Regulation is good for the crypto industry: Binance CEO
Binance CEO Changpeng Zhao joins ‘Squawk Box’ to discuss the crypto exchange’s growth and why regulation is critical for the industry. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
Last week, the cryptocurrency market briefly surpassed $3 trillion as the top digital coins rallied.
Bitcoin and ether both hit all-time highs on Wednesday, but have since cooled off.
Now, on Monday afternoon, bitcoin is trading at around $64,143, according to Coin Metrics, and ether at around $4,611, as of 12:56 p.m. EST.
As President Joe Biden signs the $1.2 trillion bipartisan infrastructure bill into law — which includes tax reporting provisions that apply to cryptocurrency — here are six important things that happened this past week in the space.
1. Robinhood’s data breach involved about 7 million customers
Online brokerage Robinhood announced on Monday that a Nov. 3 data breach involved exposure of personal information for about 7 million customers, CNBC reported.
For 5 million of them, email address were accessed. Another 2 million had their full names revealed. For about 310 users, name, date of birth and ZIP code were exposed. About 10 customers had more extensive account details revealed.
Robinhood said it is alerting affected individuals, and noted that based on its investigation, no Social Security numbers, bank account or debit card numbers were exposed.
2. Ripple to launch crypto service for financial companies
On Tuesday, Ripple announced that it is set to launch a product called Liquidity Hub, which will allow financial services firms to offer their customers access to cryptocurrencies, CNBC reported.
The San Francisco-based fintech start-up will offer trading in cryptocurrencies such as bitcoin, Ethereum, litecoin, ethereum classic, bitcoin cash and XRP. The Liquidity Hub feature will launch in 2022.
Ripple is in a legal battle with the U.S. Securities and Exchange Commission (SEC) over XRP, a cryptocurrency with which it is closely associated. The SEC is suing Ripple and its executives for allegedly raising funds through an unregistered securities offering. Ripple is fighting the suit.
3. Tim Cook says he owns cryptocurrency
Also on Tuesday, Tim Cook said he personally owns cryptocurrency.
After Cook was asked if he owns bitcoin or Ethereum, the Apple CEO replied, “I do.”
“I think it’s reasonable to own it as part of a diversified portfolio,” Cook told Andrew Ross Sorkin at The New York Times DealBook conference. “I’m not giving anyone investment advice by the way.”
Cook added that he had been interested in cryptocurrency “for a while,” but clarified that his views are personal and that Apple isn’t accepting cryptocurrency as payment or buying cryptocurrency itself.
4. Coinbase shares drop after third-quarter revenue miss
Coinbase missed analysts’ revenue estimates on Tuesday after reporting its third-quarter earnings. Following, the stock sank more than 13% in extended trading.
The cryptocurrency exchange also said its monthly transacting users fell to 7.4 million from 8.8 million in the second quarter. In addition, trading volume fell from $462 billion to $327 billion in the previous quarter.
5. A major upgrade to bitcoin activated
Taproot, a highly anticipated upgrade to bitcoin, went into effect on Sunday at block 709,632.
This is bitcoin’s first major upgrade since 2017, and it will impact the blockchain in a number of ways.
Taproot will introduce what’s called Schnorr signatures, which will help bitcoin transactions become more private, efficient and less expensive. Most importantly, the upgrade will better enable bitcoin to execute smart contracts on the blockchain.
Read more about Taproot here.
6. President Biden to sign the bipartisan infrastructure bill into law
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Good day ceo binance help me sir please my binance account locked ponding transaction place
As long as the amount of rug pulls goes down, and regulate play to earn
friend, I'm your fan! I'm also a fan of EMBR! I'm sure this project, w/ such a brilliant development team, will definitely bring me hundreds of X's after the public sale!
Finding the sweet spot between centralized and decentralized is very tricky. I love how crypto is decentralized. Some kind of centralization will make adoption faster. UDO can show institutions how they can get in crypto.
will you ban crypto. will you check if people are winning or losing. people are losing, they should tax the crypto ceos, and ban the exchanges.
Let them ban cryptocurrencies. They hurt people. They're losing. They're stealing. They should ban it.
Oooga booga me regulate crypto because it’s too awesome.
Binance is moving toward centralization? Umm, no! Decentralization is what crypto users want why would they go back?
First regulation that needs to occur: If someone is receiving government benefits like EBT, Section 8 housing, Medicaid, etc, etc – They should not be allowed to live off free government money while using their available funds to buy crypto. It's one or the other. No more living off socialist benefits while trading crypto while in capitalist mode.
No
⬆️⬆️⬆️
No one does it better than this guy up he's the best I strongly recommend he's work…
⬆️⬆️⬆️
No one does it better than this guy up he's the best I strongly recommend he's work…
Waste baster I don't want you near mi
obiy law not intrigue by your dusiliss monies
Many who get rich in crypto will one day hide the source of their wealth.
guy is a joke
THIS IS NOT CHINA. WE ARE CAPITALIST AMERICA. REGULATION=LIMITED PROFIT=LIMITED GROWTH
https://youtu.be/lgGjp1ascYo
Go Brandon
Imagine the CEO of a centralized exchange wanting regulation in the space. Imagine.
Didn’t Binance delist BSV?
So much for decentralization. Lmao
More like censorship.
BSV follows the original bitcoin protocol and Binance delisted it and still actively attacks it.
Get this joker out of here.
It depends on regulation. I believe stablecoin regulation won't do any good. I can't imagine Tether being regulated
Lawmakers in Washington have been grappling with the thorny topic of crypto regulation for some time. The sprawling cryptocurrency industry is currently worth over $2 trillion — and senior figures, from Treasury Secretary Janet Yellen to SEC Chair Gary Gensler, all believe more oversight is necessary.At the same time, long-standing crypto enthusiasts fear regulation will suffocate this burgeoning industry. Here's a summary of both sides of the debate.
Pro regulation
Those in favor of regulation believe it will help the industry to thrive. Here's how.
It will increase investor protection
There's a reason Gensler described crypto as the Wild West. It is rife with scams and there are few rules in place to prevent market manipulation or insider trading.
Ultimately, what matters is the nature of any new cryptocurrency regulation. Heavy-handed regulation that massively hampers the activities of legitimate projects could be damaging. But sensible regulation that weeds out bad players could create an environment where genuine projects could thrive.
#ACH IS THE BRIGDE!!! Alchemy pay is behind all this
Regulations protects the one that are on top.
Government wants to regulate because they want to tax it.
<On the other hand, there were also some pretty big news stories this year. Pornhub started accepting cryptocurrency payments, Bill Gates said that "cryptocurrencies are the future of money" (but he himself is putting his money on Ripple), North Korea has been experimenting with cryptocurrencies too by mining some pretty hefty amounts of cryptos, some guy taunted Elon Musk to bet $50 million on which one is better, between Bitcoin or Ethereum. That’s why I will introduce you to one of the best signals providers that I have ever met.He has been more than amazing and tested on so many cases and he even implemented a signal for my 100% buy order on the Stellar Lumens which we all know how successful was.He understands this crypto business and he is an expert and will skillfully guide you to trade with maximum gains and profits.He will be available 24/7 on Telegram if you want to talk more about it as [ Didea_box ]
It's called government greed
"Regulation is good" – For Who?
ACH TO THE MOON
Wow great news for ACH Alchemy pay holders.
please don't get involved, remove government from the portfolio because they are the true manipulators. the big guys are trying to get rich now. crypto was made to get away from yal. STOP ✋. let us do us. stay out of it.
Binance just partnered with ACH Alchemy pay 4 months ago to bridge the crypto/fiat gap! Great news for ACH holders.