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Crypto Exchange Regulation Check

Coinbase CEO Armstrong Stirs Hope Of Relisting XRP After Throwing His Weight Behind Ripple

Coinbase boss Brian Armstrong has expressed his support for Ripple amidst its legal battle with the United States Securities and Exchange Commission (SEC). The latest comments by Armstrong have reignited rumors among the XRP Army that the leading crypto exchange may soon restore XRP trading on its platform.　　Armstrong Supports Ripple In Its Case With The SEC　　In an October 26 tweet, Armstrong wrote that the ongoing battle between distributed ledger technology firm Ripple and the SEC appears to be “going better than expected”.　　The CEO observed that the securities regulator has come to the realization that attacking the crypto sector and subsequently harming consumers is “politically unpopular”. He then said its quite ironic that the crypto investors the SEC claims to be protecting are the ones attacking the agency.　　XRP Relisting Rumors Reignited　　The SEC unleashed legal action against Ripple in December 2020. Shortly afterward, multiple cryptocurrency exchanges — including Coinbase — and crypto lenders halted their XRP services in light of the SEC lawsuit. What followed was a significant drop in the value of the crypto asset.　　The latest statement from Coinbase CEO Armstrong has raised the prospect of the exchange once again allowing trading of the token. ZyCrypto previously reported a rumor suggesting

2021-10-27Deep Dive

US Regulators Looking at How Banks Could Hold Crypto Assets: Report

A team of US regulators is exploring how banks could hold and deal with digital assets.　　According to a report from Reuters, regulators are working to create clearer rules for banks to facilitate client trading of crypto, using it as collateral, as well as holding it on their balance sheets.　　Jelena McWilliams, Chair of the Federal Deposit Insurance Corporation (FDIC), said banks should be allowed into the space while appropriately mitigating risk.　　“If we don‘t bring this activity inside the banks, it is going to develop outside of the banks. [Then] the federal regulators won’t be able to regulate it.”　　Though it hasnt been confirmed as the same initiative, Federal Reserve Vice Chair of Supervision Randal Quarles revealed in May that his organization, along with the FDIC and the Office of the Comptroller of the Currency (OCC), were on a “sprint” to regulate crypto.　　While speaking at the Money 20/20 conference in Las Vegas, McWilliams said her role in the initiative was primarily focused on how banks interact with the industry.　　My goal in this interagency group is to basically provide a path for banks to be able to act as a custodian of these assets, use crypto assets, digital assets as some form of collateral…　　At

2021-10-27Deep Dive

US SEC May Steer Stablecoin Regulation, New Rules to be Detailed Soon

According to a recent report, the United States Securities and Exchange Commission is gearing up to propose regulations for the stablecoins market.　　Thanks to the growing influence of stablecoins on the financial system, regulators across the world are racing to regulate the sector.　　The stablecoins realm is a step closer to achieving regulatory clarity as the US Securities and Exchange Commission (SEC) has geared up to propose legislation and supervise the $131 billion industry.　　US Financial Watchdog Readies Stablecoin Regulations　　Citing sources familiar with the matter, Bloomberg reports that developments surrounding SECs authority over stablecoin legislation will be announced formally this week by the Treasury Department.　　The cumulative market cap of stablecoins has far exceeded the expectations since the beginning of the year. This cohort of the industry has been away from meaningful regulation. The rapid growth and restricted transparency have managed to attract significant scrutiny worldwide. But the upcoming report is expected to shed some light on the regulatory authority of the Commodity Futures Trading Commission (CFTC) and Treasury Department concerning the cryptos pegged 1:1 to fiat currency such as Tether (USDT). In addition to the inclusion of these agencies, the report in question will also seek to clarify how Congress plans to regulate

2021-10-27Deep Dive

Sequoia Capital Plans to Invest More in Crypto

Venture capital giant Sequoia Capital has announced that it intends to register as an investment advisor with the U.S. Securities and Exchange Commission (SEC) in order to invest more in alternative assets of the likes of cryptocurrencies.　　According to a statement made by Sequoia partner Roelof Botha, the company is working on forming one fund that will be able to hold investments without “artificial time horizons.” Botha described the traditional VC model as “outdated.”　　In such a way, Sequoia Capital will be able to participate on the boards of private companies after they go public.　　Last week, The Information reported that roughly 25% of the companys recent investments were related to the cryptocurrency industry.　　RelatedBridgewaters Ray Dalio Chooses Gold Over BitcoinFounded back in 1972, Sequoia Capital is one of the oldest venture capital firms, which has famously backed Paypal, Google, Yahoo and Instagram.　　Rival investment firm Andreessen Horowitz has benefited from its early bets on the cryptocurrency industry, recently raising $2.2 billion for its third-crypto fund.　　a16z became a registered financial advisor in early 2019, and Sequoia has now followed its footsteps.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2021-10-27Deep Dive

Layer 2 Solutions Are The Future of Ethereum Scaling, Says Vitalik Buterin

Vitalik Buterin said that Layer 2 solutions are the future when it comes to Ethereum scaling.　　Ethereums scaling hurdles have been at the center of technical discussions among DeFi aficionados and ETH proponents for quite some time now. Today, during the annual Shanghai Blockchain Week conference, Vitalik Buterin shared some thoughts on the matter.　　Vitalik Buterin, in his opening remarks during this years edition of the Shanghai Blockchain Week in China, talked about the future of Ethereum scaling.　　Reportedly, he believes that the only safe way to scale Ethereu while also maintaining a worthwhile level of decentralization is to use Layer 2 solutions.　　He acknowledged that there‘s a serious need to make the network more scalable while also admitting that Ethereum’s native scaling solutions through sharding would take a long time.　　Instead, Rollups – a well-known and popular Layer 2 solution that handles transactions aside from the Ethereum chain and posts them on the chain, could provide a serious scalability factor.　　This is not the first time Buterin talks about Rollups and the benefits they could bring for the ecosystem.　　He also said so on the Tim Ferris Podcast, even going so far as to claim that Ethereum can scale 100x in a few months using Rollups.

2021-10-27Deep Dive

Bitcoin Global Legalization: A survey of countries that accept and reject Bitcoin.

Since the inception of Bitcoin in 2009 by the unknown founder popularly known as Satoshi Nakamoto, the march for its legalization as well as other cryptocurrencies had continued till this point. While some countries had officially legalized Bitcoin and accepts it as a legal tender, others rather reject and ban it. The rest tend to maintain a neutral approach of tolerating it without either banning nor legalizing it. The major reason for this has been that Bitcoin and other cryptocurrencies lacks regulation and centralization and hence, beyond the control of the government. However, there is a general vision that given the popularity of Bitcoin itself and other cryptocurrencies, more countries will in no distant time give an official approval and legalization of Bitcoin and Cryptocurrencies.　　Bitcoin has remained the first widely successfully cryptocurrency that many refer to it as the king of other cryptocurrencies (Altcoins); hence its dominance in the market prices today. However, after its invention, it was soon followed by many other cryptocurrencies with the major ones as: Ethereum (ETH), Litecoin, Dot, Dogecoin, Bitcoin Cash, Dash, Ripple and many more. Thus, we now have so many cryptocurrencies that one often wonders which ones are actually legal and which are

2021-10-26Deep Dive

The Battle of the Fittest: Cardano or Polkadot

The past few years, dating back to 2017, have seen a surge in the number of active blockchains in the decentralized finance (DeFi) market. During this time, we have also witnessed the launch of Cardano and Polkadot, both of which have proven highly popular among developers, investors, and end-users alike.　　There has been a long-standing debate about which of the two blockchains is more future-proof, or whether the underlying technology they possess is solid enough to be capable of ensuring a sustainable future.　　As much as this remains a debatable topic among blockchain enthusiasts, this article will take a deep dive into both blockchains in order to highlight some of the strengths and weaknesses of both.　　To achieve this, it will primarily examine three major metrics across both blockchains; first, the technology behind both blockchains and consensus mechanisms; secondly, the systems of governance and; finally, token performances in the market.　　 Technology　　Starting with the earliest entrant in the blockchain industry, Cardano is a third-generation Proof-of-Stake (PoS) blockchain platform that is aiming to be a more efficient alternative to Proof-of-Work (PoW) networks.　　Similarly, Polkadot has also been built as a Proof-of-Stake protocol with the primary aim of delivering interoperability among blockchains. To explain further, it is

2021-10-26Deep Dive

Anybody That Does the Homework Eventually Invests in Bitcoin: SkyBridge Capital’s Scaramucci

Antony Scaramucci, founder and CEO of SkyBridge Capital venture fund that has a branch investing in Bitcoin, has told CNBC that Bitcoin can eventually convert anyone who “does their homework” to invest in it.　　He named several billionaires who used to be skeptical on BTC but have been into it since 2020.　　Ray Dalio, Paul Tudor Jones, etc, have turned to Bitcoin　　According to Scaramucci, Bitcoin has the power to attract even its opponents – if they begin to study BTC carefully and “do the homework” they get convinced of the great potential Bitcoin has.　　He has referred to billionaire investors, such as Ray Dalio, Paul Tudor Jones and Stanley Druckenmiller – they used to be opposed to the flagship cryptocurrency and now are holding BTC in their portfolios.　　Among these former Bitcoin skeptics are Shark Tank‘s co-hosts – Kevin O’Leary (widely known as Mr. Wonderful) and Mark Cuban, billionaire and owner of the Dallas Mavericks baseball team. He now considers Bitcoin a store of value and believes that Dogecoin is a perfect crypto for payments. The Mavericks online store accepts DOGE for tickets and merch, and, according to Cuban, people are spending thousands of USD in Dogecoin on every month. He also likes Ethereum

2021-10-26Deep Dive

Dogecoin ranks number one by Google searches in the U.S

Dogecoin is the most popular cryptocurrency in the U.S based on the average number of monthly searches.　　Thats according to Bacancy Technology, who shared a press release with CryptoSlate publicizing their research on Google cryptocurrency search data.　　This contradicts the narrative that Dogecoin is falling out of favor with investors, as suggested by $DOGEs stagnant price action of late, and rival meme token Shiba Inu gaining ground in market cap ranking.　　Dogecoin is the most searched cryptocurrency on Google　　A strong weekend performance saw +60% gains for Shiba Inu at its peak. However, profit-taking on Sunday led to $SHIB giving up most of those gains to close yesterdays daily with a long top wick.　　Nonetheless, a 19% swing to the upside today suggests buyers remain keen on Shiba Inu.　　By contrast, Dogecoin is relatively flat and has been since September. Since the weekend, $DOGE gained 9%, to close Sunday above $0.26 resistance for the first time in seven weeks.　　The $0.26 level has proved a challenging zone to crack, having been rejected at this level on several occasions since September 8.　　Source: DOGEUSDT on TradingView.com　　Despite $DOGEs lack of price buoyancy recently, a study by Bacancy Technology reveals Dogecoin is the most popular cryptocurrency in the U.S, as determined

2021-10-26Deep Dive

Terra is preparing to burn more than 9% of the total LUNA supply

Do Kwon, co-founder and CEO of Terraform Labs, the South Korean company behind the blockchain project Terra (LUNA), recently announced on Twitter that the on-chain vote for the projects proposal 44 will be initiated on Wednesday and will be in a voting period for two weeks.　　The proposal to initiate the burn of 88,675,000 LUNA from the community pool to mint 3 – 4 billion UST will reduce the native tokens total supply by more than 9%.Bootstrapping Ozone　　Following the successful launch of the network‘s cardinal upgrade, dubbed Columbus-5, the community pool will be swapped out for Terra’s native stablecoin, UST.　　Minted UST will be used to bootstrap Ozone, an insurance mutual protocol that facilitates levered coverage of technical failure risks in the Terra ecosystem.　　“Since the LUNA price and amount in the Community Pool has changed drastically since Prop 44, the resultant UST minted from the burn will go to the Community Pool, with the community deciding how much to deploy to bootstrap Ozone via a separate proposal once Ozone goes live,” Kwon added on Terras Agora, where he broke down the execution plan.　　The proposal will also leave 10 million LUNA in the Community Pool.　　According to Kwon, enacting the proposal will reflect on

2021-10-26Deep Dive
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