- Indian Finance Minister Says Crypto Regulation Is a ‘Working Priority’ for Its G20 Presidency Next Month
Indian Finance Minister Nirmala Sitharaman has said framing crypto assets would be one of eight priorities that are still in the works for the nation’s year-long G20 Presidency which begins next month during a speech at an event of a think tank on Tuesday.
Sitharaman had earlier mentioned crypto would be on the agenda of its G20 Presidency but this is the first time she has stated it would be one of the unfinalized “priorities.” She was giving the keynote address at an annual event hosted by the Indian Council for Research on International Economic Relations (ICRIER) on the upcoming G20 Conference.
The G20 is an intergovernmental forum made up of 19 economies and the European Union. Indonesia currently holds the presidency of the group. India will not only hold the G20 presidency starting in December but will also host the G20 Leaders’ Summit for the first time next year giving it the ability to frame the topics and themes to be discussed.
- Vitalik Buterin Says Crypto Is a ‘Better Bet’ Than ‘Incredibly Inconvenient’ Gold
Ethereum blockchain co-founder, Vitalik Buterin, waded into the crypto-versus-gold debate after he posted a tweet suggesting that the former is a better bet than the precious metal. In his Oct. 26, 2022 tweet, Buterin slates author Zach Weinersmith’s assertion which implies that gold fits well with what crypto enthusiasts are advocating for.
As suggested by Weinersmith in his tweet posted on the same day, the only meaningful argument put forward by crypto advocates is their call for a decentralized money-issuing authority. Still, the author wondered why gold, given its qualities and characteristics, is not being touted as a solution.
However, in pushing back against Weinersmith’s suggestion, the Ethereum blockchain co-founder reminded the author of the key areas where the precious metal seemingly comes up short.
- El Salvador Development Bank Refuses to Reveal Bitcoin Records
BANDESAL, El Salvador’s development bank, has refused to provide information on the government’s controversial Bitcoin buys, an anti-corruption body revealed Sunday.
In a late weekend tweet, El Salvador’s Anti-Corruption Legal Advisory Center (ALAC), which provides citizens legal aid in speaking out against corruption, released a document from the bank. In the document, BANDESAL says it cannot reveal the “confidential” information.
BANDESAL is in charge of managing funds used by the Salvadoran government for its Bitcoin projects. The tiny Central American country last year became the world’s first nation to adopt the cryptocurrency as legal tender.
https://decrypt.co/113224/el-salvador-bank-refuses-to-reveal-bitcoin-records
- Apollo Global Partners With Anchorage To Hold Crypto On Behalf Of Their Clients
Through a partnership with Anchorage Digital, which happens to be a digital asset platform, Apollo Global Management Inc. has started to provide crypto custodial services on behalf of its clients through a partnership.
This move is a strategy on the company’s part that will help introduce crypto services to institutional investors.
The market has shown a downtrend for the most part of this year, and even with bearish sentiments, institutional investors have continued to display interest in cryptocurrencies.
This is a positive move for the crypto ecosystem given how Apollo, being the largest asset manager, is attempting to draw institutional investments to the crypto industry.
A recent survey has found that close to 58% of institutional investors have invested in digital assets in the early months of 2022.
https://www.binance.com/en/news/flash/7256817
- Twitter monetization and free speech drove Binance’s $500M injection: CZ
Binance CEO Changpeng “CZ” Zhao has explained the reasoning behind its $500 million co-investment into Elon Musk’s Twitter, citing monetization potential, crypto community free speech and the opportunity to eventually “help bring Twitter into Web3.”
CZ’s comments came from an Oct. 31 CNBC Squawk Box segment, where he explained what drove his co-investment with Elon Musk to acquire the social media platform noting:
“I believe Twitter has not been monetized well, it has not grown well, there’s many tactical problems like bots that spam my comments, there’s scammer accounts on there, it’s not been run well.”
“But I think the platform has huge value in itself, and especially now with Elon at the helm, we’re very confident,” he added.
- Fed Preview: As Crypto Market Sees Smaller Rate Hikes From December, Major Banks Warn ‘Slower Doesn’t Mean Lower’
Risk assets, including cryptocurrencies, have recently found a footing on hopes that the Federal Reserve (Fed) will pivot away from jumbo interest rate hikes from December to end the so-called liquidity tightening sooner than expected and signal the same at its Nov. 2 meeting.
However, major investment banks believe that the Fed could keep the doors open for continued jumbo rate hikes and a potential switch to smaller rate hikes would not necessarily imply an early end of liquidity tightening.
The Fed has raised the borrowing cost by 300 basis points (bps) this year, roiling risk assets. The central bank is expected to deliver its fourth 75 bps hike on Wednesday, lifting the borrowing cost to the 3.75%-4% range. It could signal a stepdown to 50 bps hike in December.
- Bitcoin, Ethereum Technical Analysis: BTC Consolidates as Markets Prepare for 0.75% Rate Hike
Bitcoin (BTC) was trading below a key resistance level on Tuesday, ahead of tomorrow’s Federal Open Market Committee (FOMC) meeting.
Following a failed breakout of its $20,800 ceiling on Monday, BTC/USD slipped to a low of $20,287.46 earlier today.
Market uncertainty has spiked in anticipation of the FOMC meeting, with many expecting the Fed to increase rates by 0.75%.
As can be seen from the chart, price volatility also comes following a failed surge in price strength, with the relative strength index (RSI) recently failing to break a ceiling of its own.
The threat of a rate hike has boosted U.S. dollar strength, which appears to be one of the factors behind today’s consolidation.
- Coinbase Is Backing Ripple Against the SEC
including Uniswap (UNI), Maker (MKR), and Compound (COMP), have posted significant Coinbase is backing yet another crypto firm, adding more pressure from the crypto industry on the SEC.
It is almost two years since Ripple Labs, the company which develops the Ripple payment protocol, has been fighting the high-profile lawsuit filed by the Securities and Exchange Commission (SEC).
The growing army of Ripple backers now looks even stronger after the U.S. largest crypto exchange Coinbase moved to get regulatory approval to help the firm in its battle against the Commission.
https://decrypt.co/113283/coinbase-is-backing-ripple-against-the-sec
- Tether Critics Bloomberg As ‘Incompetent Journalism’
The investigation focuses on Tether’s contentious financial arrangements, which have already garnered scrutiny from US regulators. Last summer, Bloomberg reported on a banking-related probe.
According to the report, the Department of Justice is investigating whether Tether hid from banks that transactions were crypto-related, according to three people with direct knowledge of the situation who requested not to be identified because the investigation is private. The probe focuses on behavior that occurred years ago when Tether was in its early phases.
The case has mostly gone forgotten since then. The inquiry is claimed to be taking place in the Southern District of New York, led by U.S. Attorney Damian Williams.
Tether issued the following comment in response to the arraignment:
“Bloomberg first reported on the DOJ’s “investigation” in November of 2018 and in the years after. In the time since those stories have been published – stories which have been despicable attempts at crying wolf – Tether has in fact, has been collaborating with law enforcement around the world.
https://www.binance.com/en/news/flash/7256895
- South Korean regulators aim to toughen crypto fraud punishments
In the aftermath of the Terra collapse last spring, South Korean legislators intend to ramp up legislation, putting specific emphasis on the protection of investors in virtual assets — i.e. digital currencies — and harshening penalties for unfair trade acts in the industry.
According to local media, the Financial Services Commission (FSC) and the National Assembly are working to pass a bill that would enable financial authorities to monitor and punish unfair trade practices such as the use of undisclosed information, price manipulation and fraud while supervising crypto exchanges.
The legislation bears an emergent character: While there are already 14 different proposals regarding crypto and digital assets circulating in the National Assembly and the ambitious and comprehensive Digital Asset Basic Act in the making, this one should guarantee more investor protection starting from 2023.
https://cointelegraph.com/news/south-korean-regulators-aim-to-toughen-crypto-fraud-punishments
