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☆ UK to curb crypto advertising with 'cooling off' periods, risk warnings
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

The Financial Conduct Authority (FCA) said "refer a friend" bonuses for crypto buyers would also be scrapped and that those promoting such assets would have to put in place clear risk warnings and ensure adverts were clear, fair and not misleading. But research shows many regret making a hasty decision," said Sheldon Mills, executive director at the FCA's consumers and competition division. "Consumers should still be aware that crypto remains largely unregulated and high risk," he said. FCA research shows that estimated crypto ownership has more than doubled from 2021 to 2022, with 10% of 2,000 people surveyed stating they own cryptoassets. Under the new rules, crypto firms will have to carry warnings such as: "Don't invest unless you're prepared to lose all the money you invest.

Persons: Dado Ruvic, Crypto, FTX, Sheldon Mills, Myron Jobson, Kirstin Ridley, Emelia Sithole Organizations: REUTERS, Financial Conduct Authority, FCA, Thomson Locations: Britain

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSEC sues Binance and founder CZ, and JPMorgan turns to blockchain in India: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Richard Mico, the chief legal officer of Banxa, discusses whether a new crypto bill in Washington, DC can provide the industry with regulatory clarity.

Persons: Binance, explainers, Richard Mico, Banxa Organizations: SEC, CZ, JPMorgan, CNBC Crypto, CNBC Locations: blockchain, India, Washington

☆ Analysis: US debt-ceiling deal dooms Biden's revolutionary tax plans
▼ + stars: | 2023-06-01 | by ( David Lawder | ) www.reuters.com time to read: +6 min

Barring an unlikely Democratic sweep of the White House and both chambers of Congress in 2024, major changes to the U.S. tax code are now seen as largely off the table until the end of 2025, when the 2017 individual tax cuts expire. TAX CHANGES ARE TOUGHBiden's unrealized campaign tax pledges illustrate the political difficulty of changing the U.S. tax code, barring a commanding majority in Congress. "House Republicans have successfully blocked every penny of President Biden’s tax hikes on families, farmers, and small businesses in the debt ceiling deal and protected the 2017 Tax Cuts and Jobs Act from repeal," said U.S. House Ways and Means Chairman Jason Smith. The Missouri Republican added that Americans want Congress to build on the Trump tax cuts "with more tax relief." Republicans will argue for making the 2017 individual tax cuts permanent, said John Gimigliano, KPMG's head of federal tax legislative and regulatory services.

Persons: Joe Biden's, Biden, That's, William McBride, Joe Manchin, Kyrsten Sinema, Jason Smith, Michael Kikukawa, Kikukawa, John Gimigliano, Gimigliano, Steve Rosenthal, Rosenthal, David Lawder, Heather Timmons, Matthew Lewis Organizations: Saturday, Revenue Service, Trump, White, Tax Foundation, Democratic, Republican, Republicans, IRS, House, The, The Missouri Republican, Economic Co, Congressional, Brookings Tax, Center, Thomson Locations: Washington, The Missouri

☆ Morgan Stanley sees a sign that points to a top in bitcoin
▼ + stars: | 2023-05-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

It's altcoin season, as they say in crypto, and that could mean a bitcoin price peak is imminent, according to Morgan Stanley. "Speculative activity has returned to some parts of the crypto market," said Morgan Stanley analyst Sheena Shah. Bitcoin price peaks both large and small have in recent years coincided with increases in speculative token listings, she said, highlighting April and November 2021 and March and August 2022. Throughout 2021 bitcoin's price had an inverse relationship with the pace of new token listings, according to Shah. "We will be watching to see if the same pattern repeats or if we are at the start of a new bullish bitcoin price cycle," said Shah.

☆ Binance pulls out of Canada amid new crypto regulations
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +2 min

May 12 (Reuters) - Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations. Canada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process. The companies that do not adhere to the rules will face potential enforcement action, according to the website of the Ontario Securities Commission. "Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time," crypto exchange Binance said in a tweet. Binance said it does not agree with the latest guidance and hopes to engage with the Canadian regulators to create a comprehensive framework for crypto operations in the country.

☆ Meta says ChatGPT-related malware is on the rise
▼ + stars: | 2023-05-03 | by ( Katie Paul | ) www.reuters.com time to read: +1 min

May 3 (Reuters) - Facebook owner Meta (META.O) said on Wednesday it had uncovered malware purveyors leveraging public interest in ChatGPT to lure users into downloading malicious apps and browser extensions, likening the phenomenon to cryptocurrency scams. Since March, the social media giant has found around 10 malware families and more than 1,000 malicious links that were promoted as tools featuring the popular artificial intelligence-powered chatbot, it said in a report. In some cases, the malware delivered working ChatGPT functionality alongside abusive files, the company said. Speaking at a press briefing on the report, Meta Chief Information Security Officer Guy Rosen said that for bad actors, "ChatGPT is the new crypto." Rosen and other Meta executives said the company was preparing its defenses for a variety of potential abuses linked to generative AI technologies like ChatGPT, which can quickly create human-like writing, music and art.

New York CNN —Hackers have seized on worldwide interest in the artificial intelligence-powered tool ChatGPT in an effort to break into people’s devices, Facebook owner Meta revealed in a security report Wednesday, equating the phenomenon to the surge in cryptocurrency scams. Meta’s security team said it found hackers software that claimed to offer ChatGPT-based tools via browser extensions and online app stores that contained malware designed to give hackers access to people’s devices, Meta said. “From a bad actor’s perspective, ChatGPT is the new crypto,” Guy Rosen, Meta’s chief information security officer, told reporters, meaning scammers have quickly moved to exploit interest in the technology. Some of the tools include working ChatGPT features but also contain malicious code to infect users’ devices. “With an ultimate goal to trick people into clicking on malicious links or downloading malicious software, the latest wave of malware campaigns have taken notice of generative AI tools becoming popular.”

☆ Buy the bitcoin pullback as crypto will have more time to shine later this year, Bernstein says
▼ + stars: | 2023-05-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

"Bitcoin and the crypto financial system were made exactly for times like today," he said in a note Monday, highlighting the "breakdown of traditional financial systems" and "first principle questions on the fractional reserve business model of banks." "As the narrative towards a weaker dollar picks up, we believe bitcoin will emerge again as a faster horse than gold," Chhugani said. "Further, we believe it will also unleash a new crypto cycle, bringing about a new wave of innovation in crypto-based decentralized financial systems. Furthermore, the regulatory argument against crypto in the U.S. is weakening, according to the analyst, as Europe and Hong Kong take more progressive approaches. BTC.CM= YTD mountain Bitcoin (BTC) this year Bitcoin fell about 4% Monday, according to Coin Metrics, after closing out its fourth positive month in a row with a 3% gain.

☆ 31% of new crypto buyers influenced by friends. Here’s why that can be 'a horrible idea,' advisor says
▼ + stars: | 2023-04-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

"I don't imagine friends are talking about when they lost money," said Lee Baker, a certified financial planner and founder of Apex Financial Services in Atlanta. "The sexy sells," added Baker, a member of CNBC's Advisor Council. On one hand, crypto can be an on-ramp to more traditional investing — which is generally a good outcome, Mottola said. There's some evidence of this happening: 36% of new crypto investors said their purchase made them more interested in investing in the stock market, the study found. However, "the friends recommending [crypto], the sources of information on social media, may not be reliable," Mottola said.

☆ Bitcoin keeps wavering between a store of value and a high-risk asset. How investors square that with their traditional investments.
▼ + stars: | 2023-04-28 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

"If you make an investment into bitcoin, you understand that this is par for the course, it just is," he told CNBC. "Because bitcoin takes on a lot of asset profiles – risk asset, store of value, VC-like nascent asset class – investing in it is actually really attractive," said Greg King, CEO of investment company Osprey Funds. A very early technology play Looking at the price path on short timeframes, bitcoin will and often does mimic high-risk assets. Ross had a nuanced view, arguing that bitcoin remains a highly volatile asset. New crypto investors often overlook the Bitcoin technology, focusing instead on bitcoin the crypto asset.

☆ Bernstein predicts crypto will emerge as an alternative financial system amid bank busts, and says to buy bitcoin
▼ + stars: | 2023-04-27 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin was originally designed, after the 2008 financial crisis, as digital cash that doesn't rely on banks. "To rescue the ship, the Fed will have to resort to dollar debasement and monetary printing again, bringing back the role of Bitcoin as digital gold." The shift back to the digital gold narrative has started, since the recent deposit runs and bank failures on regulated U.S. banks, triggered by high interest rates. A couple weeks later its gold correlation surpassed its Nasdaq correlation. "The safe haven signal will lead to a new crypto cycle, pushing digital wallets as on-chain savings accounts," the analysts said.

☆ Legislation or lawsuits? The spot bitcoin ETF debate forges ahead
▼ + stars: | 2023-04-19 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +3 min

"However, I don't think that means that we all of a sudden get a bitcoin ETF," he added. "I suspect that even if Grayscale wins, Gensler is going to back even further away from crypto," Nadig said. "Put some constraints around the futures-based products while we wait for comprehensive crypto regulation and legislation someday." "The point is, we need legislation," Nadig said. "I think we have to have legislation that realizes digital assets are different and need different sets of rules."

☆ EU's new crypto asset rules don't go far enough - ECB's McCaul
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, April 5 (Reuters) - The European Union's proposed regulations for crypto assets do not go far enough, and safeguards need to be strengthened to capture risks adequately, European Central Bank supervisory board member Elizabeth McCaul said on Wednesday. The European Parliament is set to vote on the Markets in Crypto-assets (MiCA) bill later this month, taking a big step in providing oversight of the crypto world after a series of scandals and collapses. "While the new Basel standard and MiCA are important milestones, I am afraid they will not be sufficient on their own," McCaul said in a blog post. Another issues is how the size of crypto-asset service providers is measured because the now-collapsed crypto exchange FTX would not have counted as significant given how the firm was organised. The same goes for conflicts of interest, which must be identified across the group and at affiliated entities, McCaul said.

☆ Bitcoin outlook: Crypto may be in a bull market now, but investors should still tread carefully
▼ + stars: | 2023-04-02 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

The case for a new crypto bull market has been slowly growing since the beginning of the year and gained more strength still in March. For Orsini, the new bull market in crypto began on Jan. 13, when bitcoin broke through its 200-day moving average. "But an enduring secular bull market will have clarity and regulation underpinning it." "When that framework gets introduced you're going to be closer to the beginning of a secular bull market." Less liquidity, bigger swings Bull market or not, investors agree it'll be no straight line up over the next few months.

☆ Crypto is banned in China, but Binance employees and support volunteers tell people how to bypass the ban
▼ + stars: | 2023-03-23 | by ( Rohan Goswami | ) www.cnbc.com time to read: +18 min

The messages CNBC reviewed come from accounts identified as Binance employees or Binance-trained volunteers known as "Angels." Whatever the method, Binance's Chinese users take on a significant risk: In China, crypto exchanges have been outlawed since 2017, while crypto itself was outlawed in 2021. But Chinese customers have continued to seek ways to trade on Binance, which include using instructions provided by employees and volunteers. "'Binance does not offer a 'Binance Chinese Android app," a spokesperson said. In addition, hours after Binance responded to CNBC, messages apeared on Twitter suggesting that some customers' Binance debit cards had been frozen.

☆ One country, two crypto systems: Hong Kong harbors crypto hub ambitions despite China's crackdown
▼ + stars: | 2023-03-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

Sopa Images | Lightrocket | Getty ImagesThe crypto industry has had a rough year with digital currency markets crashing and companies collapsing across the board. Hong Kong is planning to introduce new rules in June that will require crypto trading platforms to be licensed by the Securities and Futures Commission. Bitcoin ATMs, operated by Coinhero, in Hong Kong, China, on Wednesday, Dec. 21, 2022. While Hong Kong harbors high crypto ambitions and boasts relatively lower tax policy on businesses, the city could still potentially find competition with other crypto hubs. The logo of Bitcoin cryptocurrency at a store in Hong Kong on Thursday, Feb. 10, 2022.

☆ Bitcoin sinks 3.5% for the week, and Illinois weighs new crypto regulatory regime: CNBC Crypto World
▼ + stars: | 2023-03-03 | by ( Jordan Smith | Talia Kaplan | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin sinks 3.5% for the week, and Illinois weighs new crypto regulatory regime: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, David DeCarlo, Illinois' first regulatory innovation officer, discusses the state's push for a new crypto regulatory regime.

☆ Crypto crackdown: SEC targets crypto custody services
▼ + stars: | 2023-02-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto crackdown: SEC targets crypto custody servicesCNBC's Kate Rooney joins 'Power Lunch' to report on the SEC's new crypto rules that could threaten companies like Coinbase.

☆ Exclusive: Alphabet spinoff Sandbox AQ raises $500 mln for cyber security, other quantum work
▼ + stars: | 2023-02-14 | by ( Jane Lanhee Lee | ) www.reuters.com time to read: +3 min

OAKLAND, Calif., Feb 14 (Reuters) - Sandbox AQ, a startup spun off from Alphabet Inc (GOOGL.O) last year, said on Tuesday it raised $500 million as it helps customers prepare for a quantum computing future. Quantum computers, whose processors run based on quantum physics, could one day carry out certain calculations millions of times quicker than today's fastest super computers, yet they remain years away from making a big change, such as breaking encryption. The simulation does not currently need quantum computers to work, said Hidary. When quantum computers are ready, that work would speed up even further. Sandbox AQ is also using existing types of sensors based on quantum physics.

☆ Wall Street trading firms aren't giving up on crypto just yet
▼ + stars: | 2023-02-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A bunch of high-profile Wall Street investors just piled into a startup that pledges to fix a major issue in the crypto industry. And while plenty of those bets blew up — the most spectacular of which was crypto exchange FTX — that hasn't stopped Wall Street. Click here to read more about a new crypto startup that's got backing from some of Wall Street's top trading firms. For a breakdown of all the key partnerships between Wall Street and cloud partners, check out our running list of more than 30 deals. Cheman Cheung left Wall Street after his father passed away to recover from a state of "mental chaos."

☆ Why America Should Ban Crypto
▼ + stars: | 2023-02-02 | by ( Charlie Munger | ) www.wsj.com time to read: 1 min

In the U.S. in recent years, privately owned companies have issued thousands of new cryptocurrencies, large and small. These have later become publicly traded without any governmental pre-approval of disclosures. In some cases, a big block of cryptocurrency has been sold to a promoter for almost nothing, after which the public buys in at much higher prices without fully understanding the pre-dilution in favor of the promoter.

☆ Best Online Stock Trading Platforms of 2023
▼ + stars: | 2023-02-02 | by ( ) www.wsj.com time to read: +20 min

Luckily, the past few years has seen a profusion of online stock trading platforms. We spent hours comparing more than a dozen stock trading platforms looking for the most intuitive tools, in-depth research and access to guidance and other educational content. We considered all of this when making our picks for the Best Stock Trading Platforms of 2023. How we pickedTo pick Buy Side from WSJ’s best stock trading platforms, we reviewed offerings from more than a dozen companies. Morgan Stanley is the corporate parent of E*Trade, one of the stock trading platforms considered for this story.

☆ Crypto's core technology has a legitimacy problem. The founder of VC firm Dao5 is seeking to shore up its cred by working with university researchers.
▼ + stars: | 2023-02-02 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

Tekin Salimi, the founder of the VC firm Dao5, sources many of his deals through academic research. Salimi's venture capital firm, Dao5, counts several university professors among its advisors and has backed several startups founded by academics. His budding interest in crypto eventually brought him to Silicon Valley, where he joined the crypto VC firm Polychain Capital in 2018. When he left Polychain to launch Dao5 last year, Salimi sought to build academic research into the firm's deal-sourcing process. Dao5 cut ties with Kwon after the collapse, and he never had any financial involvement in the firm, Salimi said.

☆ Charlie Munger says the U.S. should follow in China's footsteps and ban cryptocurrencies
▼ + stars: | 2023-02-02 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Berkshire Hathaway Vice Chairman Charlie Munger urged the U.S. government to ban cryptocurrencies like China, saying a lack of regulation enabled wretched excess and a gambling mentality. Munger, along with his business partner, Warren Buffett, have been longtime cryptocurrency skeptics, contending they are not tangible or productive assets. Second, from the early 1700s, the English Parliament banned all public trading in new common stocks and kept this ban in place for about 100 years, Munger said. "What should the U.S. do after a ban of cryptocurrencies is in place? Well, one more action might make sense: Thank the Chinese communist leader for his splendid example of uncommon sense," Munger said.

☆ Celsius is weighing a crypto bankruptcy token to pay back creditors in reorganization
▼ + stars: | 2023-01-25 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Celsius is considering issuing a crypto token to repay creditors, the company said in a bankruptcy court hearing. Lawyers for the firm say reorganizing would yield more money for creditors as opposed to liquidating assets. But Celsius may be the first to issue a token to buy its way out of bankruptcy. Before filing for bankruptcy, Celsius managed $11 billion worth of assets and had around 1.7 million users. That cleared the way for Celsius to sell $18 million in stablecoin to pay its bills to stay longer in Chapter 11 bankruptcy.

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