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2022-06-08 11:50:05 Decentralized Exchanges Beat Centralized Counterparts for On-Chain Flows: Chainalysis

Decentralized crypto exchanges (DEXs) have their pros (limitless crypto trading pairs) and their cons (difficult onboarding experiences) when compared to the centralized exchanges (CEXs) of the world. Nonetheless, they are rising in popularity.

While those figures don’t speak to bottom-line trading volumes, they do highlight how DEXs offer a viable alternative to CEXs. But a transition from CEXs to DEXs raises concerns as to how this growing sector of crypto will be regulated. Decentralized exchanges are self-executing, and for better or for worse lack the human element of centralized exchanges. That means they’re harder to regulate. When asked about the future DEX dominance, McMahon said regulation will likely play a role in these numbers.

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2022-06-07 18:10:07 Long-Term Correlation Between Bitcoin and Wall Street Waned as BTC Has Better Returns

A recent report by 21Shares showed a weakening long-term correlation between Bitcoin and the S&P 500, with long-term crypto investments returning more. Prior to the pandemic, Bitcoin appealed to many as an inflationary hedge due to its low (near zero) correlation with traditional assets such as stocks.

While it does not dispute the coupling of crypto and traditional assets, 21Shares shows that this is only a short-term event. In its sixth issue on the “State of Crypto,” the company noted that the two asset classes move on distinct paths in the long term. Additionally, the report showed that at 0.07, there is almost no correlation between Bitcoin and gold. From this, 21Shares concluded that the two assets present “unique diversification resources for investors’ portfolios.”

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2022-06-06 16:34:02 Fed Governor on crypto: Losses can become morally intolerable, pushes for regulation

The Federal Reserve Governor Christopher Waller has warned that if crypto investors continue making losses on a large scale, the situation could become morally intolerable. According to Waller, if the losses emerge as witnessed with the Terra ecosystem, there will be demand for regulations. He, therefore, recommended action to be taken now.

Speaking during the SNB-CIF Conference on Cryptoassets and Financial Innovation in Switzerland, Waller noted that intolerance could occur, especially if investors lack sufficient knowledge and lose all their money. The Fed Governor added that better regulation for the fast-growing crypto sector is needed not to help high net worth investors from losing money but for everyone else. On the motivation to implement crypto laws, Waller stated that society has the urge to have regulations governing new and poorly understood markets.

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2022-06-05 11:17:02 Binance.US Has Been Granted a License To Operate In Idaho

This week, Binance US, the US arm of the headquarter-less crypto exchange Binance, took a step closer to becoming available across the country. Idaho citizens can now buy, sell, and trade bitcoins three years after the exchange was founded. Various states have different licensing procedures, which is why setting up shop for Binance.US has taken so long.

A money transmitter license is required in Idaho for any crypto exchange that accepts fiat dollars in exchange for digital assets. Applicants must submit two years of financial statements, demonstrate a minimum net worth of $50,000, and post a $10,000 surety bond with the Idaho Department of Finance, among other criteria. The Digital Assets Act, which recognizes cryptocurrency as personal property and establishes restrictions and rights around purchase and possession, was passed by Idaho lawmakers in May.

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2022-06-04 15:12:02 Crypto mining company building headquarters in North Dakota

A crypto mining company that aims to use renewable energy announced Wednesday that it plans to make North Dakota its headquarters and hub for all North American operations.Bitzero said that within three years it intends to build 200 megawatts of data centers in the state and is involved in a joint venture to become an assembly and distribution hub for graphene battery technology.

In addition, Bitzero said it will partner with the Mandan, Hidatsa and Arikara Nation to buy power from the proposed data center to heat the tribe’s greenhouse project.Bitzero is backed by strategic investor and “Shark Tank” star Kevin O’Leary. He said that naming a North American headquarters was a “crucial strategic piece” for Bitzero. Although Wednesday’s announcement was made in Fargo, a specific site has not been selected.O’Leary called data “the new oil.”

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2022-06-03 16:27:02 White House prepares policy to fight Bitcoin mining environmental impact

The United States government plans to unveil the first-ever policy targeting Bitcoin mining to address factors like the sector’s energy regulation and climatic impact. The policy proposal is expected to be out by August and will review some of the industry’s criticism, including claims of lacking a societal benefit, Bloomberg Law reported on June 2.

Notably, the development comes after President Joe Biden signed an executive order in March calling on federal government agencies to promote the responsible development of digital assets.White House involvement in Bitcoin mining aims to conduct a clean up of the space amid concerns the activity is a threat to efforts to combat climate change. In coming up with the recommendations, the White House will also review factors like the mining noise pollution alongside comparing protocols like proof-of-stake (PoS) and proof-of-work (PoW)

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2022-06-02 14:14:02 South Korea Poised To Launch Digital Asset Taskforce Following Terra Crash

According to local media reports, South Korea plans to launch a digital asset watchdog by June.The country will set up a Digital Assets Committee to serve as a “control tower” for space. The committee will oversee the regulation of space until the government is able to draft fundamental legislation on digital assets.

The government has also accelerated its efforts to pass cryptocurrency regulation following the recent Terra crash, which has led to an increasing number of regulatory measures.According to a report by South Korea’s NewsPim news agency, an official said the committee would be introduced in the last week of June.The committee monitors the markets and establishes guidelines on listing, disclosure, and investor protection. It will also consult a panel made up of the top five South Korean cryptocurrency exchanges – Upbit, Bithumb, Coinone, Cobit, and Gopax.

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2022-06-01 17:59:02 Japan’s Prime Minister Reportedly Open to Idea of Crypto Tax Reform

The Japanese Prime Minister Fumio Kishida has indicated that he may be open to reforming the nation’s much-maligned crypto tax laws in a bid to spark Web3-related growth.Kishida last week addressed parliament, opining that Web 3 could spark economic growth, and suggesting that he could be prepared to push ahead with pro-business legal reform.

But critics have claimed that Japanese crypto-related business and talent had been forced overseas by overly strict crypto tax policies introduced by previous PMs and their governments. One of the most vocal opponents of the current crypto tax policy, which involves crypto being classified as miscellaneous income (rather than taxing crypto profits under capital gains laws) has been the opposition Democratic Party for the People Leader Yuichiro Tamaki.

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2022-05-31 14:53:02 Shiba inu Founder Deletes All Social Media Information

Ryoshi, the pseudonymous founder of the Shiba Inu cryptocurrency, deleted all his tweets as well as personal blog posts earlier today.“I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens,” the creator of the “Dogecoin killer” wrote.

The Shiba Inu founder has seemingly chosen to mimic the path of mysterious Bitcoin creator Satoshi Nakamoto.Satoshi left the cryptocurrency community in December 2010. The identity of the person who started it all is yet to be revealed.It's unclear whether Ryoshi plans to return to the Shiba Inu community with new ideas.

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