President Donald Trump ended the government shutdown on January 25, opening the government for three weeks before they decided about the wall funding. But how did the shutdown affect the crypto industry? We are about to find out in our latest crypto news.
The workers from the US government facilities have returned to work after the 35 days during the shutdown. However, the closing down of the government affected the Securities and Exchange Commission and the Commodity Futures Trading Commission as well.
The SEC was paralyzed and it operated with reduced staff during the shutdown after the regulator announced via the website of the agency:
“Effective Thursday, Dec. 27 and until further notice, the agency will have a very limited number of staff members available.’’
The agency kept the essential staff in order to be able to respond to emergency situations. The regulator left operation for enforcement offices and investor complaints opened as well as the Electronic Data Gathering and Analysis and Retrieval system.
The SEC was operating with 5.8 percent of its normal capacity and the former chief of the Internet Enforcement Department of the SEC called the numbers ‘’shocking’’:
“There will absolutely be people on Wall Street, and off of Wall Street, who believe they may be able to get away with something because the cop is simply not on the beat.”
After the shutdown ended, the agency issued a guide on how to tackle the effects of the shutdown such as prioritizing filings, requests, and submissions.
Despite the consequences, Trump announced that if the Congress doesn’t make a deal with the president, he will use the power he has under the laws and build the wall as a part of the national emergency plan.
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“We make money just as Robinhood, Northern Trust and other traditional custodians do. The costs of custody are offset by other services," Purcell explained.This is definitely something that stirred up the market from a positive viewpoint, allowing traders to speculate on the potential novelties that the partnership could bring.
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“This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.”Meanwhile, the news that Coinbase expands allow customers in the aforementioned countries to store, trade, send and receive cryptocurrencies. As the latest cryptocurrency news show, the exchange also suggested that cryptocurrencies are moving from the current "investment phase" into the "utility phase" following a number of new use cases. Recently, the company introduced a lot of new developments, one of which was featured in the altcoin news section. It was the added support for EOS (EOS), Maker (MKR) and Augur (REP) which went viral and expanded into cross-border payments. The latter development reportedly enables users to send as well as receive money instantly and convert them into local currency. As part of the news that Coinbase expands, the report concluded:
"Realizing our mission of creating an open financial system for the world starts with making it as easy as possible to access crypto. With today’s announcement, we’re happy to take an important step in that direction."Earlier in April this year, Coinbase also launched the Coinbase Card in a partnership with Visa, enabling its United Kingdom-based customers to pay in-store and online using cryptocurrencies. As a result, the new service will allow Coinbase to instantly convert the customers' cryptocurrency funds into fiat currency in order to complete each purchase. This is definitely a lot of news coverage showing that Coinbase expands in different directions and is on a mission to offer various trading options globally.
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