Home » US Continues to Give Itself a Supranational Mandate Via State Security Agencies; Bitcoin Sees Slight Rebound, Ether Flat

US Continues to Give Itself a Supranational Mandate Via State Security Agencies; Bitcoin Sees Slight Rebound, Ether Flat

by admin

good morning. Here’s what’s happening:

price

● CoinDesk Market Index (CMI): 955.71 +1.63%

Bitcoin (Bitcoin): $19,625 +2.23%

Ether (ethereum): $1,365 +3.89%

insight: Can state regulators exercise authority over projects not directly related to the United States?

Slotie, a gambling-themed NFT project based in the former Soviet Republic of Georgia, has raised concerns over US states extending their securities laws to foreign jurisdictions.

price

Week starts with a rebound

Sam Reynolds and James Rubin

Bitcoin spent the weekend in a familiar setting, comfortably above $19,000.

The largest cryptocurrency by market value recently traded at $19,625, up 2.23% over the past 24 hours, heading towards the bottom of the narrow range that has dominated for much of the past five weeks. Ether recently traded at $1,365, up 3.89% from 24 hours ago, about the same level as a few weeks ago. Investors are nervous about inflation and macroeconomic uncertainty that could plunge the global economy into a sharp recession.

Asia’s trading week is generally green as it kicks off with the major altcoins and exchange tokens of the last 24 hours.

Meme coins and the Metaverse major were outliers, with Terra’s LUNA down 1.1% and dogecoin knockoff SHIB down 0.5%. Decentraland’s MANA token fell 0.9% at the start of the week. Platform struggles with user base disproportionate to market cap.

CoinDesk Market Index (CMI)a broad market index that measures the performance of baskets of cryptocurrencies, recently rose 0.6%.

The stock market ended last week with a rare rally, with the technology-focused Nasdaq and S&P 500 each up 2.3% on Friday, and the Dow Jones Industrial Average (DJIA) beat expectations for third-quarter earnings increased by 2.4%.Developing a number of global brands in the UK amid the continued depreciation of the yen and political instability

Brent crude, an energy market indicator, edged higher, trading above $93 a barrel, up more than 15% year-to-date. Safe haven gold he rose 1.6% to trade at $1,654 an ounce.

The US Federal Reserve’s next rate hike (widely expected 75 basis points) is still two weeks away. But on Tuesday, the Conference Board released his October Consumer Confidence Index, pointing to a possible drop. The University of Michigan Sentiment Index, which measures attitudes toward the US economy, was released on Friday. By mid-week, investors will be able to scrutinize housing starts and durable goods orders.

The rally will face a test this week as nearly a third of the S&P 500 public companies report earnings. If the US is truly at the beginning of a recession, the loss of earnings will be an early warning sign and will blow the wind out of this recovery.

biggest price riser

biggest loser

`

Insight

America’s supranational mandate

Sam Reynolds

There is an idiom that says everything is big in Texas. But can Texas securities laws rule the world, or can other states in the United States expand into foreign jurisdictions?

Officials from securities regulators in Alabama, Kentucky, New Jersey and Texas Gambling-themed non-fungible token project Slotie accuses them of illegally selling their tokens to raise funds.

Slotie is registered in the former Soviet Republic of Georgia.

While there are many successful online crypto casinos with active player bases, NFT casino projects that promise to cut gambling revenue have so far really gone nowhere.of Sands Vegas Casino Club We have pivoted from a metaverse-style 3D casino to a more traditional online betting operation, using existing online casino infrastructure on the backend.

But this is crypto. Fraud and misrepresentation abound. Please do your own research.

Even more concerning is how state regulators will follow in the footsteps of the federal government and exercise supranational flexibility to exercise authority over projects that have no real ties to the United States. I’m there.

These projects are not actively soliciting US residents. Also, they are not based in Japan and the staff are foreigners. Terraform Labs plans to make similar allegations in its legal battle with the Securities and Exchange Commission. precedent Loyalty Network, Inc. v. Dishant.com means there was no “intentional use” of the US market simply because the webpage was available and the content was in English.

(This is separate from Terraform’s losing lawsuit against the SEC that Do Kwon’s services were in effect while he was in New York.)

You can’t talk about the supranational or extraterritorial powers of US regulators without mentioning BitMEX. The exchange, run by Arthur Hayes, a talkative executive who liked to make fun of the Authority, was charged with facilitating unregistered trading in 2020, and its executives were separately charged with violating the Bank Secrecy Act. .

Neither the exchange nor its people existed in the United States. The exchange did not deal in fiat currencies, only Bitcoin (now accepts stablecoins). No bank accounts are subject to inspection for violations of the Bank Secrecy Act.

Ultimately, this was not tested in court. BitMEX has settledhaze plead guiltyThe ability of American regulators to enforce laws globally has never been explored.

So how do states think they can do the same when the federal government has precarious powers that have yet to be properly explored when it comes to regulating international crypto projects? We all know that local units such as states are undoubtedly federal jurisdictions and therefore generally do not get involved in international affairs.

Previously orderthe Texas Securities Commission says Metaverse casinos like Flamingo Casino Club are soliciting U.S. residents. It is also not clear that he is a resident of the middle state.

There may be cases of fraud or deception allegations, but why do state regulators think they have the authority to do so?

important event

8:30 AM HKT/SGT (12:30 AM UTC) Chicago Fed National Activity Index (September)

9:45 AM HKT/SGT (1:45 AM UTC) S&P Global US Aggregate PMI (October)

4:00 AM HKT/SGT (8:00 PM UTC) European Central Bank Lending Survey

coin desk tv

Here’s the latest episode if you missed it “starter” upon coin desk tv:

Bitcoin struggles to hold above $19,000. Has Dogwon been seen in Dubai?

Do Kwon of Terra, a fugitive wanted by South Korean authorities, reportedly left Singapore for Dubai en route to an unknown destination.Co-founder and CEO of Merkle Science ‘s Mriganka Pattnaik joined “First Mover” to discuss the incident and recent cryptocurrency hacks. Why Are Bitcoin and Ethereum Prices Falling?Mikkel Morch, Executive Director of ARK36, provided his analysis of the crypto market. Additionally, regulatory reporter Jack Sickler detailed how the UK government is expanding its fiscal bill to regulate cryptocurrencies.

headline

Web3 developers continuing to build despite Crypto Winter: Jason Shah, product manager for Alchemy, a Web3 development platform, told CoinDesk TV that the pace is indeed increasing.

Polkadot co-founder Gavin Wood resigns as CEO of Blockchain’s Builder: Bjorn Wagner will lead Polkadot’s primary backer, Parity Technologies.

CBDC Can Work With Stablecoins, Central Bank Test Results: The Hong Kong Monetary Authority claims the retail central bank’s digital currency prototype protects flexibility and privacy.

THE Memes Won’t DIE: Crypto Seekers See Value in Joke Tokens After Vitalik Buterin’s Tweet: If you can make money peddling trendy topics, expect a market somewhere in the niche meme coin circles.

Goldman Still Sees Strong Dollar, Bitcoin Weighs: Cryptocurrencies fell as the US dollar index rose.

Related Posts

Leave a Comment