Regulation instead of adaptation: bitcoin bull run meets government scepticism
In view of the continuing Bitcoin boom, many crypto-enthusiasts will feel vindicated. However, the state currency guards and economic leaders continue to reject Bitcoin as a serious Bitcoin Evolution alternative to the dollar, euro or yuan. Regulation instead of adaptation is the motto here. Whether Christine Lagarde, Janet Yellen or the United Nations – a sceptical tenor continues to prevail at the highest political level.
Money laundering, terror, drug trafficking: ECB President Lagarde and US Treasury Secretary Yellen focus on regulation
The female twin leaders of the Western economic world continue to reject cryptocurrencies. Regulation instead of adaptation is the motto of the European Central Bank and the US Treasury. ECB President Christine Lagarde reaffirmed this stance last week during an online conference. The eurozone’s top monetary watchdog emphasised that she does not see Bitcoin as a real currency. Similar sentiments echoed from the other side of the Atlantic. Many had expected the change of guard in the White House to open up crypto space. Most recently, however, US Treasury Secretary Janet Yellen also underlined her scepticism. She could recognise the potential of new technologies. However, cryptocurrencies are the tool of choice for drug smugglers and terrorists. In view of this, she said, changes to the law must be made soon.
UN report: North Korea steals Bitcoin to finance nuclear programme
The latest report, which cyber investigators have now presented to the UN Security Council, shows that Yellen and Lagarde are not entirely fishing in the dark with their statements. In it, the experts make serious accusations against North Korea. According to their report, the dictatorship, which is considered a rogue state in the West, would use cryptocurrencies to finance its sanctioned nuclear programme. For this purpose, state hackers would target crypto exchanges such as KuCoin, among others. The latter fell victim to the resourceful civil servants from Pyongyang last year.
Bitwise files crypto ETF application: Is the SEC going soft?
Similar to its superiors at the Treasury Department, the US securities regulator SEC was considered a stoic crypto-opponent until recently. Now observers suspect a rethink on the part of the authority in the near future. The latest application for a crypto ETF, which was most recently brought forward by the fund manager Bitwise, provides cause for such speculation. In view of the Bitcoin bull run, supporters are hoping for the blessing from Washington. That they are not imagining chances for no reason is again shown by the latest statements of SEC Commissioner Heister Pierce. She recently announced to the US industry service Coindesk that the financial markets are ready for Bitcoin securities.
US senator invites Tesla boss Elon Musk to move to Wyoming
If analysts are to be believed, Tesla’s crypto investments are said to have played a significant role in the recent price spikes. Tesla CEO Elon Musk received an invitation from US Senator Cynthia Lummis to move to her home state of Wyoming. With business-friendly legislation, the Republican-ruled state has been moulting as the blockchain pioneer of the US for some time. Abandoning the tents, turning his back on Silicon Valley and seeking his fortune in the Rocky Mountains – what for a long time seemed little more than a thought experiment is something that more and more people now believe Musk can do after his unexpected investments.