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Wall Street And The Manipulation Of Bitcoin

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There has been a lot of talk recently in a lot of crypto communities. On most social media platforms, many enthusiasts have made claims that Wall Street is behind the turmoil that the market has experienced these past few weeks. These rumours and speculation theories have been going on for years now when CME Group and CBOE began to offer Bitcoin futures in December last year. At the same time, this was when we saw Bitcoin reach the $20,000 mark. Many see this as the start of the bear market and the start of the 2018 market crash.

If we look to the Securities and Exchange Commission (SEC), they are yet to set in stone guidelines and regulations as to how Bitcoin and the rest of the crypto market should be managed in the United States. Nevertheless, the commission can be lauded for taking a stand regarding ICOs and categorising them as securities offerings. This resulted in many looking into over-hype ICOs which has left people in financial tatters. The SEC even settled with the Music icon, DJ Khaled and boxing champ Floyd Mayweather over promoting fraudulent ICOs on their social media accounts.

Nevertheless, the SEC hasn’t made any final plans on penalising prominent people who claim Bitcoin is dead or Ethereum is a worthless coin. If they were to do such a thing then they would be recognising Bitcoin, Ethereum and other cryptocurrencies as assets which are worthy of regulation. Without regulation, it means that anyone will be able to make digs into the cryptos publically and no one will be able to bat an eye. CEOs and chairman of big companies on Wall Street will be able to express their freedom speech on cryptocurrencies but with regulation, this won’t be able to happen.

As said by Ethereum World News, “if the SEC were as swift with crypto as they were with Elon Musk and his tweeting habits, the crypto-verse would be a far much safer place.”

At the end of the day, people haven’t been punished for the crypto market being manipulated in a similar way to how they treat traditional markets. This leaves the crypto trading wide open leaving every man for himself.

source:/cryptodaily.

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KPMG joins hand with techies for blockchain solutions

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KPMG, part of the big four accounting companies is now collaborating with tech companies including Tomia, Microsoft, and R3 to provide a blockchain-based solution for 5G network services. Hard data issues to be resolved.

Collaboration

KPMG officially announced in a blog post that it will be joining hands with Tomia, Microsoft, and R3 to create a blockchain-based settlements solution for the telecom industry. This is seen due to the anticipation of upcoming 5G services.

The blockchain system will utilize smart contracts to reduce conflicts between carriers and mobile operators. This contracts would carry critical information like correct rates, destination, and bilateral deal information. These blockchain-based solutions would result in faster and cheaper arrangements and cut down the need to outsource settlements. 

Blockchain over manual

Arun Ghosh, Blockchain Leader at KPMG, addressed in a blog post, ” While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”

As per the current situation, settlements and reconciliations are currently handled manually and can take up to a month to complete as a huge amount of data is generated is around mobile devices including the metadata. 

$31 billion revenue

As per the blogpost international mobile data roaming revenues are expected to reach $31 billion in 2022, with an average annual growth rate of 8%. Ghosh elaborated, ”While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”

In the proposed business setup, KPMG would handle the design and execution lead, Microsoft would be the primary architect, while R3’s Corda acts as the backbone of the operation, and TOMIA brings a layer of telecom expertise through representing 40-odd global operators.

Source:ambcrypto

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ETH/USD technical analysis: Ethereum bleeds below $200 as US senate frowns at Facebook’Libra

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  • The cryto market is bleeding as Facebook’s libra may face legal issues. 
  • ETH is under strong selling pressure now below the $200 mark

Breaking: Bitcoin tumbles under $10,000 as U.S. Senate mulls Facebook’s Libra

ETH/USD daily chart

The July’s selloff keeps going as the market trades below the $200 mark and the 50 and 100 SMAs. Cryptocurrencies are dropping on the back of potential legal and privacy issues with Facebook’s Libra. 

ETH/USD 4-hour chart

The market is seen as weak below 220 resistance and its main SMAs. The level to beat for bears is 180 followed by 120 on the way down.

Additional key levels

ETH/USD

OVERVIEW
Today last price198.54
Today Daily Change-29.55
Today Daily Change %-12.96
Today daily open228.09
TRENDS
Daily SMA20288.68
Daily SMA50275.75
Daily SMA100232.95
Daily SMA200182.55
LEVELS
Previous Daily High235.48
Previous Daily Low202.87
Previous Weekly High318.46
Previous Weekly Low262
Previous Monthly High363.54
Previous Monthly Low226.48
Daily Fibonacci 38.2%223.02
Daily Fibonacci 61.8%215.32
Daily Pivot Point S1208.81
Daily Pivot Point S2189.53
Daily Pivot Point S3176.2
Daily Pivot Point R1241.42
Daily Pivot Point R2254.76
Daily Pivot Point R3274.03

source:.fxstreet.

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Cryptocurrency

Facebook’s Libra Should Be Regulated Like a Security, Says Former CFTC Chair

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Libra is a security, says a former Commodity Futures Trading Commission (CFTC) chairman in prepared remarks to the U.S. House of Representatives.

Gary Gensler, who chaired the CFTC from 2009 to 2014 and previously held leadership roles at the U.S. Treasury Department, says in written testimony that Facebook’s new cryptocurrency project looks like an investment vehicle and that Libra may even resemble some banking structures.

Gensler will testify before the House Financial Services Committee on Wednesday, as part of a panel of expert witnesses on the potential implications of Libra. He will join Public Citizen president Robert Weissman, Columbia University law professor Katharina Pistor and Georgetown University law professor Chris Brummer.

In Gensler’s remarks, obtained by CoinDesk, he describes how the Libra cryptocurrency might be classified as a security.

At the heart of his argument is Libra’s structure: Libra itself is intended to act as a kind of stablecoin, with its value pegged to a basket of sovereign currencies and government bonds. Members of the Libra Association, the governing council charged with overseeing the cryptocurrency’s ongoing development after it launches, will receive a Libra investment token – a security token, as Facebook has acknowledged.

Collateral earned on the basket of currencies backing Libra (referred to as the Libra Reserve) will go to holders of the investment token, according to documentation Facebook published about the project last month.

Gensler argues this means Libra itself looks like a security, saying:

“As currently proposed, the Libra Reserve, in essence, is a pooled investment vehicle that should at a minimum, be regulated by the Securities and Exchange Commission (SEC), with the Libra Association registering as an investment advisor.”

‘Pooled investment vehicle’

According to Gensler, Libra is a security for the same reasons that the Libra Investment Token is a security.

There may be debates on whether and how Libra qualifies as a security under the Investment Company Act of 1940, the Howey Test, or the “Reves Family Resemblance Test,” but none of these are strictly important for this analysis, he argues, explaining:

“It’s unambiguous that [the Libra Investment Token] is a security as it will receive a net return based upon interest on the Libra Reserve.”

In Gensler’s view, the actual Libra token is “part of the same pooled investment vehicle,” and therefore faces the same market risks as the investment token.

The SEC is already considering whether Libra could be considered a security, and therefore falls under its purview, according to a Wall Street Journal report.

“Further, investor protection will be just as important for the proposed Libra token as it is for investors in international bond funds or in commodity ETFs such as gold, silver, or oil ETFs,” Gensler says. “I also believe that each Authorized Reseller of the Libra token would need to be a registered broker dealer.”

He describes holders of Libra as a “2nd class of investors” in the Libra Reserve.

Bank too?

Securities concerns aside, aspects of Libra’s setup also may fall under banking regulations, Gensler adds.

The Libra Reserve is effectively proposing “a private form of money” which can be used for payments, storing value and lending “the proceeds to banks (as deposits) and governments (as debt securities),” he says.

These applications are similar to services offered by banks.

“Thus, there is some basis to consider the Libra Reserve as a bank or to apply bank-like regulation to it,” Gensler proposes. “At a minimum there should be restrictions on Libra Reserve’s investments and prohibition on its ability to lend or operate as a fractional bank.”

(It’s worth noting there’s actually precedent for a stablecoin issuer operating as a fractional bank: Tether.)

source:coindesk.

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