SEC Chair Gensler Proposes ‘One Rule Book’ Crypto Regulation

The Financial Times reported that Gary Gensler, Chairman of the SEC, has proposed a single rulebook for crypto regulation. To avoid any gaps in oversight of crypto, he is seeking to make agreements with other financial regulators such as the Commodity Futures Trading Commission. According to him,

This is the one rule book that applies to the exchange.

According to the SEC chief, the rule should be transparent and protect investors from fraud, manipulation, and front-running.

Gensler explained that the rule book will be applicable to all trading, regardless of which pair it is – security token or commodity token, commodity token or commodity token.

According to the SEC boss, he is currently working with his counterparts at CFTC on a memorandum for understanding’. This would be a formal agreement to ensure that digital asset trading has sufficient transparency and safeguards. He said that if a commodity token was listed on a platform controlled by the securities regulator, then the SEC would’send this information over to the CFTC.

Gensler stated:

The public will benefit greatly from one rule book for an exchange, which is the market integrity envelope. It will help to build trust in these markets if the industry wants to move forward.

U.S. U.S. Senators Kirsten Gillibrand & Cynthia Lummis have recently proposed a framework to expand the CFTC’s oversight over the crypto sector.

Gensler warned last week that crypto products are ‘too good for them to be true’. Gensler also warned that crypto-exchanges frequently trade in the wrong direction for their customers. The SEC chairman warned investors that many tokens would fail after the collapse of cryptocurrency Terra (LUNA), and stablecoin Terrausd (UST).

Gensler’s enforcement-centric approach to crypto asset regulation has been criticised. Hester Peirce, the SEC Commissioner, stated in May that Gensler has fallen short regarding crypto regulation and that there are long-term implications.

Mad Money’s Jim Cramer Offers Advice on Cryptocurrency Investing

Jim Cramer (host of Mad Money) has some tips for crypto investors. He said that “I wouldn’t discourage you from purchasing crypto,” and added that he owns ethereum.

Jim Cramer’s Advice for Crypto Investing

CNBC Make It Wednesday host Jim Cramer gave advice on cryptocurrency investing to Mad Money’s host, Jim Cramer. Cramer, a former hedge fund manager, co-founded Thestreet.com which is a financial news and education website.

He continued, expounding: “I believe crypto should be part a person’s diversified portfolio.”

I cannot tell you to not own crypto. I have crypto. I have ethereum.

He said that he purchased ether (ETH), as he wanted to purchase a non-fungible token for charity. He noted that they wouldn’t allow him to do dollars. “I bought it in ethereum so I did some research. It has some qualities that I like: scarcity, not as hot as bitcoin (BTC). It was so good that I bought it.

He acknowledged that crypto is speculative but said that it was okay to invest in speculative investments. He stressed that crypto is speculative, but he also said, “You have to admit it’s so,” and added: “Don’t put it in Procter & Gamble. It is not Coca-Cola. It’s not Apple.

He also noted that crypto has always been recommended to him, with 5% in crypto and 5% being in gold.

He admitted that he doesn’t know the exact value of crypto, but he also acknowledged that crypto has made many people a fortune. He said that anyone can make money with crypto.

I prefer you to do it in bitcoin or ethereum, as they have the most followers. But I’d be cautious.

Cramer also warned investors that they should not borrow money in order to purchase crypto. Cramer concluded by warning that investors should not borrow money to buy crypto.

Because of the many fortunes made in crypto, I wouldn’t discourage you from purchasing it. It could also make a whole new set of people fortunes.

 

Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse

According to the Korea Times, Thursday’s report by the Korea Times stated that the South Korean government has transferred responsibility for the cryptocurrency terra (LUNA), and algorithmic stablecoin terrausd(UST) crashes onto crypto exchanges.

Tuesday’s emergency meeting was held by the Korean National Assembly and government with heads of crypto exchanges in the country to discuss ways to prevent the recurrence and implosion of the LUNA/UST. The publication revealed that lawmakers and financial officials supported the imposition tougher regulations for crypto exchanges.

The Korean government has criticised crypto exchanges for not responding quickly to the collapse of the two currencies. Several of the top Korean crypto exchanges didn’t delist LUNA until just two weeks after the collapse. Some critics claimed that they deliberately delayed delisting LUNA to collect more commissions.

Rep. Yoon Changhyun, a representative of the ruling People Power Party, raised concerns about crypto exchanges’ ambiguous listing standards and delisting standards. He stressed:

The exchanges don’t have a unified listing standard and they do not hold negotiations on the issue.

Lee Sirgoo (CEO of Dunamu), who operates Upbit, the country’s most popular exchange, responded to lawmakers’ discussions about imposing a uniform listing standard for all domestic cryptocurrency exchanges. He stated that crypto assets can be sent overseas and that many crypto investors already use non-Korean exchanges.

Rep. Rep. He also added:

Exchanges that violate the rules of the market should be held accountable to ensure that it functions smoothly and without problems.

Kim So-young, Vice-Chairman of the Financial Services Commission, the country’s top financial regulator said that they would establish close ties with the Ministry of Justice and the prosecution in order to monitor illegal acts in the sector and protect investors’ rights.

A representative from one of the local cryptocurrency exchanges stated that “Exchanges can easily be a target for criticism at this time of time when there is no specific regulatory guideline.” He said:

While we understand the purpose of this meeting, the first step is to summon Do Kwon (co-founder of the company) as soon as possible.

In the near future, the National Assembly will hold a hearing on the LUNA case. The publication said that Do Kwon will not be attending, as his whereabouts remain unknown.

 

Elon Musk Weighs in After Warren Buffett Says He Wouldn’t Pay $25 for Every Bitcoin

Warren Buffett once again criticised, arguing that it lacks intrinsic value.

Buffett stated, ‘Whether Bitcoin rises or falls in the next year or five, ten, or ten years, it’s up or down, I don’t really know.’ “But I know that it doesn’t produce anything,” Buffett said.

A billionaire investor who previously called Bitcoin a “delusion” and “rat poison squared,” stated that nothing could force him to buy any cryptocurrency-at any price.

“If you said you owned all the Bitcoins in the world, and offered it to you for $25, I would not take it. What would I do with it?” It would have to be returned to me in some way. It won’t do anything,” Buffett stated at Saturday’s Berkshire Hathaway annual shareholder meeting.

Marc Andreessen, Andreessen Horowitz , tweeted the clip. He added, “it’s so wild that he says this stuff while nakedly selling diabetes.

Elon Musk, SpaceX chief Tesla, replied to this question: “Haha he said Bitcoin so many times.”

According to CoinMarketCap, the leading cryptocurrency is now trading at $38,900 Monday morning. This is up 2.3% in the past 24 hours.

Bitcoin and Berkshire

Berkshire Hathaway, an American multinational conglomerate holding firm founded in 1839, has more than $330 billion of assets under management.

American Express, Bank of America and Coca-Cola are the firm’s most important holdings. Berkshire also bought Activision Blizzard stock in excess of $1 billion last year and has recently increased its share of the video-game giant to 9.5%.

Buffett believes assets must have value. This means that they must deliver something to someone.

The Berkshire Hathaway chief stated that the apartments would produce rent and the farms would produce food […],. There’s only one currency that can be accepted.

Buffett stressed the fact that people can create many things, including a hypothetical Berkshire coin. But in the end, he stated, holding a $20 bill.

Charlie Munger, Buffett’s business associate, added harsher words to Bitcoin on Saturday.

Munger stated, “In my life I try to avoid things that are stupid or evil and make it look bad in comparison with somebody else-and Bitcoin does all three.”

Munger explained his position by saying that Bitcoin was’stupid because it’s still likely it will go to zero’ and ‘evil’ because it undermines Federal Reserve System.

“And third, it makes our country look foolish in comparison to the Communist leader of China. Munger said that he was intelligent enough to ban Bitcoin from China.

 

Three African Countries Plan to Adopt Cryptocurrency and Blockchain Solutions

Argentinians are now discovering how liquidity providers in P2P market arbitrage between different markets to make huge amounts of money. Reports from local media indicate that this strategy could double the monthly savings of investors, depending on whether they have access to payment methods or the ability of their P2P cashier.

These human exchangers can buy crypto in low-cost markets and then trade them in international markets that have higher prices and a greater demand. This is not an automatic conclusion, however, because P2P cashiers must manage multiple payment methods and accounts in order to offer customers interesting options and to score large spreads on different exchanges.

There are many exchanges in Argentina that offer P2P trading. This allows users to trade cryptocurrencies for fiat currencies. These include Binance and Paxful.

Growth and earnings

Local sources have reported that different companies have confirmed the growth. Maximiliano Hinz from Latam Operations in Binance stated:

It has been organic growth. We can report that active users increased by 40% due to the nature and business of the site.

Renata Rodriguez is the marketing manager at Paxful Latam. She stated that the number of new users registered in Argentina has increased by more than 110% over the past year.

Others have not provided exact numbers but stated that they also noticed a significant increase in activity on P2P markets. Alex Vazquez (P2P operations manager at Okex), stated that:

A notable rebound was seen in particular from the last month.

These traders will need to have different payment methods in order to benefit from the spreads that are available depending on which markets they trade in. According to local sources, uncommon payment methods like Payoneer or Paypal might result in higher earnings than others. These payment methods are often used by freelancers who want to pay fiat or cryptocurrency with these platforms.

Amazon gift cards can be purchased at a discount rate up to 25% and then sold at face value in other countries. For P2P cashiers who prefer stablecoins like USDT, volatility in crypto markets can be a concern.