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Bitcoin is losing 1.57% to $22,743.5, after UK show rules for cryptoassets and Troubles in Kraken?

Yuuma Nakamura by Yuuma Nakamura
February 9, 2023
in Bitcoin News
0

Home » Bitcoin is losing 1.57% to $22,743.5, after UK show rules for cryptoassets and Troubles in Kraken?

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Bitcoin Price Today: is now at $24,664.4 (+1.41%) and trying to break the $25K resistance level.

What is Happening to Binance? Large Sums of Money were Transfered

Bitcoin has dropped 1.57% over the past 24 hours, according to CoinDesk’s Digital Asset Classification Standard (DACS) [1], and is currently priced at $22,743.50 as of 2:00 p.m. today. Bitcoin has lost more than 70% of its value since its all-time high of over $68,000 in November 2021 [2], and the crypto market has lost a little over $2 trillion in 2022 [3]. This has caused many Americans to become disillusioned with cryptos, as the most popular cryptocurrency has fallen 63% in value since 2021. Investors are being warned against investing in cryptocurrencies due to their volatility, as it is often difficult to predict how prices will change.

References:

[1] Bitcoin Price | BTC Price Index and Live Chart – CoinDesk

[2] Bitcoin Price Tracker (BTC/USD) – TIME

[3] Bitcoin lost over 60% of its value in 2022 – CNBC

Bitcoin Live Price
Bitcoin Live Price 

How Regulators Reacted To The Downfall Of FTX?

Regulators have been closely monitoring the situation ever since the collapse of FTX in 2020 [1], as cryptoassets such as Bitcoin have little direct regulation globally [2]. In response, the British finance ministry has proposed new rules to regulate cryptoassets, including crypto exchanges, custody, and lending [3]. These rules would cover crypto firms in Britain or those providing services to the UK, and would require firms to have a licence, along with minimum capital and liquidity requirements.

Additionally, the Financial Conduct Authority will decide if a foreign operator needs a physical presence in the UK. The proposals also include strengthening rules on crypto lending, which is a controversial practice that contributed to the downfall of FTX [3]. Some industry insiders believe that the proposals are a step in the right direction, while others feel that the government needs to do more to protect consumers [2].

References:

[1] Regulators Begin Cracking Down on FTX – The New York Times

[2] Britain’s finance ministry sets out draft rules to regulate …

[3] Britain sets out plans to regulate crypto industry in wake of …

Britain’s Tough New Crypto Regulations – What You Need to Know

Britain’s finance ministry has released a proposal to regulate cryptoassets, including Bitcoin, with firms in the UK or providing services to the UK needing a license and meeting minimum capital and liquidity requirements [1]. The Financial Conduct Authority would decide if a foreign operator needs a physical presence in the UK, and a three-month consultation period is currently underway [1].

The U.K. has proposed a number of measures to regulate the cryptocurrency industry, such as strengthening rules targeting financial intermediaries and custodians that store crypto on behalf of clients [2].

The government has also announced ambitious plans to protect consumers and grow the economy by robustly regulating cryptoasset activities, such as improving rules around financial intermediaries and custodians, setting out a proposed crypto market abuse regime and introducing a time limited exemption for issuing their own promotions [3].

References:

[1] Britain’s finance ministry sets out draft rules to regulate …

[2] Britain sets out plans to regulate crypto industry in wake of …

[3] UK sets out plans to regulate crypto and protect consumers

The Impact of US SEC’s Investigation of Crypto Exchange Kraken

The United States Securities and Exchange Commission (SEC) has opened an investigation into Kraken, one of the largest cryptocurrency exchanges, over potential violations of securities law. [1] The SEC is looking into whether Kraken offered unregistered securities to American clients. [2] The probe is said to be in an advanced stage, with the regulator turning its attention to the exchange following a Bloomberg report. [3]

The investigation could have serious implications for Kraken, as the SEC has the power to impose hefty fines and other regulatory penalties if it determines that the crypto exchange has breached securities law. Such an outcome could also have a knock-on impact throughout the industry, potentially causing other exchanges to reassess their operations and their approach to offering securities.

Kraken has argued that it does not need to register as an exchange with the SEC, as it does not offer securities. [3] However, the regulator recently acknowledged during a Jan. 30 appeal hearing in the LBRY v SEC case that the sale of a certain asset in the secondary market does not constitute a security. [3] This could complicate the SEC’s investigation of Kraken, as the regulator typically applies the “Howey test” to determine what constitutes a security, which involves assessing whether there is an investment in a common enterprise with profits earned exclusively through the work of others. [3]

References:

[1] Kraken Exchange Faces SEC Investigation for Alleged …

[2] SEC sets its sights on Kraken — Major crypto exchange …

[3] Crypto exchange Kraken faces probe over possible …

Yuuma Nakamura

Yuuma Nakamura

Yuuma Nakamura is a staff writer covering crypto, blockchain, finance and other technology for FintechZoom. Contact: [email protected]

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