Poloniex crypto exchange announced the delisting of nine crypto tokens for traders in the United States. The decision comes after the incoming reports on regulation against unregistered security tokens which we are reading more about in our latest cryptocurrency news.
According to a Medium post from May 16, Poloniex crypto exchange announced that they will stop offering nine crypto tokens to their U.S customers. The announcement explains further that there was increase uncertainty whether the regulators in the country will qualify such tokens as securities. The options remain split whether the regulations should be applied to all crypto tokens.
An excerpt from the announcement reads:
‘’On Wednesday, May 29th, at 16:00 UTC, the markets for ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP will be disabled for Poloniex customers in the US. All assets remain available for trading to customers outside the US.’’
Traders in the United States that are affected by the decision will be able to withdraw their funds from the exchange as long as the platform continues to list the same on the platform. Jeremy Allaire, the CEO of Circle expressed deep frustration at the decision calling it a ‘’restrictive’’ US crypto regulation. Circle acquired Poloniex back in 2018.
However, a group of US Congressmen showed their support for Allaire and are now trying to pass the Token Taxonomy Act which will exempt crypto tokens from the definition of securities. The US SEC, on the other hand, has maintained that most ICOs are securities. The regulator has initiated a crackdown on unlicensed crypto security offerings with multiple arrests.
This decision could also affect other exchange platforms as mentioned in the altcoin news that already has increased adopted horizontal strategy. Critics say that the real growth in the market will hinge for a more vertical approach that will prioritize the quality of the tokens that are offered. This situation could lead to the extinction of many crypto tokens as predicted by Bitwise’s Matt Hougan and Digital Currency Group’s Barry Silbert.
In the same time, Bitcoin is winning the hearts of traders and institutions. Since the start of the year, many major players such as Microsoft, TD Ameritrade and Fidelity Investments have shown affection for the number one cryptocurrency.
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Kraken Pro Trader Believes Crypto Trading Is The New Wall Street
"Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate, I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading...It feels very much like that, there's a lot of energy and enthusiasm about this progress and where it's going."Another example is the Morgan Stanley alum Marcus Swanepoel who told the Financial Times:
"Over the past two years we have seen evidence building that bitcoin is an uncorrelated asset class so it makes sense to add it to portfolios."The trend is growing towards more portfolio managers coming in including what Minier says is mavericks and savvy hedge funds entering the crypto space. The digital currency investment company Greyscale investments also saw its assets under management balloon to $2.5 billion and most of which originated from big investors including hotshot hedge funds. The Kraken Pro trader stated:
"I think it's going to be one of those things in a blink that everybody is going to start chasing it.’’With the upcoming launch of the Bakkt bitcoin futures exchange, more traders could begin to feel the way that Minier does and Kraken has been experiencing an uptick with the institutional demand for crypto but he admitted it was too slow. In the meantime, the rival crypto exchange Coinbase based in San Francisco revealed that hundreds of millions of dollars in institutional capital is coming straight off the sidelines into cryptocurrencies a week as we noted previously in the latest cryptocurrency news. They sure can’t find these types of returns in any other asset class with rock-bottom interest rates and the equities mimicking bond yields. Bitcoin in the meantime has generated high returns of more than 150 percent year to date.
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New Bitcoin Programming Language To Improve Transaction Versatility
‘’It’s a language for writing (a subset of) Bitcoin Scripts in a structured way, enabling analysis, composition, generic signing and more.’’Wuille added that Miniscript was ‘’ designed for Bitcoin as it exists today’’ with no consensus changes were necessary to use it and the developers even stated that they even planned to ‘’support future script changes Bitcoin may include’’ as to evolve with the blockchain technology. Wuille later pointed out on Twitter that the new language could eventually be implemented into the Bitcoin Core repository if the Bitcoin community agreed to do it:
“I’ll work on incorporating parts of this in Bitcoin Core if that’s desired (I believe it could be very useful), but ideally it gets included in many pieces of wallet technology.’’The developers created a policy compiler for Miniscript and among other things tool will let the users get an idea for when the conditional bitcoin transactions will be spent. Pieter Wuille and Andrew Poelstra that worked on the new bitcoin programming language is now the rockstar developers in the Bitcoin community because they already built the new language but also because the technology they’re still working on something that could shape the future of bitcoin for the next few years. Some of the tech includes other developments such as Schnorr Signatures and Taproot which are an efficient algorithm for cryptographic signatures and the other one will make bitcoin smart contract transactions private by making them look like normal transactions. As noted in the latest cryptocurrency news, Wuille noted that the project wasn’t directly related to Taproot but did provide the participating developers with new insights on how to improve the script language itself:
“It’s also mostly unrelated to our work on Taproot, as Miniscript works with Bitcoin as it exists today. Of course, working on Miniscript did teach us a bunch of things about script that inform designs for future improvements to Script, and Miniscript can be extended as needed.”
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