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The world of cryptocurrencies is in a constant state of flux, with new developments, partnerships, and market trends emerging at a rapid pace. Staying informed about the latest updates is crucial for any crypto enthusiast or investor. In this weekly roundup, we bring you the most significant developments and highlights from the world of cryptocurrency.
GOP presidential hopeful Vivek Ramaswamy took the stage at Messari's Mainnet crypto conference on Wednesday evening and announced plans to release a "comprehensive crypto policy framework" by Thanksgiving. In a "fireside chat" with data company Messari CEO Ryan Selkis, Ramaswamy's brief remarks – which touched on recent SEC rulings and crypto's role as a disruptor for traditional finance – painted a generally rosy picture of blockchain technology and delivered a scathing indictment of "three-letter" regulatory agencies.
Hong Kong police are investigating allegations of fraud against cryptocurrency trading platform JPEX after investors complained of HK$1.3 billion ($166m; £134m) in losses. Eleven people, including popular influencers, were arrested this week after complaints filed by 2,000 people. The case could be one of Hong Kong's biggest fraud cases, local media say. It also tests new financial regulations as Hong Kong positions itself as a global hub for virtual assets.
A shift by India to a less onerous crypto tax regime may be two years away, according to one of the nation's key digital-asset exchanges, reported by MoneyControl. Indian officials last year imposed a 1% levy — known as TDS — on crypto transactions, causing trading volumes at exchanges to crash as market makers and high-frequency investors pulled back due to higher costs. One of WazirX's main competitors has said the tax contributed to a 97% collapse in volumes at domestic exchanges in just 10 months.
"I don't think we'll see any immediate reduction in TDS since there have been no formal discussions between the industry and lawmakers specifically around it," said Nischal Shetty, chief executive officer of the WazirX exchange, in an interview.
In an unfortunate incident, a 22-year-old Google techie lost a staggering Rs 67 lakh after venturing into the volatile domains of cryptocurrency. The young software engineer, who hails from Ethan Nguonly from Orange County, California, began his investment journey in the stock market at a very young age, thanks to the help from his parents. His investment portfolio reportedly includes more than Rs 1 crore in retirement and brokerage accounts and two houses.
American entrepreneur, investor, film producer, and TV personality Mark Cuban suffered a significant loss of approximately $870,000 due to a crypto scam that unfolded late on September 15. The suspicious activities within the MetaMask cryptocurrency wallet, named 'Mark Cuban 2' on EtherScan, were first identified by on-chain investigator Wazz. Remarkably, this wallet had remained dormant for over five months, as reported by CryptoSlate.
Subversive Capital Advisors launched its sixth exchange-traded fund, the Subversive Cannabis ETF, on Tuesday, coinciding with a recent relaxation of regulations in the United States, which ignited a surge in marijuana stocks. The shares of cannabis companies have experienced a significant uptick since last month when a U.S. health agency proposed reclassifying cannabis as a substance with lower risk, raising hopes for 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 that a regulatory shift to Schedule III status could significantly alter the course of the cannabis industry in the United States without requiring Congressional action.
Coinbase, the largest cryptocurrency exchange in the United States, is intensifying its grassroots advocacy campaign to drive legislative clarity for the crypto industry. The company's move comes as a response to a congressional committee's advancement of a crypto bill in July, which aims to define when a cryptocurrency qualifies as a security or a commodity. Industry players are keen on seeing this bill receive a full vote in the U.S. House of Representatives.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
