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Former SEC Chairman Jay Clayton Now Fighting for Bitcoin ETF Approval

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Former SEC chairman Jay Clayton has had a major role reversal as he now fights for a Bitcoin ETF approval.

Clayton Joins Fight for Bitcoin ETF Approval

While the newly-appointed SEC chairman, Gary Gensler continues to work toward establishing a regulatory framework for digital assets, his predecessor, Clayton finds himself on the opposite side of the table.

According to a report by Forbes published on July 31, Clayton is currently serving on the board of One River Asset Management. The firm recently submitted a registration statement for One River Carbon Neutral Bitcoin Trust.

The aforementioned fund is the latest attempt at getting the long-awaited Bitcoin ETF approval in the US and attempts to sell itself to the regulators on its environmental benefits under the ESG designation.

Interestingly, Clayton is actively involved in the application process, and considering the professional experience of the former SEC head, the One River fund possesses remarkably good odds at getting approved by the financial regulator.

Commenting, Adam Pritchard, a professor at the University of Michigan Law school, noted:

“He’s no longer a government official, he needs to earn a living to pay for his fancy Manhattan apartment and you’re not going to get paid for being neutral on these topics.”

Adding:

“People are hiring you to be an advocate or endorse what it is they’re doing or lend credibility. So if you’re monetizing your reputation, you’re going to have to pick a side.”

Indeed, Clayton’s role in getting the ETF approved from the SEC will be crucial.

However, it must also not be forgotten that not a single Bitcoin ETF saw the light of the day under Clayton’s leadership during the last 4 years.

Will a Bitcoin ETF Be Approved in 2021?

Bitcoin ETFs getting approved is no longer a rare occurrence as several countries such as Canada, Brazil, and Switzerland have embraced the premier cryptocurrencies by approving ETFs trading on their major public exchanges.

However, the story in the US is far less encouraging as repeated attempts at getting a Bitcoin ETF approved have failed.

In recent news, BTCManager reported that Ark Investment had become the latest firm to submit its application to the SEC seeking the approval of its ARK 21Shares Bitcoin ETF.

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Source: https://btcmanager.com/sec-chairman-jay-clayton-bitcoin-etf-approval/

Blockchain

MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon

MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon

Rate this post MANA is a token that powers a virtual reality platform called Decentraland. MANA is an in-game token that can be used to buy plots of land and goods and services within the virtual reality space. Let us look at the technical analysis of MANA. Past Performance of Decentraland On September 18, 2021, MANA started trading at $0.815. As of September 24, 2021, the closing price of MANA was $0.702. Thus, in the past week, the MANA price has ranked by roughly 13.54%. In the last 24 hours, MANA has traded between $0.64-$0.75. https://www.tradingview.com/x/X0L58OoJ/ MANA Technical Analysis Currently, the price is trading below the support line of the parallel channel. It broke down from the rising trend. The price is currently trying to break out of the resistance zone and enter the parallel channel again. However, yesterday’s BTC shakedown changed the course of the price. Let us see what the price action is suggesting about the price movement: Currently, MANA is trading at $0.705. The price is near its renaissance and zone. It is trying to enter into the parallel channel, we have to wait and watch the price action. If the buying pressure increases, we can assume the price to breakout and enter the parallel channel. The MACD and signal lines are in the negative zone. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, the overall Decentraland market momentum is bearish, and we can expect a price to fall. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon. The OBV indicator is gradually increasing. Thus, buying volumes are higher than selling volumes. Hence, we can predict that the investors are not losing their interest in the token. The RSI indicator is at 42.46%. It has just resisted from the 44.90% mark. Thus, selling pressures are slowly mounting. Hence, we can expect the price to start falling again in a few hours. Also, the RSI can form a base around this level and start to rise after taking support from this zone. Day-Ahead and Tomorrow The MANA price has fallen below the Fibonacci pivot point of $0.777. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.655 soon. Traders can take a short position by keeping a stop loss at $0.805. The price has tested and fallen below the FIB retracement level of $0.80. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. However, if the price breaks out of the immediate resistance of $0.777. It will highlight the next resistance level, which is at $896. Traders can go long by keeping a stop loss at $0.655.

The post MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon appeared first on Cryptoknowmics-Crypto News and Media Platform.

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MANA is a token that powers a virtual reality platform called Decentraland. MANA is an in-game token that can be used to buy plots of land and goods and services within the virtual reality space. Let us look at the technical analysis of MANA.

Past Performance of Decentraland

On September 18, 2021, MANA started trading at $0.815. As of September 24, 2021, the closing price of MANA was $0.702. Thus, in the past week, the MANA price has ranked by roughly 13.54%. In the last 24 hours, MANA has traded between $0.64-$0.75.

TradingView Chart

MANA Technical Analysis

Currently, the price is trading below the support line of the parallel channel. It broke down from the rising trend. The price is currently trying to break out of the resistance zone and enter the parallel channel again. However, yesterday’s BTC shakedown changed the course of the price. Let us see what the price action is suggesting about the price movement:

Currently, MANA is trading at $0.705. The price is near its renaissance and zone. It is trying to enter into the parallel channel, we have to wait and watch the price action. If the buying pressure increases, we can assume the price to breakout and enter the parallel channel.

The MACD and signal lines are in the negative zone. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, the overall Decentraland market momentum is bearish, and we can expect a price to fall. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon.

The OBV indicator is gradually increasing. Thus, buying volumes are higher than selling volumes. Hence, we can predict that the investors are not losing their interest in the token.

The RSI indicator is at 42.46%. It has just resisted from the 44.90% mark. Thus, selling pressures are slowly mounting. Hence, we can expect the price to start falling again in a few hours. Also, the RSI can form a base around this level and start to rise after taking support from this zone.

Day-Ahead and Tomorrow

The MANA price has fallen below the Fibonacci pivot point of $0.777. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.655 soon. Traders can take a short position by keeping a stop loss at $0.805.

The price has tested and fallen below the FIB retracement level of $0.80. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

However, if the price breaks out of the immediate resistance of $0.777. It will highlight the next resistance level, which is at $896. Traders can go long by keeping a stop loss at $0.655.

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Source: https://www.cryptoknowmics.com/news/mana-technical-analysis-expect-the-price-to-fall-below-the-first-fibonacci-pivot-support-level-of-0-655-soon/

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Pat Toomey Calls China’s Crypto Ban “a Big Opportunity for the U.S.”

Pat Toomey crypto crackdown

Rate this post With PBoC recently declaring that all crypto transactions in China will be deemed illegal, Republican Senator Pat Toomey sees this as the perfect opportunity for the United States to set its dominance in the tech industry. China’s Crackdown is an Opportunity for the U.S. Says Pat Toomey According to tweets by U.S. Senator Pat Toomey, China’s ongoing crackdown on cryptocurrencies is a big opportunity for the United States. “China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.” Toomey’s comments follow the most recently released statement from the People’s Bank of China (PBoC) that declared the ban of all crypto-related transactions including services provided by foreign exchanges. The announcement triggered a market-wide pullback, sending the price of the leading cryptocurrency Bitcoin (BTC) down to slightly above $40,000. Toomey claimed that “Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades”. He argued that “economic liberty leads to faster growth, and ultimately, a higher standard of living for all.” American Crypto Regulation Appears Still Unclear In the meantime, crypto Twitter responded to the senator’s tweet saying that their own U.S. Securities and Exchange was itself “hostile to economic freedom” Recently our own SEC has been pretty hostile to economic freedom. — McChadald’s CEO (@mcchadald) September 24, 2021 For instance, Coinbase eventually opted against launching its Lend product after the U.S. SEC declared its intention to sue the exchange if it went forward with its plan. In a blog post, Coinbase said that the company has been actively engaged in dialogue with the SEC for six months prior to receiving the threat of being sued. Per the post, after engaging extensively with the SEC about the product, Coinbase was told that the regulatory agency “consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.” Earlier this week, Coinbase said it would continue to “seek regulatory clarity for the crypto industry as a whole” and that they have made the “difficult decision” to not launch the Lend program and discontinue the Lend waitlist.

The post Pat Toomey Calls China’s Crypto Ban “a Big Opportunity for the U.S.” appeared first on Cryptoknowmics-Crypto News and Media Platform.

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With PBoC recently declaring that all crypto transactions in China will be deemed illegal, Republican Senator Pat Toomey sees this as the perfect opportunity for the United States to set its dominance in the tech industry.

China’s Crackdown is an Opportunity for the U.S. Says Pat Toomey

“China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.”

Toomey’s comments follow the most recently released statement from the People’s Bank of China (PBoC) that declared the ban of all crypto-related transactions including services provided by foreign exchanges.

The announcement triggered a market-wide pullback, sending the price of the leading cryptocurrency Bitcoin (BTC) down to slightly above $40,000.

Toomey claimed that “Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades”. He argued that “economic liberty leads to faster growth, and ultimately, a higher standard of living for all.”

American Crypto Regulation Appears Still Unclear

In the meantime, crypto Twitter responded to the senator’s tweet saying that their own U.S. Securities and Exchange was itself “hostile to economic freedom”

For instance, Coinbase eventually opted against launching its Lend product after the U.S. SEC declared its intention to sue the exchange if it went forward with its plan.

In a blog post, Coinbase said that the company has been actively engaged in dialogue with the SEC for six months prior to receiving the threat of being sued. Per the post, after engaging extensively with the SEC about the product, Coinbase was told that the regulatory agency “consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.”

Earlier this week, Coinbase said it would continue to “seek regulatory clarity for the crypto industry as a whole” and that they have made the “difficult decision” to not launch the Lend program and discontinue the Lend waitlist.

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Source: https://www.cryptoknowmics.com/news/pat-toomey-calls-chinas-crypto-ban-a-big-opportunity-for-the-u-s/

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Coinbase wants to be ‘an advisor, a helpful advocate’ for this purpose

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“While half of the lawmakers in DC have misconceptions about crypto, the other half have realized that the crypto industry is a huge opportunity….”

If that isn’t ambiguity on the part of United States lawmakers, it would be difficult to say what is.

Coinbase CEO Brian Armstrong touched upon the same in a recent podcast with Anthony Pompliano, with the exec citing his latest visit to the capital to expand on the regulatory uncertainty in the United States.

According to Armstrong, ordinarily, “the intense demand for crypto-industry regulation” is a good thing since it often accompanies the growth of the industry itself.

However, as far as Washington DC is concerned,

“They think ‘this is scary, this is dangerous,’ they have all kinds of misconceptions about the percentage of activity that’s for illicit activities. In their mind, they think it’s like 50% illicit activity.”

Not all lawmakers feel this way though, with quite a few in the Capitol recognizing that the crypto-industry is a huge opportunity.

“They realize this is a hugely important industry for the United States and every country around the world. It exists in a competitive environment where the U.S needs to attract these entrepreneurs and get these companies built here.”

American citizens want these products and services, and crypto is not a fringe thing anymore, he added.

Can the aforementioned concerns be addressed though? Well, yes. According to Coinbase’s own research, for instance, illicit activity accounts for less than 1 percent of all crypto-transactions. In fact, a higher percentage of cash is used for such activities worldwide.

Even so, denying people what they want can have huge repercussions in the future. According to the exec,

“There are tens of millions of Americans that want to use these products and services and they’re getting a benefit from it that they weren’t getting in the traditional financial system.”

An embargo in place?

It’s worth pointing out here that the exec didn’t hold back one bit when characterizing the situation in the United States.

“It’s almost like prohibition, historically. You can’t go out and try to criminalize something 50 million Americans are doing. You’re just going to turn them all into criminals, but they’re not going to stop doing it.”

The fact that these lawmakers have refused to meet with crypto-representatives, including those from Coinbase like Armstrong, further feeds into this notion of criminality.

Next steps…

What next? Well, Coinbase wants to propose a federal regulatory framework and “be an advisor and a helpful advocate for how the U.S. can create sensible regulation.” The expected proposal is set to be presented by the end of the month or early next month. 

How will such a proposal be received, however? Well, it’s difficult to say. After all, Coinbase’s relationship with the SEC recently took a hit after it was threatened with legal action over its planned lending products.

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Source: https://ambcrypto.com/coinbase-wants-to-be-an-advisor-a-helpful-advocate-for-this-purpose

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