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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market

Priya

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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
Source: Unsplash

Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.

Yang said on Twitter,

“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”

On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.



The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.

Source: Yang2020

Source: Yang2020

Fang, a Twitter user, said,

“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

TD Ameritrade invests in crypto-trading platform Eris-X, to offer spot exchanges and future contracts

Biraajmaan Tamuly

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TD Ameritrade invests in Eris-X; crypto trading platform to offer spot exchanges and future contracts
Source: Pixabay

TD Ameritrade, one of the biggest companies in the United States offering an electronic trading platform for trading financial assets, recently announced that it was going to launch cryptocurrency trading on its parent platform.

Now, according to an official announcement, the organization revealed that they had made an investment in ErisX, a company which is planning to offer both cryptocurrency spot contracts and future contracts in a single exchange.

The website stated,

“TD Ameritrade will be working with the team at ErisX as they develop and launch their cryptocurrency trading products. This strategic investment is yet another way to demonstrate our ongoing commitment to innovation—and bring our clients a best-in-class investing and trading experience.”

TD Ameritrade had announced the addition of cryptocurrencies to its portfolio last month after Charlie Lee, the CEO of Litecoin, tweeted about tests conducted on its platform.

Bitcoin Futures contract trading was initiated on the official platform earlier, but was only open to high-volume traders. On TD Ameritrade’s platform, the minimum deposit required for trading BTC future contracts was $25,000, at press time. The potential traders also needed two advisory notes from CFTC and NFA to keep in check the risk associated with virtual assets.



Eris-X, a CFTC-regulated derivatives exchange, will now be open to retail crypto-traders and according to the official statement, the firm has plans to offer both spot exchanges and futures contracts based on the digital currencies.

The official statement mentioned,

“This strategic investment is yet another way to demonstrate our ongoing commitment to innovation—and bring our clients a best-in-class investing and trading experience.”





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