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Sunday, July 21, 2024

Crypto company in the stranglehold of the US authorities

Be it on the part of the newly minted US Treasury Secretary Janet Yellen or New York Attorney General Letitia James – crypto companies in the US are facing skepticism these days. Rather, numerous companies in the land of unlimited possibilities encounter the hard hand of the authorities. Some hope is associated with the designated SEC chief Gary Gensler. It remains to be seen whether his personality will actually provide an open perspective.

“Or we’ll shut you down”: Public Prosecutor admonishes the crypto industry

Not only in Washington, but also in the US states, there is sometimes a critical attitude towards crypto companies. The recent rejection of the New York attorney general Letitia James testify to this . In a press release, the lawyer waves with the hard hand of the state. Her credo: stick to the rules, otherwise it’s up to you. Tether, Bitfinex and Coinseed recently felt this.

In the crosshairs of the CFTC – BitMEX founder Arthur Hayes wants to hand himself over

Companies abroad are also concerned about scrutinizing views from the west: The Singapore crypto exchange BitMEX, for example, has been defending itself against a lawsuit by the stock exchange regulator CTFC since October. This accuses the company of operating an unlicensed trading platform. After much hesitation, its founder and former boss Arthur Hayes no longer wants to withdraw from the authorities’ access. The American is now traveling to his homeland from exile in Southeast Asia and wants to answer questions there.  

Counterattack – Ripple and the SEC: CEO Brad Garlinghouse with a new move

Meanwhile, the trench warfare between the securities regulator and the payment service provider Ripple continues: The accusation is still in the room that the company led by the twin brothers Garlinghouse did not mark its crypto currency Ripple (XRP) as a security – a serious allegation for the company as well as the XRP course . Now the in-house company advocates have filed a motion to dismiss the lawsuit. Hopeful observers, meanwhile, look spellbound on the back of chairs in the boardroom of the authority. Some people expect the personnel carousel to rethink the Ripple case.

Gary Gensler: Will a new man at the top of the SEC make the U-turn?

President Biden recently brought a breath of fresh air to the top of the SEC with Gary Gensler . However, it remains to be seen whether the MIT professor and proven blockchain expert will actually become a game changer for securities supervision: At his most recent hearing in the US Senate, the designated SEC chief made little statement. In his opinion, cryptocurrencies have caused a rethink in the financial industry. He wants to work to promote innovation. For the SEC, on the other hand, it is still important to enforce the applicable laws and to uphold the principles of investor protection. It remains exciting.

Bitcoin Mining: Green light for Iran, China sees red

Crypto miners in the Chinese province of Inner Mongolia have to be prepared for an imminent prospecting ban. The Inner Mongolia Development and Reformation Commission published corresponding plans last week. The reason for the sudden cancellation are environmental and emissions concerns imposed by the central government in Beijing. In Iran, however, the situation is completely different: Here the government has given the mining industry the green light – possibly also to fill the treasury despite the US sanctions.

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Goodbye Switzerland, hello Africa: is this the new crypto oasis?

Futurologists are meanwhile already certain: Africa , the youngest continent and probably the most ignored by world politics, is often treated as the “New Frontier” – as a place of great opportunities, where everything is apparently possible for companies. So far, Africa has played a minor role on the crypto stage. The continent has huge potential, not least thanks to the rapidly growing use of crypto among the population. BTC-ECHO editor Daniel Hoppmann takes a close look at the situation and dares to look into the crystal ball. 

Time for BTC position – Bundesbank fails to generate profits for the first time since 1979

And then there is the German Bundesbank . 40 years of certainty have now come to an abrupt end in their sacred Frankfurt halls. In 2020, the German bank has not been distributing any profit to the Ministry of Finance for a long time. The reason for the balanced balance sheet is the “increased risk provisioning” and the ongoing corona pandemic. Observers see the move, similar to the recent rise in interest rates for US government bonds, as a vote of no confidence in the expansionary monetary policy and a symptom of renewed fears of inflation. So high time to create Bitcoin positions?

Dave Triplett
Dave Triplett
Dave is a passionate sports journalist with a knack for capturing the excitement and drama of athletic competition. He has a keen eye for player dynamics, team strategies, and the evolving landscape of sports culture. His articles blend statistical insights with compelling narratives, providing readers with comprehensive coverage and behind-the-scenes perspectives on their favorite athletes and teams.

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