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What should the crypto industry expect from regulators in 2022? Experts answer, Part 1

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What should the crypto industry expect from regulators in 2022? Experts answer, Part 1
You must confirm the subscription in your inbox.”,”subscribe_email_required”:”Email required”,”subscribe_email_invalid”:”A valid email address must be provided. “,”shares”:”Total shares”,”views”:”Total views”,”sponsoredBadge”:”stretch_banners.sponsored.badge”}” :post=”{“id”:78629,”seo_title”:”What should the crypto industry expect from regulators in 2022? Experts answer, Part 1″,”seo_description”:” Blockchain industry insiders answer: What were the main crypto regulatory milestones in 2021, and what should be expected in 2022?…”,”keywords”:” Bitcoin,Decentralization,Blockchain,Technology,Cryptocurrencies,Adoption,Regulation,United States,El Salvador,Bitcoin Regulation,New Year’s Special “,”canonical”:”https://cointelegraph.com/explained/what-should-the-crypto-industry-expect-from-regulators-in-2022-experts-answer-part-1″,”thumb”:”https://images.cointelegraph.com/images/1024_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy80ZjQ1NzBkZGM1NGExNTIzMzE2OWZiMGJjMTY2MzRhMC5qcGc=.jpg”,”img”:”https://images.cointelegraph.com/images/2048_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy80ZjQ1NzBkZGM1NGExNTIzMzE2OWZiMGJjMTY2MzRhMC5qcGc=.jpg”,”youtube”:””,”og_title”:”What should the crypto industry expect from regulators in 2022? Experts answer, Part 1″,”og_description”:” Blockchain industry insiders answer: What were the main crypto regulatory milestones in 2021, and what should be expected in 2022? “,”twitter_title”:”What should the crypto industry expect from regulators in 2022? Experts answer, Part 1″,”twitter_description”:” Blockchain industry insiders answer: What were the main crypto regulatory milestones in 2021, and what should be expected in 2022? “,”published”:”2022-01-08T15:15:00+00:00″,”noindex”:0,”modified”:”2022-01-03T16:33:16+00:00″,”title”:”What should the crypto industry expect from regulators in 2022? Experts answer, Part 1″,”leadtext”:” Blockchain industry insiders answer: What were the main crypto regulatory milestones in 2021, and what should be expected in 2022? “,”amp”:”https://cointelegraph.com/explained/what-should-the-crypto-industry-expect-from-regulators-in-2022-experts-answer-part-1/amp”,”alternates”:[],”alternatesLinks”:[],”url”:”what-should-the-crypto-industry-expect-from-regulators-in-2022-experts-answer-part-1″,”url_full”:”/explained/what-should-the-crypto-industry-expect-from-regulators-in-2022-experts-answer-part-1″,”category”:{“id”:65,”url”:”explained”,”priority”:0,”created”:null,”modified”:null,”parent_id”:0,”is_hidden”:0,”created_at”:”-0001-11-30 00:00:00″,”updated_at”:”2019-03-12 14:52:37″,”deleted_at”:null,”admin_weight”:30,”enabled”:1,”is_blog”:0,”relevant”:0,”category_id”:65,”language_id”:1,”title”:”Explained”,”alt”:””,”keywords”:””,”seo_title”:”Explained: articles for beginners about cryptocurrency and blockchain.”,”description”:”

What is Bitcoin? How does blockchain work? How to mine cryptocurrency? We are glad to help you answer these questions with our quick guides in Explained section.n”,”seo_description”:”What is Bitcoin? How does blockchain work? How to mine cryptocurrency? We are glad to help you answer these questions with our quick guides in Explained section.”},”words_count”:1319,”description”:” Blockchain industry insiders answer: What were the main crypto regulatory milestones in 2021, and what should be expected in 2022?rn “,”author”:{“id”:607,”title”:”Max Yakubowski”,”url”:”max-yakubowski”,”twitter”:”https://twitter.com/maximyakub”,”google_plus”:””,”photo”:”https://s3.cointelegraph.com/storage/uploads/view/2827cb4b690c7aa99793554145d9c8cb.jpg”,”gender”:”male”,”description”:”Max Yakubowski is the opinion editor at Cointelegraph. He has a Master of Arts in linguistics and social anthropology and is passionate about innovative technology and its cultural and social influence as well as discursive representations. Prior to Cointelegraph, he worked as an academic curriculum developer and researcher at various educational organizations and institutions.”,”facebook”:””,”email”:”[email protected]”,”linkedin”:”https://www.linkedin.com/in/max-yakubowski-3b2a12b2/”,”created_at”:”2018-06-20 15:34:43″,”updated_at”:”2021-10-20 17:05:43″,”deleted_at”:null,”avatar”:”https://images.cointelegraph.com/images/150_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8yODI3Y2I0YjY5MGM3YWE5OTc5MzU1NDE0NWQ5YzhjYi5qcGc=.jpg”,”hash”:”aHR0cHM6Ly9jb2ludGVsZWdyYXBoLmNvbS9hdXRob3JzL21heC15YWt1Ym93c2tp”,”relativeUrl”:”https://cointelegraph.com/authors/max-yakubowski”,”user_id”:607,”language_id”:1,”name”:”Max Yakubowski”,”desc”:”Max Yakubowski is the opinion editor at Cointelegraph. He has a Master of Arts in linguistics and social anthropology and is passionate about innovative technology and its cultural and social influence as well as discursive representations. Prior to Cointelegraph, he worked as an academic curriculum developer and researcher at various educational organizations and institutions.”,”seo_title”:”Max Yakubowski`s articles on Cointelegraph”,”seo_description”:”Max Yakubowski archive page on Cointelegraph. Articles, opinions and reviews by Max Yakubowski.”,”enabled”:1,”show_in_authors”:1,”show_in_experts”:0},”category_id”:65,”audio”:”https://s3.cointelegraph.com/audio/78629.121a631f-b843-43e9-998f-a5a34ac91565.mp3″,”tags”:[{“name”:”Bitcoin”,”uri”:”/tags/bitcoin”,”super”:1,”page_title”:”Bitcoin News”},{“name”:”Blockchain”,”uri”:”/tags/blockchain”,”super”:1,”page_title”:”Blockchain News”},{“name”:”Cryptocurrencies”,”uri”:”/tags/cryptocurrencies”,”super”:0,”page_title”:”Cryptocurrencies News”},{“name”:”Decentralization”,”uri”:”/tags/decentralization”,”super”:0,”page_title”:”Decentralization News”},{“name”:”Technology”,”uri”:”/tags/technology”,”super”:0,”page_title”:”Technology News”},{“name”:”Bitcoin Regulation”,”uri”:”/tags/bitcoin-regulation”,”super”:0,”page_title”:”Bitcoin Regulations News”},{“name”:”Adoption”,”uri”:”/tags/adoption”,”super”:1,”page_title”:”Adoption News”},{“name”:”United States”,”uri”:”/tags/united-states”,”super”:0,”page_title”:”United States News”},{“name”:”Regulation”,”uri”:”/tags/regulation”,”super”:1,”page_title”:”Regulation News”},{“name”:”El Salvador”,”uri”:”/tags/el-salvador”,”super”:0,”page_title”:””}],”tag_title”:”Bitcoin”,”date”:”9 HOURS AGO”,”badge”:{“title”:”New Year Special”,”label”:”info”},”qty”:108,”stats_pixel”:”“,”stats_pixel_url”:”https://zoa.cointelegraph.com/pixel?postId=78629&regionId=1″,”shares”:47,”infographic”:false,”sponsored”:false,”explained”:true,”press_release”:false,”show_referral”:false,”social_description”:” Summing up last year, a group of crypto industry insiders expressed their views on crypto regulation in 2021 and what they expect from regulators in 2022. “,”social_translators”:{“clipboard_popup_label”:”Link copied”,”socialWechatFooterError”:”WeChat error”,”socialWechatFooterText”:”WeChat share”,”socialWechatHeaderText”:”WeChat share”},”social_shares”:{“post_id”:78629,”post_url”:”https://cointelegraph.com/explained/what-should-the-crypto-industry-expect-from-regulators-in-2022-experts-answer-part-1″,”post_titles”:{“normal”:”What should the crypto industry expect from regulators in 2022? 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One of the most important topics for the entire crypto and blockchain industry is regulation. 2021 was full of news in that area, and one of the most widely discussed topics was the unprecedented experiment in El Salvador, the first country to give Bitcoin (BTC) the status of legal tender. Another hot topic was the United States Securities and Exchange Commission’s approval of the first Bitcoin exchange-traded fund (ETF), which had been awaited for eight years and was hailed as a breakthrough moment in crypto history. I expect that these trends will continue in 2022: Small countries will follow El Salvador’s example of legalizing Bitcoin, while developed countries will most likely follow with the cautious approval of Bitcoin ETFs. But that’s just my opinion.nn

To gain more insight on the matter, I reached out to various experts from the crypto and blockchain industry, asking them: “In your opinion, has the crypto space reached any milestones in 2021 in terms of regulation? And what do you expect from regulators in 2022?”nnnn”,”created_at”:”2021-12-29 16:05:09″,”updated_at”:”2022-01-03 16:33:17″,”sort”:1,”translations”:{“id”:3090,”explained_post_id”:3097,”title_en”:”Introduction”,”content_en”:”

One of the most important topics for the entire crypto and blockchain industry is regulation. 2021 was full of news in that area, and one of the most widely discussed topics was the unprecedented experiment in El Salvador, the first country to give Bitcoin (BTC) the status of legal tender. Another hot topic was the United States Securities and Exchange Commission’s approval of the first Bitcoin exchange-traded fund (ETF), which had been awaited for eight years and was hailed as a breakthrough moment in crypto history. I expect that these trends will continue in 2022: Small countries will follow El Salvador’s example of legalizing Bitcoin, while developed countries will most likely follow with the cautious approval of Bitcoin ETFs. But that’s just my opinion.nn

To gain more insight on the matter, I reached out to various experts from the crypto and blockchain industry, asking them: “In your opinion, has the crypto space reached any milestones in 2021 in terms of regulation? And what do you expect from regulators in 2022?”nnnn”,”title_es”:””,”content_es”:”nn”,”title_cn”:””,”content_cn”:”nn”,”title_de”:””,”content_de”:”nn”,”title_it”:””,”content_it”:”nn”,”title_ar”:””,”content_ar”:”nn”,”title_br”:””,”content_br”:”nn”,”title_jp”:””,”content_jp”:”nn”,”created_at”:”2021-12-29 16:05:09″,”updated_at”:”2022-01-03 16:33:17″,”title_kr”:””,”content_kr”:”nn”,”title_tr”:””,”content_tr”:”nn”}},{“id”:3098,”post_id”:78629,”title”:”Alan Konevsky of PrimeBlock”,”content”:”

Alan is the chief legal officer of PrimeBlock, a sustainable Bitcoin mining operation and infrastructure solutions provider with locations spread across North America. PrimeBlock is a member of the Bitcoin Mining Council.nn

“China has had this love-hate relationship with Bitcoin since it came on the scene in 2009. The domestic political considerations that led to the change in policy this year and that led to Chinese exchanges and mining being pushed out of the picture won’t change in 2022. I don’t think we’re going back into the love part of the cycle. These changes in the competitive dynamic will continue to benefit the United States and other territories.nn

We will see increasing regulation and increasing political dialogue that touches crypto. The hope is that what comes out of Congress and from the regulators is going to be designed in partnership with the industry and part of a thoughtful dialogue that recognizes the way crypto is different from traditional finance and securities regulation, that some of the traditional tools don’t work in crypto, and that a lot of the same principles such as investor protections apply and need to be recognized, but the details need to look different. The hope is that things will come out of that constructive dialogue as opposed to folks just transferring legacy concepts wholesale or regulating by enforcement.”nnnn”,”created_at”:”2021-12-29 16:05:35″,”updated_at”:”2022-01-03 16:33:17″,”sort”:2,”translations”:{“id”:3091,”explained_post_id”:3098,”title_en”:”Alan Konevsky of PrimeBlock”,”content_en”:”

Alan is the chief legal officer of PrimeBlock, a sustainable Bitcoin mining operation and infrastructure solutions provider with locations spread across North America. PrimeBlock is a member of the Bitcoin Mining Council.nn

“China has had this love-hate relationship with Bitcoin since it came on the scene in 2009. The domestic political considerations that led to the change in policy this year and that led to Chinese exchanges and mining being pushed out of the picture won’t change in 2022. I don’t think we’re going back into the love part of the cycle. These changes in the competitive dynamic will continue to benefit the United States and other territories.nn

We will see increasing regulation and increasing political dialogue that touches crypto. The hope is that what comes out of Congress and from the regulators is going to be designed in partnership with the industry and part of a thoughtful dialogue that recognizes the way crypto is different from traditional finance and securities regulation, that some of the traditional tools don’t work in crypto, and that a lot of the same principles such as investor protections apply and need to be recognized, but the details need to look different. The hope is that things will come out of that constructive dialogue as opposed to folks just transferring legacy concepts wholesale or regulating by enforcement.”nnnn”,”title_es”:””,”content_es”:”nn”,”title_cn”:””,”content_cn”:”nn”,”title_de”:””,”content_de”:”nn”,”title_it”:””,”content_it”:”nn”,”title_ar”:””,”content_ar”:”nn”,”title_br”:””,”content_br”:”nn”,”title_jp”:””,”content_jp”:”nn”,”created_at”:”2021-12-29 16:05:35″,”updated_at”:”2022-01-03 16:33:17″,”title_kr”:””,”content_kr”:”nn”,”title_tr”:””,”content_tr”:”nn”}},{“id”:3099,”post_id”:78629,”title”:”Ankitt Gaur of EasyFi Network”,”content”:”

Ankitt is the CEO of EasyFi Network, a layer-two DeFi lending protocol for digital assets.nn

“DeFi’s unprecedented growth and technological innovations in recent years baffled the global financial markets and regulators, who, I believe, are still trying to make sense of the whole situation. This is probably why cryptocurrencies as an asset class were ignored and regulation was completely absent for over a decade. But now, as DeFi is slowly making its way toward the mainstream, conversations around regulation are emerging. Coinbase’s recent tiff with the SEC is a clear sign that regulators are finally considering DeFi.nn

The Indian government is also expected to be working on a cryptocurrency bill to regulate the use of digital assets within the country. Given that India has the highest number of crypto users, this bill could be crucial for the crypto market. A lot of other countries could also clarify their stance on cryptocurrencies come 2022. The brighter side of all this is that official recognition from world governments could increase users’ trust in digital assets.”nnnn”,”created_at”:”2021-12-29 16:06:04″,”updated_at”:”2022-01-03 16:33:17″,”sort”:3,”translations”:{“id”:3092,”explained_post_id”:3099,”title_en”:”Ankitt Gaur of EasyFi Network”,”content_en”:”

Ankitt is the CEO of EasyFi Network, a layer-two DeFi lending protocol for digital assets.nn

“DeFi’s unprecedented growth and technological innovations in recent years baffled the global financial markets and regulators, who, I believe, are still trying to make sense of the whole situation. This is probably why cryptocurrencies as an asset class were ignored and regulation was completely absent for over a decade. But now, as DeFi is slowly making its way toward the mainstream, conversations around regulation are emerging. Coinbase’s recent tiff with the SEC is a clear sign that regulators are finally considering DeFi.nn

The Indian government is also expected to be working on a cryptocurrency bill to regulate the use of digital assets within the country. Given that India has the highest number of crypto users, this bill could be crucial for the crypto market. A lot of other countries could also clarify their stance on cryptocurrencies come 2022. The brighter side of all this is that official recognition from world governments could increase users’ trust in digital assets.”nnnn”,”title_es”:””,”content_es”:”nn”,”title_cn”:””,”content_cn”:”nn”,”title_de”:””,”content_de”:”nn”,”title_it”:””,”content_it”:”nn”,”title_ar”:””,”content_ar”:”nn”,”title_br”:””,”content_br”:”nn”,”title_jp”:””,”content_jp”:”nn”,”created_at”:”2021-12-29 16:06:04″,”updated_at”:”2022-01-03 16:33:17″,”title_kr”:””,”content_kr”:”nn”,”title_tr”:””,”content_tr”:”nn”}},{“id”:3100,”post_id”:78629,”title”:”Bobby Lee of Ballet”,”content”:”

Bobby is the founder and CEO of Ballet, a company that provides simple, secure cryptocurrency storage solutions for the global mainstream market.nn

“The most important development in cryptocurrency regulation this year was El Salvador’s adoption of Bitcoin as legal tender. This fulfilled and exceeded my prediction five years ago, in December 2016, that a small country’s central bank would add Bitcoin to its foreign exchange reserves. Although El Salvador is a small country, the implications of this change will be profound. The Federal Reserve, the IMF and the Bank of England have stated that they are ‘concerned’ about El Salvador’s declaration of financial independence. Their concern is hardly benevolent. It’s based on the fear that if one country flourishes because of Bitcoin, it will trigger a cascading global exodus from the debt-based dollar system.nn

The United States won’t be following El Salvador’s example of making Bitcoin legal tender, but that’s not an obstacle to Bitcoin’s success. U.S. regulators and tax collectors have correctly decided to treat Bitcoin as an asset akin to gold, not as a currency or security. Fiat currency is backed by debt, and securities are backed by promises of future earnings; Bitcoin is backed by nothing except its proven utility as a permissionless, immutable, inflation-resistant ledger. So, I expect regulators to focus on squeezing more tax revenue out of Bitcoin holders rather than outright prohibition.”nnnn”,”created_at”:”2021-12-29 16:06:32″,”updated_at”:”2022-01-03 16:33:17″,”sort”:4,”translations”:{“id”:3093,”explained_post_id”:3100,”title_en”:”Bobby Lee of Ballet”,”content_en”:”

Bobby is the founder and CEO of Ballet, a company that provides simple, secure cryptocurrency storage solutions for the global mainstream market.nn

“The most important development in cryptocurrency regulation this year was El Salvador’s adoption of Bitcoin as legal tender. This fulfilled and exceeded my prediction five years ago, in December 2016, that a small country’s central bank would add Bitcoin to its foreign exchange reserves. Although El Salvador is a small country, the implications of this change will be profound. The Federal Reserve, the IMF and the Bank of England have stated that they are ‘concerned’ about El Salvador’s declaration of financial independence. Their concern is hardly benevolent. It’s based on the fear that if one country flourishes because of Bitcoin, it will trigger a cascading global exodus from the debt-based dollar system.nn

The United States won’t be following El Salvador’s example of making Bitcoin legal tender, but that’s not an obstacle to Bitcoin’s success. U.S. regulators and tax collectors have correctly decided to treat Bitcoin as an asset akin to gold, not as a currency or security. Fiat currency is backed by debt, and securities are backed by promises of future earnings; Bitcoin is backed by nothing except its proven utility as a permissionless, immutable, inflation-resistant ledger. So, I expect regulators to focus on squeezing more tax revenue out of Bitcoin holders rather than outright prohibition.”nnnn”,”title_es”:””,”content_es”:”nn”,”title_cn”:””,”content_cn”:”nn”,”title_de”:””,”content_de”:”nn”,”title_it”:””,”content_it”:”nn”,”title_ar”:””,”content_ar”:”nn”,”title_br”:””,”content_br”:”nn”,”title_jp”:””,”content_jp”:”nn”,”created_at”:”2021-12-29 16:06:32″,”updated_at”:”2022-01-03 16:33:17″,”title_kr”:””,”content_kr”:”nn”,”title_tr”:””,”content_tr”:”nn”}},{“id”:3101,”post_id”:78629,”title”:”Dave Perrill of Compute North”,”content”:”

Dave is the CEO of Compute North, a cryptocurrency mining and infrastructure provider.nn

“The industry demonstrated its strength and ability to organize. With the U.S. legislature’s activity around crypto as part of the infrastructure bill, the industry was able to unite and get the message out: Cryptocurrency and blockchain are here to stay. While proponents are in favor of regulation to bring clarity to the market and encourage adoption, it needs to be thoughtful and encourage innovation, not restrict it. In 2022, we expect to see organizations such as the Digital Chamber of Commerce and the Bitcoin Mining Council, as well as regional groups like the Texas Blockchain Council, become more active in advocating policy and working with leaders of the Congressional Blockchain Caucus to write policies that are practical.”nnnn”,”created_at”:”2021-12-29 16:06:57″,”updated_at”:”2022-01-03 16:33:17″,”sort”:5,”translations”:{“id”:3094,”explained_post_id”:3101,”title_en”:”Dave Perrill of Compute North”,”content_en”:”

Dave is the CEO of Compute North, a cryptocurrency mining and infrastructure provider.nn

“The industry demonstrated its strength and ability to organize. With the U.S. legislature’s activity around crypto as part of the infrastructure bill, the industry was able to unite and get the message out: Cryptocurrency and blockchain are here to stay. While proponents are in favor of regulation to bring clarity to the market and encourage adoption, it needs to be thoughtful and encourage innovation, not restrict it. In 2022, we expect to see organizations such as the Digital Chamber of Commerce and the Bitcoin Mining Council, as well as regional groups like the Texas Blockchain Council, become more active in advocating policy and working with leaders of the Congressional Blockchain Caucus to write policies that are practical.”nnnn”,”title_es”:””,”content_es”:”nn”,”title_cn”:””,”content_cn”:”nn”,”title_de”:””,”content_de”:”nn”,”title_it”:””,”content_it”:”nn”,”title_ar”:””,”content_ar”:”nn”,”title_br”:””,”content_br”:”nn”,”title_jp”:””,”content_jp”:”nn”,”created_at”:”2021-12-29 16:06:57″,”updated_at”:”2022-01-03 16:33:17″,”title_kr”:””,”content_kr”:”nn”,”title_tr”:””,”content_tr”:”nn”}},{“id”:3102,”post_id”:78629,”title”:”Hatu Sheikh of DAO Maker”,”content”:”

Hatu is the co-founder and chief strategy officer of DAO Maker, which creates growth technologies and funding frameworks for startups while simultaneously reducing risks for investors.nn

“2021 has been a stop-start year for crypto and DeFi, as regulatory bodies have not clarified their stance on the industry. This has held back the retail population from getting involved, and this is a huge opportunity cost for the industry. However, with El Salvador adopting Bitcoin as legal tender and more countries embracing crypto, the future looks brighter.nn

In 2021, yes, there have been multiple deliberations at various levels regarding crypto and its regulatory status. Governments and regulatory authorities across the globe have expressed reservations against the mainstreaming of crypto. However, they also realize the industry is maturing and currently is even too big to have a blanket ban imposed.nn

I believe blockchain technology must be nowhere near the regulatory scheme of things, as the tech and its applications supersede the need for oversight. They bring much-needed facets like transparency and decentralization to the forefront. Regulating blockchain technology will only adversely impact our evolution as a society.nn

Apart from this, in 2022, I expect more acceptance on the regulatory front as crypto aims to revolutionize the financial system across the globe with DeFi. Crypto forensics is on the rise, and I expect it to be adopted by governments to safeguard their citizens.nn

Regulations are necessary for crypto in 2022, but restrictions are not.”nnnn”,”created_at”:”2021-12-29 16:07:28″,”updated_at”:”2022-01-03 16:33:17″,”sort”:6,”translations”:{“id”:3095,”explained_post_id”:3102,”title_en”:”Hatu Sheikh of DAO Maker”,”content_en”:”

Hatu is the co-founder and chief strategy officer of DAO Maker, which creates growth technologies and funding frameworks for startups while simultaneously reducing risks for investors.nn

“2021 has been a stop-start year for crypto and DeFi, as regulatory bodies have not clarified their stance on the industry. This has held back the retail population from getting involved, and this is a huge opportunity cost for the industry. However, with El Salvador adopting Bitcoin as legal tender and more countries embracing crypto, the future looks brighter.nn

In 2021, yes, there have been multiple deliberations at various levels regarding crypto and its regulatory status. Governments and regulatory authorities across the globe have expressed reservations against the mainstreaming of crypto. However, they also realize the industry is maturing and currently is even too big to have a blanket ban imposed.nn

I believe blockchain technology must be nowhere near the regulatory scheme of things, as the tech and its applications supersede the need for oversight. They bring much-needed facets like transparency and decentralization to the forefront. Regulating blockchain technology will only adversely impact our evolution as a society.nn

Apart from this, in 2022, I expect more acceptance on the regulatory front as crypto aims to revolutionize the financial system across the globe with DeFi. Crypto forensics is on the rise, and I expect it to be adopted by governments to safeguard their citizens.nn

Regulations are necessary for crypto in 2022, but restrictions are not.”nnnn”,”title_es”:””,”content_es”:”nn”,”title_cn”:””,”content_cn”:”nn”,”title_de”:””,”content_de”:”nn”,”title_it”:””,”content_it”:”nn”,”title_ar”:””,”content_ar”:”nn”,”title_br”:””,”content_br”:”nn”,”title_jp”:””,”content_jp”:”nn”,”created_at”:”2021-12-29 16:07:28″,”updated_at”:”2022-01-03 16:33:17″,”title_kr”:””,”content_kr”:”nn”,”title_tr”:””,”content_tr”:”nn”}},{“id”:3103,”post_id”:78629,”title”:”Jason Allegrante of Fireblocks”,”content”:”

Jason is the head regulatory counsel and global chief compliance officer at Fireblocks, a digital asset custody, transfer and settlement platform.nn

“The year 2022 will be tumultuous, with regulators sending confusing signals around the world and a slew of high-profile enforcement actions, particularly in the United States. As we go from the current phase of trying to fit cryptocurrencies into existing asset categories to the future phase of adopting regulatory frameworks that treat digital assets as digital assets, we will see a growing agreement around cryptocurrency regulation.nn

In terms of regulation, Europe will take the lead, followed by the United States. While the specific outlines of future regulatory frameworks are unknown, there are grounds to assume that the industry’s biggest fears — such as outlawing DeFi and/or unhosted wallets — will not be realized. Institutional adoption will be fueled by regulatory clarity, or even signals of future clarity.”nnnn”,”created_at”:”2021-12-29 16:07:59″,”updated_at”:”2022-01-03 16:33:17″,”sort”:7,”translations”:{“id”:3096,”explained_post_id”:3103,”title_en”:”Jason Allegrante of Fireblocks”,”content_en”:”

Jason is the head regulatory counsel and global chief compliance officer at Fireblocks, a digital asset custody, transfer and settlement platform.nn

“The year 2022 will be tumultuous, with regulators sending confusing signals around the world and a slew of high-profile enforcement actions, particularly in the United States. As we go from the current phase of trying to fit cryptocurrencies into existing asset categories to the future phase of adopting regulatory frameworks that treat digital assets as digital assets, we will see a growing agreement around cryptocurrency regulation.nn

In terms of regulation, Europe will take the lead, followed by the United States. While the specific outlines of future regulatory frameworks are unknown, there are grounds to assume that the industry’s biggest fears — such as outlawing DeFi and/or unhosted wallets — will not be realized. Institutional adoption will be fueled by regulatory clarity, or even signals of future clarity.”nnnn”,”title_es”:””,”content_es”:”nn”,”title_cn”:””,”content_cn”:”nn”,”title_de”:””,”content_de”:”nn”,”title_it”:””,”content_it”:”nn”,”title_ar”:””,”content_ar”:”nn”,”title_br”:””,”content_br”:”nn”,”title_jp”:””,”content_jp”:”nn”,”created_at”:”2021-12-29 16:07:59″,”updated_at”:”2022-01-03 16:33:17″,”title_kr”:””,”content_kr”:”nn”,”title_tr”:””,”content_tr”:”nn”}},{“id”:3104,”post_id”:78629,”title”:”Lisa N. Edwards of Getting Started In Crypto”,”content”:”

Lisa is an Elliott Wave specialist trader with 20-plus years of experience in traditional stocks and commodities, now exclusively trading cryptocurrency. She runs and co-owns Getting Started In Crypto, Thousand To Millions and The Moon Mag with Josh Taylor.nn

“Most exchanges I trade on have asked me to complete KYC to stay trading on their platforms. A few exchanges took this too far by cutting accounts down to one per person, which, in reality, was crazy. With traditional banking, you can have numerous accounts with one bank, so in my opinion, a few bridges need to be crossed to meet in the middle. AML can still be tightened, but we have a long way to go. And as with traditional cash, there will always be ways around this. Blockchain does tighten the ability to follow the money trail, but there are new ways popping up daily to hide these trails.”nnnn”,”created_at”:”2021-12-29 16:08:27″,”updated_at”:”2022-01-03 16:33:17″,”sort”:8,”translations”:{“id”:3097,”explained_post_id”:3104,”title_en”:”Lisa N. Edwards of Getting Started In Crypto”,”content_en”:”

Lisa is an Elliott Wave specialist trader with 20-plus years of experience in traditional stocks and commodities, now exclusively trading cryptocurrency. She runs and co-owns Getting Started In Crypto, Thousand To Millions and The Moon Mag with Josh Taylor.nn

“Most exchanges I trade on have asked me to complete KYC to stay trading on their platforms. A few exchanges took this too far by cutting accounts down to one per person, which, in reality, was crazy. With traditional banking, you can have numerous accounts with one bank, so in my opinion, a few bridges need to be crossed to meet in the middle. AML can still be tightened, but we have a long way to go. And as with traditional cash, there will always be ways around this. Blockchain does tighten the ability to follow the money trail, but there are new ways popping up daily to hide these trails.”nnnn”,”title_es”:””,”content_es”:”nn”,”title_cn”:””,”content_cn”:”nn”,”title_de”:””,”content_de”:”nn”,”title_it”:””,”content_it”:”nn”,”title_ar”:””,”content_ar”:”nn”,”title_br”:””,”content_br”:”nn”,”title_jp”:””,”content_jp”:”nn”,”created_at”:”2021-12-29 16:08:27″,”updated_at”:”2022-01-03 16:33:17″,”title_kr”:””,”content_kr”:”nn”,”title_tr”:””,”content_tr”:”nn”}},{“id”:3105,”post_id”:78629,”title”:”Nick du Cros of CoinShares”,”content”:”

Nick is the head of compliance and regulatory affairs at CoinShares UK, a digital asset management firm that provides financial products and services for professional investors.nn

“I am expecting a trifurcation of approaches from regulators in 2022. Firstly, there will be the builders producing bespoke regulations for digital assets. Secondly, panicked by financial stability concerns, a subset of regulators will feel immediate action is required! Their default approach will be to simply right-click and copy across banking regulations. Thirdly, there will be a handful of regulators looking to impose significant restrictions on or outright ban digital assets.nn

My hope is that 2022 will belong to the builders and be seen as the year that international regulatory frameworks for digital assets truly commenced — future-looking frameworks that could support a cross-border approach to the technological, legal, regulatory and supervisory challenges.nn

In 2022, I am looking at two particular developments:nn

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Bit Coin

Targeted phishing scam nets $438K in crypto and NFTs from hacked Beeple account

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Targeted phishing scam nets $438K in crypto and NFTs from hacked Beeple account

Links posted to a fake Louis Vuitton NFT raffle were made to capitalize on a recent real collaboration between Beeple and the luxury fashion brand.

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Targeted phishing scam nets 8K in crypto and NFTs from hacked Beeple account

Digital artist and popular nonfungible token (NFT) creator Mike Winkelmann, more commonly known as Beeple, had his Twitter account hacked on Sunday as part of a phishing scam.

Harry Denley, security analyst of MetaMask, alerted users that Beeple’s tweets at the time containing a link to a raffle of a Louis Vuitton NFT collaboration were, in fact, a phishing scam that would drain the crypto out of users’ wallets if clicked.

⚠️ Beeple’s Twitter account has been compromised (ATO) to post a phishing website to steal funds.

0x7b69c4f2ACF77300025E49DbDbB65B068b2Fda7D
0xF305F6073CFa24f05FF15CA5b387DD91f871b983 pic.twitter.com/0MPNwOPlEu

— harry.eth (whg.eth) (@sniko_) May 22, 2022

The scammers were likely looking to capitalize on a real recent collaboration between Beeple and Louis Vuitton. Earlier in May, Beeple designed 30 NFTs for the luxury fashion brand’s Louis The Game mobile game, which were embedded as rewards to players.

The scammer continued to post phishing links from Beeple’s Twitter account, leading to fake Beeple collections that lured in unsuspecting users with the promise of a free mint for unique NFTs.

Bad actors continue have access to Beeples Twitter account and they have now tweeted another phishing domain.

This one just prompts the user to send ETH to an EOA (0xcad7fc974F61A08ADEF110D1BA446fa5b5B5Bb27).

Infra: 44.227.238.106 pic.twitter.com/HzTga1OvNK

— harry.eth (whg.eth) (@sniko_) May 22, 2022

The phishing links were up on Beeple’s Twitter for around five hours, and an on-chain analysis of one of the scammers’ wallets shows the first phishing link scored them 36 Ether (ETH), worth roughly $73,000 at the time.

The second link netted the scammers around $365,000 worth of ETH and many NFTs from high-value collections such as the Mutant Ape Yacht Club, VeeFriends and Otherdeeds, among others, bringing the grand total value stolen from the scam to around $438,000.

On-chain data shows the scammer selling the NFTs on OpenSea and putting their stolen ETH into a crypto mixer in an attempt to launder the gains.

Beeple later tweeted that he had regained control of his account and added to remind his followers that “anything too good to be true IS A F*CKING SCAM.”

ugh we’ll that was fun way to wake up.

Twitter was hacked but we have control now. Huge thanks to @garyvee ‘a team for quick help!!!!

— beeple (@beeple) May 22, 2022

Related: Needed: A massive education project to fight hacks and scams

Beeple has created three of the top ten most expensive NFTs sold to date including one which sold for $69.3 million, the most expensive ever sold to a sole owner. This attention has made him a target for hacks.

In November 2021, an admin account on Beeple’s Discord was hacked with scammers there also promoting a similarly fake NFT drop which resulted in users losing around 38 ETH.

Earlier this month, cybersecurity firm Malwarebytes released a report which highlighted a rise in phishing attempts as scammers try to cash in on NFT hype. The firm noted the use of fraudulent websites depicted as legitimate platforms is the most common tactic used by scammers.

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Interest in Ethereum Name Service reaching ‘critical mass’

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Interest in Ethereum Name Service reaching ‘critical mass’

The latest metrics on new registrations and renewals of existing domains on ENS show that interest in the digital identity service has shattered previous records.

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Interest in Ethereum Name Service reaching ‘critical mass’

The Ethereum Name Service is having its best month on record for new registrations, account renewals and revenue thanks to community awareness and low gas fees.

Lead developer at Ethereum Name Service (ENS) Nick Johnson tweeted on Monday the metrics for the Web3 domain service through May so far. He noted that numbers were poised to shatter existing records because they were already at all-time highs, “and there’s still a week of May left.”

May is now an All Time High for every single ENS metric we track – registrations, renewals, revenue (ETH & USD) and income (ETH & USD).

And there’s still a week of May left.

pic.twitter.com/u0tTcVPr3f

— nick.eth (@nicksdjohnson) May 22, 2022

Jonson told Cointelegraph on Monday that the main factor contributing to higher demand in ENS domains is that it is a place where people can “form shared communities without any overarching structure imposed on them beforehand.” This has had astounding results for the domain service:

“ENS has reached a critical mass of awareness and adoption. Most wallets support ENS names, so the usability factor is significant.”

ENS is an open-source blockchain protocol founded in 2017 that allows people to assign a digital identity to their Ethereum wallet. Each name is a nonfungible token (NFT) that ends with .eth and can act as an address, a cryptographic hash or a website URL.

The data shared by Johnson shows that there have been 304,968 new registrations, 13,260 renewals, and 3,165.85 Ether (ETH) in revenue so far in May. All of these metrics leave previous highs in the dust.

Johnson also said that ”low gas fees definitely have an impact” on the higher onboarding and renewal rates. To send a fast transaction on Ethereum costs about 22 GWEI, worth about $0.92 at the time of writing, according to gasprice.io. In periods of high volume, gas fees can be higher than $50, which may act as a deterrent to using the network unless in emergencies:

“You can register a 5+ character ENS name for a year for $5. High gas fees can make the cost several times that, so gas prices have a big impact on the affordability of ENS names.”

Interest in ENS domains has been quickly rising since April, when social clubs such as the 10k Club within ENS gained tremendous attention. The 10k Club was formed by owners of ENS domains numbered between 0-9999. Both new registrations and renewals have nearly doubled since then.

Related: Web3, NFTs, Metaverse: The tools for a truly decentralized future

ENS’s record high revenues coupled with a market downturn has sparked plans in the ENS decentralized autonomous organization (DAO) to squirrel away funds for ongoing development. Johnson stated that the income slated for funding development and maintenance “for the indefinite future” would help the project weather further market volatility:

“With that guarantee against market effects, additional funds can be used more freely to help grow the ecosystem.”

However, the bullish metrics have not been reflected in ENS prices. The token has been on a steady decline since its November 2021 launch in which all .eth domain holders were airdropped a portion of the supply. ENS has fallen 86% from its November all-time high to $12.21, according to CoinGecko.

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Top 5 cryptocurrencies to watch this week: BTC, BNB, XMR, ETC, MANA

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Top 5 cryptocurrencies to watch this week: BTC, BNB, XMR, ETC, MANA

The Dow Jones Industrial Average has declined for eight consecutive weeks, the first such losing streak since 1923. On May 20, the S&P 500 briefly fell into bear market territory, indicating that traders continue to sell risky assets in fear of a recession. 

Due to its tight correlation with US equities markets, Bitcoin (BTC) has remained under pressure for many weeks. The bulls are attempting to push Bitcoin higher during the weekend and avert an even longer losing streak.

Crypto market data daily view. Source: Coin360

Bitcoin’s performance in the first five months has been the worst since 2018, indicating that sellers are in control. However, after several weeks of weakness, the crypto markets may be on the cusp of a bear market rally.

What are the critical levels that may signal the start of a sustained recovery? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the near term.

BTC/USDT

Bitcoin rebounded off the crucial support at $28,630 on May 20, indicating strong buying near this level. The bulls are attempting to push the price above the downtrend line, which could be the first indication that the selling pressure may be reducing.

BTC/USDT daily chart. Source: TradingView

Above the downtrend line, the BTC/Tether (USDT) pair could rise to the 20-day exponential moving average (EMA) of $31,887. The bears are likely to defend this level with vigor. If the price turns down from the 20-day EMA, the bears will once again try to sink the pair below $28,630.

If they manage to do that, the pair could drop to $26,700. This is an important level to keep an eye on because a break and close below it could open the doors for a decline to $25,000 and then to $21,800.

Conversely, if buyers thrust the price above the 20-day EMA, the pair could attempt a rally to the 61.8% Fibonacci retracement level at $34,823. If this level is scaled, the pair could climb to the 50-day simple moving average (SMA) of $37,289.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price is getting squeezed between the downtrend line and $28,630. The 20-EMA and the 50-SMA have flattened out and the relative strength index (RSI) is just above the midpoint suggesting a balance between supply and demand.

This balance could tilt in favor of buyers if they push and sustain the price above the downtrend line. If that happens, the pair could start its northward march toward the 200-SMA.

On the contrary, if the price turns down from the current level, the bears will attempt to sink the pair below $28,630 and gain the upper hand.

BNB/USDT

Binance Coin (BNB) recovered sharply from the critical support at $211 and has reached the overhead resistance at the 20-day EMA of $323. This is an important level for the bears to defend because a break and close above it could indicate that a bottom may be in place.

BNB/USDT daily chart. Source: TradingView

Above the 20-day EMA, the BNB/USDT pair could rally to $350 and thereafter to the 50-day SMA of $376. This level could again act as a stiff hurdle but if bulls thrust the price above it, the pair could rally to the 200-day SMA of $451.

Contrary to this assumption, if the price turns down sharply from the 20-day EMA, it will suggest that bears have not yet given up and they continue to sell at higher levels. The pair could then drop toward $211. If the price rebounds off this level, the pair may consolidate between $211 and $320 for a few days.

BNB/USDT 4-hour chart. Source: TradingView

The bulls are attempting to push the price above the overhead resistance at $320. If they succeed, the pair could rally toward $350. The bears are likely to defend this level aggressively. If the price turns down from $350, the pair could again drop to $320.

If the price rebounds off this level, the pair could remain range-bound between $320 and $350 for some time. The bullish momentum could pick up above the 200-SMA and the pair may rally to $380 and later to $400.

Conversely, if the price turns down from the current level, the pair could drop to $286 and then to $272.

XMR/USDT

Monero (XMR) dropped below the strong support at $134 on May 12 but the bears could not sustain the lower levels. This suggests aggressive buying on dips. The price has recovered sharply to the 20-day EMA of $179.

XMR/USDT daily chart. Source: TradingView

If bulls push and sustain the price above the 20-day EMA, the XMR/USDT pair could rise to the overhead resistance zone between the 200-day SMA of $202 and the 50-day SMA of $212. The bears are expected to mount a strong defense in this zone

If the price turns down from this zone, but bulls arrest the subsequent decline at the 20-day EMA, it will suggest a potential change in trend. Conversely, if the price turns down from the current level, the bears will try to pull the pair to $150 and thereafter to $134.

XMR/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of higher lows and higher highs. The bears tried to pull the price below the 50-SMA but the bulls defended the level successfully. This suggests a change in sentiment from selling on rallies to buying on dips.

The pair could next rally to the 200-SMA where the bears may offer a strong resistance. If bulls overcome this barrier, the pair could rally to $225. Contrary to this assumption, if the price turns down and breaks below the 50-SMA, the pair could slide to $150. A break below this level could challenge the strong support at $134

Related: Dollar Cost Averaging or Lump-sum: Which Bitcoin strategy works best regardless of price?

ETC/USDT

Ethereum Classic (ETC) dropped sharply from $52 on March 29 to $16 on May 12. The bulls are attempting to start a recovery which could face resistance at the 20-day EMA of $23.

ETC/USDT daily chart. Source: TradingView

If the price turns down from the 20-day EMA, the bears will again attempt to resume the downtrend by pulling the ETC/USDT pair below the critical support at $16.

On the contrary, if buyers propel the price above the 20-day EMA, it will suggest the start of a stronger relief rally. The positive divergence on the RSI also points to the possibility of a recovery in the near term. The pair could then rise to the 38.2% Fibonacci retracement level at $30, where the bears may mount a strong resistance.

ETC/USDT 4-hour chart. Source: TradingView

The price has been trading between $19 and $23 for some time. This suggests that the bulls are attempting to form a higher low, but the bears continue to pose a strong challenge at higher levels. The flattening 20-EMA and 50-SMA do not give a clear advantage either to bulls or bears.

If buyers drive the price above $23, it will suggest the start of a new up-move. The pair could first rally to the 200-SMA and then to $33. Alternatively, if the price turns down and plummets below $19, the bears will gain the upper hand. They will then attempt to sink the pair to $16.

MANA/USDT

Decentraland (MANA) turned down from the 20-day EMA of $1.24 on May 16, but a positive sign is that the bulls did not allow the price to sustain below the psychological level of $1.00.

MANA/USDT daily chart. Source: TradingView

The buyers will once again attempt to push the price above the 20-day EMA. If they succeed, the MANA/USDT pair could rally to the 50-day SMA of $1.72. The bears may again mount a stiff resistance at this level but if bulls clear this hurdle, the pair could start its northward march toward the 200-day SMA of $2.72.

Contrary to this assumption, if the price slips below $1.00, the bears will try to sink the pair to the crucial support at $0.60. A break and close below this level could start the next leg of the downtrend.

MANA/USDT 4-hour chart. Source: TradingView

The pair is stuck between $0.97 and $1.36, indicating that bulls are buying the dips below $1.00 and the bears are selling on rallies. The 20-EMA and the 50-SMA have flattened out, indicating that the consolidation may continue for some more time.

If buyers propel the price above the 50-SMA, the pair could rise to the resistance of the range at $1.36. The bullish momentum could pick up if buyers overcome this barrier. Conversely, the bears could gain the upper hand if the price turns down and plummets below the support at $0.97.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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