#CryptoCorner; #Crypto Market Cap Drops to Lowest in a Month, #Thailand Eyes Regulation and #Coinbase Warns Against Stifling Regulation in U.S.
#CryptoCorner; #Crypto Market Cap Drops
to Lowest in a Month, #Thailand Eyes Regulation and #Coinbase Warns Against
Stifling Regulation in U.S.
Point Roberts, WA, Delta BC – March 15, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto Corner – March 15, 2018
By Samuel Mowers at Investorideas.com
Crypto Market Cap
Drops to Lowest in a Month, Thailand Eyes Regulation and Coinbase Warns Against
Stifling Regulation in U.S.
Bitcoin
(BTC) has dropped to a one-month low opening today at $8196.90 USD, according
to CoinDesk
BPI,
before reaching a low of $7676.52 USD. At time of writing this it is hovering
around $8000 USD, after peaking at $8413.11 USD earlier in the day.
Bitcoin
(BTC) is not unique in this regard as all other major cryptocurrencies are
down, including Ethereum (ETH) which reach a low of $579.51 USD today.
According to CoinMarketCap, the
market cap is about $320 billion USD, the lowest it has been since Feb 6.
The
drop in prices is largely attributed to the Google
announcement to ban cryptocurrency ads yesterday, and
market sell-offs more broadly.
Thailand’s
cabinet is making moves towards taxation and regulation of cryptocurrency,
according to an article in the
Bangkok Post yesterday.
“The cabinet on Tuesday approved in
principle the drafts of two royal decrees, one to regulate
digital-asset-related transactions and another to amend the Revenue Code to let
the tax-collecting agency impose levies on digital assets.”
Deputy Prime Minister Wissanu Krea-ngam,
reportedly “told the cabinet that the new law is not meant to prohibit
cryptocurrencies, ICOs and any other digital-asset-related transactions, but to
protect investors who invest in the digital assets.”
At a hearing entitled “Examining the
Cryptocurrencies and ICO Markets” in Washington D.C. yesterday, Mike Lempres,
Chief Legal and Risk Officer of Coinbase, gave a testimony that claimed current regulations were
sufficient in the U.S.
“We believe there is no need for Congress
to create a new regulator or a new regulatory scheme because federal regulators
already have sufficient authority to regulate this space effectively.”
Lempres praised aspects of current regulation, but said that lack of clarity may stifle innovation.
“At the same time, we need to be sure
that we are not killing good innovation brought about by new technology and
good actors. Unfortunately, the current regulatory environment — in particular regulation by enforcement without enough
clear guidance on what is permissible — is
harming healthy innovation in the U.S. There is so much uncertainty about the
definition of a security and the scope of regulatory control that the market is
being chilled. This is bad for everyone because the technology won’t stop — it will simply move overseas and we will miss out on the
opportunity to cultivate the benefits in the U.S.”
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