Cryptocurrency Regulations

[tsptalk]

President Joe Biden Is Going After Bitcoin, Other Cryptocurrencies And NFTs

President Joe Biden is planning an executive action for federal agencies to regulate cryptocurrencies, digital assets and bitcoin, as he contends this is a matter of national security. He’s striking at a time when the crypto sector, along with the stock market, is going through a tumultuous time, losing large amounts of value, as the Federal Reserve said it will start raising interest rates to cool down inflation. His sights aren’t only on bitcoin. Regulators will look into stablecoins and NFTs. The Biden administration will also coordinate efforts with regulators and global leaders.

https://www.forbes.com/sites/jackke...in-cryptocurrencies-and-nfts/?sh=25ef533157b9

 

[bmneveu]

This should be good for other (American) miners. Less miners overseas means the mining difficulty drops, which makes it easier for others to mine it. So we could see American crypto mining companies efficiency increase.

https://www.cnbc.com/2021/06/24/mining-bitcoin-could-get-easier-after-china-crypto-crackdown.html

 

[bmneveu]

The longer Bitcoin stays below $30k, the more unprofitable miners will be forced to shut down. Electricity in China is sometimes "free" for miners as it's forcefully subsidized by the government in some cases providing an unfair edge.

A 55% drop is not normal for a bull market. I think the party is over. $20k is looking very vulnerable.

I would argue a 55% drop is very normal for crypto. But yea maybe it means the current bull run is over, and now we go into another multi year consolidation phase.

 

[Bullitt]

The longer Bitcoin stays below $30k, the more unprofitable miners will be forced to shut down. Electricity in China is sometimes "free" for miners as it's forcefully subsidized by the government in some cases providing an unfair edge.

A 55% drop is not normal for a bull market. I think the party is over. $20k is looking very vulnerable.

 

[bmneveu]

Bitcoin drops as China intensifies crypto mining crackdown


https://www.cnbc.com/2021/06/21/bitcoin-btc-price-drops-on-china-crypto-mining-crackdown.html

This should be good for other (American) miners. Less miners overseas means the mining difficulty drops, which makes it easier for others to mine it. So we could see American crypto mining companies efficiency increase.

 

[tsptalk]

Bitcoin drops as China intensifies crypto mining crackdown

Bitcoin fell 7% to a price of $32,801 Monday morning, dropping below $33,000 for the first time since June 8.

China’s crackdown on cryptocurrency mining has extended to the southwestern province of Sichuan, according to reports.

This appears to have led to a significant decline in bitcoin’s hash rate, or processing power.

https://www.cnbc.com/2021/06/21/bitcoin-btc-price-drops-on-china-crypto-mining-crackdown.html

 

[Bullitt]

Mark Cuban has access to more information than any of us could ever dream of - and still managed to invest in a crypto story that went from $60 to $0.

The billionaire investor Mark Cuban said he traded a DeFi token that crashed to zero in one day.

The token, known as the Iron Titanium Token, or Titan, was part of Iron Finance, an algorithmic-stablecoin project.

It wasn't clear how much money Cuban lost or when he exited his trade. He told Bloomberg News that Titan made up a small percentage of his crypto portfolio but enough that he "wasn't happy" about the trade.

https://markets.businessinsider.com...-titan-that-crashed-to-zero-2021-6-1030533245

 

[userque]

US Federal Judge: Cryptocurrencies are Commodities
https://www.financemagnates.com/cryptocurrency/news/cryptos-commodities-rules-us-federal-judge/​

"A United States federal judge has ruled that the US Commodity Futures Trading Commission (CFTC) can legally classify and regulate cryptocurrencies as commodities, according to a new report from Reuters.

The US district judge responsible for the ruling is Brooklyn’s Jack Weinstein, who declared that the CFTC had legitimate legal standing to go forward with a fraud lawsuit against New York resident Patrick McDonnell. The CFTC originally filed a complaint against McDonnell and his company, Coin Drop Markets, in January of 2018.

The complaint alleged that McDonnell had been selling fraudulent investment advice, or rather, that he had been selling something that didn’t exist–reportedly, customers never got the advice that they paid for. Coin Drop was also never registered with the CFTC.

..."