New crypto december 2020
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- US Cryptocurrency Trends & Hotspots 2021: Most Crypto-Savvy States Revealed
- ‘White Dissidents’ Raise Millions in Cryptocurrency
- Will 2021 be even bigger for Bitcoin? Here are the crypto trends to watch next year
- The Crypto Daily – Movers and Shakers – December 26th, 2020
- Cryptocurrency Prices today on December 18: Bitcoin, Ethereum fall over 3%
- Top 5 Blockchain and Crypto movies to watch in December 2020
- Crypto View - August 2021
US Cryptocurrency Trends & Hotspots 2021: Most Crypto-Savvy States Revealed
On January 14, in a surprise move, the U. The proposed rule, billed by FinCEN as bringing oversight of virtual currency transactions more in line with transfers of traditional cash, outraged industry participants when it was released just before the holidays in mid-December. They filed thousands of comment letters during an expedited two-week window allowed by FinCEN. The controversial proposed rulemaking has once again focused attention on how FinCEN plans to enforce transparency-focused anti-money laundering concepts on the virtual currency ecosystem that embraces principles of confidentiality as well as advancements in financial services technology.
And while it appears the work of finalizing the rule will now fall to the incoming Biden administration, it remains quite possible the new team will move forward with the proposed rules in some form. Whether the proposed rules are applied could fundamentally change how buyers, sellers, exchanges, and other parties operate in crypto asset markets.
The rules specify records to be kept by the originating business and relevant information to be provided to the receiving business. Although these rules are the same for virtual and fiat currencies, compared to traditional MSBs and banks, major crypto exchanges and other virtual currency MSBs face significant challenges complying with these rules because virtual currency transfers, compared with wire transfers for example, are typically completed with less information about the parties.
These rules could be circumvented by transferring virtual currency funds from one institution to a personal wallet i. Following the public comment period, these rules have yet to be finalized. This rule and other FinCEN guidance issued over the past several years has made it clear that, especially with respect to the Travel Rule and the Recordkeeping Rule, the agency intends to apply the same standards for virtual currency transfers that apply to fiat currency transfers.
The initial period for public comments on the proposed rule closed on January 7, , giving concerned parties only 15 days to respond , instead of a more typical comment period, frequently ranging from 30 to 90 days. For these transactions, the proposed rule mandates the collection of:. Additional comments could be influential, particularly given the varying time periods as explained below allotted for comments on the proposed rules.
Virtual currency industry members criticized FinCEN for needlessly increasing financial surveillance. They also suggested that the government would receive limited benefits under the rule due to user circumvention, and that those benefits would not outweigh the inordinate costs imposed upon virtual currency platforms to overcome significant technical barriers to achieve compliance with the proposed rule.
Finally, a number of commenters, with support from members of Congress, decried inequitable regulatory treatment between virtual currencies and traditional financial systems. While many comments recognized the need to fill potential gaps in the financial surveillance laws, we have not identified any comments, among the thousands submitted, that were in favor of the proposed new rules.
Like the Travel Rule, the December NPRM would require the above referenced identifying information to be collected and recorded for a covered transaction, which received significant industry pushback. Several platforms and industry groups argued in their comments that the proposal would drive virtual currency users to personal wallets and offshore exchanges.
Commenters also emphasized that they anticipate incurring significant costs to comply with the December NPRM. At the same time, commenters stated that FinCEN would likely receive less benefit from the rule than it anticipates because of simple steps available to circumvent it. In , we highlighted key obstacles faced by virtual currency exchanges and other virtual currency businesses in complying with the Travel Rule and the Recordkeeping Rule.
These obstacles have created and continue to create significant compliance costs. The basic problem is that virtual currency businesses do not necessarily receive verified information about a counterparty, such as whether it is an MSB or an unhosted wallet. This problem does not exist for traditional financial transfers, such as wire transfers.
In order for a bank customer to complete a wire transfer, the customer needs to provide her bank with information about the receiving bank and the individual customer at the receiving bank. The information to be collected and transmitted under the Travel Rule is no different from the information necessary to successfully complete a wire transfer.
Virtual currency businesses do not necessarily receive the same information from customers. Imagine a user wants to transfer 1 BTC from an account at a virtual currency exchange. From a technological perspective, the user could complete this transfer by logging into her account at the exchange and providing a public BTC address for the transfer. In order to effect the transfer, there is no technological need to identify whether the recipient BTC address is another MSB or an unhosted wallet.
Innovative FinTech companies have discussed solutions to these issues, but no market standard has yet been identified, much less adopted. There is a clear consensus, however, among major industry participants that compliance costs to overcome this problem would be significant.
Despite anticipation of high compliance costs, commenters expressed concern that FinCEN and other government offices would receive little benefit if the December NPRM is finalized because it may be subject to easy circumvention.
According to another prominent virtual currency exchange:. The Proposed Rule would then readily permit that individual to send cryptocurrencies from his or her self-hosted wallet to the exchange or receive the cryptocurrency from the exchange to his or her self-hosted wallet. Once the cryptocurrency is in a self-hosted wallet, it can be transacted on the blockchain to or from another self-hosted wallet and not be captured by the requirements of the Proposed Rule.
Second, it would require banks and MSBs to collect information, including name and physical address, about counterparties of their customers for certain transactions—something that is not required for financial institutions filing cash transaction reports. Based on the disparate new comment periods for different portions of the rule, it appears that FinCEN has taken this line of critique into account.
These proposed rules would represent a significant expansion of the collection and reporting required of banks and MSBs. If implemented in their current form, while these new rules may give government investigators additional data in their efforts to prevent financing of illicit businesses and money laundering, the benefits of such rules should be weighed against the desire to have effective and efficient blockchain networks.
Among the various crypto-related pronouncements from federal agencies toward the end of , this is one that buyers, sellers, and crypto market intermediaries including banks and other financial institutions providing digital asset financial services to clients must monitor closely. These new comment periods may be a sign that FinCEN recognizes the magnitude of these rules if implemented.
Those who have not yet provided comments—or whose initial comments were limited due to the expedited comment period—should consider taking advantage of this new opportunity to provide feedback, which may be aided by input from counsel well-versed in the matter, to help ensure that perspectives from all categories of market participants are heard as new rules take shape. Shultz , U.
To embed, copy and paste the code into your website or blog:. Send Print Report. Shaswat Das. Jacob Gerber. Matthew Hanson. Daniel Kahan. Brian Michael. Brendon Walsh.
Published In: Administrative Procedure Act. Anti-Money Laundering. Bank Secrecy Act. Biden Administration. Financial Institutions. Proposed Rules. Public Comment.
Recordkeeping Requirements. Reporting Requirements. Travel Rule. Virtual Currency. Sign Up Log in.
‘White Dissidents’ Raise Millions in Cryptocurrency
On January 14, in a surprise move, the U. The proposed rule, billed by FinCEN as bringing oversight of virtual currency transactions more in line with transfers of traditional cash, outraged industry participants when it was released just before the holidays in mid-December. They filed thousands of comment letters during an expedited two-week window allowed by FinCEN. The controversial proposed rulemaking has once again focused attention on how FinCEN plans to enforce transparency-focused anti-money laundering concepts on the virtual currency ecosystem that embraces principles of confidentiality as well as advancements in financial services technology. And while it appears the work of finalizing the rule will now fall to the incoming Biden administration, it remains quite possible the new team will move forward with the proposed rules in some form.
Will 2021 be even bigger for Bitcoin? Here are the crypto trends to watch next year
Megan DeMatteo is an editor and poet based in New York. In she helped launch CNBC…. Bitcoin started nearly twice as valuable as it was in January , capping a year that saw cryptocurrency explode in mainstream interest and curiosity. As more everyday investors wonder how cryptocurrency might fit into their portfolio, financial advisors have found themselves incorporating crypto into their guidance. Along with institutional adoption and government regulatory interest , these crypto newcomers are influencing the once-fringe crypto landscape and moving the needle toward mainstream adoption. In most cases, and as many experts recommend, crypto newbies buy Bitcoin or the most popular altcoin alternative coin , Ethereum. In fact, they commonly do.
The Crypto Daily – Movers and Shakers – December 26th, 2020
Bobby Lee, founder of cryptocurrency exchange BTCC, predicted that bitcoin could rise a further per cent before the market downturn takes place, building on the massive gains it has experienced over the last year. Last March, the value of bitcoin had just halved following a series of flash crashes, in part sparked by the coronavirus pandemic. Follow Bitcoin news - live: Latest price updates. The rally is not unprecedented — there were even greater percentage gains in and — though the final destination remains unclear. Read more: How bad is bitcoin for the environment really?
Cryptocurrency Prices today on December 18: Bitcoin, Ethereum fall over 3%
Other cryptocurrencies have come along for the ride, and one of the odder beneficiaries has been Dogecoin—heavily promoted on Twitter in the past couple of weeks by Tesla CEO Elon Musk. Dogecoin started in December , at the peak of the first big bitcoin bubble. The idea was to have fun and be silly with a cryptocurrency that was cheap enough to mess around with—each coin was worth a fraction of a cent. They would tip each other dogecoins for amusing comments. The forum got into charity. They did this just by creating their own magical internet money, selling it for bitcoins, then selling the bitcoins for dollars—which was surprisingly feasible at the height of a bubble.
Top 5 Blockchain and Crypto movies to watch in December 2020
Bitcoin and blockchain are definitely two of the biggest innovations of the last decade or so. Chances are that even if you do not know what they are, you will have heard of them at least. Blockchain has huge potential in various walks of life, from healthcare to insurance to banking to governance, and while it is still some time before we see it pervade all parts of our lives, these are nevertheless exciting times at the moment if you are a distributed ledger nerd. Bitcoin has become the buzzword for cryptocurrencies, which have been gaining more and more attention and traction over the last few years. PayPal, for example, will soon allow bitcoin and other cryptocurrencies to be used on its platform. Bitcoin casino is another new innovation which has become quite popular , where players can make deposits and withdraw winnings in the form of cryptocurrencies. All of these advances show how popular cryptocurrencies have become, and the biggest example of that can be seen in popular culture, with more and more movies and shows being based on blockchain and crypto.
Crypto View - August 2021
Which states are the biggest cryptocurrency hotspots in the country? Cryptocurrency may not be part of the mainstream economy just yet, but demand is so high in some states, US financial authorities are looking at ways to regulate the market. In fact, as many as a quarter of US investors are now entrusting their money to the crypto market. With interest surging across the country, we looked into which currencies have seen the most significant spike in value, crypto trends dominating and which US states are investing their money in the crypto market.
Schedule a call based on your convenience. And get an expert to help you invest. A cryptocurrency is a decentralized asset that can be traded on an exchange or used to pay for goods and services. The first-ever cryptocurrency to be introduced to the world was Bitcoin in Since then, several new cryptocurrencies have been created like Ethereum, Binance Coin, Solana, Dogecoin, and more.