed by a single asset like the US dollar, Aave (AAVE)’s GHO is supported by a multitude of digital assets, including Ether, the native currency of Ethereum, and the Aave token itself. This approach provides additional security and stability, as the stablecoin’s value isn’t reliant on a single asset.
One of the unique aspects of GHO is the ability to verify the assets used to back it. Aave ensures that the details of all the digital assets that back GHO are accessible and can be checked via on-chain data. This adds credibility to Aave’s new entrant into the DeFi space.
Fantom (FTM) Project Gets Hacked: Addressing Security Concerns
A recent exploit on Multichain’s Fantom bridge has resulted in a significant loss of funds. Attackers reportedly made off with at least $126 million in various cryptocurrencies and stablecoins, including Ether and the Fantom token.
The recent security exploit on the Fantom bridge has had a dramatic impact on the platform’s total value locked (TVL). It’s a vital indicator of the health and growth of DeFi protocols. Fantom’s TVL has plummeted from above $200 million before the incident to just $65 million today. This is according to DeFi analytics platform DeFiLlama.
Fantom’s creator, Andre Cronje, has acknowledged the severity of this incident. He described it as a “massive setback” for the Fantom project. Pricewise, Fantom has fallen from $0.31 to a current price of $0.25. This is as holders contend with the significant loss of funds.
Tradecurve (TCRV) Revolutionizes Trillion-dollar Industry: Disrupting the Norm
Tradecurve is pioneering a hybrid model that marries the advantages of both centralized and decentralized exchanges. Users of Tradecurve can enjoy a safe environment that promises low latency, high liquidity, and minimal trading fees.
Not only does Tradecurve cater to crypto enthusiasts, but it also opens the door for traders to invest in a plethora of financial instruments like forex, commodities, and stocks. With a simple one-click process, trading across various asset classes becomes seamless.
Tradecurve further sets a new industry standard by introducing KYC-free trading, ensuring users’ anonymity and security. Traders need not submit any personal information, thereby keeping their identity protected while accessing the platform’s plethora of features.
Tradecurve’s native token, TCRV, is in the fifth phase of its presale, where it is available for an appealing $0.025 per token.
Tradecurve’s formidable challenge to traditional exchanges has stirred considerable attention. Analysts are now commenting that Tradecurve has the potential to take over from the likes of Binance and Huobi, with TCRV hitting $1.00 once the mainstream public takes note.
For more information about the Tradecurve (TCRV) presale:
Revolutionizing Patient Care and Healthcare Industry with Blockchain Technology
In recent years, the healthcare industry has witnessed significant technological advancements, with one of the most transformative being the integration of blockchain technology. Among the pioneering platforms leading this digital revolution is Medifakt, a decentralized blockchain platform designed to enhance patient care, healthcare security, data transparency, and interoperability across the industry.
The Essence of Medifakt
Medifakt is a revolutionary decentralized blockchain platform that empowers the healthcare sector by addressing some of its most pressing challenges. At its core, Medifakt focuses on four crucial pillars:
Patient Care
With blockchain technology, Medifakt strives to improve the quality and efficiency of patient care by streamlining medical records, reducing administrative overheads, and facilitating seamless communication between healthcare providers.
Healthcare Security
Patient data security is a paramount concern for healthcare institutions and individuals alike. Medifakt utilizes the decentralized nature of blockchain to ensure data integrity, prevent unauthorized access, and mitigate the risk of data breaches.
Data Transparency
Transparency is a cornerstone of Medifakt’s philosophy. By leveraging blockchain’s immutability, the platform allows patients to access and control their medical records while ensuring that healthcare providers have a comprehensive and accurate overview of the patient’s medical history.
Interoperability
In a fragmented healthcare system, interoperability remains a significant challenge. Medifakt breaks down data silos by enabling seamless data exchange between different healthcare providers, ensuring a holistic approach to patient care.
Key Features of Medifakt
Decentralization — As a decentralized platform, Medifakt eliminates the need for a central authority, reducing the risk of data manipulation and ensuring the reliability and authenticity of medical records.
Smart Contracts — Medifakt employs smart contracts to automate various processes, such as insurance claims, billing, and patient consent, improving efficiency and reducing administrative costs.
Enhanced Privacy — Through encryption and consensus algorithms, Medifakt ensures that patient data remains confidential and secure, providing patients with peace of mind while encouraging them to participate in their healthcare journey actively.
Immutable Data — Blockchain’s immutable ledger prevents data tampering and maintains a comprehensive and tamper-proof record of patients’ medical histories, improving overall data accuracy.
Real-Time Access — Healthcare providers can access patients’ medical data in real-time, even across different healthcare facilities, ensuring timely and informed decision-making.
Auditable Records — Medifakt’s transparent and auditable system enhances trust between patients, healthcare providers, and regulatory bodies, leading to improved accountability and compliance with industry standards.
Impact on Healthcare Industry
Medifakt’s adoption in the healthcare industry is poised to bring about several transformative changes:
Improved Efficiency — By streamlining data exchange and automating administrative tasks, healthcare professionals can focus more on patient care, leading to improved healthcare outcomes.
Enhanced Patient Experience — Patients can easily access their medical records, participate actively in their treatment plans, and maintain ownership of their health data, leading to a more patient-centric approach to healthcare.
Data-Driven Decisions — Real-time access to accurate patient information allows healthcare providers to make informed decisions quickly, leading to more precise diagnoses and treatment plans.
Healthcare Research — With secure and standardized data, researchers can access a vast pool of information for studies, leading to advancements in medical research and the development of personalized therapies.
Medifakt’s decentralized blockchain platform represents a significant step forward for the healthcare industry. By improving patient care, healthcare security, data transparency, and interoperability, it has the potential to revolutionize the way healthcare is delivered and experienced. As the world embraces the digital era, Medifakt stands at the forefront, catalyzing a positive shift in the healthcare landscape, where patients’ interests and data security takes center stage, ultimately leading to better healthcare outcomes for all.
US Congressman Urges Probe into SEC’s Handling of Cryptocurrency Industry
Congressman Ritchie Torres recently shared his request for independent investigations into the operations of the U.S. Securities Exchange Commission (SEC), criticizing what he perceives as a disorganized and overbearing approach toward the burgeoning cryptocurrency industry.
Prometheum: A Controversial Decision
A significant concern addressed in the Congressman’s letters was the SEC’s contentious decision to grant a special purpose broker-dealer (SPBD) license to Prometheum.
The trading platform, which paradoxically does not facilitate the trading of digital assets, has been labeled by Torres as a Potemkin platform. This term implies that it serves more as a discussion point for detractors of the crypto industry rather than functioning as a legitimate trading platform for crypto users.
Is Regulatory Clarity a Mirage?
Torres pointed out the lack of clear regulation and guidance, which he believes is crucial for compliance within the industry. He argued that the SEC’s preferred mode of communication has been neither through explicit rules nor guidance, but rather through enforcement.
This approach, he noted, has led to a lack of clarity regarding the application of securities law to digital assets, leaving industry participants guessing about the rules they should be following.
The Politicization of the Registration Process
The Congressman also voiced his concerns over what he sees as a politically motivated decision by SEC Chair Gary Gensler. According to Torres, Gensler’s move to license Prometheum represents an unwarranted politicization of the registration process – a level of involvement that is rarely seen within the SEC’s historical operations.
Calls for Rigorous, Workable Registration Processes
Torres urgently called for an independent review of the SEC’s strategies towards digital assets. He specifically requested a thorough examination of the SEC’s failure to establish a robust, feasible process for the registration of genuine digital asset platforms.
Additionally, he urged a probe into what he described as the unusual backroom deal brokered by the SEC with Prometheum. Interestingly, this plea for an inquiry into the SEC’s dealings comes in the wake of Ripple’s recent victory over the infamous SEC in a lawsuit that had been ongoing since 2020.
After DEFI and NFT, Will the Crypto Gaming Industry or Web3 Trigger the Next Bull Run?
The market participants—bulls, whales, big institutions, and all the crypto enthusiasts—are waiting for the next bull run. Moreover, the traders have begun to accumulate BTC with the expectation of incurring huge profits in the long term. Besides, the developers have also aggressively worked during the bear market, which may attract the masses towards the next upcoming trend within the market.
After the ICO boom in 2017, which triggered the bull market then, the DeFi boom sparked the 2020 bull run. During the fourth quarter, the NFT boom also caused a massive upswing among the majority of cryptos. As per a recent update, nearly $24 billion has been injected into the crypto-gaming industry.
The Web3 projects are believed to rise by more than 100x in the upcoming bull run, much like the NFTs. Below are such Web3 projects which are expected to trigger a massive bull run in the coming days.
Sidus (SIDUS)
It is the first WebGL, AAA-level, Play-to-Earn, Metaverse for gamers which has a unique economy model. SIDUS is the native token of the platform which is used to pay rewards and it is also the main currency in the SIDUS marketplace along with other in-game and out-of-game services.
FitBurn (CAL)
FitBurn is the world’s first AI-based burn-to-earn fitness App. This platform intends to revolutionize lifestyle and health using its cutting-edge AI mechanics with NFT rewards to motivate users to reach their fitness goals.
My Neighbor Alice (ALICE)
My Neighbor Alice is a farming-based play-to-earn builder game built on the Chromia chain. The platform targets a diverse gaming community within the traditional gaming market. ALICE is the native token of the platform which is used as a utility token.
Medieval Empires (MEE)
The Medieval Empires is a mid-core, multiplayer online blockchain strategy game which features actors, aiming to offer a jist of state-of-the-art open to all Web 3.0 experience to fans and gamers.
Gala (GALA)
The platform was developed by game developers who intend to bring back value to the players with the help of Web3 and blockchain. GALA is a utility token of the platform, using which one can purchase NFT and also used as a gas token to cover network fees on the Gala blockchain.
Axie Infinity (AXS)
Axie-Infinity is a blockchain-based trading and battling which is partially owned and operated by its players. The native token, AXS price has been performing extremely well and also has achieved mainstream attention.
BlackRock Sets a Milestone with Bitcoin ETF Filing: A Seismic Shift in Crypto Industry?
In a landmark move, BlackRock, the world’s most substantial asset manager, is ready to join the crypto bandwagon. Larry Fink, BlackRock’s CEO, has filed for a spot in Bitcoin ETF, an act that carries considerable weight in the crypto realm. Considering BlackRock’s towering stature with $10 trillion assets under management, this development could mark a significant turning point for cryptocurrency.
The context of this announcement is crucial. For years, the SEC has stubbornly refused to approve a spot Bitcoin ETF, a stance currently being contested in litigation with Grayscale. In spite of the SEC’s known objection, BlackRock has set its sights on a Bitcoin ETF listing on NASDAQ, underlining the scale of the shift in Fink’s attitude towards cryptocurrencies.
A Dramatic Change in Stance
This change in direction is monumental, considering Fink’s previous dismissive remarks about Bitcoin. Back in 2017, Fink referred to Bitcoin as an index of money laundering. In 2018, he declared that BlackRock’s clients had no interest in Bitcoin exposure, and BlackRock was not interested in offering it. Now, Fink is actively pushing for a Bitcoin ETF, a clear indication of how far the crypto landscape has shifted.
BlackRock’s Bitcoin ETF Application
Details of BlackRock’s Bitcoin ETF application show the firm’s commitment to this new venture. BlackRock has partnered with Coinbase, the largest U.S. crypto exchange, to submit an application for a spot Bitcoin ETF. The ETF would utilize Coinbase Custody for holding the Bitcoin and use the exchange’s spot market data for pricing.
Also Read – Coinbase Custody Secures BlackRock’s Trust for Spot-Bitcoin ETF, Signaling SEC Lawsuit Resolution Imminent
The approval of BlackRock’s Bitcoin ETF could lead to unprecedented impacts on the crypto market. As observed from the first gold ETF listed on the New York Stock Exchange in 2004, the approval led to a sustained surge in gold prices. If Bitcoin follows this trend, we might witness an extraordinary increase in Bitcoin prices, which could spark a market rally that lasts for years.
What’s more curious is that Bitcoin isn’t the only cryptocurrency that BlackRock is showing interest in. Fink has expressed interest in the utility of Ethereum and other cryptocurrencies, and the broader revolution of tokenization.
June 13th: Game-Changing Events in Crypto Industry – Hinman Docs, Binance – SEC Showdown
In what is shaping up to be a monumental day for the world of digital assets, Binance – one of the largest cryptocurrency exchanges globally – is due to respond to the SEC’s motion for temporary restraining orders on June 12, followed by a court hearing the next day. This pivotal event is merely one of several significant developments scheduled for June 13, a day that could potentially change the course of the digital asset industry.
The Binance and SEC Showdown
As Binance locks horns with the U.S. Securities and Exchange Commission (SEC), the legal battle reaches a pivotal point. Binance’s response to the SEC’s motion for temporary restraining orders, due on June 12, sets the stage for a consequential court hearing on June 13. With Judge Amy Berman Jackson presiding in Courtroom 3, this clash could reshape the crypto industry’s legal landscape.
The Binance response to the motion of the SEC for temporary restraining orders is due on 12 June and the hearing on 13 June. A monumental day for crypto. The day the Hinman documents are to be released, the day the House Financial Service Committee discusses the future of /1 pic.twitter.com/a8amTNnlVG
— bill morgan (@Belisarius2020) June 8, 2023
The Hinman Documents
The much-anticipated Hinman documents are set to be released on the same day. These documents, which could shed light on the SEC’s stance towards digital assets, have been eagerly awaited by crypto enthusiasts and legal experts alike. The potential revelations contained within these documents have only served to heighten the sense of anticipation around June 13.
House Financial Services Committee
As if the day wasn’t already packed with crucial events, the House Financial Services Committee is also set to discuss the future of digital assets on June 13. This timely discussion could have far-reaching implications for regulation and policymaking in the digital asset space, making it a must-watch event for all stakeholders in the crypto world.
A Digital Town Hall
In response to this flurry of events, leading figures in the crypto and legal world, including the likes of Bill Morgan, John E Deaton, and others, propose a mega Twitter space for an in-depth discussion. This digital town hall could provide valuable insights, spark thought-provoking debates, and offer a comprehensive understanding of the unfolding events.
digital assets and I think there is something else that day too. I can’t keep up. There may need to be a mega Twitter space to discuss it all @JohnEDeaton1 @freddyriz @FilanLaw @MoonLamboio @XRP_Productions @attorneyjeremy1 @AshleyPROSPER1
— bill morgan (@Belisarius2020) June 8, 2023
June 13 promises to be a whirlwind, possibly reshaping the crypto world as we know it. How will Binance respond to the SEC’s motion? What secrets might the Hinman documents reveal about the SEC’s stance on digital assets? What implications will the House Financial Services Committee discussion have on the future of digital assets?
Binance CEO CZ Endorses Pro-Crypto Ron DeSantis, Ignites Industry Hope
As the 2024 Presidential elections draw nearer, the significance of the crypto market narrative continues to grow. The existing regulatory framework for cryptocurrencies in the United States has faced substantial criticism, prompting the industry to eagerly anticipate a new presidential candidate and government that can offer a more robust and comprehensive framework.
In the midst of the election buzz and the ongoing crypto debate, an intriguing development has emerged. Binance CEO CZ expresses his support for Ron DeSantis, a pro-crypto candidate, in the race for the presidency. Read on for more details.
Binance CEO CZ Supports Pro-Crypto Ron DeSantis For President
Changpeng Zhao, the CEO of Binance, welcomed the open support for the crypto industry from individuals like Ron DeSantis and Francis X. Suarez, the Mayor of Miami. Speaking at an Ask Me Anything event, CZ praised their pro-crypto stance. When asked about the potential of DeSantis running for president, CZ shared his thoughts.
CZ responded to this by saying, “That would be great.”
CZ pointed out that with the closure of crypto-friendly banks such as Silicon Valley Bank and the ongoing lawsuits, the current outlook for the crypto ecosystem in the United States is not optimistic.
DeSantis’ Stance on Cryptocurrency
American cryptocurrency supporters are looking for a presidential candidate who will prioritize fintech policies and Florida Governor Ron DeSantis is most poised to fill that void. DeSantis has raised concerns about the approach taken by the Biden administration regarding crypto enforcement actions. His comments sparked a discussion over how cryptocurrencies should be regulated and whether or not Central Bank Digital Currencies (CBDCs) should be adopted in the United States.
In his campaign announcement, DeSantis mentioned that Washington regulators are skeptical of crypto because they can’t control it but that it’s not a justification to kill it with regulation. And he said if people want to “do Bitcoin,” they should be able to “do Bitcoin.”
The crypto community seems to hold optimistic expectations for a pro-crypto government in contrast to the current administration. However, only time will reveal how these hopes will manifest in practical terms and shape the future of cryptocurrency regulation.
Ripple Vs SEC Lawsuit Update: New Predictions Hint At Win For SEC; Industry On Edge
The Ripple vs. SEC lawsuit has reached its final stage and has the entire crypto industry on the edge of its seat. This lawsuit has the potential to set a precedent and provide the crypto industry in the US with much-needed regulatory clarity.
Several predictions have been made regarding the final ruling on the lawsuit, and a majority of these predictions favor a win for Ripple. However, recent updates suggest the SEC stands a fair chance, too.
Can SEC Win The Lawsuit?
The court recently denied the SEC’s request to seal the Hinman Documents. These documents are related to a 2018 speech by Bill Hinman, the former director of the Securities and Exchange Commission’s corporation finance division. In his speech, Hinman essentially declared that Ether (ETH) was not considered a security. These documents are crucial as they can aid in establishing that XRP is not a security, which lies at the core of the Ripple vs. SEC lawsuit. This indicates that Ripple is just near the finish line.
However former Ripple Labs executive Matt Hamilton has now expressed an unpopular opinion- he thinks that the odds of the SEC winning the case are still very high.
Sharing his perspective on the recent findings in the case, he stated in a Twitter reply that everyone knows what the outcome should be. However, that does not necessarily reflect the vagaries of the US regulatory and legal system. Even though all the predictions and assessments relating to the lawsuit could be accurate, there’s still a chance that the “unpopular” party score a win.
The End Is Near
We might not have to wait too long to know, though.
At a recent fintech summit in Dubai, Ripple CEO Brad Garlinghouse shared an update on the ongoing legal dispute between Ripple and the SEC. He conveyed his optimistic outlook, expressing confidence that the SEC case against Ripple would reach a resolution within the next two to six months, preferably before the third quarter. Moreover, pro-crypto lawyer Bill Morgan, also stated in a tweet that the resolution of the case is likely to take place within the same time frame, and could even be resolved as early as next month.
Expectations of Settlement
The Ripple Vs SEC lawsuit has been dragged on since 2020 and at this juncture, the chances of a settlement appear slim. Despite discussions and predictions regarding potential settlements, neither party has provided any substantial information on the matter.
Bittrex CEO’s Game-Changing Plan for Crypto Industry Revealed at Bitcoin 2023 Conference!
The post Bittrex CEO’s Game-Changing Plan for Crypto Industry Revealed at Bitcoin 2023 Conference! appeared first on Coinpedia Fintech News
The CEO of Bittrex Global emphasizes the need for tailored regulations in the cryptocurrency industry, acknowledging that not all regulations are equal. He believes effective regulations should be specifically designed for crypto and provide a framework within which operators can function. He also stresses the importance of educating and offering options for self-custody, highlighting the responsibility of the crypto community to showcase legitimate ways of operating. Fit-for-purpose regulations are deemed valuable for ensuring market security and fostering industry growth.
Casper (CSPR) to reach $0.10 As Yachtify (YCHT) To Cater To Maritime Industry
Yachtify (YCHT) network is making it easier to participate in the maritime industry. It is removing the high-cost barrier that has long dissuaded many investors from participating in the yacht lending industry. Elsewhere, Casper (CSPR) continues a robust and impressive rally which is expected to last until the end of the year.
Yachtify (YCHT) network to Cater To Boat Traders
Yachtify offers users several ways to invest in the industry, including buying, selling, and renting out shares of luxury sea vessels like jet skis and yachts. The network is committed to finding the best investment opportunities for its users. Yachtify uses specialists in the boat lending industry to identify yachts with the best sale and lease potential.
Users are then given the opportunity to invest in such vessels. Furthermore, Yachtify sells and rents yachts to maritime schools around the world, and its users are paid commissions whenever their vessel is rented out. The size of commissions paid depends on the size of the vessel owned by the investor.
Yachtify further provides a lending protocol where users can get loans by using their Yachtify assets as collateral. Furthermore, the platform is working around the clock to ensure that other Yacht charter businesses accept Yachtify tokens as a form of payment.
Yachtify is perfectly suited to capitalize on the stunning growth of the maritime industry since the end of covid lockdowns. Users get extra benefits like discounts on boat rental, storage fees, fuel, and other maintenance costs. They also get free sailing lessons and yacht-free days.
Right now, the Yachtify token costs as low as $0.10. Joining the project while it’s still very cheap might be a good idea. Even better, there is an ongoing 30% bonus for all new investors.
Join Presale: https://buy.yachtify.market
Website: https://yachtify.market
Telegram: https://t.me/yachtify
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Casper (CSPR) To Reach $0.10 by Year’s End
Casper (CSPR)’s recent market performance has led many investors to believe the token will reach $0.10 by the end of the year. Casper (CSPR) has rallied strongly since the start of the year. Even more, it recovered from a March slump with a lot of bullish momentum.
Casper (CSPR) was trading at $0.02 at the start of the year. It then rallied to $0.03 by the third week of January. It dropped slightly again before reaching $0.04 in late February. The price tanked a bit by March, and Casper (CSPR) dropped to $0.035. By mid-April, Casper (CSPR) had recovered impressively to reach $0.052. It rallied to $0.06 by the end of April.
At the time of this writing, Casper (CSPR) is trading at $0.05. What’s most impressive about Casper (CSPR)’s performance in 2023 is the relatively low volatility despite its high growth. It has also recovered very well from its slumps in March and early April. As the crypto winter is coming to an end, it will be interesting to see how Casper (CSPR) will continue to perform in the coming months. Some investors have already predicted that Casper (CSPR) will reach $0.10 by the end of the year.
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Ripple Vs SEC Case Will Make or Break the Crypto Industry, Claims Expert
The Ripple-SEC legal tussle has sent shockwaves throughout the cryptocurrency industry, and everyone is eagerly anticipating the outcome.
In the midst of this tension, Nick Regan, an expert in the crypto space from Cheeky Crypto, delves into the latest developments and what they could mean for the wider market.
Deaton vs. SEC’s Former Attorney
The Ripple community has been closely following a recent argument between John Deaton, a well-known lawyer in the crypto space, and a former SEC attorney named Marc Fagel. The SEC attorney claimed that Ripple violated Section 5 of the Securities Act and that the agency has a better chance of winning the case. However, he also contradicted himself by saying that Ripple will ‘probably’ win in another discussion. This shows how unsure even SEC’s people are.
Related: Ripple News: Pro-XRP Lawyer Explains How the SEC is Taking a ‘Shorthand’ Approach in the Case
The Infamous Howey Test
Deaton countered the former SEC attorney’s initial argument by emphasizing the significance of the Howey Test. He said that while most initial coin offerings (ICOs) have violated Section 5, the SEC’s case against Ripple is flawed due to its broad approach. In addition, Deaton highlighted that the Howey Test has never been applied to secondary sales of an asset, which further complicates the SEC’s argument.
Ripple Win Could Boost Crypto Industry
According to Nick Regan, a win for Ripple would be beneficial for the entire crypto industry. If Ripple loses, the SEC could potentially use this case as a basis to label other cryptocurrencies as securities, which would have a negative impact on the industry that is starting to enter a bull market after a long and intense bear one. A Ripple win, on the other hand, would set a precedent for defending cryptocurrencies and foster a more favorable environment for growth and innovation.
The XRP Price Outlook
As the legal battle unfolds, Regan analyzed XRP’s price charts and shared his thoughts on its future trajectory. He believes that once the case is resolved, and XRP gains the necessary regulatory clarity, its price could surge significantly. This would likely be driven by the relisting of XRP on US exchanges and increased investor confidence in the asset.
At press time, XRP was worth $0.43 and it has been down by over 5% in the past twenty-four hours.
SEC’s Crypto Crackdown is the Best Thing that Ever Happened to the Industry- Here’s Bloomberg’s Reason
US regulators and the crypto market seem to be on an exhilarating rollercoaster ride, destined for a high-stakes showdown. The future of many issuers and intermediaries hangs in the balance, as they could soon be thrust out of business or forced to seek refuge abroad. Bloomberg’s editors have boldly declared the SEC’s crypto crackdown as the “greatest thing to ever happen” in the industry
Crypto is Messed up with Scams
In a spectacular turn of events, the face-off between US regulators and the crypto world “might just be the industry’s saving grace,” purging it of unsavory elements, as per Bloomberg Opinion’s editorial board.
The Securities and Exchange Commission’s relentless pursuit of the sector “threatens to slam the door on crypto’s future” in the US, the column asserts. However, this daring move gambles with the possibility of dismissing a revolutionary technology that holds the promise of redefining money, supercharging financial tools, and pioneering innovative governance models for enterprises.
The crypto realm can be a treacherous landscape. Lured by celebrity endorsements and dreams of wealth, unsuspecting individuals have been drawn to countless tokens with zero intrinsic value. Out of over 40,000 issued last year, a staggering one in four were deemed pump-and-dump schemes.
Even the most reputable intermediaries fail to provide sufficient investor protections, as exemplified by the FTX trading platform’s downfall. Additionally, blockchain-powered payments have abetted various criminal activities, ranging from human trafficking to financing North Korea’s nuclear ambitions.
To build a secured and reliable infrastructure, the SEC is taking bold moves, aiming to protect investors and traders. Recently, the agency launched a lawsuit against Bittrex, accusing it of functioning as an “unregistered national securities exchange, broker, and clearing agency.” Earlier in March, Coinbase found itself in the SEC’s crosshairs, receiving a Wells Notice scrutinizing its exchange, staking service Coinbase Earn, and Coinbase Wallet.
Blockchain Needs Proper Identification Requirements
In a bid to harness the untapped potential of crypto technology, US authorities ought to pave the way for legal trading of financial instruments that defy traditional classifications like securities or derivatives, suggests the editorial. Bloomberg highlights bitcoin and ether as two prime examples of such robust instruments.
The team said, “With proper identification requirements, blockchain networks could even be a lot more transparent, and less conducive to crime, than the existing banking system.”
The opinion piece suggests that disclosure requirements could be put in place by Congress or an industry-funded entity similar to the Financial Industry Regulatory Authority. This would endow the SEC and the Commodity Futures Trading Commission with expansive powers to swiftly eliminate a multitude of bad actors from the market, circumventing definitional complexities and preserving their authority in their usual domains.
The article concludes that while speculators would inevitably make mistakes as in any market, the overall decline in deceptive practices would offer genuine innovators an unparalleled opportunity to achieve something significant, which is all that crypto’s ardent supporters could ever hope for.
Coinbase Expands Offshore With Bermuda License as US Regulators Remain Hostile Towards Crypto Industry
Coinbase has obtained a license to operate in Bermuda, one of the first countries to establish a comprehensive legal framework for digital assets. According to reports, Coinbase plans to launch an offshore derivatives exchange in Bermuda as soon as next week. The move follows Coinbase’s announcement of plans to expand operations in Abu Dhabi, as part of its “Go Broad & Go Deep” strategy.
John Deaton reacts to Coinbase’s offshore move
John Deaton, a notable figure in the cryptocurrency industry, has suggested that the potential departure of Coinbase from the US may be attributed to the actions of an unelected bureaucratic official. Specifically, he is referring to Gary Gensler, Chair of the Securities and Exchange Commission (SEC), which has taken a strict stance on regulating crypto firms.
Deaton argues that the SEC’s lack of clarity on what constitutes a security, as well as its issuance of Wells Notices to crypto companies for possible securities violations, is un-American. He further notes that other major crypto exchanges, such as Binance, Bittrex, and Kraken, have also faced regulatory scrutiny and that the tight rules are driving crypto firms away from the US market.
The introduction of an offshore exchange in Bermuda would allow Coinbase to offer exotic crypto-related derivatives that are largely unavailable in the US due to regulatory restrictions. This would help the exchange to better compete with Binance, which currently dominates the global crypto trade, and to diversify its revenue base.
Coinbase’s move to establish a presence in Bermuda may suggest that the company is exploring other options as US regulators become increasingly hostile to the crypto industry. CEO Brian Armstrong recently warned that crypto firms may seek to relocate offshore in the absence of clear regulatory guidelines in the country.
Not all are happy with Gary Gensler
Congressman Tom Emmer criticized Gary Gensler, Chair of the Securities and Exchange Commission (SEC), calling him an incompetent “cop on the beat” who is putting Americans in harm’s way and pushing US firms to China. Emmer stated that Gensler has not finalized any rules for crypto companies to comply with, but he still abuses the SEC’s enforcement powers against them.
He also accused Gensler of inappropriately regulating through public statements, often contradicting himself and causing chaos in the marketplace. Emmer believes that Gensler is pushing innovation into the hands of China, the US’s number one adversary. Many Americans are unhappy with Gensler’s approach to regulating the crypto industry and hope that he will be soon fired from his position at SEC.
Zambia Begins Testing Crypto Regulations: How Will This Impact The Industry?
With the rapid rise of cryptocurrencies and digital assets, regulating their use and trading has become a pressing issue worldwide. From China to the United States, governments are scrambling to keep up with the fast-evolving crypto industry.
Joining this trend, Zambia is now testing crypto regulation, with plans to wrap up the process by June. As the first African nation to default on its debt in 2020, Zambia is now striving to embrace the potential of cryptocurrencies while ensuring the safety of its citizens.
Tests To Be Wrapped Up By June
Felix Mutati, Zambia’s minister of information technology, asserts that before introducing cryptocurrency, the nation requires digital identities and other essential digital infrastructures. Tests of cryptocurrency legislation that are intended to assist Zambia in creating crypto laws that mimic the use of crypto in the real world are on schedule to be finished by June.
Felix Mutati, stated that the tests were being carried out to let the government “see what would happen in the real world” and to aid in the creation of crypto legislation.
“Our main goal in the area of cryptocurrency is to strike a balance between innovation in terms of digital payments […] against citizens’ safety, particularly given that cryptocurrency is very volatile.”
An Inclination For Investments In Zambia
Although Zambia’s debt restructuring process has been “long delayed,” with the majority of its debt owed to Chinese creditors, Mutati claimed that investment in Zambia has not been discouraged.
In 2020, Zambia became the first African country to default on its debt amidst the COVID-19 pandemic. The treasury secretary, Felix Nkulukusa, cautioned that if the restructuring of the debt is not carried out promptly, the country could forfeit the advantages of its macroeconomic improvements.
Mutati is of the opinion that individuals will be much more integrated into digital financial services as a result of digital payment systems. The use of cryptocurrencies will promote financial inclusion and transform Zambia’s economy.
Recently, numerous African nations have taken steps to adopt cryptocurrencies.
Ripple vs SEC: Crypto Industry Awaits Game-Changing Ruling
Are you keeping up with the latest developments in the crypto world? The cryptocurrency is abuzz with all the hype about the potential game-changer that a positive Ripple ruling could be for the industry. As founder of CryptoLaw, John Deaton predicts it could mark the end of crypto’s biggest week ever, with Bitcoin‘s surge past $30,000 and Ethereum‘s highly anticipated Shanghai upgrade already making headlines.
Deaton hopes for a favorable XRP ruling
Deaton took to Twitter to express his enthusiasm for the potential implications of a favorable Ripple ruling, stating that it “could prove to be crypto’s biggest week ever.” With all the positive developments happening in the crypto world, a successful resolution of the SEC lawsuit against Ripple could solidify the industry’s momentum and provide much-needed regulatory clarity.
However, despite the excitement, there is still no concrete timetable for when a ruling may be issued. Deaton suggests it could come anytime between the next 30 to 60 days, and Judge Torres has previously taken a few months to issue her decisions in the case.
Implications of the XRP ruling
A successful outcome for Ripple would bring a sense of stability to the industry and open up new opportunities for digital assets to grow and flourish. It would also serve as a reminder that the crypto market is continuously evolving, and regulatory changes are an essential part of that process.
Related: Ripple CTO Unveils Key Drivers for Boosting XRP Price – Coinpedia Fintech News
As the crypto world waits anxiously for news on the Ripple ruling, there is no doubt that it will be a significant event for the industry. The potential implications of the case could impact crypto markets worldwide and provide a significant boost for those who have invested in digital assets.