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Regulatory Concerns Revolving Around Crypto-Industry Ahead of 2020 US-Election
The organic depreciation pressures likely will take the dollar higher in 2H as domestic growth is expected to moderate and likelihood of further trade deals become difficult with the U.S. election cycle kicks in. While China is suffering from the deadly contagious coronavirus, WHO has already declared a global health emergency. We have many other considerable geopolitical issues just like Brexit, USCMA & tensions in the Middle-East region etc.
Amid such global apprehensions, we have mixed bag of news revolving around crypto-industry. We recently witnessed that the renowned crypto-derivatives exchange FTX who made an announcement to launch a new futures contract for traders to speculate on much-hyped US Presidential election in 2020, where Donald Trump’s victory would be gambled on.
TRUMP-2020 (TRUMP) is actually a futures contract on FTX, where it (TRUMP) expires to $1 if Donald Trump wins the 2020 US presidential general election, and $0 otherwise.
While President Trump has conveyed an aggressive perhaps pessimistic approach on the cryptocurrencies, as he himself claiming that he is “not a fan of” Bitcoin, on the flip side, Treasury secretary has given his remarks on the lack of regulations surrounding the nascent technology constitutes a “national security” issue.
Nevertheless, such pessimistic stances have not hampered the prospects yet, not have they destructed buying sentiments of the crypto markets so far. On the contrary, it hasn’t favoured them either. On the other hand, with unclarity around tax norms adding the pressures from the IRS.
Amid such grey-shaded area in the cryptocurrency regulatory environment, the U.S. presidential contender, Mr. Michael Bloomberg has insisted for the regulatory framework and proposed rules to give clarity on the status of crypto assets. With his financial reform plan, he appears to be targeting for these to offer greater government oversight as well as consumer protection.