Bitcoin boom calls critical regulators on the scene

One person is joy, another is sorrow: As simple and outdated as this quick diagnosis of kitchen psychology may seem at first glance, it is still true in everyday life. The news of the past few days shows that this zero-sum game also finds evidence time and again in crypto space. While friends of cryptocurrencies and blockchain enthusiasts think they are in seventh heaven in view of the ongoing Bitcoin boom, the sudden price sprint seems to be angry with state regulators.

„Doubtful deals“ – ECB President Lagarde calls for Bitcoin regulation

After legislators around the world recently left Bitcoin by the wayside, there is now sudden alarmism. In the sacred hall of the European Central Bank, people currently seem to be thinking of a tough course against the crypto draft horse. The latest statements by ECB President Christine Lagarde testify to this . In a speech she recently called for stricter Bitcoin regulation by the leading economic states. Bitcoin is a „speculative asset“ and enables „dubious business“ and money laundering.

„Do not be blinded“ – BaFin warns of Bitcoin and Co.

Last week, the highest German financial regulator BaFin was just as critical . In a statement, the authority warned investors not to get carried away by the latest price developments on the crypto market. It is important to keep your hands off not only direct investments in Bitcoin & Co., but also corresponding derivatives.

Gary Gensler to become the new SEC chief – is that the death knell for Ripple (XRP)?

It is not only the rising Bitcoin price that has to reckon with the legislature’s headwind. In view of the rotating personnel carousel at the US Securities and Exchange Commission , Ripple has to be prepared for a hard hand. The change of wax at the top of the authority was last seen by many XRP holders as a ray of hope. But their new boss, Gary Gensler, could herald the end of the cryptocurrency. Past statements suggest that the former MIT professor and head of the sister agency CFTC is sticking to the SEC’s previous course.

FinCEN gives respite – US Treasury Department slows controversial legislative initiative

Meanwhile, the latest announcement by the US Treasury Department should provide at least temporary relief. Its Financial Crimes Enforcement Network (FinCEN) recently upheld loud lawsuits from the private sector and politics and slowed down its controversial legislative initiative to regulate crypto wallets. Specifically, the opposition’s displeasure was recently sparked by the short time it took to obtain public advisory comments. This has now been extended by 15 or 45 days.

Posted in Bitcoin