Sen. Lummis Says We should Be Regulating Crypto The 21th Century Way.

U.S. Senator Cynthia Lummis has just shared a Twitter saying that a whopping 34 million Americans claim to have digital assets of some kind. She added we are trying to regulate this 21st-century technology with 20th-century regulations. It’s time for an upgrade, and the Lummis-Gillibrand plan accomplishes that.”

This is in reference to the widely anticipated comprehensive cryptocurrency law proposed by Lummis. The particulars of the proposed legislation will very certainly reveal who the influential players are in the ever-expanding world of cryptocurrency lobbying.

Already, it has been the reason for disagreements between the expanding number of trade groups in the business, all of which are supported by rival digital asset firms.

Aides working in both members’ offices have been inundated with recommendations on how to address various issues, including tax policy and rules governing cryptocurrency exchanges.

Lummis, who has had Bitcoin since 2013, said that in the event that the bill is turned into a law, it would differentiate between commodities, securities, stablecoins, digital currencies issued by central banks, and non-fungible tokens (NFTs).

The new regulatory bill was proposed to make the Commodity Futures Trading Commission (CFTC) the major regulator of the business on June 7, when it was presented for the first time by Senators Cynthia Lummis and Kirsten Gillibrand.

This has been advocated by industry leaders and governments who are pro-innovation since it would result in many assets being categorized as commodities rather than securities like business stocks. Michael Saylor, the CEO of MicroStrategy, is her main adviser for the project, and he is known for openly believing that Bitcoin is a commodity, not security.

Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), was quick to raise reservations over the newly proposed crypto legislation, stating that it might undercut the controls that are now in place for the larger industry.

• Nick Slaney discussed how worldwide payments might be made at low costs.
• The plan to construct a lighting network architecture would include community plans.

The TBD business unit of Block, led by Jack Dorsey, has revealed plans to construct a bitcoin lightning infrastructure. When asked about his plans, Block’s product designer engineer indicated he was leaving the wallet team to join an entirely other group tasked with developing a lightning network.

On Twitter, Nick Slaney made the news. Further, he discussed how worldwide payments might be made at low costs and quickly using the Lightning Network. As with previous Bitcoin-related products, the team indicated that the plan to construct a lighting network architecture would include community plans and views and suggestions from other brilliant individuals in the crypto community.

Nick Slaney said:

“We’ll be partnering with, and building off the great work that cashapp and spiral have already done with lightning. Our goal is to not only build the tools and infrastructure we need for our products but also to be additive to the lightning network ecosystem on the whole.”

Web5 on the Cards

NASDAQ-listed Block’s TBD, the company’s commercial arm, announced a new platform on Saturday named Web 5. Unlike the Bitcoin blockchain, the platform’s purpose was to establish a “decentralized web that puts you in control of your data and identity.”

Decentralized identifiers, decentralized web nodes, and self-sovereign identity services are all components of the blockchain technology that will be used to build Web 5, according to the website. All in all, DIDs provide a way to verify one’s digital identity, DWNs offer a way to receive and record data, and SISs allows users total control over their accounts and the personal information they save on those accounts. In addition, Jay-Z and Jack Dorsey collaborated on a Bitcoin Academy.

• The DOGE price is $0.054 which is 92.6% lower than ATH.
• OKX and CoinGecko participate in the tweet conversion

Elon Musk is once again stepping forward to heat the Dogecoin sales. Early today, Musk made a tweet with just a single word “Cryptonight ” and with no further explanation. Parallelly, the memecoin is planning to release multiple products in the ecosystem.

In the previous weeks, Doge has been moving along the downline as every other cryptocurrency in the market. As of writing this, the value of DOGE is $0.054. The All-Time High of the coin $0.7376 was on May 8, 2021, which is 92.6% above the current value. The reason is estimated to be the SNL event by Elon Musk.

The audience of SNL was around 10 billion, and the impact post this was huge. Now the fan base for both DOGE and Musk has increased, so any initiative by Musk now will skyrocket the growth in the DOGE market and pass that over the moon.

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Author: George Georgiev

Last Updated Jun 14, 2022 @ 04:31

Liquidations keep piling in as Bitcoin’s price dips below $21,000 briefly and ETH – below $1.1K.

The cryptocurrency market downturn continues with no signs of slowing down. Bitcoin dipped below $21K, leaving around $1.24 billion in total liquidations over the past 24 hours.

• The bloodbath in the cryptocurrency market continues, and it doesn’t seem to show any signs of slowing down.
• At the time of this writing, BTC is trading at around $21,900, down 15.6% on the day.

• This has left a whopping $1.24 billion in liquidations over the past 24 hours across the entire market, according to data from Coinglass.
• The bulk of it is coming from Bitcoin, clocking in at over $600 million. Ethereum is a close second with slightly below $480 million at the time of this writing.
• Ethereum also fell below $1.1K briefly but managed to recover to where it’s currently trading at slightly below $1.2k.
• The largest single liquidation order took place on BitMEX – it was an XBTUSD perpetual contract with a face value of over $4.4 million.

Bitcoke, a derivatives-focused cryptocurrency exchange, recently announced the official launch of BitCoke Ventures, its affiliated investment arm with a starting amount of $300 million to foster exchange outreach.

With notable backers, the fund will focus on investing in startup projects in blockchain infrastructure, wallets, GameFi, NFTs, and other web3 areas critical to the business and ecosystem of BitCoke Exchange. On top of financing, BitCoke Ventures will also assist in a full range of services including marketing resources, tokenomics, Launchpad, and market maker.

“As BitCoke continues to adapt to the paradigm shift in crypto trading, this institutional investment will accelerate the development of the exchange and the promotion of BitCoke native token, as well as help us explore the merging between CEX and DEX exchanges.”

– Pietro Riccio, CEO of BitCoke Exchange

BitCoke is building an encrypted derivatives exchange for professional traders and institutions, with the performance features of no downtime, high-speed matching, and low transaction costs.

As one of the biggest highlights BitCoke claims is that it’s the first cryptocurrency DEX to offer Quanto swaps. Users can choose any one of BTC/ETH/USDT as the margin, that is, the settlement currency, to trade and settle all contracts with leverage on the platform.

In addition to using USDT for trading and settlement like many exchanges, users can also open any contract with BTC or ETH to earn more BTC or ETH on BitCoke, hence the name “Mixed Contract”.

In addition to the three major product features of hybrid contracts, professional charts, and fund systems, BitCoke also attaches great importance to the transaction process and experience. It has a fast matching engine, excellent liquidity, and cold wallets to isolate assets to ensure asset security and fair matching.

Former white house director of communications and founder of Skybridge Capital, Anthony Scaramucci in a CNBC squawk box interview, shared his thoughts on the current market. He described ongoing situation as a bloodbath, and he speaks about taking buying opportunities.

The crypto market is currently doing lows that haven’t been seen in months, and even years – the wave of FUD going around is almost palpable as several institutions attempt to salvage the situation. Millions of dollars in outflows have been recorded in several cryptocurrencies.

When asked what he thought of current market conditions, Anthony Scaramucci stated that the ongoing market decline is similar to the crackdown of March of 2000 and that the current bearish sentiment is very close to that of 2009 for both stocks and cryptocurrency but he warns that people remain disciplined.

Scaramucci is however happy that bitcoin still holds more than half of the crypto market capitalization and he is convinced Bitcoin would achieve $100k within 12-24 months. Scaramucci said there are buying opportunities in this bear market, and people should stack up on coins to avoid regret in the future.

The SkyBridge founder also noted that the enormous development in Web3 and the adoption of blockchain will drive long-term gains for survivors in the asset class. On inflation, he predicted that inflation would ease down later this year and supply chain disruptions would stabilize.