Crypto Needs Regulation, Says Senator Elizabeth Warren

SEC has made it very clear that they are going to be some extreme enforcement on the crypto industry as the regulatory agency is working its way to fully understand the crypto space and implement changes and regulations wherever necessary. The Securities and Exchange Commission has ordered its regulators to come up with a plan to implement these regulations; a step-by-step approach will prove extremely elegant towards this objective. Given the volatility of the market and the risks that surround the expansion of the crypto space, these regulations are a must, according to senator Elizabeth Warren. 

She is also well aware of the positive sides of using cryptocurrency over fiat money, but she fears that if left unregulated, it could have devastating consequences for the conventional financial system already in place. She fears that if those segments of the crypto market that are a threat to the present fiat financial system are not fully attended, it could lead to a severe financial crash. The investment of the investors doesn’t seem to be secure in the crypto space as regulations are not well caught up with the pace of the market as it occurs. 

Regulated Crypto Market is a Threat to Conventional Financial Infrastructure

The volatility is too high; there are no indicators whatsoever when the market is going to take a horrific turn as the crypto market is nothing like the stock market, which can very well be studied and analyzed regarding the trends that might hit in the future. Of course, it could either be up or down; one can’t be so sure with the stock market as well, but at least there is a system in place to study it and then to act along with the best possible information present.   If this thing is not tended to in the imminent future and the Securities and Exchange Commission fails to incorporate those regulations and given time, then it will simply mean there is going to be a bloodbath of the crypto market, and therefore a bailout package should very well be in order to tackle the financial consequences it will impose on other conventional markets.

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Electric Vehicle Adoption Rises in China amid Chinese Bitcoin Mining Ban

Now that the entire Chinese soil is free from Bitcoin mining farms, things have started looking promising for the provinces in the country. The change that the provinces are experiencing is related to climate control.

With such a large number of Bitcoin mining farms being removed from China, the country has a vast amount of power capacity that is lying freely. Therefore, the country has gone ahead with the move of adding more power and efforts to the agenda of climate-consciousness.

Just recently, an announcement was made by the Guizhou province, which is in the southern region of the country. The Guizhou province is prominently known to be very rich in hydroelectricity. The province has announced that the freed-up energy will be used for the charging of electric vehicles.

Therefore, the Guizhou province has started a project of installing electric vehicle charging units all over the province. The Guizhou province officials have also announced that they are planning to install several thousand electric vehicles charging stations in the province.

In the announcement, the province officials have announced that at least 4,500 charging stations for electric vehicles would be installed in the province by the end of 2021.

The province has announced that in the following years, it is going to increase the number of electric vehicle charging stations throughout the province. As per the officials, in the year 2022, it is planning to install at least 5,000 electric vehicle charging stations. Then in the following year (2023), it is planning to install at least 5,500 electric vehicle charging stations.

This goes to show that removing the Bitcoin mining farms from the country has resulted in freeing up a tremendous amount of energy. This topic was even covered by the Morning Post of South China.

In the post, it was revealed that the pressure from Beijing over the mining facilities in China has resulted in freeing more than 50 terawatt-hours of electricity.

The post revealed that this is an enormous amount of energy that has the ability to run an industrialized city for up to 33-years with a population of up to 1 million.

Another comparison that the post from Morning Post made was related to powering up the Tesla cars. It claimed that this much energy could even match the charging needs of over 10 million Tesla Model 3 cars for more than a year.

It seems that China is now aiming to change the way the world has been perceiving it. For decades, China has been stamped as one of the most polluted and carbon-impacted countries in the world. However, China is now aiming to change this by 2040 and it has already set on the right course. The country is taking out any factors that are or may hinder its progress towards its aim of being a carbon-neutral country.

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Gary Vaynerchuk Pays The Fourth-Highest Price For A CryptoPunk NFT

Serial entrepreneur and media mogul Gary Vaynerchuk (often known as ‘GaryVee’) has been supportive of new innovations and technologies for a long time, and this includes NFTs (non-fungible tokens). He has posted several videos of himself where he openly admitted to believing that NFTs (in addition to cryptocurrencies in general) are the future, and as such, he has now purchased a CryptoPunk non-fungible token for 1,600 ETH, which is worth approximately $3.7 million at today’s prices.

For those who might be unaware, CryptoPunks are often considered to be the most prized as well as some of the oldest NFTs out there. In fact, only 10,000 of these non-fungible tokens exist in total, and while each NFT has its own unique set of traits, some of the CryptoPunks are more valuable and sought after as compared to others.

Gary supports crypto

As aforementioned, Gary loves to support innovation and to change our society for the better. As part of his underlying support for the crypto industry, he had launched his own NFT franchise recently called ‘VeeFriends.’ Furthermore, as Gary often talks about how investments with great potential usually take time to pay off, he also stated that he does not expect any quick success as far as his involvement with NFTs may be concerned, as he mainly wants to help build something that is truly meaningful and long-lasting.

Gary loves to talk to those that are considerably younger than him in order to gain some insight into what the younger generation likes to do as well as the mindset that comes with those people that try to create businesses and move away from a more conservative and traditional point of view. Having originally made his fortune by taking over his father’s wine business, Gary was able to exponentially increase the company’s revenue and was one of the first individuals to realize the power of social media, particularly that of video blogging (vlogging) and platforms such as YouTube. His company, VaynerMedia, has successfully provided a variety of services pertaining to social media strategies to numerous Fortune 500 companies in the past.

Vaynerchuk defends his purchase

The millionaire’s purchase is indicative of the 4th highest price that has ever been paid for any CryptoPunk NFT, with the 3rd highest being paid only a couple of hours after the fact (where someone had bought CryptoPunk #5217 for a massive 2,250 ETH).

Gary has consistently had to deal with numerous critics who have often called his decisions into question, whether these be crypto-oriented or otherwise. Some have said that Vaynerchuk paid a ridiculous sum for essentially nothing more than pixels. However, Gary defended his purchase by stating that the true value of NFTs has not yet been fully revealed and that he is very confident that his investment will pay off in the long run. He concluded his defense by stating that many people neglected to understand the significance of ‘Jackson Pollock’ paintings too and that these individuals are making the same mistake with non-fungible tokens.

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Akoin Gains A lot of Success and Next Stop is Worldwide Domination

As per the latest reports, the cryptocurrency project is known as “Akoin” has been making a lot of progress since its pilot launch. Akoin is a cryptocurrency project that was reportedly developed and launched by the singer Akon.

The reports confirm that the pilot testing for the Akoin has commenced at the Mwale Medical Technology City (MMTC). The Mwale Medical Technology City (MMTC) is located in Western Kenya. The reports confirm that the plot testing for Akoin has proven to be a huge success.

Following the successful, pilot testing of the Akoin at MMTC, the next strategy for the Akoin is to spread it worldwide. Therefore, the development team for Akoin is planning to roll out the project all over the world. The development team has confirmed that the rollout for the Akoin project would be carried out until next month.

The pilot for the Akoin project had been initiated starting November 2020 at the MMTC. The transaction data recorded from the pilot project shows that $5 million worth of transactions is being processed on a monthly basis. One of the Mwale Medical Technology City spokespeople has shared information around the success and growth of the project.

During the pilot phase of the Akoin, the residents of the MMTC were allowed to transact through Akoin. The MMTC residents were also allowed to accept payments in the form of Akoin. During the pilot phase, the MMTC residents were also allowed to receive funds in the form of Akoin on their smartphones and get them converted to calling minutes.

Furthermore, the residents could also acquire Akoin in other forms of exchange. This was to ensure that the users continued receiving Akoin and getting used to using the digital currency in the form of payments and other utilities.

In order to gain more success, the Akoin project is being rolled out in a very smart manner. The development team is planning to roll out the project at the starting of the month of September. It is being estimated that following the rollout of the project, it would be able to achieve $2 billion worth of sales by 2022.

It is hoped that by that time, Akoin would have the status of being used as the only currency in the city for business. Once launched, every person within the city would be able to benefit from it. However, the initial rollout phase of Akoin will target social activists, business owners, and entrepreneurs.

The development team for Akoin is aiming to launch the digital asset all across Africa in the coming months. This is to ensure that the Akoin has even local exposure so it does not face any problems when being launched globally.

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CFTC Commissioner has Something Alarming to Talk about SEC

Since the beginning of the current year, the Securities and Exchange Commission of the United States has started taking more interest in the cryptocurrency industry. It is quite evident from the industry’s recent interest and input in many matters related to the cryptocurrency industry.

Ever since the cryptocurrency sector started making into the United States sector, the Securities and Exchange Commission has taken several steps to control it.

However, there is one person who is now arguing and disputing the interference of the Securities and Exchange Commission into the cryptocurrency industry. The sources suggest that it is the Commodity Future Trading Commission’s (CFTC) commissioner who has raised questions of the SEC’s involvement with cryptocurrencies.

The commissioner at the CFTC has made it clear that from no perspective or angle does the cryptocurrency industry fall under the jurisdiction of the US SEC.

The reports suggest that the CFTC Commissioner, Brian Qunitenz, made a statement on the matter through his Twitter profile on Wednesday, August 4, 2021. Through his Twitter profile, he raised concerns over the handling of cryptocurrencies by the Securities and Exchange Commission of the United States.

He stated that there is no way the Securities and Exchange Commission would handle cryptocurrencies or digital assets. Instead, the cryptocurrencies must be handled fully by the Commodity Future Trading Commission.

Qunitenz presented his argument claiming that no matter the cryptocurrency or the digital asset, it must be handled by the CFTC instead of the US SEC.

Qunitenz further elaborated his concern over the matter, making more claims around the handling of cryptocurrencies by the US SEC. He stated that when it comes to trading venues or pure commodities, the Securities and Exchange Commission has no authority over them.

No matter the commodity it may be such as oil, gold, wheat, or even cryptocurrency assets, the US SEC has no say or authority over either of them. This is the reason why the US SEC has no say when it comes to cryptocurrencies or the way they are being handled/distributed in the United States.

Quintenz is not the only person from the CFTC who has shared his concerns over the cryptocurrency handling of the US SEC. Hours before Qunitenz made his statement on Twitter, it was Christopher Giancarlo, the former chairman at CFTC who made a similar kind of statement.

In the statement, Giancarlo stated something similar about the US SEC that Qunitenz had commented about. He stated that it is the CFTC in the United States that has the required amount of experience and knowledge around handling markets for cryptocurrencies, including Bitcoin (BTC).

Therefore, if Joe Biden is interested in setting the right values and processes around cryptocurrencies, he needs to look at the situation. Biden’s administration needs to realize the flaw here and make things right by letting the CFTC handle cryptocurrencies, instead of the US SEC.

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Afterpay Deal Could Help Square Increase its Value, Thinks Pompliano

Just recently, co-founder of Morgan Creek Digital, Anthony Pompliano, shared his thoughts about the recent deal that was finalized between Square and Afterpay. Pompliano talked about the significance of the recent deal that has taken place between the two firms.

He stated that Square would be able to benefit tremendously from the recent deal it has formed with Afterpay. It was just yesterday, August 3, 2021, when reports started emerging surrounding Square’s acquisition of Afterpay, a “buy-now-pay-later” firm from Australia.

Pompliano has stated that the acquisition of Afterpay would help Square increase its market valuation at a high rate. He has predicted that the recent move made by Square may help the company increase its market valuation up to $1 trillion.

Afterpay’s acquisition carried out by Square is a well-measured move by its CEO, Jack Dorsey. Jack Dorsey is also the CEO of Twitter and he has acquired Afterpay, with aim of competing with one of the largest online payments service providers in the world, PayPal.

Jack Dorsey has proceeded with the move for the acquisition of Afterpay at a price of $29 billion. Jack Dorsey also used this opportunity to share Square’s revenue figures for the second quarter of 2021. He revealed that in the second quarter of 2021, Square has managed to generate $2.7 billion in revenue for sales in Bitcoin (BTC).

According to Pompliano, Jack Dorsey has made a very smart move gaining a lot of prominence in both the crypto and financial sectors. He has helped his own company Square and Afterpay gain from the announcements.

This move would help both companies gain a lot of surge in terms of their share prices and help them earn market presence.

Pompliano stated that Jack Dorsey’s move has proven to be a “Best Business” show for the entire industry. He shared his views about Square through his YouTube channel in a YouTube video.

He stated that as per his estimates, the minimum gain Square is going to witness from the deal is 2X its market value. When it comes to maximum gains with a conservative perspective, then the gains would go all the way up to 5X.

At the time of writing, the current market capitalization of Square is $122.72 billion and at that of Afterpay is somewhere around $40 billion. Pompliano stated that it is quite possible that Square moves towards a merger with Afterpay, which may bring the total market capitalization of both firs to $162.72 billion.

Keeping in mind the stock price gains both firms are going to make from the deal, it is possible that their combined market capitalization may hit $200 billion. Therefore, if the company gains 2X growth, then it is going to be around $400 billion, and the max would be 5X ($1,000 billion).

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Chinese Wallet Addresses Sent $2.2 Billion Worth of Digital Tokens to Criminal Syndicates

Chainalysis is a blockchain transparency and security project. A recent report published by Chainalysis unveiled a massive cryptocurrency-based scam originating from China. The report published last Tuesday reveals that digital assets valued at $2.2 billion have been transacted during 2019 and 2021. All of these transactions were made with digital wallets addressed originating from China.

A huge matter of concern about these transactions is that most of them were made used in cybercrimes, crypto scams, and dark web operations. By contributing such a huge amount in lieu of crypto crimes, China has become one of the biggest contributors in the world in this discipline. The report also took a detailed look at the changes made by the Chinese government during the ongoing crypto mining exodus.

Cryptocurrency Scams have Declined in China in the Last Two Years

The blockchain transparency projects claimed in a newly published report that amount of crypto-related crimes have declined in the last two years. According to the report, this has happened due to the discovery of a massive crypto scam in China called Plus Token. This Ponzi scheme-type project deceived investors by posing as an exchange and digital wallet service.

The investors based in China ended up losing 3-4 billion dollars in the aftermath of this mage cybercrime and crypto scam. With the uncovering of such an event, both the investors and the regulators have started to monitor crypto-related projects with more care and caution than ever before. Furthermore, the massive coverage in media also allowed the people in China to get more educated about such scamming projects and remain safe against such attempts.

The government of China has enforced a crypto mining exodus in the region for the last few months. According to Chainalysis, the local regulatory authorities have grave concerns about the increasing Money Laundering and Tax Evasion schemes. On the other hand, some illegal streams of digital assets also facilitated the trafficking of illegal chemical substances like Fentanyl and narcotics. Recently, Zhao Dong was apprehended by the Chinese law enforcement agencies for conducting fraud last year. Dong was responsible for running several OTP projects. He was facing charges for white-collar crimes purported by the Chinese regulators. Dong has recently pleaded guilty to money laundering allegations and looking at a long period behind bars.

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