Financial Heavyweights and Lawmakers to Discuss Crypto Regulation

Financial Heavyweights and Lawmakers to Discuss Crypto Regulation

Legislating Certainty for Cryptocurrencies: a meeting that will be presided by Ohio Representative Warren Davidson is set to take place this week. The US legislator is working on a bill which is due to be introduced by fall this year. The bill, delving in digital assets, will be the very first in the country.

Industry leaders and companies have expressed the urgency to update conventional laws to accommodate cryptocurrency. They also desire to be provided with guidelines that are clear, and at the same time, concise.

Davidson’s aim for this bill is to forestall harsh regulations to help boost innovation and safeguard the integrity of ICOs. He will be asking attendees for expert opinions on how to oversee the crypto space. Queries on consumer protection will also be discussed.

Along with his fellow legislators, confirmed participants of the meeting will include Circle, Coinbase, and Ripple, and delegates from NASDAQ, Andreessen Horowitz, and Union Square Ventures.

ConsenSys lawyer and attendee, Patrick Berarducci articulates the importance of this Tuesday meeting:

There are a lot of regulators wanting to develop ‘do no harm’ policies to allow innovation to grow, just like they did in the internet era.

Patrick Berarducci, the Deputy General Counsel at ConsenSys and Co-Chair of The Brooklyn Project

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Crypto exchange exec says Bitcoin ban in India not final yet, is there any hope?

This week, the inter-ministerial committee (IMC) of India officially recommended the imposition of what has been considered a blanket ban on crypto assets like bitcoin. According to Reuters, the panel led by finance secretary Subhash Chandra Garg has suggested a fine of $3.63 million and imprisonment for both individuals and businesses that engage in any crypto-related activity including mining, investing, transfers, and issuance. Is there any hope to bitcoin ban turnaround? The official report submitted by the IMC to the finance industry obtained by Inc42 explicitly stated that crypto-assets lack underlying intrinsic value, an argument critics have consistently brought upon to describe the speculative nature of the asset class since the inception of bitcoin in 2009. The document read: “There is no underlying intrinsic value of these private cryptocurrencies. These private cryptocurrencies lack all the attributes of a currency. There is no fixed nominal value of these private cryptocurrencies i.e. neither act as any store of value nor they are a medium of exchange. Since their inceptions, cryptocurrencies have demonstrated extreme fluctuations in their prices. Therefore, the Committee is of clear view that the private cryptocurrencies should not be allowed.” If the report is accepted by the finance ministry and the ban goes through, executives fear it would effectively put an end to the potent crypto market in India, restricting the ability of companies in dealing with crypto assets. Already, most leading crypto exchanges in India have closed operations in India and moved to other markets. Since April 2019, local reports indicated that due to regulatory uncertainty, funding for exchanges in India has started to dry up. Sathvik Vishwanath, CEO of Unocoin, told ET at the time: “We did ask people to leave last week, but our operations will continue for the foreseeable future. We have some amount of reserves to push through for the next couple of months and will wait for the Supreme Court’s verdict.” However, Nischal Shetty, the CEO of WazirX, a bitcoin exchange based in India, said that the ban on crypto has not been finalized yet and that there still is hope that the government could turn around the suggestion of the IMC. He added: “Crypto is not banned in India,” said Nischal Shetty. “Crypto Ban is a suggestion by the IMC report Section 1.1 of the report suggests the government should form a standing committee to revisit this Everyone loves talking the negatives but let’s understand this is not over yet.” Negative sentiment Upon the re-election of Prime Minister Narendra Modi in 2019, many analysts speculated that the government of India could take a tougher stance on the crypto market as the Modi administration has done throughout the past two years. Related: India Stalls Cryptocurrency Regulations, Uncertainty Continues Whether it is a blanket ban or strict restrictions, continued uncertainty in the crypto industry of India is likely to lead to a decline in confidence for investors and an impractical ecosystem for local startups. While industry executives have expressed hope in recent months, Sathvik Vishwanath, the co-founder of Unocoin, one of the biggest bitcoin exchanges in India, said that shall the ban go through as proposed by the IMC, it would result in the crypto sector of India significantly falling behind other leading markets. he said: “If the government decides to take such a drastic step then India will stand to lose out significantly on the technology front.” The post Crypto exchange exec says Bitcoin ban in India not final yet, is there any hope? appeared first on CryptoSlate.
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India’s Ban On Cryptocurrency: Several Crypto Proponents Ready To Hold Talks With Indian Regulators

The Inter-Ministerial Committee (IMC) released a report and a draft bill proposing a total ban on cryptocurrency and the harsh measures to be taken on any Indian citizen who holds, sells or buys cryptocurrency. Eventually, Is India Banning Cryptocurrency? This comes after months of confusion as the crypto community is still in the dark about India’s stance on bitcoin and cryptocurrency. On July 15th, an unverified document was published revealing a supposed draft bill titled “Banning of Cryptocurrency & Regulation of Official Digital Assets”. According to this Act, no person is allowed to handle cryptocurrency in any way. If a person defies this law, they are to face up to 10 years imprisonment or/and a hefty fine. However, on July 19th, the Finance Minister of State and Minister of Corporate Affairs, Anurag Thakur, addressed this bill saying currently there’s no law in India restricting the use of Cryptocurrencies as reported by Inc42.  Presently, a report has already been drafted by the Inter-Ministerial Committee and is to be taken before the Indian Parliament for approval or dismissal. If a majority of the house members approve it, then it will be passed as a law. This proposal portrays cryptocurrency as “private cryptocurrencies” that should be banned.  The report reads in part, “The Committee endorses the stand taken by the RBI to eliminate the interface of institutions regulated by the RBI from cryptocurrencies. The committee also recommends that all exchanges, people, trade and other financial system participants should be prohibited from dealing with cryptocurrencies. Accordingly, the committee has recommended a law banning the cryptocurrencies in India and criminalizing carrying on of any activities connected with cryptocurrencies in India.” Out Goes Crypto, In Comes Digital Rupee Although India is clearly at the forefront of banning cryptocurrency, the proposal doesn’t suggest a ban on crypto research. In fact, banks and financial institutions will still be allowed to use the distributed ledger technology (DLT) and blockchain technology. The Committee even proposed that the Central Bank of India should develop a “Digital Rupee” to be the sole cryptocurrency in India. Cryptocurrency Proponents Are Concerned On July 16th after the aforementioned unverified document proposing banning of cryptocurrency surfaced online, bitcoin enthusiast and Tezos investor Tim Draper bashed this move referring to the Indian government as “pathetic and corrupt”. Other crypto-proponents have viewed this recent report to ban cryptocurrency in India as a major cause for concern. Among these people is the founder of Morgan Creek Digital and a renowned crypto analyst, Anthony Pompliano. He expressed this in a tweet citing, “We need to pay attention to what is happening in India around cryptocurrency regulation. I’m willing to fly to meet with lawmakers and regulators if someone can get me a meeting. Who can help?” In response to this tweet, a veteran bitcoin investor, Peter McCormack tweeted saying, “I’ll join you on that fight”  Finally, Charlie Shrem, founder of BitcoinFoundation.org and bitcoin investor replied saying he would help set up a meeting with the Indian regulators, pointing out that next month he was scheduled to have an unofficial meeting with an Indian MP. The post India’s Ban On Cryptocurrency: Several Crypto Proponents Ready To Hold Talks With Indian Regulators appeared first on ZyCrypto.
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Ripple Price (XRP) Could Retest $0.3000 Before Fresh Rise

Ripple price failed to hold the key $0.3250 support level and recently declined against the US dollar. The price even broke the $0.3200 support level to move into a short term bearish zone. Yesterday’s highlighted major bullish trend line was breached with support at $0.3260 on the hourly chart of the XRP/USD pair (data source from Kraken). The price could extend the current decline and it might test the $0.3100 or $0.3000 support area. Ripple price is currently trading below an important support against the US Dollar and bitcoin. XRP price might soon revisit the $0.3000 support area before starting a fresh rise. Ripple Price Analysis Recently, we saw a decent rise in ripple price above the $0.3250 and $0.3320 resistances against the US Dollar. The XRP/USD pair even spiked above the $0.3400 level and settled above the 100 hourly simple moving average. A swing high was formed near $0.3418 and the price started a downside correction. It broke the $0.3320 support level to start the current bearish wave. Moreover, the price failed to hold the key $0.3250 support level. As a result, there was a bearish break below $0.3250 and $0.3240. The price traded below the 61.8% Fib retracement level of the upside move from the $0.3100 swing low to $0.3418 high. Additionally, yesterday’s highlighted major bullish trend line was breached with support at $0.3260 on the hourly chart of the XRP/USD pair. It opened the doors for more losses below the $0.3200 support. At the outset, the price is trading near the 76.4% Fib retracement level of the upside move from the $0.3100 swing low to $0.3418 high. Therefore, there is a risk of more losses below the $0.3150 support level. The next support is near the $0.3100 level, below which the price could decline towards the main $0.3000 support area. On the upside, the recent supports near $0.3250 might act as a resistance. There is also a connecting bearish trend line forming with resistance near $0.3225 on the same chart. More importantly, the 100 hourly SMA is positioned near the $0.3255 level. Therefore, a successful break above $0.3260 and the 100 hourly SMA is needed for a fresh increase. Looking at the chart, ripple price is showing bearish signs below the $0.3250 support. Overall, as long as the price is trading below $0.3250 and $0.3260, there are chances of a downside extension below $0.3100 in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level. Major Support Levels – $0.3150, $0.3100 and $0.3030. Major Resistance Levels – $0.3225, $0.3250 and $0.3260. Ripple Price (XRP) Could Retest $0.3000 Before Fresh Rise was last modified: July 23rd, 2019 by Aayush JindalThe post Ripple Price (XRP) Could Retest $0.3000 Before Fresh Rise appeared first on NewsBTC.
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