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US Senate Confirms New CFTC Chair to Succeed ‘Crypto Dad’ Giancarlo – CoinDesk

The CFTC tapped Heath Tarbert as incoming chairman of the Commodity Futures Trading Commission (CFTC), replacing current chairman and “Crypto Dad” J. Christopher Giancarlo. The announcement was made yesterday during a Senate confirmation hearing.

The CFTC is tasked with regulating derivatives, digital assets, and over-the-counter trades. The regulatory authority has taken a light-handed approach towards the cryptocurrency industry under outgoing chair Giancarlo.

“During my time of service, it has been a priority to transform the CFTC into a 21st Century regulator for today’s digital markets. With Dr. Tarbert’s confirmation, I know the agency is in safe hands to continue this transition,” said Giancarlo in a statement regarding the succession.

Prior to this designation, Tarbert served a short stint as Acting Under Secretary for International Affairs, beginning April 16, 2019. Before that Tarbert served as Assistant Secretary for International Markets for two years, to which he was confirmed by a vote of 87-8, showing a high degree of bipartisan support.

Politico previously reported Tarbert would likely succeed Giancarlo as chief derivatives regulator.

Tarbert is a member of the Financial Stability Board, the international body established after the financial crisis to monitor global markets, and serves on its steering committee, according to his Treasury Department biography.

Giancarlo has committed to stay on as chairman until July 15, 2019, as Tarbert completes his current Treasury obligations.

J. Christopher Giancarlo image via CoinDesk archives

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source: US Senate Confirms New CFTC Chair to Succeed ‘Crypto Dad’ Giancarlo – CoinDesk

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Bank of England: Cryptoassets Still ‘Too Volatile,’ Not a Good Store of Value By Omar Faridi

David Ramsden, the Deputy Governor of Markets and Banking at the Bank of England (BoE), has argued that cryptocurrencies are “too volatile” to be considered a reliable store-of-value (SoV).

In a brief interview with CNBC on April 30th, 2019, Ramsden said that BoE’s officials have been keeping track of the “emerging developments and then thinking about what they mean” or how they’re relevant to our current economic system.

The Deputy Governor noted that “just over a year ago, the financial policy committee looked at cryptoassets in some detail” – as “supported by” and within the context of the latest developments in FinTech and modern banking services. He confirmed that England’s central bank still believes blockchain-based digital assets are highly volatile, based on their recent price movements.

Cryptoassets Not An Effective SoV Or MoE

Cryptoassets are also not a reliable medium-of-exchange (MoE) because the “cost of transactions” remains quite high, Ramsden claims. Because of these issues, the BoE’s management thinks cryptocurrencies don’t satisfy the basic “principles of being a currency.”

Ramsden also pointed out that “this is why” the BoE considers them to be cryptoassets, and not cryptocurrencies. Ramsden further noted that cryptoassets “did not pose a risk” to the overall stability of the much larger traditional financial system. This, as the current market capitalization of the crypto market, which presently stands at over $174 billion, is relatively small compared to the multi-trillion dollar global financial market.

BoE Continues To Monitor Crypto Markets

Despite not being able to negatively affect the traditional financial system, Ramsden said that the BoE continues to monitor cryptoassets. He revealed that the UK’s Treasury Department, the Financial Conduct Authority (FCA), and the Cryptoassets Task Force carefully examined the crypto industry.

According to the regulators, cryptoassets that “fall within” the current regulatory framework must comply with the European nation’s existing financial policies. However, Ramsden said that UK’s financial regulators “also had to be very mindful of [digital] assets and exchanges that [may be operating] in or outside” the UK’s regulatory guidelines.

“Very Positive” About DLT

Ramsden added that the BoE and other regulatory bodies in the UK “remained very vigilant about cryptoassets.” He continued to note that the BoE is “very positive” about the distributed ledger technology (DLT) that “underlies” cryptoassets. He also noted that part of his role “in embracing FinTech across the BoE” involves looking closely at the potential benefits of blockchain tech.

He also mentioned:

We are looking at the potential of DLT … for example, in the payments space, we’re making sure that our real-time gross settlement system can interface and be interoperable with blockchain/DLT technology.

Source: CryptoGlobe

Report: Number of Blockchain and Cryptocurrency Lobbies Tripled in 2018

The number of lobbies working on blockchain technology issues in Washington D.C. tripled in 2018, politics-oriented news outlet Politico reported on March 18. The number of entities lobbying on digital currencies and blockchain reportedly grew almost thrice in the course of the past year, reaching 33 projects in the fourth quarter of 2018 compared to 12 in the same period of 2017. Jerry Brito — executive director at the non-profit organization Coin Center that works with Reps. Warren Davidson (R-Ohio) and Darren Soto (D-Fla.), both known for their cryptocurrency-friendly attitude — reportedly suggested that the growth is driven by securities regulation…….

Source: Report: Number of Blockchain and Cryptocurrency Lobbies Tripled in 2018

Is There Any Cure for IOTA’s Price Losses? (IOTA Price Analysis For March 18, 2019)

On March 16, 2019, the price of IOTA (IOTA) reached a high of nearly $0.32. It has been on a gradual downtrend since. Here is the price outlook for the period of Mar 16 through Mar 18:

Our analysis of IOTA on Mar 13 predicted that price would increase and result in a breakout above resistance. Our prediction was validated the following day. According to today’s analysis, we predict that IOTA will likely continue trading within a downward facing channel. This means gradual losses for the foreseeable future. Highs within the channel may still be experienced; however, they are expected to grow successively lower over time. In the case of a breakout or breakdown, we assess that a breakout is more likely—which means the possibility of a reversal and rapid price increases.

Source: Is There Any Cure for IOTA’s Price Losses? (IOTA Price Analysis For March 18, 2019)

Bithumb lays off 50% of its staff Leading South Korean crypto exchange Bithumb has announced a sign

Bithumb lays off 50% of its staff Leading South Korean crypto exchange Bithumb has announced a significant number of layoffs. Around 50 percent of its staff members will be part of what is referred to as “voluntary retirement”, as reported by CoinDesk Korea……

Source: Bithumb lays off 50% of its staff Leading South Korean crypto exchange Bithumb has announced a sign

Diar Report: 2018 Sees ‘Record Transacting Volumes’ on Crypto Exchanges

Cryptocurrency exchanges have closed 2018 with “record transacting volumes,” according to a report by research firm Diar published Jan. 14.In its report, Diar notes that both the number of trades and the trade volume have increased on major crypto exchanges in 2018, compared to 2017 figures. The firm predicts that 2019 will see lower figures for spot markets than in 2017, despite the likely increase in the variety of traded cryptocurrencies………..

Source: Diar Report: 2018 Sees ‘Record Transacting Volumes’ on Crypto Exchanges

Rep Soto: Cryptocurrency Regulation Belongs to the CFTC not the SEC | BTCMANAGER

United States Congressman, Darren Soto (D-Fla) has reportedly said that the issue of crypto regulation should be left to the jurisdiction of the U.S Commodity Futures Trading Commission, rather than the almighty Securities and Exchange Commission (SEC), reported Cheddar on January 10, 2019.While the SEC has been actively overseeing the U.S. cryptocurrency space, hunting down projects that go against its statutes, Representative Darren Michael Soto, an American attorney and congressman, has argued that the former should leave matters concerning cryptocurrencies to the CFTC and instead, focus solely on securities regulation.

Source: Rep Soto: Cryptocurrency Regulation Belongs to the CFTC not the SEC | BTCMANAGER

CoinPoker Invites Cryptography and Poker Experts to Debunk Their Transparent Card Shuffling Software and Take Home 1,000,000 CHP Bug Bounty

CoinPoker, a cryptocurrency-based online poker platform, is pleased to announce the official release of its open-source, random number generation software that allows players to engage in card shuffling and verify the fairness of hands. The launch of this software promises to be a giant step forward for the industry, and CoinPoker is offering a 1,000,000 CHP Bug Bounty to the testers for identifying flaws in the software.

Source: CoinPoker Invites Cryptography and Poker Experts to Debunk Their Transparent Card Shuffling Software and Take Home 1,000,000 CHP Bug Bounty | The Daily Hodl

What Triggered Bitcoin’s Sharp Price Plunge – Charles Bovaird

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Bitcoin prices dropped significantly today, falling below $5,400 and reaching their lowest since late last year. The digital currency declined to as little as $5,390.12, losing more than 10% in the space of 24 hours and hitting a fresh 2018 low, CoinDesk price data reveals. This downward movement took place as the broader cryptocurrency market also suffered notable losses, declining from a total value of $210 billion earlier in the day to almost $180 billion by roughly 15:30 UTC (approximately 10:30 a.m. ET), according to CoinMarketCap…………..

Read more: https://www.forbes.com/sites/cbovaird/2018/11/14/what-triggered-bitcoins-sharp-price-plunge/#1eb908bf1d66

 

 

 

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