CFTC to Take ‘Do No Harm’ Approach on Crypto Regulation


https://steemit.com/crypto-news/@cryptospnthrift/cftc-to-take-do-no-harm-approach-on-crypto-regulation

Report: China Cutting Access to Overseas Crypto Trading: China is cracking down on foreign websites that offer Chinese users services. This is just a continuation of the crackdown China has been pursing for months.

Italian Crypto Businesses to Register Under Proposed New Rules: Businesses operating in Italy will soon have to register with the government. It is to get in compliance with anti-laundering laws. The law aims to come into effect before July.

Bitcoin ATM Installation Now Outpacing Bank ATMs Despite Price Drop
: ATM locations have doubled since last year and around 43% support some type of altcoins. Most of these ATMs are in the US & Canada. It will be interesting to see the type of security threats from ATMS. Conventional criminals would rob people after they finish. But will there be potential for hackers to

Fearing Bitcoin and Seeking to Capitalize on Higher Fees, VISA and Mastercard Reclassify Crypto Purchases as ‘Cash Advances’: Instead of banning people from using their credit cards on Bitcoin, these companies are hitting them with heavy fees. You will get hit with a 5% extra fee and upward to a 25% daily interest.

Australia’s Major Banks Confirm They Won’t Ban Buying Bitcoin: Australia taking a different tone on the credit card debate. In ANZ crypto is “unregulated and therefore not within ANZ policy.” Thus, no reason to ban purchases via credit card.

Canadian Regulator Wants Google to Ban ICO and Cryptocurrency Ads: Google already bans misleading ads, but these regulators want all crypto ads banned. This is extreme since not every ad is a scam. This could hurt legit businesses if they pressure Google hard enough. I can see ICOs getting the ban hammer though.

BIS Head Goes Full FUD: Cryptocurrency is a “Threat to Financial Stability”
: The buzzwords where out in full force. The head called ‘Bitcoin is both a bubble and a Ponzi scheme, and even added “environmental disaster” for good measure.’ The gist of the argument is that because the currency isn’t controlled by a group of central banks it is bad. Add other basic anti-bitcoin rhetoric and boom I saved you some reading. Now to talk about an important group with a different opinion

SEC & CFTC Hearing: Got to give credit to Giancarlo for seeing there is no blockchain without bitcoin. Giving credit to the creation of the whole ecosystem and tech to the rightful owner. Like I’ve been saying for weeks, every ICO is considered a security by these guys. Not a single ICO that has currently been released has registered with the SEC. So, any with US investors are technically in violation of something. It is worth mentioning that also want to separate crypto that isn’t a security and ones that are from each other. So, there might be some interesting regulation in the future about ICOs and premines. Current focus is on straight scams and ponzi schemes and the rest of crypto will be relatively left alone. Volatility wasn’t a problem at this hearing like it usually is for government entities. They stated that they are used to entities that are that volatile. Basically, the US government regulation won’t be too bad from the SEC and CFTC. All you guys must watch out for is the IRS.

T-Mobile Faces Federal Lawsuit After Hackers Steal User’s Cryptocurrencies: Basically, lax security measures and a bit of social engineering can get your crypto stolen if you use any kind of SMS verification. Don’t use it. Use Google authenticator or something else like that.

IBM-Maersk Blockchain Project Adds Logistics Provider Agility: 1/5th of the total 1.8 trillion annual shipping costs can be significantly reduced utilizing blockchain for document verification. Document verification slows shipments so having a way to quickly verify them sends savings down the entire supply chain.

First Bitcoin to Bitcoin Luxury Real Estate Sale Completed: Michael Komaransky did what he set out to do and that was to have a completely Bitcoin to Bitcoin sale. He attempted before but would have had to convert into fiat for the other times and refused. For him it is to prove Bitcoin has use to buy things. It bought a 6.5 million dollar Miami mansion

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