it should be fairly simple to to split things up and delegate responsibility like swaps Futures options those are all your purview uh things that are based on Securities could be the sec's can't you guys get along can't you share well that we do get along is that going to happen there we have shared we will share but for us the cfdc the difficulty is okay welcome back everybody to altcoin daily my name's Austin the infighting between the cftc and the SEC on how to regulate crypto continues in today's video that's exactly what I want to share with you I'll play this clip as well as go over the recent altcoin news that the mainstream media won't share with you but I will this channel will so you can make the best decision for you so like always check the timestamps down below hit the like button and before we get to cryptocurrency Let's zoom out and just look globally at the macro economy right now this is the currency strength over the last year the US dollar compared to other major nation-state currencies around the world and what do you notice well starting in 2022 this is the dollar milkshake Theory playing out in front of our eyes the dxy continues to go parabolic suppressing not just cryptocurrencies but suppressing all major currencies globally so if you're asking why crypto continues to crash this is it yes on one hand inflation for the US dollar is outrageous the purchasing power is only getting lower but our garbage is way better than other nation states garbage I'm not going to get too into this today other than giving you this update we did go heavy analyzing this metric in a few days ago I will link this video down below check it out and moving forward now let's focus on bitcoin because while prices continue to sink lower trading volume surprisingly has almost never been higher trading volume has heated up for crypto markets and especially Bitcoin during the big leg down on Tuesday BTC peaked at its highest level of trading since June 14th volume has gradually risen all year since bottoming out in late January so here is that chart in full as you can see the green represents the price of BTC continues to go down since September of 2021 continues to go lower compared to the volume of BTC BTC trading volume reaches highest level since June 14th and what this means to you as a Bitcoin investor well all this trading means that at these price levels people are scooping up Bitcoin in droves now that also means people are selling Bitcoin at these price levels in droves the price is sort of staying the same as all this trading takes place some people are excited to get in on these levels and yet other people are excited to sell at these levels I'll keep tabs on this but give me your thoughts down below and now of course I'm bullish on bitcoin but I do understand that a big reason some people may be selling is because of the huge regulatory uncertainty happening right now in the US the cftc and the SEC aren't really sure who's in charge of this let me share with you this clip from the cftc chairman this morning and then listen to host Joe Kernan make the half joke that we're trying to Define cryptocurrency by the 70 year old case law outrageous watch this it should be fairly simple to do to split things up and delegate responsibility like swaps Futures options those are all your purview uh things that are based on Securities could be the sec's can't you guys get along can't you share well we do get along we can share we have shared we will share but for us the cfdc the difficulty is as you know we're a derivatives regulator we don't oversee cash markets so the authority that I've been asking Congress for is Cash Authority so that we can go into the Bitcoin cash Market The Ether cash market and the other digital commodity tokens security against that those are secured well we're going to have to figure that out I think legislatively because this is a new asset class and there are different components and characteristics of this asset class as opposed to traditional asset classes we have to rely on six 70 year old case law to determine what is the security what's the commodity we have at least one court case in the eastern district of New York that says bitcoin's a commodity the other case there are other cases out there and we're just trying to figure well it's not a Turf War it's two Regulators who work together in the swap space who work together in the future space and we're trying to find a reasonable outcome that will create certainty for the market but also customer protections for retailers let's go back 70 years to the people that wrote the law and explain crypto to them all right what do you think about this like the video share your thoughts but to me if I'm a large Institutional Investor watching this this would sort of make me uneasy about investing a large portion of money in Bitcoin let alone other cryptocurrencies if the cftc if these Regulators don't even know what they're supposed to do now it has always been my mindset that regulation is inevitable if we truly want Mass adoption then some form of Regulation is coming I think the best solution would be to make new guidelines and not try and base not try and fit crypto into 70 year old case law as said but also if it does if it will come down to either the SEC or the cftc I would personally much rather have the cftc regulate cryptocurrency because a hammer will always see every problem as a nail so if we give it to the SEC they're going to see every cryptocurrency as a security as opposed to the cfdc they're a little looser but let's just keep tabs on this and see how this plays out now that being said it is cool to see the building happening right now in this space for example Christie's moves on chain with nft auction platform on ethereum so the new Marketplace allows the prestigious auction house to carry out auctions and sales on the ethereum blockchain from start to finish so if you hold ethereum you'll love this this is huge for adoption the 256 year old British auction giant which is also the second largest auction house in the world by Fine Art Auction Revenue said that it's Christie's 3.0 is entirely gonna be on ethereum all transactions including post sale will automatically be recorded on the blockchain and again for you at home just think of this as a competitor to openc only with this it comes with all the prestige and the name awareness that Christy has in the traditional World very cool and next piece of news for filecoin file sharing crypto project filecoin reports strong fundamental growth ahead of their vfm launch so some 20 000 individual users are said to be using filecoin to store over 50 million data objects used by dapps so here are the latest stats for filecoin at the filecoin Singapore event on Monday co-lead at filecoin development lab protocol Labs set the network storage providers were increasing at a rate of 20 each month with most activity in North America Korea and Hong Kong and the developer also said that some 7 000 new developers were currently building applications on the filecoin blockchain so cool to see the growth now do keep in mind this was at a file coin convention quote unquote I would love to see these stats compared to other major D5 protocols you know by a third party unaffiliated you get it but if you're asking why are we seeing growth like this with filecoin such reported growth comes ahead of the launch of the filecoin virtual machine fvm slated for an early 2023 release fvm is a software platform or virtual computer that would be used by developers to create a decentralized applications based on the filecoin network so the filecoin virtual machine allows dapps allows smart contracts and essentially ethereum started all this with the ethereum virtual machine evm back in the day but of course these major protocols want to eventually build their own and build dapps on their own so it makes sense V fvm coming in 2023 next piece of quick news for optimism openc nft Marketplace adds support for optimism optimism is now the sixth blockchain supported by the leading nft Marketplace and just as a reminder optimism is a layer 2 scaling solution for ethereum so this is a win for optimism but even a bigger win for ethereum and optimism joins five other existing networks Now supported by the marketplace including ethereum Solana polygon Clayton and as of last week arbitrum another eth scaler so if you hold a coin or a Dap on the optimism blockchain specifically you'll love this next piece of news for chain link blockchain data provider chain link launches program to reduce costs out of staking of its token the popular blockchain Oracle Network's new build and scale programs set the stage for the link token staking to begin in December 2022. so we are getting all this information out of the conference smart con going on now and just to Define chain Link's build program and skill program they are the smart contract Oracle Network chain link that powers much of Defy is offering a build program where up and coming teams donate three percent to five percent of their native tokens to the network in return for access to chain link data and for those already initiated the scale program aims to reduce on-chain transaction costs associated with smart contract oracles to near zero so this could be very bullish for chain link long term because not only will chain link now get I guess as an investment three to five percent of these of these new cryptocurrencies but in return these cryptocurrencies will start using chain link which is bullish for token which is needed for the network in general as mentioned before on this channel chain link staking is slated to get underway in December so cool to see these announcements coming out in anticipation and that's the video my name is Austin see you tomorrow
0 Comments