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Stay up to date on the latest cryptocurrency news with Analytics Insight’s weekly roundup
The world of cryptocurrency is in a constant state of change, with new developments, partnerships, and market trends emerging at a rapid pace. Staying informed on the latest updates is essential for any cryptocurrency enthusiast or investor. In this weekly roundup, we bring you the most significant developments and highlights from the world of cryptocurrencies.
“Policy Framework on Cryptocurrencies” by Vivek Ramaswamy
On Wednesday evening, GOP presidential hopeful Vivek Ramaswamy took the stage at Messari’s Mainnet crypto conference and announced plans to release a “comprehensive crypto policy framework” by Thanksgiving. In a “fireside chat” with data firm Messari CEO Ryan Selkis, Ramaswamy’s brief remarks – which touched on recent SEC rulings and the role of cryptocurrencies as a disruptor of traditional finance – painted a generally rosy picture of blockchain technology and launched a scathing accusation against “three-letter” regulatory agencies.
Hong Kong investigates influencer-backed cryptocurrency exchange
Hong Kong police are investigating fraud allegations against cryptocurrency trading platform JPEX after investors complained of losses of HK$1.3 billion ($166 million; £134 million). Eleven people, including popular influencers, were arrested this week after complaints lodged by 2,000 people. The case could be one of Hong Kong’s biggest fraud cases, local media say. It also challenges new financial regulations as Hong Kong positions itself as a global hub for virtual assets.
India may keep its doors closed on cryptocurrencies for two years, says WazirX
India’s move to a less burdensome tax regime for cryptocurrencies could take two years, according to one of the nation’s major digital asset exchanges, MoneyControl reported. Indian officials last year imposed a 1% levy – known as TDS – on crypto transactions, causing trading volumes at exchanges to plummet as market makers and high-frequency investors retreated due to the costs higher. One of WazirX’s main competitors said the tax contributed to a 97% collapse in volumes on domestic exchanges in just 10 months.
“I don’t think we will see any immediate reduction in TDS as there have been no formal discussions between the industry and lawmakers specifically about this,” Nischal Shetty, chief executive of the WazirX exchange, said in an interview.
Google Technician Loses Rs 67 Lakh Through Cryptocurrency Investments
In an unfortunate incident, a 22-year-old Google technician lost a staggering Rs 67 lakh after venturing into the volatile domains of cryptocurrency. The young software engineer, originally from Ethan Nguonly of Orange County, California, began his journey investing in the stock market at an early age, thanks to the help of his parents. His investment portfolio reportedly includes more than Rs 1 crore in retirement and brokerage accounts and two houses.
Mark Cuban suffered a loss of $870,000 due to a crypto scam
American entrepreneur, investor, film producer, and television personality Mark Cuban suffered a significant loss of approximately $870,000 due to a crypto scam that occurred late on September 15. Suspicious activity within the MetaMask cryptocurrency wallet, named “Mark Cuban 2” on EtherScan, was first identified by on-chain investigator Wazz. Surprisingly, this wallet has been dormant for over five months, as reported by CryptoSlate.
Pot stock boom inspires launch of new marijuana ETF
Subversive Capital Advisors launched its sixth exchange-traded fund, the Subversive Cannabis ETF, on Tuesday, coinciding with a recent easing of regulations in the United States, which has triggered a surge in marijuana stocks. Shares of cannabis companies have seen a significant rise since last month, when a US health agency proposed reclassifying cannabis as a low-risk substance, raising hopes of federal legalization.
In a note, Christian H. Cooper, the fund’s portfolio manager, expressed skepticism about Congress taking meaningful action on cannabis at the federal level, given the current political divide. However, he believes a regulatory move to Schedule III status could significantly alter the course of the U.S. cannabis industry without requiring congressional action.
Coinbase supports cryptocurrency legislation and regulatory clarity
Coinbase, the largest cryptocurrency exchange in the United States, is stepping up its advocacy campaign to drive legislative clarity for the cryptocurrency industry. The company’s move comes in response to a congressional committee’s advancement of a cryptocurrency bill in July, which aims to define when a cryptocurrency qualifies as a security or commodity. Industry players are eager to see this bill receive a full vote in the U.S. House of Representatives.