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MPs on the UK’s Treasury select committee released a new report today calling for the government to implement regulatory oversight to end the cryptocurrency industry’s ‘Wild West’ environment, according The Times. The report suggested that the government’s current ambiguous stance leaves consumers at risk and fails to properly prepare the country to become a leading center for crypto trading and innovation.
On Tuesday, New York’s Attorney General’s Office published the results of its several months-long investigation of cryptocurrency exchanges. The 32-page report found that those exchanges remain vulnerable to manipulation, have not yet implemented protective measures used by traditional trading exchanges, and lack those traditional exchanges’ consumer protections.
Capitalism’s distinction from economic ideologies is that anyone can enter a market, leverage their skill set and have an equal chance to climb the ladder based on their performance. A dictator, ruler, or union doesn’t decide how much your work is worth; the free market does. Some proponents of economic ideologies often mislabel free market capitalism as just another ideology, but they couldn’t be more wrong. Free market capitalism means that the economy is devoid of the regulatory environment required to enable groups or individuals to impose their theories on how an economy should be run through regulation, coercion, or force.
The Supreme Court of India has reportedly postponed a final hearing on a case involving the Reserve Bank of India’s ban that forbids the nation’s banks from doing business with crypto-related entities. Originally scheduled for a hearing on September 11, the case is now expected to be heard by the court on Tuesday, September 18..
Last week, Goldman Sachs confirmed that it is exploring a new Bitcoin derivative for its clients. This week, Bloomberg has reported that Morgan Stanley is also planning to offer its clients Bitcoin derivative trading. The report cited an unnamed “person familiar with the matter” who revealed details of the the bank’s plans.
Commodity Futures Trading Commission Chairman J. Christopher Giancarlo told CNBC today that U.S. regulators need to adopt a “do no harm” approach to cryptocurrencies, in much the same way that officials did during the early days of the internet revolution. He suggested that the government would need a balanced approach that guards against fraudulent and manipulative activities without stifling innovation or growth in the industry.
Greenwich Associates released a new survey report on Wednesday suggesting that finance executives have an optimistic view of cryptocurrency’s future role in their industry. According to the report, authored by the consulting firm’s Market Structure and Technology group vice president Richard Johnson, more than 70 percent of those executives said that digital currencies are here to stay.
The U.S. Securities and Exchange Commission announced on Tuesday that the agency has fined cryptocurrency hedge fund Crypto Asset Management LP (CAM) for operating an unregistered investment company and misrepresentations. The SEC issued a cease-and-desist order and $200,000 fine against the company and its owner, Timothy Enneking.
The Dogecoin cryptocurrency was Founded in late 2013 with branding that played on a cartoon dog. It quickly became a hit among the younger participants in the cryptocurrency community. Based on an internet meme, Dogecoin’s founders exploited this brand recognition among their target audience, and it worked! The website Dogecoin.com was first published as a joke, but after it went live the website’s publishers were approached by a developer who offered to compile them a Dogecoin-branded QT client.
The Securities and Exchange Commission has issued an order suspending trading of Bitcoin Tracker One and Ether Tracker One, due to what the agency called “a lack of current, consistent and accurate information” that has caused confusion for market participants. The September 9 order halted trading of the two products until September 20.