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Ripple pilots businesses to plead US to enact an affable crypto approach

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Ripple

The US has had a sturdy stand on cryptocurrency and blockchain trading. The position, however, seems to be affecting big guns in the industry. As a result, a group of companies led by Ripple has joined hands to try and convince the US legislators to implement a friendly crypto environment.

In this move, Ripple among other small start-ups will somewhat pay lobbyists in crypto. This declaration comes after the coalition stated that it would hold on a cooperation lobbyist fir, Klein/Johnson Group, which is the linchpin in Fintech problems.

The US individuals were suspended from buying or mining cryptocurrencies for some reasons. First, the state believes the use of digital currency will be used by the majority to evade paying tax. Second, villain states will use the currency and bypass the US warrants. Also, it was noted that this form of currency would facilitate illegal activities.

The climate around the US regulatory agencies such as SEC (the Securities and Exchange Commission) is making the group of major players in the industry feel endangered. These regulatory agencies have been on the hunt to shut down ICOs and illegal cryptocurrency projects. Instead of handling them like special assets or commodities, they were being treated as securities.

As of this publication, the government of US is split on how to control the cryptocurrency sector. The primary concern for the split is on how to define different kinds of cryptocurrencies that fall in the utility tokens, commodities or securities tokens categories.

Securing America’s Internet of Value Coalition is the name these major players are calling themselves. They are optimistic that the US will validate their request and allow a friendly crypto ecosystem. Above all, this will be powering force pushing and funding demonstrative legislation expected to come out of DC.

Executive chairman of Ripple, Chris Larsen said the following regarding the new collaboration:

“We understand this cryptocurrency/blockchain is complex, and there is a lot of misguidances out there. The good news is that in DC, there is a lot of interest in this topic.”

Lobbyist will be earning 25K USD per month from the coalition on top of the 10k XRP tokens that will be taken as cash in all reports to the federal lobbying companies.

Larson explained that the move to make part of the payments in digital form was a deliberate as they can study the game. As a result, they will be a position to represent cryptocurrency, XRP to be specific before legislative supremacy.

Larsen stated:

“It gives them some upside and some risk as well. Hopefully, they will get a taste of the industry in a way that hits home.”

Uncertainty surrounding Cryptocurrency Constitution and Definition

Cryptocurrencies do not fall under the very same regulatory umbrella, and this is the reason to why it’s hard to classify them. Still, this is why it’s hard to divide roles amongst the US several regulatory agencies like the CFTC and the SEC.

Multiple courts of US have added more confusion with their rulings. The most recent is that of the federal judge who announced that digital currencies should get treated as the commodities. The judgment in question is a vow that the CFTC, not the SEC should take problems surrounding cryptos care. These are good news to the crypto investors.

In a ruling, the judge responsible for making the decision said:

“the Congress enacted the securities policies to balance investments, in whatever form they are made and by whatever name they are called..”

After changing lobbyist minds in DC, the chances are that might help stimulate friendly cryptocurrency policies which are needed with the industry. Investors are monitoring how regulatory firms are reacting to products such as the Bitcoin (BTC) ETF and Bakkt, the forthcoming cryptocurrency exchange.

Considering all the legal trouble Ripple has been facing in the past, this indeed looks to be a right investment of time and sources by the blockchain firm.

And of course, if the group succeeds in making US government understand the way they want, it will be a massive win for not only Ripple or the group of businesses standing by side of it but the whole crypto industry. Time will tell if US regulators change its mind regarding crypto or not; still, the group deserves a thumbs up.

Check out the Global Coin Report talk show as we address all the highlights in crypto and the financial markets. With guests from all over the cryptosphere bringing you news, editorial, and of course, money making opportunities.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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Lotto Nation is Revolutionizing the Traditional Lottery Industry

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Lotto Nation

As the global economy continues to deal with the economic fallout due to the ongoing pandemic, companies are coming to terms with the fact that normalcy may not return for quite a while.  Many economists are wondering how the business landscape will look a year or more from now.  It’s certainly possible that many businesses, such as retailers and restaurants, may be unable to survive the current downturn.  But while some businesses will falter, others will emerge stronger than ever.

Traditionally, when economies go through a severe downturn, companies adapt.  Those that maintain the status quo usually have great difficulty while those that adapt prosper and conquer.  One possible example of this is Lotto Nation.  Thanks to the entrepreneurial skills of Nils Thomson, the Founder and CEO of Lotto Nation, the company is attempting to completely modernize the traditional lottery industry.

Current Lottery Model is Severely Outdated

It’s safe to say that nearly every human that has ever walked the earth has fantasized about winning the massive jackpot that would completely change their life.  These dreams have turned the global lottery industry into a $302 billion market that is expected to reach $380 billion by 2025.  Despite this predicted growth, the industry suffers from a variety of problems that are preventing it from really exploding.

Perhaps the biggest problem is that traditional lotteries are centralized.  Because of this, there is essentially no oversight on what a lottery provider…

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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