Crypto Market Overview August 31th | Dex-Trade
“Not On My Shift”: President of Paraguay Opposes Crypto Regulation
The President of Paraguay, Mario Abdo Benitez, put a final veto on a bill that was supposed to regulate commercial activities related to digital assets, including mining, trading and other financial transactions. He posted his solution on Twitter, adding a link to the document. Benítez clearly wants to replicate the so far controversial success of Salvadoran President Nayib Bukele, who introduced BTC as legal tender in the country. But this is not the only argument of the president, since cryptocurrency mining should soon be recognized in Paraguay as an industrial activity with a cap on electricity tariffs 15% higher than the current one. But it was not without the resistance of Benitez's opponents. Fernando Silva Facetti, one of the senators who introduced the vetoed bill back in July 2021, strongly objected to the president's decision and said the veto "ignores the existence of this activity that today functions in the regulatory shadows." The irony of the situation is that both sides want to take mining out of the gray economy, but so far this has not been possible with the help of regulatory norms, and in the absence of them.
Reddit Co-Founder Ambitions: Alexis Ohanian Launches Crypto Fund
Kate Clark, The Information reporter, published a document according to which Seven Seven Six, owned by Reddit co-founder Alexis Ohanian, has already begun raising funds for a cryptocurrency fund called Kryptós. While rumors about the introduction of crypto on Reddit are actively wandering in the crypto community, Ohanyan and Seven Seven Six are already actively investing in crypto projects. It’s known that the company has invested $18 million in the crypto platform Ethereum Web3 Rainbow with the wallet, and also collaborated with Polygon to create a Web3 fund for social networks with a capitalization of $200 million. As for Kryptós, the fund documents note that there is a “potentially a unique opportunity”for investors to receive crypto investment tools “at a discount.” Now that Seven Seven Six is a registered investment advisor, the company can invest in digital assets and manage the fund for a fee. The paper published by Clarke also cited one of the founding partners of Ohanian's venture capital firm, Kathleen Holloway, as saying that "everything is on sale," especially when it comes to crypto-currency investment vehicles.
Tom Emmer Is Against the Regulation of Cryptocurrencies "Under Duress"
Member of the US House of Representatives, Tom Emmer, believes that regulating cryptocurrencies and encouraging innovation in the crypto space should not be a political victory for either Democrats or Republicans. In an interview with Axios, the politician said that many of his colleagues in Congress are overly concerned about the risks associated with crypto and turn a blind eye to the fact that it could also be a good investment opportunity for the US. Emmer believes that encouraging crypto influencers like FTX CEO Sam Bankman-Fried to continue doing business in the country will open more doors for citizens rather than push them away due to regulatory uncertainty. Emmer, a Republican, has previously regularly spoken out against "regulation by enforcement" advocated by numerous US government agencies, including the Securities and Exchange Commission. Doesn't this best emphasize the original feature of the Republicans, who are ready for any bans, except for those that limit earnings?
Ozer's Arrest: Escape to Albania Became a One-Way Ticket
Albanian police arrested 27-year-old Turkish businessman Faruk Fatih Ozer, who was the founder and manager of the Turkish cryptocurrency exchange Thodex, which he successfully bankrupted himself in 2021. Albanian law enforcement has been trying to find Ozer since he fled to the country with $2 billion in investor assets, leaving about 400,000 people affected. Ozer disappeared after the closure of Thodex, which gained popularity during the crypto boom in Turkey associated with the high inflation of the Turkish lira. In April last year, Turkey issued an international arrest warrant for him. Turkish prosecutors are accusing Ozer and other Thodex employees of fraud and money laundering and are seeking prison terms for the trading floor for up to several thousand years. Although it’s clear that one thousand years would be enough for them.
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