The head of the SEC says crypto assets need a lot more regulation before they can move forward.
“This asset class is rife with fraud, scams, and abuse in certain applications,” SEC Chairman Gary Gensler said at the Aspen Security Forum on Tuesday.
“We need additional congressional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.”
Gensler addressed several aspects of the crypto business in his speech.
Digital tokens: Gensler said many digital tokens because they are investment contracts, are offered and sold as securities and should be regulated as such. …
Two Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) clones are trending on CoinMarketCap in the late hours of Monday.
What Happened: Mini Shiba (CRYPTO: MINISHIBA) and CyberDoge (CRYPTO: CYBRRRDOGE) trended on CoinMarketCap at press time.
MINISHIBA traded 30.09% lower over 24 hours at $0.00000001018, while CYBRRRDOGE traded 21.6% lower at $0.000000000138 in the same period.
DOGE traded 2.09% lower at $0.20 over 24 hours, while SHIB traded 0.61% higher at $0.000006294.
Why It Matters: Mini Shiba claims to be the son of Shiba Inu — reminiscent of Baby DogeCoin (CRYPTO: BABYDOGE), which claims to be the son of Dogecoin.
The price of bitcoin surged above the $40,000 level over the weekend for the first time since mid-May, but the rally started to stumble Sunday.
Bitcoin peaked above $42,000 on Saturday, according to Coindesk data, but by Sunday evening, had retreated to around the $39,600 level.
The world’s largest cryptocurrency has surged since dipping below $30,000 on July 20, partly because investors see it as a hedge against inflation and currency values if and when the Federal Reserve starts tapering its $120 billion-a-month asset purchases.
Other cryptocurrencies followed bitcoin’s lead, falling Sunday after a streak of daily gains. Ethereum was…
Business analytics firm MicroStrategy, which owns more bitcoin than any other corporation in the world, posted its biggest loss ever Thursday as a result of the cryptocurrency’s massive crash last quarter, but the company’s longtime CEO Michael Saylor said the company will continuing buying more of the volatile asset amid strong support from institutional investors.
In an after-market release Thursday, Virginia-based MicroStrategy reported a second-quarter loss of $299.3 million, compared to a $3 million profit in last year’s second quarter, on approximately $125 million in sales, up 13.4% from a year earlier.
Fueling its overall losses, the company disclosed a…
The co-founder of the Ethereum blockchain, Vitalik Buterin, donated roughly $1 billion in a Shiba Inu-themed cryptocurrency to a covid-19 relief fund in India in May 2021. So far, according to Bloomberg, just $20 million or roughly 2% of the original commitment has made it to its donation.
India has been ravaged by the coronavirus pandemic, particularly in dense cities where average citizens often struggled to gain access to basic medical services well before the virus began circulating and engulfed hospitals and clinics with a never-ending deluge of patients. …
Bitcoin broke above $40,000 on Wednesday and headed for another attempt at breaking from its months-long range as short-sellers bailed out and traders drew confidence from recent positive comments about the cryptocurrency by high-profile investors.
Bitcoin was last up 1.7% at $40,149 while rival cryptocurrency ether rose 1% to $2,328. Bitcoin is within a whisker of rising through its 100-day moving average.
Bitcoin fell below $37,000 after briefly surpassing $40,000 following Amazon.com Inc.’s denial that its job posting for a digital currency executive meant that it will accept the token for payments this year.
Earlier Monday, the job posting from the retail giant seeking an executive to develop the company’s “digital currency and blockchain strategy” had stirred questions among analysts over whether the move could eventually lead to Amazon accepting Bitcoin as a method of payment. Shortly before 4:00 p.m. …
Bitcoin surged Sunday evening topping $39,000 for the first time since mid-June as sentiment turned bullish following a recent sell-off.
The cryptocurrency was trading at around $38,059.84 at 11:05 p.m. ET, according to…
Ethereum, which was already rallying on the day, touched its high of the session after Musk’s mention. …
Electric-car maker Tesla will “most likely” resume accepting Bitcoin as payment after it conducts due diligence on the amount of renewable energy used to mine the currency, Chief Executive Officer Elon Musk said at a conference.
© Smriti Chaudhary Tesla to resume accepting Bitcoin after due diligence: CEO Elon Musk
Musk’s comments at the B-Word conference come after Tesla said in May it would stop accepting bitcoin for car purchases, less than two months after the company began accepting the world’s biggest digital currency for payment.
“I wanted a little bit more due diligence to confirm that the percentage of…
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