White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?
[NEWS BLOG]: White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?
Ever since US President Donald Trump shared his thoughts on Bitcoin in a blistering tweet from last July, crypto investors have been nervously anticipating news regarding when the government would start a formal crackdown on the nascent technologies.
It now appears that this crackdown could be on its way in the coming couple of years, as the White House’s newly released 2021 budget proposal recommends shifting the US Secret Service to operate underneath the Treasury in order to investigate crypto-related crimes.
White House Budget Proposal Links Crypto to Crime and Terrorism
In the 106-page document, the word “cryptocurrency” is only mentioned twice, and on both occasions, it is tied directly to terrorism financing, money laundering, and other crimes.
The White House’s aggressive stance towards cryptocurrencies shouldn’t come as a surprise to market participants, however, as President Trump noted in his now infamous July tweet that he isn’t a “fan of Bitcoin and other cryptocurrencies,” further going on to say that they help facilitate unlawful behavior.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he said.
This wasn’t the end of the White House’s attack on cryptocurrencies, as the US Treasury Secretary Steve Mnuchin later called the lack of regulations surrounding the crypto markets a “national security issue.”
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Crypto, Crypto, Crypto… CEO Says ‘Crypto’ 100K Times For Homeless Charity
The CEO of a digital currency exchange in the UK has set himself an incredibly bizarre challenge. People have been donating to Pete Wood of CoinBurp as he attempts to raise money for a homeless charity by saying the word “crypto” 100,000 times.
Wood is live streaming the challenge via YouTube with public addresses displayed for both Bitcoin and Ethereum donations. The proceeds of the fund raiser will be gifted to the Centrepoint – the UK’s leading youth homelessness charity.
UK Crypto Exchange Working with Homeless Charity to Promote Cryptocurrency Giving
According to the description on the YouTube live stream of the obscure fund raiser, the - read more.
Early Ripple Investor: I “Never Really Saw” the Use Case for XRP as Currency
While XRP is a topic of conversely for many in the space, the asset is undoubtedly a powerhouse in the industry, with the third-largest market capitalization of all cryptocurrencies. XRP also has an active fanbase on social media platforms.
Yet the cryptocurrency, critics suggest, doesn’t have a use case. Former Wall Street trader Tone Vays said in an interview with BlockTV that the “Ripple token itself has absolutely no place,” adding that everything about the altcoin “is bad.”
Kevin Rose, a venture capitalist who led Google Ventures’ 2013 investment in Ripple, recently weighed in on this debate in an interview with TechCrunch, contracting the - read more.
Ammonium nitrate that exploded in Beirut bought for mining, Mozambican firm says
(CNN) The original buyers of the ammonium nitrate that was left at Beirut's port have told CNN that it had been bought for use in mining.
Fábrica de Explosivos Moçambique (FEM), a Mozambican explosives manufacturing company, told CNN that they were the ones who originally ordered the ammonium nitrate that was left at Beirut's port for nearly seven years.
The order of ammonium nitrate was intended for manufacturing explosives for mining companies in Mozambique, the spokesperson said.
"We can confirm that yes, we did order it," a spokesperson for FEM told CNN.
The ammonium nitrate never made it to - read more.