Amid the chorus of stringent crypto regulations among several United States leaders, proponents such as Galaxy Digital CEO Mike Novogratz look to counter anti-cryptocurrency sentiments circulating in Washington. Tweeting on Tuesday, Novogratz described crypto as the “future of our financial systems” while adding politicians and regulators ought to do their homework before devising policies to regulate the industry. Novogratz’s tweet was in response to Senator Elizabeth Warren’s remarks where the Senator from Massachusetts once again espoused anti-crypto sentiments, calling cryptocurrency “the wild west” of the U.S. financial system. Senator Warren has been a vocal proponent of more stringent crypto regulatory …

Gary Gensler, chair of the United States Securities and Exchange Commission, or SEC, believes that the blockchain revolution started by Satoshi Nakamoto in 2008 is more than just a fad, but a real value proposition for the future of the internet. In an interview with the Aspen Security Forum on Tuesday, Gensler talked about his role at the Massachusetts Institute of Technology, where he taught about the intersection of finance and technology: “[...] in that work I came to believe that though there was a lot of hype masquerading as reality in the crypto field, Nakamoto’s innovation is real.” SEC …

Gary Gensler, chairman of the United States Securities and Exchange Commission, is reportedly keen on bright-line regulations for the country’s crypto space. Gensler expressed the SEC’s desire to install safeguards for crypto investors in the U.S. in a Bloomberg interview, stating, “If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud.” The SEC chairman identified seven crypto-related policy changes currently being examined by the Commission. These include matters concerning token offerings, decentralized finance (DeFi) and stablecoins. Other focus points for Gensler’s SEC are custody, exchange-traded funds (ETF) and …

North American mining and hosting firm Compass Mining is offering a new tax avoidance method for savvy crypto miners that file in the United States. In a Thursday announcement, Compass Mining said it had partnered with IRA provider Choice by Kingdom Trust to help Bitcoin users mine directly to their IRAs “without ever triggering a taxable event.” Under current U.S. law, income is often the only taxable source of funds for many who file returns. Crypto users who purchase tokens may be required to declare the holdings in their tax returns, but may not necessarily have to pay the government …

China’s stringent crypto regulations meant closing shop for many Chinese businesses within the Bitcoin (BTC) mining ecosystem. The sudden disappearance of Bitcoin miners from the grid has resulted in falling hash rates. The hashing performance, the cumulative computing power of the Bitcoin network, dropped from an all-time high of 180 exahashes per second (EH/s) to 84 EH/s in just 21 days. While the hash rate drop was directly attributable to the drop in the number of Chinese miners, Blockchain.com Explorer data suggests there has been a steady increase in mining difficulty since June 3. Since the drop, the hash rate …

The United States-based investment management firm ProFunds announced the launch of Bitcoin Strategy ProFund (BTCFX), one of the first publicly available mutual funds or exchange-traded funds (ETF) that performs in parallel with Bitcoin (BTC). ProFunds provides an alternative to the traditional methods of holding cryptocurrencies via wallets or crypto exchanges with this service. Sharing details on how ProFunds plans to enable investment in Bitcoin performance through mutual funds, ProFunds CEO Michael L. Sapir said: “Compared to directly buying bitcoin, which may involve opening a new account with an unregulated party, this ProFund offers investors the opportunity to gain exposure to …

Republican Senator and Bitcoin proponent Cynthia Lummis said that massive government spending is accelerating crypto adoption. Lummis made the comments while sharing an interview she did with “Varney & Co” on the Fox Business cable network on July 29, in which she called for a crypto regulatory sandbox and support to attract Bitcoin miners to set up in US states. On Twitter she stated that “big gov’t spenders are (accidentally) doing far more to accelerate the adoption of digital assets than I am,” and asserted that the debasement of the U.S. dollar is driving citizens to store value in digital …

Changpeng Zhao, the chief executive officer and founder of Binance, has said he wants the major cryptocurrency exchange to work with local regulators as it establishes regional headquarters. According to a Tuesday report from Reuters, Zhao, also known as CZ, hinted Binance would depart from its decentralized approach to finance and wanted the exchange to coordinate with regulators as the company expands. "We want to be licensed everywhere," said CZ. "From now on, we’re going to be a financial institution." Zhao reiterated that he might be willing to step down as CEO should someone "with a strong regulatory background" be …

William Cai, co-founder of investment firm Wilshire Phoenix, is the latest person to cast doubts on the possibility of a Bitcoin (BTC) exchange-traded fund (ETF) approval in the United States in 2021. Speaking to Business Insider, Cai remarked that a Bitcoin ETF in 2021 is unlikely as he offered 2022 and 2023 as the earliest possible times for the U.S. Securities and Exchange Commission to greenlight a BTC ETF. Several Bitcoin ETF hopefuls currently have filings with the SEC, including fund management outfit Global X, which submitted earlier in July. The SEC has thus far elected to delay its decision …

Bitcoin (BTC) maximalist and Ballet CEO Bobby Lee recently discussed the implications of China’s ongoing crackdown on cryptocurrency. Despite the government’s support for a digital renminbi, Lee suggested that Beijing has no interest in nurturing the cryptocurrency industry. Considering his collisions with the Chinese government during his stint in running China’s first crypto exchange, BTCChina, Lee said: “It (China) wants to regulate (cryptocurrencies) to achieve its overarching goal of globalization of digital RMB.” He further stated that the Chinese government is not looking after the vast crypto exosystem that exists in the region. Stressing on the wait-and-see approach, Lee highlighted …

Bitcoin's (BTC) latest rebound from below $30,000 has increased its prospects of extending its retracement move higher, at least according to one classic technical pattern. Dubbed as Broadening Formation, the megaphone-shaped pattern appears when the price moves inside two diverging trendlines. Investopedia states that a broadening formation represents disagreement over the next potential bias among investors. As a result, the price forms higher interim peaks and lower interim lows. Bitcoin appears to be trading inside a similar structure, as shown in the chart below. Nonetheless, the cryptocurrency lacks volatility, one of the key features of the broadening formation pattern. Should …

Protesters calling themselves the Popular Resistance and Rebellion Block have come out against El Salvador’s government passing a law making Bitcoin legal tender. A Tuesday tweet from local news outlet El Mundo shows Salvadorans carrying banners saying “No to Bitcoin” in the streets of San Salvador demanding a repeal of the country's Bitcoin Law. Legislative assembly members Anabel Belloso and Dina Argueta addressed the protesters after first meeting the group separated by a barrier of razor wire. RT @SusanaPenate: Miembros del Bloque de Resistencia y Rebeldía Popular llegaron a presentar una propuesta de derogar la Ley Bitcoin. Salen a recibirlos …