In the latest cryptocurrency news, we are talking about regulation – specifically the statement of a US Democrat Brad Sherman and his urge to pass a law that would ban the use of cryptocurrency in the United States.
The Congressman Sherman, who is originally from California, made his remarks yesterday at a meeting of the House Financial Services Committee. As the Democrat Brad Sherman said, the ban is necessary because cryptocurrencies threaten to undermine the US dollar and are only useful for criminal activities such as money laundering, drug dealing as well as tax evasion.
“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans, so that we nip this in the bud,” he said.
Moreover, the Democrat Brad Sherman noted that the cryptocurrency evangelists made no secret of their desire to replace fiat currency – which is totally unacceptable for him. As he said in a statement that was featured on many best cryptocurrency news sites:
“An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and transactions. Clearing through the New York Fed is critical for major oil and other transactions.”
“It is the announced purpose of the supporters of cryptocurrency to take that power away from us, to put us in a position where the most significant sanctions we have against Iran, for example, would become irrelevant.”
“So whether it is to disempower our foreign policy, our tax collection enforcement or traditional law enforcement, the advantage of crypto over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law,” Sherman concluded.
Notably, he also said that he is alarmed by the spike in use of cryptocurrencies for criminal activity. According to Democrat Brad Sherman, there has already been an example of crypto use within the Palestinian terrorist group Hamas which has been soliciting Bitcoin donations as a result of the US economic sanctions.
According to Congressman Brad Sherman, this is a clear-cut example of the use of cryptocurrency by criminals and its harmful effects on the American foreign policy – a statement which was shared in the coming altcoin news.
Germany Increases Costs For (Some) Crypto Firms By $250k
"They have to now set up a new legal entity since January 1 has passed," explains Philipp Sandner, who is a professor at the Frankfurt School Blockchain Center. "But this new legal entity would be illegal for custody, trading and issuing."The new laws show that Germany increases costs and that all companies founded after January 1 will need a BaFin license to offer these services. Meanwhile, the companies founded before January 1, 2020 will benefit from 'grandfathering' until November 2020.The cost of acquiring a BaFin license could be prohibitive for new startups, both Sandner and one lawyer explained.
"For companies (be it startups or larger companies such as banks), the license induces costs of approx. USD 250,000," they say. "Not every startup will be able to bear these costs. The small startups might be driven out of the market; the larger ones and the incumbents will probably apply for the license."As Germany increases costs for crypto firms, many wonder why is this the case. The truth is, the government is sought to introduce a law which might end up driving startups "out of the market" as experts noted.Both experts noted that the government had the opposite intention in mind and wants to encourage mainstream adoption of cryptocurrency and blockchain technology, rather than leaving these sectors open for unregulated firms. However, the costs at this point are big for many crypto firms which is why the crypto climate in Germany is not that good.Meanwhile, the latest Bitcoin price news show that the cryptocurrency has fallen by 6% due to the situation in China.
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- Whether or not an investment contract is being offered in a securities transaction
- Whether an investment contract is a commodity which can be sold in a traditional commercial transaction
“If a developer team retains certain assets and sells it to investors, it falls into the definition of security. I think that the U.S. legislation must be shaped to take into regard emerging technologies and new business models that hadn’t been present not only in the days of SEC creation but also during the judicial battles on security definitions.”The crypto industry has been witnessing an enormous amount of interest around stablecoins, a digital offering which presents users with all of the various advantages of cryptocurrencies all while having their values pegged to a stable fiat asset such as the US dollar, the Euro and others.
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CEO Of Telegram Thinks Apple’s iCloud Is Now “A Surveillance Tool”
“iCloud is now officially a surveillance tool. Apps that are relying on it to store your private messages (such as WhatsApp) are part of the problem.”Durov's post refers to a report which claims that Apple dropped its long-running plans to allow iPhone users to encrypt backups of their devices in the iCloud. As Reuters also reported, the tech giant has given up its end-to-end encryption plans following the FBI's report on it in which they said that such a feature would harm investigators.The report is viral in the crypto news now and cites even six anonymous sources, noting that Apple had to drop its plans two years ago but the issue has not been reported previously. Even though Apple shifted its focus to protecting some of the "most sensitive user information" such as saved passwords, backed-up texts from apps like WhatsApp or iMessage remain available to many employees and authorities in the tech firm, Reuters wrote.All of this comes after the US President, Donald Trump, bashed Apple in a tweet in which he argued that the company “refuses to unlock phones used by killers, drug dealers and other violent criminal elements."https://twitter.com/realDonaldTrump/status/1217228960964038658?s=20The CEO of Telegram Durov wants all of this to be understood by the public. As we already saw, the company wants to position itself as a global fighter for privacy and directly oppose tech giants such as Facebook and Google. Durov's claims reinforce the company's focus on ensuring "real privacy."Launched in 2013, Telegram is a cloud-based messaging app which strives to provide secure encryption and protect more users from third parties like marketers, advertisers and officials.
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