..

A Year of Regulations for Bitcoin, Other Digital Currencies

Written by:
Aaron Goldstein
Published on:
Jan/04/2022

The Securities and Exchange Commission (SEC) latest hire, Chairman Gary Gensler, has warned that the Wild West era for digital currencies, including Bitcoin, is about to come to a swift end.

Gavin Lucas of CoinGeek writes that savvy entrepreneurs in the space are positioning themselves to be in good standing with the SEC and not run afoul of the law.

"It’s clear that things are changing. While experiments like the Lightning Network make it even more difficult to track and trace transactions and thus comply with regulations, forward-thinking developers are moving in droves to legally compliant blockchains like BSV."

Gensler took direct aim at the criminality in the digital currency industry by vowing a widespread crackdown.  He also has hired an advisor, Corey Frayer, who himself has close ties to one Senator Sherrod Brown, a Democrat from Ohio who briefly launched a US Presidential campaign for 2020.

"Those who follow these developments closely will already know that Sen. Brown recently sent a strongly worded letter to Tether, Circle, and other stablecoin issuers about a month ago," Lucas points out. "The letter requested information that, if provided, would leave Tether with nowhere to hide, suggesting the Senator is wise to the offshore firm’s shenanigans and knows what questions to ask so that Tether shows its hand.

Sen. Brown has not been warm towards the digital currency space in general. He recently called it a “shady diffuse network of online funny money.”

"As America goes, most of the world follows, since the U.S. controls the world financial system. If Uncle Sam wants Tether gone or wants stablecoin issuers to be regulated as banks, you can bet your bottom dollar it will happen in most countries that want to stay on the right side of him. And if he wants anonymous transactions banned, you can also wager that hosted wallet providers, transaction processors (aka miners), and others will comply worldwide.

"I won’t attempt to predict the exact consequences of all of this, but if Tether goes down, 70% of the volume in the industry will cease overnight. It’s difficult to say what that will mean for prices of tokens like BTC and ETH, but what can be said for sure is that it will lead to a stronger, better, and more legitimate industry where players who did things right from day one will finally have a chance to shine."

- Aaron Goldstein, Gambling911.com

Business/Financial News

Costa Rica Hydro Plant Gets New Lease on Life From Crypto Mining

Costa Rica Hydro Plant Gets New Lease on Life From Crypto Mining

A small river in the middle of coffee plantations, sugar cane fields and a forest provides energy to a hydroelectric power plant in Costa Rica that feeds hundreds of computers wired up to the cryptocurrency mining business.

Ayre Tells Market Watch: "For Sure Bitcoin is a Ponzi Scheme"

Ayre Tells Market Watch: "For Sure Bitcoin is a Ponzi Scheme"

Calvin Ayre says Bitcoin SV is powered by a revolutionary technology that has many useful applications, while the digital currency most people know as Bitcoin is useless and a fraud.

Bloomberg: Bitcoin Death Cross Is Staring Down Bulls After a Painful Retreat

Bloomberg: Bitcoin Death Cross Is Staring Down Bulls After a Painful Retreat

Bloomberg warned of crypto being mired in a drawdown as the Fed readies a stimulus withdrawal and the IMF issued its latest warning on crypto risk to financial markets.

Pay Per Head Sportsbook Demo

Pay Per Head Sportsbook Demo

A pay per head sportsbook service allows people to become bookies and accept action on various sports.

BSV Blockchain Makes Lasting Impression at CES 2022: Who Knew Blockchains Could Scale

CES has always been a window into what the world of technology will look like down the line.  With this in mind, it shouldn't come as a big surprise that our friends representing the BSV Blockchain would make their way to Vegas this week to take full advantage of those seeking to incorporate blockchain technology into their own business platforms.

Syndicate