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Category: Elizabeth Warren

Skybridge Capital Applies For Cryptocurrency ETF And Accumulates $100 Million For ALGO Fund

A statement from Anthony Scaramucci has revealed the total crypto worth of an Alternative investment firm in Australia’s SkyBridge Capital. He stated that SkyBridge holds crypto worth $700 million presently. The alternative investment firm has filed for a cryptocurrency company ETF which simply means a crypto-based exchange-traded fund. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course They did this on Tuesday, aiming to increase their digital currency offerings. SkyBridge Capital also revealed its plans for the Algorand fund during the SALT conference held within the week in New York. SkyBridge Crypto Assets Worth SkyBridge founder Anthony Scaramucci while addressing CNBC, stated that the firm raised over $100 million for the new Algorand fund. Anthony was also the former Director of White House Communications. It was Scaramucci who valued the company’s crypto-assets to be about $700 million. The CEO reaffirmed that crypto has come to stay. However, he added that if regulations plan to fan the increasing adoption of digital asset technology, they should take quick action. Anthony explained the crypto adoption as similar to Uber, which the regulators planned to knock out of the system. But the people later won because they accepted its use. He predicts that the United States will start recording up to 200 million crypto users in no distant time. The SkyBridge CEO made these comments when spectators were concerned about having a regulatory crackdown maned by SEC. Gary Gensler, the head of SEC, had characterized the crypto sector as rife associated with abuse and fraud. But Anthony Scaramucci, despite his disagreement, appreciated Gary for his stake in crypto. He explained that Gary had many people that are yet to understand crypto in Congress fully. As a result, they have a lot of negativity, and he will call on elites like Elizabeth Warren to attend such a conference. However, sitting with members of the industry will make her understand the protocols better. Anthony suggests that the need to carry everyone alone by educating them. Other Finance Magnates Opinion Other finance lords in their speech didn’t share Anthony’s optimism. Instead, they doubted the possibility of crypto adoption outrunning the grip of strong-handed regulations. Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin Ray Dalio predicted that as the digital assets popularity increases, it would attract the attention of lawmakers. ALGO is currently down by 4% at the time of writing | Source: ALGOUSD on TradingView.com However, while speaking to CNBC, he said that even if the crypto adoption successfully increases, the lawmakers will kill it. He believed that lawmakers would succeed in killing it as they have their ways of doing so. Dalio explained that every monetary asset that offers a cash alternative is worth considering, including Bitcoin. Featured image from Finance Magnates, chart from TradingView.com
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Commercial Paper Reserves Of Tether Under Heavy Regulatory Scrutiny

Tether has been facing a lot of pressure from regulatory authorities. Now, the attention of the watchdogs has shifted to its commercial paper reserve. As a result, this week has been very hot for the company. The regulators focus their attention on what makes up the Tether reserves. Related Reading | Cardano Aims To Facilitate Users With Smart Contracts A report disclosed that Tether’s Michael Hsu said that the US regulators focus their attention on the paper to know if every Tether Token is actually backed by $1 as the company claims. US Regulators Scrutinize Tether From what we learned, the regulators investigating Tether are led by Janet Yellen, the US Treasury Secretary. Before now, Yellen has held some meetings about the possible risks of stablecoins. Now, the ” President’s Working Group on Financial Market” aims to know if Tether really holds large amounts of commercial papers as it claims. Commercial papers usually represent debt instruments that companies issue to investors for short-term funds. However, the Working Group does not believe the claims as it compares it to a mutual fund that can lose its investors in one day. Presently, the total USDT in circulation is 62 billion. So, there seems to be a legitimate cause for alarm. The crypto market is back in the bullish mode as BTC climbs above the $40k mark | Source: Crypto Total Market Cap on TradingView.com Last two months, Tether had revealed the composition of its total reserves. According to the stablecoin, it had more instruments that were not just cash or cash equivalents, such as bonds, secured loans, bitcoin, and a larger portion comprising of commercial papers. Related Reading | Tether To Conduct An Audit To Negate Claims Concerning Transparency While talking with sources, Stuart Hoegner, the Tether general counsel, revealed that the company is planning a thorough audit in some months to come. Let’s recall that Tether hasn’t carried out such audits before now, and the announcement helped a lot of investors to breathe easier. However, on July 19, Yellen was heard asking lawmakers to establish rules that will guide stablecoins in the financial market. More Calls on Crypto regulations After calling for regulations on stablecoins, Yellen received a letter nine days later from Senator Elizabeth Warren asking her to push for greater regulation for the cryptocurrency industry as a whole. During a hearing of the “Senate Banking Committee,” Warren also stated her negative position about the crypto industry. According to her, it was better to hand over the financial systems to giants banks than some nameless and faceless, shadowy miners and super-coders. Related Reading | Anthony Di Lorio To Leave Cryptocurrency Space For Philanthropic Initiatives However, during the hearing, an Anderson Kill Law partner, Preston Byrne, stated that the most frightening of all is that Elizabeth Warren is in control of the financial system. Elizabeth is a democrat who has been serving as a United States Senator since 2013. Featured image from Pixabay, chart from TradingView.com
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US Sen.Warren Calls Upon SEC Chair Gary Gensler to Regulate Crypto Market

Elizabeth Warren, the US Democratic senator, and a known Bitcoin critic has written to the Securities and Exchange Commission (SEC) head Gary Gensler, raising concerns over the lack of regulations in the crypto market. Senator Warren warned about the growing risks associated with the “highly opaque and volatile” crypto market. Senator Warren highlighted that despite

The post US Sen.Warren Calls Upon SEC Chair Gary Gensler to Regulate Crypto Market appeared first on Coingape.

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The U.S. Federal Reserve Holds a Tiny Portion of MicroStrategy’s Bitcoins. Here’s How!

A recent report from Bloomberg suggests that the U.S. central bank aka Federal Reserve has been one of the early adopters of the Bitcoin-linked junk bonds. During the economic shifts taking place amid the COVID-19 pandemic last year, the Federal Reserve started buying the bond exchange-traded funds (ETFs) to get the economic activity going. Interestingly,

The post The U.S. Federal Reserve Holds a Tiny Portion of MicroStrategy’s Bitcoins. Here’s How! appeared first on Coingape.

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