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

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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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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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