While US the most dominant player in crypto, a state-wise analysis reveals that not all 50 states are equally prepared for the inevitable mainstream crypto adoption.
EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’
Two other associates that helped run the U.S.-based fraudulent crypto platform EmpiresX left the country early this year and are believed to be in Brazil.
Florida govt warns against auto warranty scammers asking crypto payments
Regardless of the methods used by scammers to contact potential victims, the FDACS newsletter highlighted five red flags that can help citizens identify and evade possible scams.
The Young Turks Embarrass Themselves Trying To Discuss Crypto Regulation
Why do these Young Turks ladies dare to speak about a subject as complex as cryptocurrencies without doing ANY research? In the following video, both Ana Kasparian and Francesca Fiorentini read a New York Times article interpreting it as fact, while giving the most inane commentary you could imagine. To make things worse, they try to be sarcastic and humorous and fail completely at that too.
Related Reading | Crypto Needs Regulation If It’s Going To Survive, Says SEC Boss
Their main thesis is that crypto lobbyists are influencing bills and legislation while at the same time trying to keep the industry deregulated. Is that what’s happening? Doesn’t that thesis contradicts itself? Let’s go through the Young Turks ladies’ points one by one to see if we can understand them better. But first, the video:
What Do The Young Turks Think They’re Saying?
To express coherent ideas while recording live is hard. So, to cut the Young Turks ladies some slack, let’s start with the text. The YouTube information box starts as follows:
“Crypto lobbies and lobbyists are gaining ground in their fight to profit from bills drafted with state legislators to keep the cryptocurrency market free of regulation, leading to an increase in profits for crypto executives and lobbyists.”
If a bill passes, that’s regulation. Isn’t that what those lobbyists are pushing? Regulation? Also, isn’t everyone in the United States looking to increase profits? It seems like the Young Turks are protesting about the lobbyists dictating what regulation looks like, but that framing wouldn’t drive the outrage clicks.
Later on, the info box says:
“Florida is the most recent state to adopt crypto-friendly legislation as the state recently signed a law that would make it much easier to trade and hold cryptocurrencies in the state in an attempt to draw investment into the industry in Florida.”
What’s the problem here, exactly? Regions all over the world are executing this geographical arbitrage play. Is it illegal? NO.
The info box closes with:
“Across the nation, crypto executives and lobbyists are helping to draft bills to benefit the fast-growing industry, then pushing lawmakers to adopt these made-to-order laws, before moving rapidly to profit from the legislative victories.”
Yeah, that’s what lobbyists do. Every industry under the sun is trying to influence regulation in its favor. Is it right? Maybe not, but it’s as common as bread. Crypto people didn’t create lobbying.
What Do Ana And Francesca Think They’re Saying?
The Young Turks’ bosses did these women dirty by putting them in this position. It seems like they ordered a hit piece about one of the most complex subjects around without providing any training whatsoever. Do The Young Turks’ bosses have training themselves? Because it seems like they’re as confused as the ladies.
The video starts with Ana stating the confusing thesis, crypto lobbyists are drafting laws to make sure that the industry remains deregulated? If they’re drafting laws, they’re looking for regulation, but ok. Then, she criticizes Joe Biden’s now-famous Executive Order by saying it’s just the commission of studies. Well, it’s a complex subject, and the Young Turks could benefit from commissioning studies themselves.
Then, Ana says that the laws are being left up to each State. Isn’t the United States a constitutional federal republic? Federal means that the States are sovereign. After that comes the terrible “Tales From The Crypt-o” title card, in which they use a tweet from an NFT owner who got hacked as some kind of proof that the crypto space is spooky and treacherous.
Then, the New York Times articulates what the Young Turks couldn’t. According to it, a law presented in Florida eliminates “a threat from a law intended to curb money laundering.” So, what they’re actually against is that the crypto industry is getting rid of AML laws? They’re not being too successful, then, because, as far as we can tell, every exchange in the US has AML procedures in place.
ETH price chart on FTX | Source: ETH/USD on TradingView.com
The Young Turks Think That Cryptocurrencies Are Good For Criminals
It’s Francesca’s turn, and, with the eloquence of a first-time podcaster, she says that cryptocurrencies are a new way to “do corruption,” to “steal money that is not yours,” and for “paying 17-year-olds for sex.” A ten-minute read on cryptocurrencies would’ve told the Young Turks that the blockchain is an immutable ledger. There’s not a worse medium to finance the crimes that Francesca describes.
Then, Ana insists that financial institutions need to be regulated. That’s exactly what the lobbyist are trying to accomplish, but ok. Then, she says “You should want protection. You should want to ensure that cryptocurrencies aren’t used for money laundering.” Perfect, but the people should also want banks not to be used for money laundering, and they’re not getting that either. The only way to stop money laundering is for the financial authorities to do their job and stop it. Common citizens shouldn’t suffer.
Related Reading | Dubai World Trade Centre To Become A Crypto Hub For Regulation
Near the end, Francesca qualifies the whole industry as a slow-moving con or scam. As a contrasting opinion, we might qualify the industry as the most exciting development in finance in decades. And as a job-generating juggernaut that’s saving lives worldwide. Then, Francesca predicts that, in a few years, we’re going to be inundated with documentaries about the different cases in which people lost their savings and whatnot. She might be right about that. There’s too much money involved and the average citizen is as uninformed as the Young Turks.
Do your own research and commission your own studies so that you won’t become a victim. As in the traditional financial markets, laws aren’t going to protect you from scams. Information and due diligence will.
Featured Image: Ana and Francesca, screenshot from the video | Charts by TradingView
Propy rallies 227% as real estate NFTs become reality and PRO lists at Coinbase
A listing at Coinbase and the upcoming sale of the first real estate NFT in the U.S. appear to be providing a boost to PRO price.
Reelected Miami mayor to take 401k retirement savings partly in Bitcoin
Miami Mayor Francis Suarez also receives a part of his salary in Bitcoin with the help of a third-party payment processor Strike.
Florida governor’s budget proposal wants to let residents pay fees in crypto
The new budget proposal also involves a blockchain pilot for vehicle registrations.
Tampa mayor to accept pay in Bitcoin — Report
The news came mere days after Miami Mayor Francis Suarez announced that he’s going to take his next paycheck entirely in BTC.
Bitcoin 2021 Miami continues with Tony Hawk, Kevin O’Leary and more
Saturday’s programming will also feature Bobby Lee, the former CEO of China’s first cryptocurrency exchange.
‘Largest Bitcoin event in history’ Bitcoin 2021 kicks off in Miami
The Bitcoin 2021 main conference day is kicking off today, featuring mayor Francis Suarez, Twitter CEO Jack Dorsey, MicroStrategy CEO Michael Saylor and many others.
Jackson, Tennessee follows Miami’s lead to adopt Bitcoin operations
Another city in the United States is looking to add Bitcoin payments and mining activities to the city’s balance sheet.
Miami commissioner wants to let residents pay taxes in Bitcoin
A new resolution would establish a task force to study crypto in Miami-Dade county’s public administration.
Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied
In a case involving the ownership of about 1.1 million bitcoin (worth over $11 billion), the federal court denied Wright’s request for a summary judgment on Monday.
Binance.US Expands Into Florida, Eyeing Millions of Potential New Traders
Florida’s financial regulators granted Binance.US a money transmitters license in July.
Suspected Twitter Hacker Arrested In Florida
A Florida teenager suspected of spearheading the massive Twitter hack and subsequent high-profile bitcoin scam is in custody.
‘Gold-Backed’ Crypto Token’s Promoter Investigated by Florida Regulators
Karatbars, issuer of a purportedly gold-backed crypto token, is under investigation by Florida regulators over links to a Miami “crypto bank.”
Craig Wright ‘in Discussions’ to Settle Multi-Billion Dollar Court Case
Craig Wright, the entrepreneur who controversially claims he is Satoshi Nakamoto, is moving to settle the $10 billion Kleiman court case.
Bitcoin Has a Florida Problem
Jurisdictions that lack clear guidance or take a hostile view of blockchain and crypto hurt the industry. Florida is doing both.
US Judge Says Boxer-Backed ICO Token Is a Security
A Florida district court has published an analysis explaining how Centra Tech’s CTR token is a security.
Florida Is Creating Its Own Crypto Czar
Florida’s chief financial officer has created a new “crypto czar” to oversee regulation of the cryptocurrency and ICO space.