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Winklevoss-Backed Crypto Self-Regulatory Group Prepares to Woo Congress



The Virtual Commodity Association, a non-profit, independent organization backed by Gemini founders Cameron and Tyler Winklevoss, is laying the groundwork to advocate its self-regulatory plans before Congress.

A collection of four major cryptocurrency exchanges – Gemini, bitFlyer, Bittrex, and Bitstamp – in collaboration with commercial consultants, law firms, and compliance experts are working to establish a self-regulatory organization (SRO) for the cryptocurrency industry.

The organization has launched six committees to write white papers that delineate industry best practices concerning the Bank Secrecy Act and know your customer procedures, custody and security issues, enforcement protocols, insurance standards, market integrity, and taxation, according to a statement. These measures are made in anticipation of a potential congressional hearing that would affirm the VCA as a self-regulating watchdog.

Yusuf Hussain, VCA President, said the consortium is already “in conversation with supportive regulatory bodies,” and has identified the industry challenges of most concern for the regulatory community.

Each committee will focus on areas where there is still regulatory uncertainty. That being for each branch:

  • BSA/AML — how to apply Bank Secrecy Act and Know Your Customer controls, including blockchain analytics and transaction monitoring.
  • Custody and Security —how to implement and maintain current best practices for cryptocurrency custodianship.
  • Enforcement — how to execute the regulatory policies and procedures established by the VCA and respond to customer concerns and complaints.
  • Insurance — how to establish minimum, appropriate insurances and coverages for cryptocurrency exchanges and custodians.
  • Market Integrity — how to facilitate cross-market information sharing, surveillance, and auditing to detect and deter manipulative and fraudulent activity.
  • Tax — how to establish a tax framework and interpretation of tax code law as it relates to cryptocurrency trading.

By pairing each committee with industry leaders steeped in regulatory knowledge, the VCA aims to develop “well-informed, sensible regulation.”

Additionally, representatives from Navigant Consulting and Perkins Coie will work as advisors alongside each committee.

“The VCA is grateful to the individuals and companies willing to commit their time towards these committees and advance the goals of the VCA in fostering consumer protection and market integrity for the virtual currency industry,” said Hailey Lennon, Secretary of the VCA, in a statement.

“These committees directly address the concerns of regulators that are trying to figure out the crypto space,” Hussain said. He added that the VCA is “not a replacement for but a supplement to traditional regulatory bodies.”

Collaboration with traditional finance

Modeled after FINRA, the VCA will collaborate with traditional financial operators to leverage their expertise when developing practices and standards to better oversee and surveil cryptocurrency markets as well as design appropriate consumer protections.

Hussain said the relationship between traditional finance and crypto does not precisely map, adding that the “Federal government sees challenges in a fast paced, innovative environment.”

“Regulation has to keep that same pace,” he said. Through its commingling of traditional and crypto firms, Hussain said the VCA in a position to “facilitate cross-market information sharing” and curb market manipulation and other fraudulent activities in real time.

By demonstrating a commitment to progress as well as consumer protections, the VCA hopes to “enable crypto becoming mainstream” and entice more, and larger institutions into the field.

In order to become a registered SRO, the VCA will require congressional approval. “Once a good set of standards is in place, we can take those to congress,” said Hussain.

The VCA was founded in 2018 and is open to all U.S. digital asset platforms and custodians.



Crypto Analyst Flips on Bitcoin, Warns BTC Targeting Fresh Lows – Plus Latest on Ripple and XRP, Ethereum (ETH) and Stellar (XLM)



A crypto analyst who predicted Bitcoin’s recent drop to $8,000 says he no longer thinks BTC is poised for a bullish reversal.

Late last month, the analyst known as Crypto Cal told his 3,300 followers that BTC would rebound after reaching $7,500 to $8,000.

Now that the target has been reached, he says there’s no evidence to support a bounce, and he’s expecting a short-term return to BTC’s lows from February of 2018 at around $6,000.

“I literally can’t find any bullish arguments for BTC here. Breaks down from a 4-month structure into a clear bear flag.

I think it’s inevitable we see fresh lows. February 2018 lows are begging to be tapped in my opinion.”

Source: Crypto Cal/Twitter

Daily technical analyst Josh Rager agrees with the assessment and tells his 58,000 followers that a lack of buy-side volume has him feeling bearish.

“[Bitcoin is] currently ranging in between but with the inability to close back above $8,375 area after that fake-out to $8,800 and lack of volume. Leaves me feeling more bear biased.

Sorry, there’s no reason for me to feel bullish anytime soon until this range breaks up.”

Meanwhile, Josh Olszewicz of Brave New Coin is feeling far more bullish.

Olszewicz tells his 120,000 followers that the Ichimoku Kinko Hyo indicator, which utilizes different timeframes to identify areas of possible support and resistance, suggests Bitcoin is likely to head above its mean at around $9,300 in the short term.


The decentralized finance (DeFi) movement is growing.

DeFi is designed to replace traditional financial instruments with a decentralized alternative that’s not controlled by corporations or governments.

Over two million Ethereum (ETH) is now locked in Ethereum-based DeFi contracts, according to the data tracker DeFi Pulse.

The majority is stored in the collateralized loan platform Maker, which has 1.6 million ETH locked up.

Source: DeFi Pulse

Ripple and XRP

Ripple director of products Craig DeWitt says he’s exploring a side project that would blend XRP and the music industry.

According to DeWitt, his platform would help musicians monetize and sell their music in exchange for the third-largest cryptocurrency.

“Now that the Xpring SDK has launched, I’m working on a XRPL side project!

Any musicians or podcasters interested in selling their stuff for XRP direct to their address? I’m thinking about building a site that allows mp4 downloads for direct XRP donations to the creator.”

Ripple’s fundraising and development arm Xpring has also invested in Raised in Space Enterprises, a California-based company looking to bring blockchain and cryptocurrency to the music business.


The team at the Stellar Development Foundation has announced plans to support eight Stellar-based platforms.

Based on a community vote, the top three winners are the Stellar wallet LOBSTR, the payments platform StellarPay and the XLM-supported Visa debit card platform GetBlockCard.

The Foundation is distributing a total of 3,000,000 Lumens, worth about $192,000, to the winners.

Source. dailyhodl

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The UAE financial regulator asking for feedback on incoming crypto regulation



  • UAE’s financial watchdog, SCA, has published draft regulations and are asking for feedback. 
  • They will be providing final drafter legislation regarding the industry, once all is digested in terms of feedback. 

The financial watchdog, the United Arab Emirates’ (UAE) Securities and Commodities Authority (SCA) recently published a set of draft regulations for crypto assets. 

The organization is seeking feedback from the industry, as noted via an official statement from Oct. 15. The SCA will be collecting public feedback on the draft regulations until Oct. 29, prior to providing the final drafted legislation regarding the industry. 

It details that all parties involved in the crypto industry, including; investors, brokers, financial analysts, researchers, media and others, are invited to provide their feedback on the document, the SCA noted, adding that the proposals will be taken into consideration for the final regulation. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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Crypto Market Cap And Bitcoin Holding Support: BCH, BNB, EOS, TRX Analysis



  • The total crypto market cap is currently holding the key $210.0B support area.
  • Bitcoin price is also trading just above the $8,250 and $8,200 support levels.
  • EOS price is showing positive signs above the $3.050 and $3.000 support levels.
  • Binance Coin (BNB) is up more than 2% and it is trading nicely above the $18.00 resistance.
  • BCH price is holding the $220 support and it could rise above the $235 resistance area.
  • Tron (TRX) price is up around 4% and it is gaining pace above the $0.0162 resistance.

The crypto market cap and bitcoin (BTC) are holding important supports. Ethereum (ETH), binance coin (BNB), ripple, BCH, tron (TRX), litecoin and EOS might climb higher.

Bitcoin Cash Price Analysis

In the past few hours, there were mostly range moves in BCH price above the $215 support against the US Dollar. The BCH/USD pair is slowly rising and it is trading near the $225 level. On the upside, a clear break above the $235 and $240 resistance levels is needed for more upsides in the near term.

Conversely, a downside break below the $215 support area might push the price towards the $205 support area or the $200 pivot level.

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price is trading nicely above the $3.050 and $3.000 support levels. The price is showing positive signs above $3.100 and it could soon test the $3.200 and $3.250 levels. The main resistance on the upside for the bulls is near the $3.300 level.

Tron price remained in a positive zone and it recently settled above the $0.0160 resistance level. TRX price is currently up around 4% and it is trading nicely above the $0.0162 level. The next key resistance on the upside is near the $0.0165 level.

Tron price remained in a positive zone and it recently settled above the $0.0160 resistance level. TRX price is currently up around 4% and it is trading nicely above the $0.0162 level. The next key resistance on the upside is near the $0.0165 level.

Binance coin (BNB) performed really well in the past two days and broke a few important resistances near the $7.50 level. BNB price even broke the $18.00 level and it is currently trading near the $18.20 level. On the upside, an immediate resistance is near the $18.50 level, above which it could test the $18.75 and $18.80 resistances.

Bitcoin Crypto Market Altcoins ETH XRP EOS BNB TRX ADA LTC

Looking at the total cryptocurrency market cap 4-hours chart, there was a spike towards the $230.0B level. It seems like the market cap failed to gain pace above the $225.0B resistance area. It is currently correcting lower below $220.0B, but holding an important support near the $210.0B level and the 100 SMA. If there is a downside break, the market cap could revisit the $200.0B support. If not, there could be a fresh increase in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX in the near term.


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