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Category: Crypto Exchanges
Sep 22, 2021 | Aml, crypto, Crypto Exchanges, Crypto News, Crypto Regulation, David Ignatius, decentralized exchanges, DEX, Evergrande, Gary Gensler, Interview, investment contracts, KYC, MIT, poker chips, pro-crypto legislator, SEC, Secretary Yellen, securities exchange commission, stablecoins, The Path Forward, The Washington Post
The Chairman of the Securities Exchange Commission, Gary Gensler, showed his cards. He spoke with legacy-media-operation The Washington Post and host David Ignatius for their series “The Path Forward” and spilled the beans. We at NewsBTC saw the whole interview so you don’t have to. We selected the most crucial quotes, and present them in all their splendor for you all to read them and reach your own conclusions. Of course, we’re going to offer our two cents. We’re not made of steel. In general, though, you’ll get Gary Gensler’s unadulterated words. They’re shocking enough as it is. Gary Gensler Is Looking Directly At Stablecoins Even though host David Ignatius had no questions about stablecoins, the topic was on Gensler’s mind. The SEC’s Chair brought it up a couple of times. First, he said: “On something called stablecoins, and how the banking agencies–and we, too, market agencies–coordinate because these stablecoins may have attributes of investment contracts, have some attributes like banking products, but the banking authorities right now don’t have the full gamut of what they need.” But his organization is not only thinking about stablecoins and trying to define them and isolate their attributes. They’re preparing a formal document: “We’re working right now under the guidance of Secretary Yellen and working on a report around stablecoins, and in the world of stablecoins, I do think that there would be some help from Congress.” This doesn’t seem that bad. Their report could conclude that stablecoins are a useful innovation and tool that the whole financial system can benefit from, right? Wrong. This is what Gensler and the SEC think about stablecoins, and pay attention to the language: “These stablecoins are acting almost like poker chips at the casino right now; so, add to the Wild West analogy. I mean, we’ve got a lot of casinos here in the Wild West and the poker chip is these stablecoins, you know, at the casino gaming tables.” Things are about to get interesting for stablecoins, it seems. USDT Market Cap by Cryptocap | Source: USDT on TradingView.com Does The SEC Want Crypto Exchanges To Register? Look, there are no two ways about this. Gary Gensler wants all exchanges, including decentralized ones, to register with the Securities Exchange Commission. To convince them, he asks for the exchanges to come to him: “I think it would be better–the platforms that are trading securities, the platforms that have lending products, who have what’s called “staking products,” and I’m glad to describe that for your listeners, but where you actually put a coin at the platform and you earn a return–that they come in and we sort through, figure out how best to get them within the perimeter.” And, you might ask, what perimeter is that? Well, this quote makes it very clear: “I think at $2 trillion, 5- or 6,000 projects, that it would be better to be inside investor-consumer protection, inside the tax compliance and anti-money laundering and financial stability.” This goes in line with recent declarations from Gensler about the need for crypto regulation: “Gensler believes that if the market is to grow, then it needs to embrace regulation. The SEC chairman explained that regulation would provide trust in the market, which is important if the market does not want to become irrelevant over time. “Finance is about trust, ultimately,” Gensler said. Gensler’s focus is mostly on trading platforms, given that this is where the majority (~95%) of activities in the crypto market are carried out.” Is Gary Gensler Even a Cryptocurrency Enthusiast? Since the new Head of the SEC once taught a class on Cryptocurrencies at MIT, people assumed he would be a pro-crypto legislator. Is he, though? Let’s read what he said about the subject specifically: “I do think this new technology is a very interesting–and whomever she was, Satoshi Nakamoto, it’s led to change. It’s pushing at the side of central banks around the globe to reconsider how to provide payment systems. It’s pushing on the side as a catalyst for change in finance, so-called “fintech,” the intersection of new technologies and finance.” So, a non-comital opinion. However, Gensler feels strongly about bringing cryptocurrencies into a public policy framework. So strongly, that he said, “I don’t think technologies long last outside of a social and public policy framework.” And then, “I think it’s better to bring it inside the public policy framework and ensure that we address these important public policy goals.” And later on one more time, “So, new technology is generally a good thing; it challenges the establishment. But I don’t think that new technologies really long exist outside of public policy frameworks.” Does Any Of This Have To Do With Evergrande? Days after our report about the situation, Evergrande became one of the biggest stories of the year. We explained that the company reportedly owes $300B, and the most likely cause for all that: “Apparently, China Evergrande was caught in a loop. The company was pre-selling apartments and using that money to fund other projects, in which they also pre-sold the apartments and the cycle started again. Evergrande bonds are suspended, and there’s a chance they won’t be active ever again. They might be worthless. The stock is near its all-time low, it has lost nearly 80% of its value this year.” Of course, The Washington Post’s Mr. Ignatius had to bring the subject up. He said that analysts are worried that there could be “contagion in financial markets, like what we remember from 2008 and the failure of Lehman Brothers.” Then, he asked: “Are you confident that our financial markets today are protected in the event that there was such a failure, not necessarily over this company but any large company with that level of debt?” Gensler refused to comment on a Chinese company, that’s out of his jurisdiction. To the question, he answered: “I do think the reforms after the 2008 crisis stood up a much stronger U.S. financial system. It doesn’t mean that there aren’t issues that we look at, at the SEC and other important regulators like the Federal Reserve and the bank regulators and CFTC, that I once was honored to chair. But I do think that we’re in better position in 2021 to absorb some of those shocks than we were prior to the ’08 crisis, but it doesn’t mean we’re isolated. Our economies are connected around the globe.” Featured Image: Screenshoot from the interview | Charts by TradingViewRead More
Cryptocurrency exchanges are online platforms where you can trade (buy and sell) between cryptocurrencies based on their actual market price. In order to come up with a valuation for a cryptocurrency, investors and market participants determine the demand and supply. This is a similar concept to a stock exchange where shares of companies are bought or sold. By using a cryptocurrency exchange a person can buy a cryptocurrency and sell it when the price rises to mark a profit. The key is entering and exiting a market at the right time. And just like traditional stock exchanges, crypto exchanges, too, involve transaction charges that are levied on trades done by a trader. In this article, we will cover the types of fees charged by exchanges which are important for investors to understand. There are in general three types of transaction fees involved in the trading of cryptocurrencies. Investors are advised to know about them. Exchange fees This is the first type of fee an investor needs to be aware of when using exchanges. The exchange fee is the amount charged by an exchange in order to complete a user’s buy or sell order. Though most exchanges have a fixed fee, a smart investor must do his own research regarding exchanges that charge the lowest so as to save on the final cost of a transaction. Another aspect of crypto exchange fees is the Maker-Taker fee model. In this model, the Maker is the trader who provides liquidity to the order books by using limit orders while Taker is a trader who takes away the liquidity through using market orders. Maker fees tend to be cheaper than Taker fees as a reward for participating in an orderbook. Additionally, in his model, exchanges also incentivize traders who trade larger volumes. The exchange fee is the main source of revenue for cryptocurrency exchanges and remains integral to their business practices and existence. Related Reading | Cryptowisser Releases Report on Exchanges With Lowest Fees Network Fees Network fees are perhaps what makes crypto so unique and legitimizes it as a sound and energy-efficient store of value. Any cryptocurrency network runs on the back of miners for the work they do. A crypto miner is an individual or a group who uses powerful computers to verify and validate transactions by checking that tokens are not spent twice and that all transactions are in real-time and true. This makes mining cryptocurrency a profitable source of income and is gaining popularity throughout the world. The network fee is charged to investors and payable directly to miners only when investors move their crypto between exchanges and wallets. It is to be noted here that exchanges have no direct control over the network fees and it is paid directly to the miners/validators of a crypto network for the work they do. The network fees can increase as per demand when the network becomes very busy and crowded. Related Reading | Bitcoin Mining Museum Opens Its Doors In Venezuela. Is It The First-Ever? Cryptocurrency Wallet Fees Cryptocurrencies are stored in a digital wallet. It is like an online bank account where a user can store their crypto safely. A cryptocurrency wallet allows for storing, sending, and receiving cryptocurrencies. In general, wallets do not charge any fee on the deposit and storage of cryptocurrency but charge a fee on withdrawals from the wallet which is basically the network fees. Most wallets are very advanced and even allow systematic buying options for cryptocurrency. Some wallets have also integrated merchant gateways that interact with real-world applications. All exchanges provide an in-built wallet where users can store their crypto in a single place and there are no charges for storing and deposits. Related Reading | Wallets: How To Store, Send, and Receive Cryptocurrency In its entirety, transaction fees and charges play a large role in the functioning of the financial and investment services sector. The funds collected are very crucial for these businesses that have enabled traders and institutions to invest in crypto from the comfort of homes and offices through simple clicks of buttons in digital online platforms. These services are run by teams of dedicated professionals and are at the forefront of the fintech revolution that is slowly replacing traditionally financial institutions. A list of all crypto exchanges as per rank can be found here. Featured image from iStockPhoto, Charts from TradingView.comRead More
Coinbase has announced a strong initiative to invest more of its earnings into cryptocurrency, wishing to lead by example in the adoption of crypto.
The post Coinbase to Invest 10% of Quarterly Net Income Into Crypto appeared first on BeInCrypto.
European crypto exchange BitPanda is now valued at $4.1 billion after raising $263 million during its Series C funding.
The post BitPanda Crypto Exchange Valued at Over $4B After Series C Round appeared first on BeInCrypto.
Cryptocurrency and digital-asset trading platform FalconX more than quintupled its valuation in five months to $3.75 billion.
The post FalconX Crypto Platform Value Skyrockets to $3.75B in Past Five Months appeared first on BeInCrypto.
Aug 2, 2021 | BTCBRL, BTCBUSD, BTCDAI, BTCEUR, BTCGBP, BTCJPY, BTCKRW, BTCMXN, BTCNGN, BTCPAX, BTCRUB, BTCTRY, BTCTUSD, btcusd, BTCUSDC, BTCUSDT, BTCXRP, BTCZAR, Crypto Exchanges, Crypto News, crypto regualtions, FSC, News, Regulation News, South Korea
The implementation of new regulatory policies for crypto exchanges in South Korea continues to haunt small and medium-sized crypto exchanges. As per a recent report from Korea Herald, a total of eleven mid-sized crypto exchanges may shut their operations amid growing regulatory scrutiny. The local report indicated that the country’s top regulatory watchdog Financial Services
The post 11 Mid-Size South Korean Crypto Exchanges Face Closure Amid Fear of Legal Action appeared first on Coingape.
Jul 12, 2021 | Binance, Bitcoin News, BTCBRL, BTCBUSD, BTCDAI, BTCEUR, BTCGBP, BTCJPY, BTCKRW, BTCMXN, BTCNGN, BTCPAX, BTCRUB, BTCTRY, BTCTUSD, btcusd, BTCUSDC, BTCUSDT, BTCXRP, BTCZAR, coinbase, Crypto Exchanges, Crypto News, Crypto Trading Volume, News
Cryptocurrency trading volumes on major exchanges fell by more than 40% in June aided by the market crash in May and the ongoing crackdown in China. As the Bitcoin slump continued, a daily volume maximum of $138.23bn was traded on 22nd of June, down 42.3% from the intra-month high in May. According to data from
The post Top-15 Crypto Exchanges Register 51% Decline in Trading Volume appeared first on Coingape.
Klever. a full-featured cryptocurrency wallet application, announced that it has now launched a beta version of its native exchange service. Klever will be choosing thousands of Klever Exchange beta testers for both iOS and Android apps; invites to chosen beta testers will go out from May 5th. Those interested can now submit a request to […]
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