Crypto Market Overview March 29th | Dex-Trade

Crypto Market Overview March 29th | Dex-Trade

David Schwartz Is 'Thrilled' by New SEC and CFTC Rules

A lover of scathing comments on the activities of American regulators and, in combination, the technical director of Ripple, David Schwartz, reacted sarcastically to the recent lawsuit of the Commodity Futures Trading Commission (CFTC) against the CEO of the largest crypto exchange Binance, Changpeng Zhao (CZ). In fact, Schwartz suggested that the CFTC “fight” with the US Securities and Exchange Commission (SEC) for the “pedestal” of the key regulator in the country, after which the winner will honestly get the right to file a lawsuit against CZ. Genuine irony in the community was also caused by the recent proposal by the CFTC to classify bitcoin (BTC), ethereum (ETH) and litecoin (LTC) as goods under the jurisdiction of the Commission. In turn, the SEC considers only BTC as a commodity, while all coins based on the blockchain with the Proof-of-Stake (PoS) protocol, as well as key bitcoin forks, are considered by its representatives as securities. Against the backdrop of such confusion and the apparent rivalry between the two state regulators, the allegations against CZ still managed to influence investor sentiment. However, by the middle of the week, the coin price growth dynamics returned, and ETH bulls even managed to “push” the asset above the psychologically important $1,800 mark for the first time in five days.

 

Mark Yusko Thinks Attempts to Ban BTC Are Nonsense

In an interview with Paul Barron, the founder of the large hedge fund Morgan Creek Capital, Mark Yusko, said that, in his opinion, any attempts by the US government to ban bitcoin, as well as the efforts of individual federal districts of the country in this direction, will not be able to affect the prosperous future of the crypto flagship. but simply strike at the wallets of American crypto investors. Yusko believes that despite the forcing of such initiatives by individual government officials, a sufficient number of bitcoin apologists remain in the country. Their efforts are enough to contain the half-witted bans from radical crypto-skeptics who are missing out on the possible benefits of creating the conditions for the digital asset industry to flourish. In addition, an experienced crypto influencer recalled that investors in the United States own no more than 20% of the total number of bitcoins. Therefore, even if the government decides to ban crypto-gold at the federal level, the coin itself will continue to flourish and work in favor of the markets of other countries. As an example, he cited the growing popularity of bitcoin in Nigeria, whose economy is currently unable to contain the inflation of the native fiat, the Nigerian naira. Instead, the citizens of the country are increasingly using digital money, which brings the future of a new economy without borders and flags closer.

 

SBF Tried to Bribe a Chinese Official?

As the U.S. regulators investigate the case of the notorious founder of the FTX crypto exchange, Sam Bankman-Fried (SBF), acquires new details, prosecutors and investigators continue to expand the list of charges. Yesterday, in addition to the 12 accusations already made against the SBF, a new and quite unexpected one was added. Bankman-Fried is accused by a U.S. prosecutor of trying to bribe a Chinese government official to unlock the exchange accounts of FTX's subsidiary lender, Alameda Research, which was run by Caroline Ellison. Prosecutor Damian Williams claims that the amount of the bribe was $40 million. At the same time, the amount of blocked assets stored on blocked accounts of Chinese exchanges was approximately $1 billion at the time of the bribe. on the management of the exchanges, forcing him to unblock Alameda Research accounts. It is noteworthy that the accounts of Caroline Ellison's company were blocked in connection with the arrest due to illegal activities on a number of China's largest crypto exchanges. Initially, SBF tried to recover funds from these accounts through a series of technical manipulations. However, these actions were unsuccessful, so the "Crypto Wunderkind" decided to bribe the country's authorities related to the regulation of the digital asset industry.