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Blockchain Association Meets with Biden Treasury Department on Crypto Regulations

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Representatives of the Association met with members of the Biden Administration for favorable regulations and to correct “illicit finance” notion on crypto.

Blockchain Association, a US-based crypto advocacy group, held a meeting with Biden administrators to champion more conducive crypto regulations. Kristin Smith, the association’s director, led the meeting with high-ranking officials from the Whitehouse. Some of the administrators present were Wally Adeyemo, Deputy Secretary nominee and former BlackRock executive, and Treasury Secretary Janet Yellen. Other members were also present.

Smith explained to FOX Business that the group is trying to woo the Biden government in advance as there may be new regulations in the crypto industry. Smith reiterates that the association aims to correct Yellen’s notion that cryptocurrency is the primary channel for ‘illicit financing.’ The Treasury Secretary’s comment and her speculation that Bitcoin is not “widely used as a transaction mechanism’” has earned a lot of criticism from the crypto sector.

For this reason, the Blockchain Association put together a network of CEOs, investors, and advisers to frequently engage key administration officers. The association consisting of crypto heavyweights like Binance and Grayscale hopes to prevent regulations that could hinder the industry’s growth.

The crypto community is also concerned about Gary Gensler, Biden’s candidate for Chairman of the Securities and Exchange Commission (SEC). The group feels this way because Gensler described Ethereum‘s 2014 ICO as an unregistered security offering.

Does Biden Administration Hold any Hope for Crypto?

Regardless of her feelings towards Bitcoin, Yellen states that a digital dollar could have its own benefits. She claims it could offer “faster, safe and cheaper payments” than fiat currency. This proves that the Secretary is open to a centralized DLT.

While speaking to the Senate Banking Committee earlier this week, Gary Gensler said the SEC would ensure the crypto market is fraud free.

The Blockchain Association may be on its toes because of the “Travel Rule’. This rule makes it compulsory for all financial institutions to comply with the Bank Secrecy Act and obey record-keeping procedures. The introduction of the rule was so that banks would not promote money laundering. However, crypto officials think it should not include smaller wallet transactions.

The group claims that the Act should not include digital wallets that contain between $5 and $20. They claim that major crypto firms like Coinbase already have systems that detect fraudulent transactions.

CEO of crypto wallet, BRD, Adam Traidman, stated that the crypto sector is trying to move to the Treasury food chain’s highest level. He claims:

“We’re not opposed to regulation and compliance, but we need time to spur innovation and grease the skids for the adoption of crypto first.”

He further explains that the association’s primary goal is to distinguish crypto to crypto transactions from traditional requirements. Tradesman adds that compelling crypto transfers to match wire transfer rules will harm the crypto industry.

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.



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Reef Finance to Launch Its Reef Chain Mainnet by May 2021

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Following the launch of the Reef Chain Mainnet, DeFi users can gain a smart decentralized finance exposure with interoperability features across multiple chains including Ethereum, Polkadot, Cosmos, Avalanche, and the Binance Smart Chain amongst others.

The Reef Finance team is set to launch its Reef Chain Mainnet by May following the completion of the final checks on the current Maldives testnet. As contained in a press release shared with Coinspeaker, the exact date of the mainnet launch is dependent on the outcome of the ongoing tests being conducted at this time. Despite the intense checks, the Reef Finance team is optimistic they will be completed before the launch.

The Decentralized Finance (DeFi) ecosystem of today has been gaining massive traction which puts a strain on existing blockchain infrastructures supporting smart contracts. The Ethereum blockchain now has so much congestion that leads to an increase in transaction or gas fees. A relatively newer blockchain network, the Binance Smart Chain which entered the space with a promising solution is now crumbling due to its inability to scale properly.

Reef Finance is a Substrate-based blockchain network that makes DeFi easy. It was designed to address the woes of the existing chains supporting decentralized finance infrastructures. As contained in the press release, the launch of Reef Chain is aimed at enabling DeFi developers to make use of a highly scalable and fully EVM-compatible blockchain that is integrated into the Polkadot ecosystem. Reef Chain is set to be initially floated as a standalone blockchain based on the Substrate framework, a feature that will make it easy to plug into the Polkadot parachain ecosystem.

“Demand for DeFi is insatiable,” said Denko Mancheski, CEO at Reef Finance. “First it was Ethereum and skyrocketing gas fees, now we are seeing that even others like BSC are starting to have issues with performance. Reef Chain’s launch couldn’t have come at a better time.”

As a way to see to a successful network ecosystem, Reef Finance says it has the right model to support developers who wish to build on the Reef Chain. Through the robust community of users, investors, and media partners amongst others, DeFi product creators can find true success with Reef Finance.

“We know the struggles of up and coming developers all too well, and a lot of the time, technical skills are only a part of the equation,” added Mancheski. “By tapping into Reef’s business network, DeFi builders will multiply their chances of success.”

Reef Chain Mainnet Launch and the Interoperability Advantage

Following the launch of the Reef Chain Mainnet, DeFi users can gain a smart decentralized finance exposure with interoperability features across multiple chains including Ethereum, Polkadot, Cosmos, Avalanche, and the Binance Smart Chain amongst others.

The Reef Chain will be governed using the REEF tokens which can be used for staking and community governance. Through the advanced interoperability features of the chain, a liquidity bridge will be launched to wrap existing DeFi assets and transfer liquidity from Ethereum to the Reef chain.

The advantage the Reef Chain aims to introduce will cut across all DeFi stakeholders ranging from users to developers as a whole.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Not so safe? SafeMoon’s parabolic rally isn’t sustainable, traders warn

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SafeMoon, the token on Binance Smart Chain widely recognized as the Tiktok meme coin, is seeing massive volatility after its massive gains in the past week.

According to the data from Dex.Guru, which tracks alternative cryptocurrencies on various blockchains, the price of SafeMoon dropped by nearly 50% in the last two days from $0.0000074 to $0.0000045.

Does the SafeMoon rally have any strength?

SafeMoon is a cryptocurrency on Binance Smart Chain that started out at a low market cap at around $50,000. The price and market capitalization of Safemoon went parabolic after growing popularity on TikTok.

On Dex.Guru, the price of SafeMoon rose from $0.00000029 to $0.0000074, by more than 2,200% in merely three weeks.

Safemoon 1-day candle chart. Source: Tradingview

Whether there is any substance or fundamental catalysts behind the SafeMoon rally remains to be seen.

On April 22, the SafeMoon team announced that the cryptocurrency is being flooded with listing offers from large Asian exchanges.

The team said one exchange in Asia that is currently in talks with SafeMoon is the 36th biggest in the world.

The team said:

“#SAFEMOON is currently inundated with exchange offers, a large Asian exchange is imminently being announced… this will allow Asian communities to acquire Safemoon, the exchange has $857 MILLION 24 hour trading volume and is the 36th LARGEST in the world.”

Nevertheless, traders emphasized the massive volatility of SafeMoon despite its relatively high liquidity compared to other tokens that are not listed on major exchanges.

Cantering Clark, a derivatives trader, said that the correction of SafeMoon restores balance in the universe, implying that the rally was not sustainable.

Luke Martin, a well known cryptocurrency trader, also described the price trend of SafeMoon as “unSAFEMOON” after it dropped 65% in a short period on April 22.

One reason why rally might fade

SafeMoon rallied strongly within a period of a few weeks, surging from near zero to $5 billion in valuation at its peak.

Cryptocurrency researcher Larry Cermak noted that the SafeMoon livestream had 50,000 live viewers. 

But Cermak also pointed out that if the interest around Binance Smart Chain persists, BSC could struggle to meet the surging user demand, which then could lead to higher fees that may drive away users.

He said:

“DeBank is saying that PancakeSwap had 700k unique addresses today and the SafeMoon livestream had 50k live viewers. Wtf is going on. I am very sure about one thing though – BSC won’t be able to handle the current activity for much longer and will eventually be unusable. When ponzis start consistently losing money, people will lose interest too. Only question is what happens after that.”

As Cointelegraph reported, PancakeSwap, the biggest automated market maker on Binance Smart Chain, overtook Ethereum’s user activity as the demand skyrocketed at the peak of the SafeMoon rally.