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Regulatory Series on Cryptocurrencies: Harvard associate and former CFTC chief mulls over bitcoin slippage through gap between US SEC & CFTC
A senior associate at the John F. Kennedy School of Government at Harvard and former chairman of the Commodity Futures Trading Commission, Timothy Massad, thinks deeply and at length about a loophole that the US regulators need to reassess, which is existing somewhere in between the US Securities Exchange Commission and the Commodity Futures Trading Commission. Although the prosperity of crypto-space lures modern financial world, pitfalls of Bitcoin has been passing through right down the middle of this gap.
As per Brooking Institutionsources, it’s high time to come along and coordinate between SEC and CFTC, to fortify crypto-regulation.
We kept reiterating that the U.S. SEC’s eagle eye on the crypto regulation has prolonged while having embraced the market even while fighting to fend off frauds.
The current state of the cryptocurrency avenue has been luring investors’ attention significantly on the prospects of the future products and events, including the possible approval of the VanEck/SolidX Bitcoin ETF that is currently awaiting the U.S. Securities and Exchange Commission’s (SEC’s) approval.
While Hester Peirce stated that the crypto-space is quite puzzled and hinted that the joint approach between the CFTC and the SEC. “This is an area where I think Brian and I are interested in working together”, Pierce appended while elaborating the prevailing regulatory frameworks that are withstanding on cryptocurrency turbulence.
Massad argues that the time to fortify crypto regulation, that none of the regulatory bodies (SEC & CFTC) do not coordinate, and hence, has the abundant influence to deal with Bitcoin’s regulatory challenges.
As per Brookings Institute’s publications, the following pitfalls have been emphasized within the gamut of crypto-sphere: Poor safe-guarding mechanism of investors’ class, hacking scams, cyber-attacks & collateral damage to the financial system.
In addition, the lack of clarity is leading the rise crypto intermediaries who are the unregulated bodies which is why Massad cites gap through which scams have been happening.
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