Crypto
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Ripple CEO blasts Dogecoin for ‘inflationary dynamics’
The CEO of Ripple, the company behind the XRP cryptocurrency, is not a fan of the meme-based digital currency Dogecoin (DOGE). Brad Garlinghouse believes that DOGE is not good for the cryptocurrency market due to its alleged “inflationary dynamics” and unlimited supply. Global inflation is driving Bitcoin’s (BTC) price higher but has a warning for Dogecoin fans, Garlinghouse argued at a CNBC-moderated panel at the Fintech Abu Dhabi event on Tuesday. “I’m actually not convinced, somewhat controversially I guess, that Dogecoin is good for the crypto market. Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it,” the Ripple CEO said. Garlinghouse noted that Dogecoin has no hard limit on the total supply of coins in circulation, which makes it very different fr...
eToro to delist Cardano by 2022 for US users due to regulatory concerns
In a statement released to customers on Tuesday, Israeli cryptocurrency exchange eToro announced it would delist Cardano (ADA) and Tron (TRX) for United States customers by the end of the year. After Dec. 31, U.S. users will no longer be able to open new positions in the tokens nor stake ADA and TRX. In addition, wallets will be effectively in withdraw-only mode until the first quarter of 2022, when selling will also become limited. In making the decision, eToro cited regulatory concerns surrounding both assets. The move came as a surprise to some as ADA has not been traditionally associated with regulatory troubles. In context, tokens like Ripple (XRP), whose creators are currently engaged in an ongoing lawsuit with the Securities and Exchange Commission, or SEC, as well as Monero, w...
ASIC chair Longo calls the growing demand for crypto ‘impossible to ignore’
Joe Longo, chair of the Australian Securities and Investments Commission, or ASIC, spoke at the Australian Financial Review Super and Wealth Summit on Monday at the Fullerton Hotel in Sydney. The rise of crypto, he said, has been “nothing short of phenomenal, and impossible to ignore.” As a corporate and markets regulator, Longo admitted to a certain fascination with decentralized autonomous organizations, or DAOs. He said that they present certain challenges for national regulators like ASIC: “To paraphrase a concept familiar to corporate lawyers, to whom does ASIC turn to ascertain the directing mind and will of a DAO? It is not clear who is accountable if things go wrong, or don’t go as intended or anticipated. Nor is it clear how a DAO, itself, can be held accountable in a court ...
Mixed messages on crypto tax rules create confusion in South Korea
South Korean government officials have created confusion this year with conflicting announcements regarding a possible repeal or amendment of the upcoming crypto tax set to come into effect in 2022. Throughout 2021, debate has increased in intensity in the National Assembly, South Korea’s legislature, about whether, or how, to amend the crypto tax. If unchanged, the tax will levy a 20% tax on income generated by crypto transactions in excess of 2.5 million Korean won, or about $2,100. NFT regulations are the latest example of confusion over crypto assets in the country. On Nov. 5, FSC officials stated definitively that NFTs would not be subject to the crypto tax based on FATF guidelines classifying NFTs differently from cryptocurrency. But that decision was effectively reversed yesterday w...
Floki’s logo to appear on league-topping SSC Napoli’s match jersey and stadium
The team behind the Floki Inu (FLOKI) token — inspired by Elon Musk’s pet dog of the same name — has signed a sponsorship deal with Italian football giant S.S.C. Napoli. S.S.C Napoli was founded in 1926 and is one of the most popular professional teams in Italy. The historic club won its first Serie A title in 1987 led by the late global football icon Diego Maradona, and is currently sitting at first place in the league for the 2021-2022 season. Here is SSC Napoli’s official tweet about the partnership with #FLOKI. Go and show them love, Vikings! https://t.co/cSfZxvkUCc — Floki Inu (@RealFlokiInu) November 23, 2021 According to a Nov. 23 announcement from S.S.C. Napoli, the Floki Inu logo depicting a Shiba Inu dog wearing a Viking helmet will be displayed on the back of Napoli’s jers...
deadmau5 Joins VC Firm As Strategic Advisor As Metaverse Gold Rush Heats Up
deadmau5‘s next gig will ensure the expansion of immersive metaverse technology and cutting-edge music tech. The electronic music luminary has accepted a role as a strategic advisor to Outlier Ventures, which, as Market Insider notes, was among the first venture capital firms dedicated to making crypto-related investments. The company, founded in 2014, also brought on hip-hop icon Snoop Dogg alongside deadmau5. deadmau5 and Snoop will advise and invest through Outlier Ventures’ Base Camp Accelerator, an incubator program that has collectively received over 5,000 applications from startup projects and generated $250 million in capital funding. With a monster year for crypto now in the books in 2021, the program is expected to be bigger than ever in 2022, with the potential to ac...
Fed conducted ‘policy sprints’ around crypto assets to address regulatory clarity
The United States Federal Reserve is planning to address ambiguities that they feel are plaguing digital asset regulation in the country following rapid analyses by government agencies. In a Tuesd announcement, the Board of Governors of the Federal Reserve System said it recently worked with the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency on a series of “policy sprints” aimed at addressing regulatory clarity in the crypto space. The interagency effort included building a greater understanding of the terminology surrounding crypto assets, identifying potential risks, and analyzing existing regulatory frameworks to determine if any changes were necessary. According to the Fed, the three agencies plan to address whether “certain crypto-related activitie...
Bank of England sees CBDCs as a revolution for the future of money
In an event streamed live on Wednesday, Bank of England governor Andrew Bailey and deputy governor for financial stability Sir Jon Cunliffe answered questions from lawmakers from the Economic Affairs Committee. When asked about the growth of innovation surrounding digital currencies in the country, Sir Cunliffe gave the following comment: “It’s quite difficult to predict how innovators will take money and actually use money going forward. But we are starting to see programmable money being used in the crypto world. And I would expect we would see a similar revolution in the functionality of money driven by technology.” Sir Jon Cunliffe discussing CBDCs | Source: Parliamentlive.tv The Bank of England is currently exploring options to implement a digital pound CB...
US Senator Pat Toomey supports digital dollar, nomination of Powell as Fed chair
Pennsylvania Senator Pat Toomey, one of the lawmakers who supported amending the language around crypto in the recently passed infrastructure law, said the United States should lead the world in the adoption of a central bank digital currency, or CBDC. In a Tuesday interview with Bloomberg’s David Westin, Toomey said the U.S. dollar should have “the most sophisticated capabilities of any currency in the world” as the country could benefit from a digital dollar. However, the senator said the rollout of any U.S. central bank digital currency should not rely on the Federal Reserve as a traditional bank for retail accounts, citing issues with privacy. “The idea of having a tokenized dollar that is capable of being exchanged on a peer-to-peer basis on a platform where developers can innov...
How to enhance DeFi security
Creating a cryptocurrency from scratch isn’t easy. It requires extensive knowledge of various programming languages and knowledge of blockchain use cases, among other things. Instead of going through that effort, those newer to the crypto space wanting to build their own project tend toward tokens. Tokens are a crypto asset that exists within an ecosystem, like a project built on Ethereum. A token may be compatible with all Ethereum-based assets sharing the same token standard but wouldn’t be compatible with cross-chain cryptocurrencies. Essentially, tokens enable one to build their blockchain-based business or idea without the massive effort required to build a cryptocurrency from scratch. However, creating it comes with its own set of problems such as legality, fees, and smart cont...
Top 3 storage tokens to buy on November 23: FIL, AR, and HOT
FIL, AR, and HOT are all blockchain-based, decentralized storage solutions. With the increase in demand for storage solutions, each token has the potential to increase in value. These are the top three storage-focused tokens that you should buy on November 23. Filecoin is a decentralized storage system, where the FIL token is the native cryptocurrency token that powers the decentralized peer-to-peer network for file storage. Arweave is a decentralized storage network, specifically developed to offer a platform for the indefinite storage of data. Holo is a peer-to-peer distributed platform developed to host decentralized applications. The holo network relies on a series of hosts that provide storage and processing power for dApps using Holochain. Should you buy Filecoin (FIL)? On November 2...
Binance reportedly wants global wealth funds to get a stake in exchange
Binance, the world’s largest cryptocurrency exchange, is reportedly in talks with sovereign global wealth funds to sell them a stake in the company. In addition to planned “mega funding” for its United States-based business, Binance.US, Binance is now also seeking global funding to improve relationships with regulators, Binance CEO Changpeng Zhao said in a Tuesday interview with the Financial Times. According to Zhao, the upcoming funding is aimed to improve its “perception and relationships” with many governments as multiple financial regulators around the world have been cracking down on Binance this year. “But it may also tie us to specific countries, which we want to be slightly careful with,” the CEO noted. As Binance is currently in the preliminary stages of discussions, it’s still e...
