FINRA regulator or the Financial Industry Regulatory Authority fined and suspended a former investment banker for mining bitcoin. According to the reports in the latest cryptocurrency news, Kyung Soo Kim mined bitcoin since 2017.
The former banker operated the mining business without giving his employer a written notice. Kim was an employee of the Bank of America-owned broker Merill Lynch, Pierce, Fenner and Smith Inc. The FINRA regulator claims that he mined bitcoin by violating the rules which prohibit the members from serving as an independent contractor, employee, officer, and director of the partner of another person outside of the employer. Additionally, the members are also prohibited from being compensated in any kind from another person as a result of any business activity. Kim was later discharged from his duties by Merill in 2018.
What is also worth mentioning is that Kim was accused of forming a company named S Corporation for the purposes of mining cryptocurrencies and Bitcoin. He will now serve a one-month suspension that will prohibit him from getting in touch with any FINRA member companies during the same time. He will also pay a fine to about $5,000.
Given that he reportedly formed his mining company in 2017 when the price of bitcoin skyrocketed, it is hard to argue that Kim was not wowed by the excitement on the market and clearly did not want to miss out on the major bull run that seemed never-ending. The punishment as explained in the coming altcoin news may seem a little moderate compared to other people that suffered even worse when they tried to mine bitcoin under different circumstances.
As it was reported last month, an Australian man is now facing ten years in prison for mining cryptocurrencies on government computers. He only managed to mine about $9,000 which makes the prison sentence a high price to pay. Also, a 61-year old woman was sentenced to four months in jail in China for stealing electricity in order to mine bitcoin. The woman was also given a $1,500 fine after the lawsuit was filed by the power provider. It seems like Kim will be joining the army of sentenced people who try to make some extra money by mining without following the rules and regulations.
Bitcoin 30-Day Trading Volume Hits Records High Of $770 Billion
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
“Additionally, for reasons I will explain in the near future, most investors are underweighted in such assets, meaning that if they just wanted to have a better balanced portfolio to reduce risk, they would have more of this sort of asset. For this reason, I believe that it would be both risk-reducing and return-enhancing to consider adding gold to one’s portfolio.”The Bridgewater founder advocated that gold is the only right option to choose for everyone that is looking to diversify their portfolio just in a time where most of the world seems to be investing in equities. This is not the only reason why Dalio believes that gold will witness a major surge in inflows. According to him, the global conflicts and the depreciating value of money will force them to go on the way back to safety. Gold will be the only asset to choose from for all the investors that are looking to store their wealth at a time when the central banks are trying to keep the interest rates low. Dalio’s comments could make sense a decade ago when bitcoin was first launched. Gold is universally considered to be a safe-haven asset that the investors buy in order to protect their wealth in difficult times. Bitcoin, on the other hand, is gaining the confidence of institutional investors and there are only a few people who believe that the cryptocurrency will replace the gold. Dalio somehow forgot that the times have changed and bitcoin is now considered as the perfect replacement for gold as noted in the coming altcoin news previously.
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
“Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.”We can also see the Bitcoin hater Nouriel Roubini who is featured on many best cryptocurrency news sites for his pessimistic statement towards BTC and optimistic towards the Trump-Congress hearings. He said:
“Bitcoin has crashed by almost 30% in the last week and over 15% in the last day. As Congress, Mnuchin, Trump and myself point out that the criminal scams of crypto shitcoins-land will be cracked down on, the scammers and criminals know their days of unregulated casinos are gone!”As a reminder, the bear euphoria has made BTC correct more than eight times during the previous bull run - and Bitcoin lost more than 30% in the same period before reaching the all time high close to $20,000 at the end of 2017.
VanEck Thinks Bitcoin ETF Could Bolster US Economy
“Like a toddler who has gotten his hands on a book of matches, Facebook has burned down the house over and over. Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust,” Senator Sherrod Brown stated.In response to this, Gurbacs of VanEck thinks that these opinions are quite negative, unwarranted and stem from a lack of understanding of crypto. As he stated, a Bitcoin ETF could facilitate innovation that could buoy the US economy in the next 10 years:
“We are waiting finally for regulators to approve a bitcoin ETF, which would bring digital assets under the regulated American capital market. This could be, for the next decade, the driver of our economy.”Gurbacs said that the United States should harness the innovative technologies to upgrade US payments systems as well as its capital markets infrastructure. He argues that doing this would make America a world leader in the digital economy.
“I think America realized that it needs a 10-year plan to make markets great again, and basically, a 10-year plan to rebuild the payments and financial infrastructure system that we’re lagging behind on. This may be a driver to innovate and rebuild America’s payments systems and capital markets,” Gurbacs noted, for which he was featured on many best cryptocurrency news sites.The head of digital asset strategy at VanEck thinks that while President Trump and Secretary Mnuchin have negative views on Bitcoin, they must be challenged to think about it from a different perspective.
“Bitcoin — specifically bitcoin, not other digital assets — can rebuild the [U.S.] payments system. We can satisfy all the regulatory needs and government needs to rebuild the [capital] markets,” Gurbacs concluded.
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- Bitcoin 30-Day Trading Volume Hits Records High Of $770 Billion
- Economist Nouriel Roubini Slams BitMEX For Money Laundering
- Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
- Litecoin (LTC) Value Rebounds As The Halving Event Is Pending
- Sorry Mr President, cryptocurrency has a bright future
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