CFTC Chief speaks on Crypto regulation to tread lightly on exchanges | + | Coinbase Glitches, unexpected charges | + | .04% of Americans filed Crypto on taxes | Daily crypto Digest 2.15.18
Welcome to the Daily Crypto Digest bringing news to steem, news to you!
Don't forget to #vote FollowBTCNews as #witness and #reblog if you or anyone you know would find this educational content helpful!
CFTC Chief US should tread lightly on crypto exchanges
The head of Commodity Futures Trading Commission said during a Senate hearing last Thursday should be "carefully tailored" to the involved risks.
The commments were made by CFTC chairman J. Christopher Giancarlo days after he and the Securities and Exchange Commission chief Jay Clayton testified before the Senate Banking, Housing and Urban Affairs Committee.
The two notably spoke on gaps that were in the state-by-state crypto licensing.
"Any proposed Federal regulation of virtual currency platforms should be carefully tailored to the risks posed by relevant trading activity and enhancing efforts to prosecute fraud and manipulation. Appropriate Federal oversight may include: data reporting, capital requirements, cyber security standards, measures to prevent fraud and price manipulation and anti-money laundering and 'know your customer' protections."
"We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balanced response, and not a dismissive one," he remarked at the time.
It sounds like the walls they are looking at putting on crypto are to ensure people can afford the risk.. However, the balance of this tightrope is impossible to measure.
If people want to risk it all, I believe they should be allowed to.
Nobody can say who's 'financially able or literate' that's a slippery slope.
https://www.coindesk.com/cftc-chair-us-tread-carefully-crypto-exchange-rules/
Coinbase Unexpected bank charges
A Number of Coinbase users experienced unexpected fees and charges, with no apparent rhyme or reason. One person in particular, had their account overdrafted and their rent check bounced. Putting them in a very spotty situation with real world reprocussions.
This is a huge oversight, coinbase claims they have launched an investigation- but with coinbases psat 'investigations' we'll probably never hear about it again.
Remember the BitcoinCash price 'investigation'? Where's that at now?
Never heard a word more on the subject. And never will.
I will say this in every news piece that comes up with screw ups similarly,
WE.
NEED.
DECENTRALIZED.
EXCHANGES.
We are only as decentralized as those who control the flow wants us to be :)
and if you think coinbase, kraken, poloniex, hitbit, binanace, etc are on OUR sides, you're wrong.
They will play the money grab every single chance.
They will be the ones making the regulations if they have the money.
And they will do everything in their power to make more $.
https://www.coindesk.com/coinbase-customers-cry-foul-unexpected-banking-charges/
Photo Credit: www.cointelegraph.com
.04% of Americans have filed crypto on taxes
Fewer than 100 out of 250,000 or 0.04% who have filed federal tax returns this year reported cryptocurrency transactions to the IRS, Reuters reported on Feb 13.
Credit Karmas General Manager, Jagjit Chawla said the company was not surprised about this small amount, because citizens with 'more complex tax situations' tend to file later in the season.
The difficulties start where the US has filed cryptocurrency similarly to property.. This is a huge misnomer and oversight. As well as the current tech requires many hours of recording losses/gains. This wil be a huge pain point, and can't wait to see the solutions..
I'm Jeff, and I'm @followbtcnews.
I'm a top 30 witness, along with my project partner @crimsonclad. Feel free to reach out to us on Steemit Chat or Discord any time! If we haven't earned your vote yet, please take some time to look at our tools and our work. We hope you decide to place a witness vote for followbtcnews by clicking here
thank you so much for sharing this information here!!! It saved me lots of work by having hot topics all in one here...
keep it coming and thank you again
The central banks would always feel threatened by cryptocurency market. Truly in life whatever is doing well without any form of centralised checking system would always be a threat to centralise controlled systems which would always seek to control that system. (story of central banks and crypto)
Steemit.chat is not working dear @followbtcnews i am getting unexpected error :) :)
please help
Thank you for the information.. I really appreciate the info.
This is a good post, followed you so keep them coming.
Great post. I have been waiting for someone to explain it reasonably. Thanks. :). Joy
Excellent very interesting and good information you can see the great work done friend thanks for sharing this great contribution, if you can support me with a vote in my blog