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Hester Peirce Interview: ‘The Crypto Community Has Helped the SEC’

The crypto community and the U.S. Securities and Exchange Commission (SEC) have not always seen eye to eye, but there is one relationship that is likely to stand the test of time. SEC Commissioner Hester Peirce, widely known as Crypto Mom, has been an ally to investors and entrepreneurs alike in the name of innovation […]

The post Hester Peirce Interview: ‘The Crypto Community Has Helped the SEC’ appeared first on BeInCrypto.

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The crypto community and the U.S. Securities and Exchange Commission (SEC) have not always seen eye to eye, but there is one relationship that is likely to stand the test of time.

SEC Commissioner Hester Peirce, widely known as Crypto Mom, has been an ally to investors and entrepreneurs alike in the name of innovation and liberty.

Commissioner Peirce took some time to speak with BeInCrypto about the landmine that is the crypto regulatory landscape. She delves deep into the recent modernization of the infamous accredited investor definition, which has piqued the interest of cryptocurrency investors.

But the conversation didn’t stop there. Crypto Mom fielded questions ranging from decentralized finance (DeFi) to the heated race for a central bank digital currency (CBDC), all of which will unfold in a two-part series starting with this article.

Happy Steps

Just last week, the securities regulator published a modernized definition of the accredited investor, shifting the focus from a person’s wealth to their investment acumen. Commissioner Peirce described the move as “a happy step forward,” explaining what she hopes to see happen from the change,

What we also did is to say if there are certain credentials you think make sense to count as an accredited investor, come and tell us about it. Part of what I hope is that we are recognizing the commitment it signals when people have, for example, taken courses on investing. If you show that kind of an interest, why shouldn’t you be allowed to invest in what you want and where? I’m hoping we see more of an opening from the open door we created with the rule making. It remains to be seen if people come in and do that.

Commissioner Peirce looks at the accredited investor idea through a broad liberty lens, saying,

We trust people in this country. One of the tenets of our country is that we trust you to make decisions for yourself. As a nation, we generally let you do what you want…and that is the basis for how we made a lot of progress. Letting people make their own decisions. That’s kind of a fundamental thing. Then a regulator comes in and says, ‘No, you can’t do something.’ We must have a good reason for saying no. When there’s liberty on one side and regulation on the other, we should make sure we have a good reason for saying no.

Time for Change

The crypto community knows all too well that the SEC has no problem saying no. It’s been three years since Cameron and Tyler Winklevoss submitted their first Bitcoin ETF application. There have been multiple submissions from the industry since, but a BTC ETF has yet to see the light of day.

One example is how we handled exchange traded products based on bitcoin. I think the approach we’ve taken has a tinge of merit regulation to it. But it’s certainly not restricted to crypto. We put out a rule proposal recently that would have included a merit-based approach for a particular kind of product unrelated to crypto. We do sometimes do that. It’s really tempting when you’re sitting in a regulator seat and seeing a lot of things going on, seeing people make decisions to say, ‘Wow, I would not advise that for someone’s portfolio.’ That isn’t our role. We don’t know people’s entire circumstances. And I think we have to make sure what we’re doing is getting good information to people so that they can make decisions based on circumstances they know better themselves…We also don’t know people’s risk tolerances. I think we have to have more humility.

Indeed, Commissioner Peirce warned that that the “accredited investor concept has caused the Commission to don a merit regulator’s cap,” a phenomenon that has seemingly spilled over into the cryptocurrency space.

In fact, she touted the crypto community’s persistence in its pursuit of liberty and for holding regulators accountable,

Crypto is interesting in this regard. People that would not otherwise have paid attention to an accredited investor definition paid a little more attention to it. I certainly appreciate the sentiment among a lot of people engaged in crypto asking questions about, ‘Why shouldn’t I be allowed to do this?’ It’s a healthy conversation to have, and I think the crypto community has helped us to have that conversation. It has forced us to have that conversation in a way that more refined and demure investors wouldn’t have pushed as much.

BitcoinBitcoin

What Worries Her

That’s not to say, however, that there aren’t characteristics of crypto and investing in general that keep her up at night,

I worry about people getting taken advantage of and fraud. And that is certainly a part of my job that can be pretty stressful. It makes me sad when I see people doing terrible things to each other. But one message that is important to remember as a regulator is that no matter how good a regulation is, people are people and some people are going to do things that are bad. You as an investor or purchaser of crypto need to go in with your eyes wide open. The onus is on you. Be skeptical. When something looks too good to be true, you have to run in the other direction. You can’t assume that you have just found the best investment of all time that somehow defies all the parameters of investing and you’re going to get rich in a week.

Overall, moving the industry forward will require walking a tightrope of freedom and responsibility,

The SEC has guardrails in place. But ultimately, you’ve got to be alert. We would be in so much of a better place if people stopped assuming someone else has done their homework for them on something and started to ask really good questions before they spend their money somewhere.

Stay tuned for Part II of BIC’s interview with Commissioner Peirce, aka Crypto Mom, in which we discussed DeFi, central bank digital currencies, and more, coming soon.

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Source: https://beincrypto.com/sec-hester-peirce-interview-the-crypto-community-has-helped-us/

Blockchain

This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months – Here’s What This Means

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This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months - Here's What This Means

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The long wait is over, or so it appears as Bitcoin holders prepare to set foot into a green zone after seven months of red hot drought.

The earliest signs of a bullish rebound for Bitcoin were sighted on Glassnode’s on-chain metrics this week. Bitcoin users joyfully watched as the index flipped an unprofitable red-run that had gripped hodlers of the apex crypto-currency since mid-November.

Popular crypto expert, Will Clemente noted this latest bitcoin development as a sequel to last month’s net holders position outlook which showed a large sales of Bitcoin coming from the camp of inpatient short-term holders.

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What Does This Imply?

The biggest take from this new index is that patient bitcoin holders may now finally see positive returns on their long-term investments.

It also may show that the market has fully corrected holding positions as was seen last month, where Bitcoin’s dip below the $35,000 resistance frightened many new entrants, including young whales (who held large amounts of bitcoin for less than three months), leading to a massive liquidation drive that transferred coins from young holders to old and experienced holders.

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BTCUSD Chart By TradingView

Who are the catalysts?

It is unclear what exactly may have spruced the ground for a much-needed leap up, but one cannot underestimate the impact of Bitcoin’s recent acceptance by the government of El-Salvador. Having emerged as the first of its kind to tear through the government’s veil of financial legitimacy, the scale of its operation and use may now become more expanded than ever before. This is most likely to spur more citizens and governments of other countries to innovate their financial system around the digital currency with growing national acceptance. 

Others may attribute part of its recent success to Elon Musk’s turncoat claims about Tesla returning to Bitcoin, after ditching the currency in a precarious moment.

But one thing inevitably clear, in the world of crypto influencers is the role of Michael Saylor to keep the masts of bitcoin sailing amidst the troubled waters of last month. From a conference to address energy concerns to an additional injection of $1 billion into bitcoin, the CEO of MicroStrategy has done a lot to build resistance for the apex currency.

Going Forward

As Will Clemente spots the early symptoms of progress, it is expected that many investors who remained skeptical about buying and waiting through the dip, would want to cast in their lots before the entry price soars to the point of eroding leverage.

This means more activity for Bitcoin, more health value upshot, and more reward for those who took Robert Kiyosaki’s advice to ‘buy the dip.’

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/this-bitcoin-hodler-metric-has-just-flipped-green-for-the-first-time-in-8-months-heres-what-this-means/

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Blockchain

Paraguayan Official Confirms: In July We Legislate Bitcoin

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Paraguay’s Deputy of the Nation, Carlos Antonio Rejala Helman, has confirmed that new legislation in regards to Bitcoin will arrive in July. This comes amid growing adoption in Latin America led by El Salvador, which could be followed by Panama as well.

  • CryptoPotato reported last week when Rejala Helman said his country planned to start working on an “important project” that included Bitcoin and PayPal
  • Although he provided little-to-no information at the time about the precise nature of the project, the official confirmed it’s coming in a more recent tweet.
  • Commenting on news indicating that one of Paraguay’s largest entertainment organizations has started to accept various digital assets, Rejala Helman emphatically asserted, “This is Paraguay. July we legislate! #Bitcoin.”
  • This comes shortly after Gabriel Silva, a Panamanian congressman, laid out plans to present a bill on cryptocurrency adoption as a legal tender as well.
  • He believes Panama should not trail other nations from the region that have already taken steps to legalize Bitcoin.
  • Naturally, he meant El Salvador. The small country located in Central America has been the leader in terms of BTC adoption.
  • As reported recently, the nation officially voted in favor of a new rule making Bitcoin a legal tender within its borders. El Salvador’s President, Nayib Bukele, further outlined his support for the asset and even urged miners to mine BTC with the thermal energy of the country’s volcanoes.
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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/paraguayan-official-confirms-in-july-we-legislate-bitcoin/

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The End of NFTs? NFT Sale Transaction Volume Down 95% Since Early May

The NFT price crash that started in May is continuing. What does this mean for non-fungible tokens?

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The drop in non-fungible token sales that began in early May seems to be continuing into June.

Finance Magnates previously reported that according to data from NonFungible.com, the week-long period surrounding the NFT market peak at the beginning of May saw $170 million in transaction volume. By the end of the month, that figure had collapsed to just $19.4 million in NFT sales, a decrease of roughly 90%.

According to a new report from CNBC, the drop has continued. On June 15th, the seven-day average NFT transaction volume had fallen to oust $8.7 million. Compared to the market’s peak in early May, the new number represents a drop of nearly 95 per cent.

Is this the end of non-fungible tokens?

via Protos

The Boom and Bust of Non-Fungible Tokens in 2021: A History in Brief

While this may not be the end of NFTs, it’s certainly the end of an era. Riding on the tailwinds of the biggest crypto bull market in history, non-fungible tokens made a serious splash when they entered the mainstream in March of 2021. By that point, NFTs had already been around for several years.

However, they had never previously captured the public imagination in such a big way. Investors and speculators saw a new opportunity to try and win big in a rather novel financial market; artists and creators saw a new opportunity to monetize their work in the digital world.

For some, the opportunity paid off–big time. Graphic designer Mike Winkelmann, also known as “Beeple,” sold an NFT for a record $69 million at a Christie’s auction in March. Around the same time, Twitter CEO Jack Dorsey, sold a tokenized version of his first tweet for $2.9 million the same month. Grimes, Eminem, 3LAU, Lindsay Lohan, and many other celebrities also cashed in on the trend.

However, it wasn’t long before the cracks in the walls of the NFT space started to show. Critics of non-fungible tokens decried the practice of minting them, pointing to the possibility of heavy carbon footprints. Many smaller creators who were entering the space for the first time quickly discovered that someone else had already stolen and tokenized their work, much to the chagrin of the collectors who had purchased the fraudulent tokens.

Additionally, reports of “vanishing” non-fungible tokens began to hit headlines as questions about what it really means to own a non-fungible token went unanswered. Because the material that an NFT is associated with is not stored in a Web 3 environment, it is subject to the same kinds of problems that all centralized media is: if an NFT-tied photo disappears from the web, well, tough luck.

Now That the Hype is Over, What’s Next?

At first, the criticisms of non-fungible tokens didn’t seem to significantly affect the space. However, when cryptocurrency markets were hit with bearish forces in mid-May, non-fungible token markets were decimated. Analysts who operate outside of the cryptocurrency space have written the whole saga off as another crypto fad–novel, exciting, and perhaps interesting, but essentially vapid and hype-driven.

However, Gauthier Zuppinger, the chief operating officer of Nonfungible, told CNBC that the NFT market movements of the last several weeks are closely related to one another: “The thing is that, each time you’ll notice such a quick increase on any trend, you’ll see a relative decrease, which basically stands for a market stabilization,” he told CNBC.

via CNBC

And indeed, data from Nonfungible.com show that after this 95% decrease from the NFT market peak in early May, NFT sales are basically continuing along the trend of slow and steady growth that has been trending over the past several years.

“High-profile NFTs selling for millions of dollars was a sure sign that the market was treating them as speculative assets,” said Nadya Ivanova, chief operating officer of L’Atelier, speaking to CNBC. “And by definition, markets for speculative assets are unstable and liable to dry up.”

“The bigger question for NFTs is their long-term value, which we believe is likely significant,” she continued.

In other words, now that the hype is over, non-fungible tokens can continue along their path of technological discovery.

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NFTs in Virtual Reality and Beyond

While the most commonly known use-cases of non-fungible token technology surround the concepts related to digital authenticity and ownership on the internet as we know it, some innovators are exploring an entirely new environment for NFTs: virtual reality.

Forbes recently reported that Space Force partnered with digital artist companies WorldwideXR and VueXR to release their own NFTs with augmented reality features. According to the report, the NFTs are accessible to their owners through the VueXR app, which is available on both iOS and Android.

“As augmented and virtual reality technology matures, normal people are going to spend more and more of their time — and therefore money — in virtual environments,” Nadya Ivanova told CNBC.

Non-fungible tokens have already made a splash in the gaming world as technology that could make decentralized ownership of in-game assets into a reality. However, as gaming moves increasingly toward virtual reality, NFTs could take digital ownership to the next level.

“World-builders in VR are looking at ways to make world building a lot more profitable, but there are few companies that are willing to put down money for a virtual world,” said Dale Deacon, who is an expert on developing immersive storytelling in VR & AR. He was speaking to VRScout.

NFTs could provide a path toward real-world monetization in virtual economies. “Monetizing the job of being a VR world builder, will be a part of monetizing the role of a world builder.”

Now that the hype is being washed out of the non-fungible token space, it’s possible that VR innovators could explore their use cases in a more serious way. “I’m interested in AR and VR spaces as NFTs [because] they have a practical value,” said Dale, adding that “the hype around NFTs” made them a bit “myopic.”

While NFTs may not be the end-all, be-all for VR world builders and other creative economies, they could be part of an important shift that allows creators to have access to new kinds of economic tools.

“The shiny thing that NFTs are at the moment, is not the end goal of this whole decentralized finance – where standard banks have proper competition for once,” Deacon explained.

Now that the Hype is Over, True Innovation Continues

Beyond virtual reality, non-fungible tokens are also finding new use cases in the music world. Others

“We have only seen the tiniest part of where this is going,” said Geoff Osler, CEO and co-founder of NFT app S!NG, to CNBC. “Cryptocurrency is here to stay — and NFTs mean there is now something to buy. It’s the other side of the equation. And this is going to go a long way past digital art. We think music is next.”

Other use cases for non-fungible tokens have been identified in identity, travel, live entertainment, medicine, supply chain, and many more industry verticals. Still, quite a lot of innovation will likely need to take place before the technology can take hold in any industry in a meaningful way.

Now that the NFT hype seems to be over, companies and innovators that have been working to improve non-fungible token technology will continue to build for the future. Watch this space.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/cryptocurrency/news/the-end-of-nfts-nft-sale-transaction-volume-down-95-since-early-may/

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