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In the world of cryptocurrencies, the allure of becoming a crypto millionaire has captivated the imaginations of many crypto investors. Former chairman of the Commodity Futures Trading Commission Timothy Massad proposed a new way to regulate crypto and protect investors without waiting years for lawsuits to conclude. Dubai is reprimanding BitOasis, one of the largest crypto platforms focused on customers in the Middle East, for failing to meet mandated conditions set forth by the local regulator. In this crypto daily roundup, we will discuss the latest market updates and the performance of major cryptocurrencies.
Most of the top crypto tokens made a marginal comeback in the early day of Tuesday. Bitcoin price stood at $30,561.32, seeing a 24-hour upsurge of 0.51 percent, as per CoinMarketCap. The second largest virtual currency, Ethereum or Ether, also gained a percent to $1,881.7 with a market capitalization of $225.9 billion. Other popular altcoins like Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) witness a fair amount of dips and surges across the board.
Former chairman of the Commodity Futures Trading Commission Timothy Massad proposed a new way to regulate crypto and protect investors without waiting years for lawsuits to conclude.
"We strongly support enforcement of the laws, but what we're saying is, we need more than that," Massad said.
Massad and former SEC chairman Jay Clayton detailed the theory in the Wall Street Journal last week. They argued that the SEC and the CFTC should jointly create a self-regulatory organization that would come up with basic standards for asset protection, fraud prevention, conflicts of interest, and reporting and record-keeping requirements for any platform that trades Bitcoin or Ethereum.
Bittrex filed bankruptcy earlier in the year, but that didn't stop the exchange from going after the SEC in court, challenging its authority over cryptocurrency exchanges and other digital businesses. The SEC accused Bittrex of failing to register as a national securities exchange, clearing agency, and broker-dealer. At the same time, Bittrex challenges that the SEC lacks the authority to regulate cryptocurrencies since Congress hasn't authorized the agency.
The exchange cites the "major questions doctrine" in its filing against the SEC, which requires congressional authorization of agencies to claim higher authority beyond what Congress has conferred. Bittrex challenging the SEC has been a net positive for cryptocurrencies as significant players show their willingness to take on major agencies in their quest to legitimize cryptocurrencies.
Dubai is reprimanding BitOasis, one of the largest crypto platforms focused on customers in the Middle East, for failing to meet mandated conditions set forth by the local regulator.
Bloomberg reported that the emirate's Virtual Assets Regulatory Authority issued a market alert on Monday, saying it had initiated an enforcement action against the crypto exchange.
Britain's Financial Conduct Authority said on Tuesday it has stopped 26 machines across the country for illegally offering cryptocurrencies, warning consumers they could lose all their money.
As Reuters reported, a member of the public paid a thousand pounds into a crypto ATM in Sheffield, northern England, in an attempt to buy cryptocurrencies. Still, no cryptocurrency or funds were returned, the FCA said.
In a coordinated operation with other law enforcement agencies, the watchdog inspected 34 locations suspected of hosting crypto ATMs since the start of this year and "disrupted" 26 machines.
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