Crypto
A new cryptocurrency bill would treat digital assets as commodities under CFTC oversight – SiliconANGLE
Two senators at this time launched bipartisan laws aimed toward reining within the “Wild West” of cryptocurrency buying and selling, placing the Commodity Futures Buying and selling Fee as the important thing regulator.
The invoice’s sponsors are Democratic Senator Kirsten Gillibrand and Republican Senator Cynthia Lummis, who sit on the Senate Agriculture Committee and Banking Committee, respectively. The “Accountable Monetary Innovation Act,” they are saying, will create a regulatory framework for digital property, one thing that has been wanted for a very long time in a market that has created new billionaires but additionally been suffering from scams. It’s thought 16% of grownup Individuals now have investments in cryptocurrencies, although the market is much from steady.
The invoice would deal with cryptocurrencies as commodities like oil or espresso, below the regulation of the CFTC, which a lot of these within the cryptocurrency sector see as rather more favorable than having the Securities and Change Fee because the regulator.
“The Accountable Monetary Innovation Act, a bipartisan framework that I crafted along with Senator Kirsten Gillibrand, creates regulatory readability for businesses charged with supervising digital asset markets, gives a robust, tailor-made regulatory framework for stablecoins, and integrates digital property into our current tax and banking legal guidelines,” Lummis stated in a press launch.
The SEC, which enforces the U.S.’s securities legal guidelines and protects buyers from wrongdoing – versus the a lot smaller physique of the CFTC’s regulation of commodities – will solely get entangled with oversight if instructed to do by the courts. For a while now, regulation of digital property has been described as a “turf conflict.”
The invoice has been met positively by cryptocurrency buyers who say the SEC shouldn’t have oversight of decentralized digital tokens as a result of it doesn’t make any sense, though it’s the SEC that has been extra outspoken as to reining available in the market. Final yr, SEC Chairman Gary Gensler referred to as the market the “Wild West” earlier than securities legal guidelines had been introduced in. He says digital property aren’t commodities, however much like inventory, and ought to be handled as such.
Critics of the invoice say leaving oversight to the CFTC is tantamount to leaving the market unregulated, though Gillibrand doesn’t suppose so, saying the invoice will “present readability to each trade and regulators, whereas additionally sustaining the pliability to account for the continued evolution of the digital property market.”
Photograph: Artwork Rachen/Unsplash
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A deepfake video of Elon Musk promising a massive cryptocurrency giveaway has gone viral, sparking confusion and concern. The misleading video falsely promotes a $20 million cryptocurrency giveaway, luring viewers to a website called Elon4u.com.
In the video, Musk appears to announce a surprise crypto giveaway, claiming, “I’ll be doing a $20 million crypto giveaway at Elon4u.com for one week starting December 13,” urging viewers to act fast and participate. The clip presents Musk as inviting people to take part in the giveaway, reassuring them that the process is quick and easy.
However, the video was soon debunked as a deepfake. A post from DogeDesigner, a well-known figure in the crypto community, quickly circulated on X (formerly Twitter), warning followers about the scam. “Elon Musk and his companies are NOT doing any crypto giveaways. Don’t fall for scams! Stay safe,” the post emphasised, urging people not to be deceived by the fake video.
Rise of Deepfakes
This incident highlights the growing risks posed by deepfakes, which can convincingly replicate the voices and appearances of public figures. Experts warn that scams using deepfakes are becoming more sophisticated, making it essential for users to double-check such claims from trusted sources.
In recent years, cryptocurrency scams have been on the rise, often taking advantage of high-profile figures like Musk to create a sense of legitimacy. With deepfake videos becoming more prevalent and realistic, the ability to distinguish between authentic content and manipulation is increasingly challenging for the public.
While Musk has not publicly commented on the deepfake incident, his reputation as a target for online scams, including fake giveaways, is well-known. In the past, similar fraudulent schemes have leveraged his name and social media presence, causing significant concern among his followers.
The Elon4u.com website featured in the video is now under scrutiny, with experts advising internet users to avoid visiting suspicious sites and to report any potentially harmful content.
Investing.com– Bitcoin surged to a record high on Sunday evening amid signs of increased whale trading, while crypto markets also cheered MicroStrategy’s addition to the Nasdaq 100.
The jumped 3.9% to a record high of $105,120.9 by 18:27 ET (23:27 GMT).
On-chain data showed a flurry of major trades by large Bitcoin holders over the weekend. These holders, referred to as whales, were seen moving hundreds of millions of Bitcoin off exchanges and onto private wallets.
X account Whale Alert, which tracks major crypto transactions, showed at least 27,000 Bitcoins, worth a total of $2.8 billion, had been moved off major crypto exchanges such as Bybit and Binance over the weekend.
Such a move points to limited supply of Bitcoin on public exchanges, entailing a higher price for the crypto.
Bitcoin was also buoyed by optimism over MicroStrategy Incorporated (NASDAQ:)- the world’s biggest corporate holder of the crypto- being added to the . MicroStrategy- which is largely regarded as a proxy trade for Bitcoin- surged over 400% so far in 2024, with its valuation spike making it eligible for addition to the index.
The stock will be added to the index effective December 23, and could see further gains as exchange-traded funds move to add exposure to the stock.
The president-elect was courted by crypto investors to become the father of the American Bitcoin Reserve, which is designed to take prices for Bitcoin to the next level.
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President-elect Donald Trump has become a cryptocurrency enthusiast, egged on by crypto investors who are seeking to insure their investments in this dodgy asset keep gaining in value. Trump has promoted the idea of a US Federal Bitcoin Reserve. According to a Hill report, “Speaking at the Nashville Bitcoin 2024 Conference, Sen. Cynthia Lummis (R-WY.) floated a ‘revolutionary proposal’ to make the federal government a Bitcoin investor. It is hard to imagine how this might benefit US taxpayers or support the dollar’s value, but it certainly would raise the dollar price of Bitcoin.” Lummis describes “a strategic Bitcoin reserve” of 1 million Bitcoins that the government “would be required to hold … for 20 years.” At the current value of near $100,000 per Bitcoin, the reserve would be a Bitcoin buyer/holder to the tune of roughly $100 billion, a substantial market share with obvious market impact for crypto investors.
Here is a summary of Trump’s relationship with crypto-currencies.
While you’re here enjoying DonkeyHotey’s latest cartoon, please take a moment to read these articles on related topics:
The cartoon above was created by DonkeyHotey for WhoWhatWhy from these images: Donald Trump caricature (DonkeyHotey / Flickr – CC BY 2.0 DEED), body (Airborne1901 / Wikimedia – CC0 1.0 DEED), truck (Sergio Calleja / Wikimedia – CC BY-SA 2.0 DEED), warehouse (US Army / Wikimedia – PD), and bitcoin (Johannes Blümel / Pixabay).
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