Janet Yellen and the Fed Will Continue to Push Bitcoin to New Highs in the Next 5 Years

US Treasury Secretary Steven Mnuchin hasn’t been really good for cryptocurrencies. As we reported, the Treasury said in a statement on Monday, “There is strong support across the G7 on the need to regulate digital currencies.”

The G7 finance officials discussed the responses to the evolving landscape of cryptocurrencies to prevent their use for “malign purposes and illicit activities,” Treasury said.

Just last month, Coinbase CEO Brian Armstrong said that Mnuchin is planning to “rush out some new regulation regarding self-hosted crypto wallets before the end of his term,” although exchange’s former employer Brian Brooks, the acting Comptroller of the Currency, said there is no plan on killing cryptos.

However, Munchin hasn’t much time left in his term with Janet Yellen chosen as the new Treasury Secretary by President-elect Joe Biden.

Yellen’s views on crypto aren’t positive; she has called Bitcoin a “highly speculative asset” in the past and expressed concerns about its volatility when she should have shown more concern about the decreasing value of the US dollar.

However, Yellen won’t be bearish for Bitcoin price rather the opposite, wrote Alex Mashinsky, founder & CEO of Celsius Network, in an article on Monday.

According to him, Yellen’s track record as an economist and a civil servant is unimpeachable, but her ability to manage the current economic crisis and mounting debt is something to be worried about.

MMT FIAT maximalists in the House

Coming from a long line of Keynesian believers in MMT, Yellen advocates for creating endless amounts for fiat to grow the economy, said Mashinksy.

The Fed has already been printing money like crazy, with over 20% of dollar supply created in 2020 alone.

“Joe Biden along with Janet Yellen and J-Pow are gonna drive the Dollar into the ground,” said analyst Mati Greenspan.

Mashinksy argues that MMT is a dangerous ideology that injects boatloads of cash into the market, pushing the asset prices up, which only benefits large corporations and billionaires.

Although Yellen’s appointment can lead to Bitcoin restrictions and regulating DeFi but the fact that Yellen and Biden Administration need to ensure that the US Dollar remains the reserve currency, it would involve “funding new businesses and technologies in future industries such as Blockchain, Machine Learning, and AI.”

Mashinsky said it is “overdue” for the Fed and Treasury to give up their old ways and start taking advantage of crypto.

“The FED and the White House will be filled with Keynesian MMT FIAT maximalists in 2021. This guarantees that Bitcoin continues to hit new highs during the 2021–2025,” he wrote.

Read Original/a>
Author: AnTy

SEC Comes ‘Out For Justice’ As ‘Beyond The Law’ Star Steven Seagal Charged In 2018 B2G ICO

  • Actor and martial arts performer Steven Seagal has been charged by the US Securities and Exchange Commission (SEC) for failing to disclosed earnings from an initial coin offering (ICO) back in 2018.

The United States’ Securities and Exchange Commission (SEC) released a statement this Thursday, in which it states that the actor – Steven Seagal – failed to disclose payments he received for promoting Bitcoiin2Gen’s (B2G) token and Initial Coin Offering (ICO) in February 2018.

The actor and former martial arts performer faced charges for failing to disclose that he had been offered a $250,000 payment in cash and another $750,000 in B2G tokens for promoting the ICO.

Seagal ‘Zen Master’ Promoted B2G on Social Media

According to the SEC, Seagal took to social media, encouraging his fans and followers to invest in B2G tokens back in 2018.

The SEC also reported that he issued a press release titled: “Zen Master Steven Seagal Has Become the Brand Ambassador of Bitcoiin2Gen”, while another B2G press release quoted him saying that “he wholeheartedly backs the ICO” advising followers to invest to avoid “miss[ing] out.”

Celebrities: Promoting Securities? Disclose Your Compensation

Kristina Littman, speaking on behalf of the SEC’s Enforcement Division Cyber Unit as its chief said the following:

“These investors were entitled to know about payments Seagal received or was promised to endorse this investment so they could decide whether he may be biased.”

Littman further stated that celebrities seeking to use their platform to advertise a product should disclose their earnings.

“Celebrities are not allowed to use their social media influence to tout securities without appropriately disclosing their compensation.”

Meanwhile, B2G Fights Against Pyramid Scheme Accusations

Even when the ICO was launched, B2G fought an uphill struggle against accusations that it was a pyramid scheme. So much so that it issued statements about its marketing activity.

After a month, the Tennessee Department of Commerce and Insurance issued a warning about B2G’s token project. The SEC had previously advised celebrities to not endorse tokens if they are legally deemed securities.

In an announcement released on Thursday 27th February, it stated that promoters “must disclose the nature, scope, and total amount of compensation received in exchange for their promotion”.

Seagal to Pay $157,000 in Disgorgement

The SEC stated that Seagal didn’t respect the anti-touting provisions of federal securities and that he agreed to pay $157,000 in disgorgement.

While he didn’t have to admit or deny any wrongdoing, Seagal agreed to no longer be directly involved in the promotion of securities for a period of 3 years.

His promotional payments are covered by this disgorgement and the investigation will continue, the SEC concluded.

Read Original/a>
Author: Oana Ularu

US Treasury Secretary Mnuchin: Companies Left Libra Association Due To Compliance Issues

Steven Mnuchin, the U. S. Treasury Secretary, has recently been interviewed by CNBC’s Squawk Box. During the interview, he talked about how some companies are abandoning the Libra Association as they are concerned with regulatory problems.

According to him, the project is really not “up to par” with the current laws for Anti-Money Laundering of the United States. This would prompt the government to take action against them, so they have understood that it was not a good idea to side with Libra before the project was really up to par with what was expected.

Recently, PayPal, Mastercard, eBay, Stripe, Visa and other major companies have all announced that they would drop from the Libra Association, which would govern Facebook’s upcoming stablecoin. Most of the companies decided to back away from the Libra as the G7 working group reported that Libra was a major potential threat to international stability.

When PayPal left the association, people from the company affirmed that the company “remained supportive” of Libra but that it would not be a part of it anymore. That is the general consensus now. Most companies don’t really want to burn the bridges, but they noticed that backing the Libra is possibly not the greatest idea right now.

The anti-Libra stance, however, is not taken by everybody. The CEO of Coinbase, Brian Armstrong, has recently criticized the senators of the country for asking companies to leave the project (which they did). According to him, this is “un-American”.

Right now, Facebook is fighting to keep its partners on its team and to convince the regulators that it can provide a good service, but the situation is far from certain.

Read Original/a>
Author: James W