While speaking at the Milken Institute 21st Global Conference in Beverly Hills, California, Christopher Giancarlo said the Bitcoin craze was ‘generational’. He believes that cryptocurrencies emerged as a response to the stock market crash of 2008, saying:
“I think there is a generation that also has lost faith in us that led them through the financial crisis and they see technology as a way of disintermediating institutions for which they don’t have a great deal of respect.”
The Chairman of the United States Commodity Futures Trading Commission, who was collectively appointed “CryptoDad” by the Internet community, believes that Bitcoin and blockchain are not so easily separated. He said:
“We need to take a moment and respect this generation’s interest in this new instrument (bitcoin).”
He is known for his open approach to virtual currencies, stating that regulatory parties like the CFTC and SEC operate under rules and regulations established in the 1930s, and that:
“Bitcoin and a lot of its other virtual currency counterparts really have elements of all of the different asset classes, whether they’re meeting payment, whether it’s a long-term asset.”
Giancarlo, whose term ends in 2019, is looking to regulate cryptocurrencies and to recognize its impact on society. He believes that while Bitcoin may not be an ideal form of payment, it is better suited for a long-term buy and hold strategy.
The CFTC was recently in the news for the statements of former chair Gary Gensler, and Giancarlo proves to be an important part of the discussion surrounding the status of cryptocurrencies as securities. Ethereum and Ripple are under fire for their ‘non-compliance‘ to US Securities law. He stated in an episode of CNBC’s Fast Money that:
“We see elements of commodity in it that are subject to our regulations, but depending on which regulatory regime you’re looking at, it has different aspects of all of that,”
He gained the moniker “CryptoDad” after his speech at the U.S. Senate, where he spoke about the status of regulation of cryptocurrencies with the Chairman of the Securities and Exchange Commission Jay Clayton.
After the stock market crashed and the Dow Jones Average dropped in February, he examined the microscopic nature of cryptocurrency markets in relation to the stock market, comparing Bitcoin’s market cap to McDonald’s.
He believes that Bitcoin emerged as a response to the financial crash of 2008, saying:
“[Cryptocurrency]…is favoured by advocates for the poor and unbanked, libertarians, pacifists, Occupy Wall Streeters, earnest tech geeks, economics buffs, long-term investors and many perhaps naïve but well-meaning young people.”
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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