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U.S. Congressmen Tom Emmer and Bill Foster were named as co-chairs of the bipartisan Congressional Blockchain Caucus on Friday and will now be part of a caucus leadership team that also includes Representatives Jared Polis and David Schweikert. In an announcement released after Emmer’s appointment, the Congressman confirmed that he will soon introduce new legislation “to support blockchain technology and digital currencies.”
When the New York Attorney General’s Office released its “Virtual Markets Integrity Report” this week, the report included an assertion that Coinbase was responsible for roughly one-fifth of trading transactions on its exchange. After media reports suggested that the company was engaging in proprietary trading for its own benefit, Coinbase Chief Policy Officer Mike Lempres responded in a blog post denying the allegation.
Mercatox users may have noticed that several cryptocurrency wallets have been undergoing maintenance for the last few days. On Thursday, the exchange posted a notice on its site to confirm that the exchange had seen some wallets “compromised by hackers” on September 17. The company reassured users that their holdings remain secure, as Mercatox maintains a reserve fund to cover any potential losses.
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.