In the latest crypto news regarding cryptocurrency and blockchain regulation, we have information coming from the US that says that more than 50 stakeholders from the cryptocurrency and finance industries have met with the US lawmakers in Washington with the main goal of discussing the future of blockchain technology and its regulation in the country.
The meeting took place at Capitol Hill at the behest of Rep. Warren Davidson (R-OH) and saw major attendance from the representatives of industry heavyweights such as Coinbase, Kraken, Nasdaq, Andreessen Horowitz, State Street, ConsenSys, Fidelity as well as the US Chamber of Commerce.
The message which the panel received was loud and clear – there could be a blockchain exodus if the US does not consider crypto regulation as soon as possible – and blockchain innovators will be forced to leave the country.
As CNBC summarized the main point of the summit, the panelists were mainly active in criticizing the Securities and Exchange Commission (SEC) for its definition of a new asset class like cryptocurrencies – after taking cues from the outcome of a 72-year old case.
As a result, many young startups from the US that are prepared to launch their blockchain assets now stand confused about their compliance status. While most of them desire to issue their utility tokens, they are also held back by the lack of regulation under the US securities framework.
Coinbase Closes Its Bundle Product After 8 Months On The Market
‘’Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Conibase Bundle have been redistributed to their respective individual asset wallets.’’Coinbase Bundles were meant to provide the investors with a diversified digital asset portfolio which could be dollar-cost averaged by using the same tactic that the investors use in traditional asset classes. Investors could also spend up to $25 to purchase a bundle of five cryptocurrencies which were easily balanced in proportion to their own market cap. For example, Litecoin, Ethereum Classic, Ethereum, and Bitcoin comprised each bundle. In a combination with Coinbase Learn and Asset Pages, the bundles were meant to look good for crypto newbies that are aiming for the dollar cost average into some long positions without having to conduct a huge amount of technical analysis. When it was first introduced in 2018 in September, Coinbase noted:
‘’The vision of an open financial system depends on people’s ability to understand, explore, and choose cryptocurrencies. We expect that millions of people will make their first cryptocurrency purchase in the coming years. But all too often, getting started can be overwhelming for people learning about crypto for the first time.’’Now, after 8 months, Coinbase closes the Bundle project and this decision is bound to draw some criticism but maybe pleasure as well from those who dislike the company. It could be a very smart move to bin the product since the altcoins have been crashing recently as bitcoin corrected and managed to get on the rallying track. As noted in the latest cryptocurrency news, the cancellation of the Coinbase Bundle product could add some credibility to the argument that the diversification does not always work for crypto despite the sector being too volatile or calm.
Global Accounting Firm KPMG Partners With Microsoft To Develop Blockchain
“While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”The blockchain being piloted by KMPG, Microsoft and R3 is definitely a hot topic and aims to reduce the future costs, number of disputes and time involved in telecom settlements caused by “billions of mobile interactions flow[ing] through hundreds of connected networks managed by dozens of customers and suppliers.” However, it is not just future costs that the business partnership wants to solve. On the table are also current inefficiencies in the markets such as settlements and reconciliations which are currently handled manually and can take a month to be completed, Ghosh said. Currently, he said, a huge amount of data is generated around mobile devices. However, it goes a long way to know the conditions of a user's contract and their billing information - which must be authenticated by at least two parties if cross-service operations occur. Before the blockchain initiative, the global accounting firm KMPG had advised telecom operators on capital-efficient deployment of 5G networks, cyber security, privacy and data protection - all of which was featured in our coming altcoin news.
Japan Will Create International Crypto Infrastructure Better Than SWIFT
Former CEO Of WEX Crypto Exchange Gets Arrested In Italy
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