Deputy U.S. Attorney General Rod Rosenstein called for a multinational approach to regulating cryptocurrencies Sunday.
The bitcoin price crossed another psychologically-significant milestone on Monday, but, unlike the last time it hit this mark, the bulls are no longer cheering. Earlier today, at approximately 16:30 UTC, the bitcoin price fell below $5,000 for the first time in 2018. On Coinbase, BTC/USD fell to $4,950 before bouncing back above the $5,000 threshold,
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Genesis Mining has made a name for itself in the crypto industry as one of the leading, and a reliable mining contracts provider. While the platform has got a strong following of crypto-miners, enthusiasts, and professionals, it is also known to take initiatives towards creating awareness about cryptocurrencies, their underlying blockchain technology, cryptocurrency mining and more. The educational and promotional campaigns run by Genesis Mining so far has been appreciated by the masses.
The first cryptocurrency, Bitcoin was introduced by Satoshi Nakamoto as a whitepaper in 2008. A decade after, the world now has a robust crypto-ecosystem comprised of hundreds, if not thousands of platforms with their unique tokens and blockchains. Genesis Mining decided to showcase the success of the cryptocurrency technology and its ever-growing footprint in the global financial industry with a witty campaign drawn around the Halloween theme.
“Scaring the financial industry since Halloween 2008.”
In the past few years, the traditional financial institutions have classified cryptocurrencies as a threat to their business models, mainly due to the decentralized, global nature of Bitcoin and others. Some of the other factors that weighs against financial institutions include speed and costs associated with transactions made over blockchain. Through its campaign, Genesis Mining decided to remind the very sector of the 10-year-old nightmare, that started the day Bitcoin Whitepaper was published by Satoshi Nakamoto. The Genesis Mining Halloween message was displayed during the World Crypto Con in Las Vegas.
Like always, the campaigned caught a lot of eyeballs and praises. Displayed boldly on a truck, the message got over 900,000 impressions with some leading personalities like Steve McGary of HackCrypto tweeting it to their followers.
— Steve McGarry (HackCrypto) (@stvmcg) October 31, 2018
The event itself was organized at the world-famous Aria Resort and Casino in Las Vegas. World Crypto Con attracted who’s who from the industry like Bitcoin Foundation member Charlie Shrem, LiteCoin Founder Charlie Lee, Stan Larimer etc., who were also among the speakers at the event.
A Continuing Trend
This is not the first time Genesis Mining’s stunt was well-received. A couple of years back, the company launched its #ExploreBitcoin campaign to create mainstream awareness about Bitcoin. As a part of this campaign, Genesis Mining bought display on many billboards and taxicabs across the United States.
On the occasion of the Miami Bitcoin Conference, the company also went ahead to deploy a massive mobile billboard criticizing JPMorgan Chase’s Jamie Dimon for his comments about cryptocurrencies. The billboard, referring to the perceived threat of Bitcoin by the bankers read:
“You’re Right, Jamie. Bitcoin will eat your lunch.”
The Consensus Conference in New York City witnessed the #BankersAgainstBitcoin protest, with Genesis Mining hiring actors to present a future scenario where bankers might go on strike fearing loss of jobs due to increased adoption of cryptocurrencies among the masses as they attempt to overcome the costly centralized banking services.
Genesis Mining also took on investment guru Warren Buffet, asking him not to belittle the cryptocurrency just because he doesn’t understand it. The billboard saying “Warren, you said you were wrong about Google and Amazon. Maybe you’re wrong about Bitcoin?” was put up in response to the statement “[Bitcoin] is probably rat poison squared” by Buffet.
Genesis Mining has been a vocal advocate of the cryptocurrency ecosystem, and unlike other companies in the industry, it has pulled out all the stops to send a strong message across to those fueling negative sentiments towards the revolutionary technology and financial asset.
A broad selling action in the cryptocurrency market today saw ICO coins losing 15 to 20 percent of their value. And the sentiment is likely to extend thanks to the U.S. Securities and Exchange Commission (SEC).
The U.S. regulator at the beginning of this month charged the founder of a decentralized exchange (DEX) EtherDelta on accounts of enabling the trade of unregistered securities. The Exchange until this time was available to investors as a source of liquidity for the ICO tokens.
Its “decentralized” status allowed ERC20 projects to list their assets without regulatory approval, but the SEC’s crackdown has closed their doors effectively. For the regulator, the creator of a smart contract-enabled exchange would also need to register its work with the authorities. And whatever asset these exchanges would list on their trading platforms, would have to get a securities license as well.
The news sent shivers across the lower market cap coins, each registering huge daily losses on the top of what they had already lost amidst the Bitcoin Cash fork. Loopring, for instance, dropped 19.11% against the U.S. Dollar on Monday, followed by Maker, Self, and ICON that also noted steep drops in their value.
Related Reading: Ethereum Plunges 12%: Will ICOs Continue to Drag ETH Down?
DEX, ICO Industry in Trouble
The SEC decision has led the crypto community to believe that the regulator would target more exchanges in the future.
It has been warning about the potentially unlawful trading platforms for trading crypto assets already. The EtherDelta case particularly has validated that even exchanges without a central authority in place could land their developers in trouble. Zachary Coburn, the creator of EtherDelta, became a test study after he agreed to settle and pay a total of $388,000 in penalties, disgorgement, and interest.
The impact of the SEC’s crackdown can affect developers in the longer term, especially those who are U.S. residents. While it is true that the regulator cannot stop a DEX from running online, they are still able to hold someone liable for beginning the trading platform at fault. Therefore, the only way a DEX developer can avoid punishment or a fine is by moving to locations with no U.S.-treaties. It sounds good on paper but, in reality, it would not be feasible.
The only option these developers are left with is to go anonymous. But that doesn’t always work.
As far as the ICO industry is concerned, the backers of the now-listed assets have two options: either get a security license or unpin the U.S. from their crypto market map. In the near-term it could disallow U.S. residents to trade the unlicensed digital assets that the SEC deems as securities, provoking them to sell-off.
“I read this as the SEC laying the groundwork to prosecute ICOs directly for failure to register under the Securities Act, which they still haven’t done so far (except for blatant Ponzi & scams),” said Jake Chervinsky, a lawyer at U.S.-based Kobre & Kim agency. “If you launched an ICO after the DAO Report, you might be in the line of fire.”
Featured image from Shutterstock.
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A new video released by Bitcoin.com puts their CEO Roger Ver firmly in the camp of people who do not believe that Craig Wright is Satoshi Nakamoto. Ver appeared in the video with lawyer Daniel Kelman to discuss the goings-on of Bitcoin Cash following the hard fork that took place last Friday. Several shots were
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The price of bitcoin fell below $5,000 on Monday for the first time since October of last year.
The FEC is open to allowing mining pools to donate to political campaigns, but such donations would qualify as “contributions.”
Over the last 24 hours, Ripple (XRP) has fallen by 9.5 percent against the US dollar. Still, it overtook Ethereum (ETH) to become the second most valuable cryptocurrency in the global market. On November 17, XRP recorded an increase in value of around 8 percent during a period in which most major cryptocurrencies including both
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