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Cardano Founder Shares What To Expect After Binance CEO’s Exit

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The founder of Cardano has provided detailed insights into the impacts of the Binance CEO’s exit. He emphasized the shift in Binance’s management structure as it falls under the supervision of the US government. He also highlighted the possibilities of increased regulatory scrutiny in the growing crypto space. 

The End Of An Era, Says Cardano Founder

Charles Hoskinson posted a YouTube video titled “The end of an era.” 

In the video, Hoskinson describes the resignation of Binance’s former CEO, Changpeng Zhao as the end of an era. He described Zhao from his early days when he grew Binance to becoming one of the world’s largest crypto exchanges. 

“The era of the Crypto industry I grew up in is over and Binance was the last hold out to that, and I’ve kind of watched one by one many people fall through,” Hoskinson stated. 

See Also: Cardano Founder Hoskinson Speaks Out On Ethereum Insider Revelations

Hoskinson revealed that Zhao had not resigned because of fraud charges like FTX founder Sam Bankman-Fried. Instead, he was guilty of opening up markets which enabled American criminals to trade and make transactions through his exchange. 

“CZ wasn’t brought down like SBF where there was some sort of massive fraud and he was just stealing from his customers, he had no intention of running a business,” Hoskinson stated.

He added:

“At the end of the day, he opened up markets that allowed the enemies of America to basically trade and do things. Open permission-less protocols tend to invite that and the United States has a financial regime that basically has been weaponized.”

Hoskinson has predicted that Binance will keep operating; however, it would do so under the radar of the US government. He stated that all decisions made in the exchange would be “in consultation directly or indirectly with the US Treasury Department.” He also revealed that the exchange would have a long time out, as they restructure and change their management. 

See Also: Cardano Founder Seeks Collaboration With Kraken To Develop The L2 Network

“Binance will continue on and it’s gonna be under a leadership that will basically work with the US government as a partner moving forward,” Hoskinson stated. 

Hoskinson Predicts Higher Regulatory Scrutiny In Crypto Industry

In his YouTube video, Hoskinson stated that the present situation with Binance would most likely catalyze a high level of regulatory scrutiny in the crypto industry. He explained that the industry is presently changing and predicted the US government planning enforcement actions against liquidity providers and non-custodial wallets such as Metamask. 

“I suspect that the US government is going to start hitting more providers of liquidity, and also non-custodial wallets will likely get hit at some point, for a variety of reasons especially if they integrate Metadexes and these types of things and so perhaps Metamask and others are gonna get hit at some point,” Hoskinson said. 

Hoskinson has stated that Cardano foresaw the changes in the crypto ecosystem, which is why the blockchain had ensured it underwent its innovative processes with integrity. He revealed approaches, such as the Midnight protocol, through which Cardano will achieve a balance between preserving its decentralized freedom and facilitating regulatory compliance. 

“I think we predicted this with Cardano and we predicted this as an ecosystem and we understood the need for how to innovate with integrity and to comply with Integrity.”

He added:

“Midnight gives all those components for data confidentiality required for handling of PII in a regulated context and a lot of deep thought on how to build Dapps and DeFi in a way that can make people happy but still preserves the tenets of decentralization.”

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Cryptocurrency Market Update: Bitcoin Slips Below $70,000 Amidst High Liquidation

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In a swift turn of events, Bitcoin (BTC), the pioneering cryptocurrency, dropped below the $70,000 threshold early on Wednesday following a wave of investor sell-offs. Just a day prior, Bitcoin had crossed the $71,000 mark, but market sentiment swiftly shifted, dragging other major altcoins—including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC)—into the red zone.

According to CoinMarketCap data, the overall Market Fear & Greed Index stood at 75 (Greed) out of 100, indicating a mix of optimism and apprehension among traders. Notably, the Bittensor (TAO) token emerged as the top gainer with a remarkable 24-hour surge of over 7 percent, while dogwifhat (WIF) experienced the largest loss, plummeting nearly 16 percent.

Bitcoin (BTC) Price Update Bitcoin’s price tumbled to $69,089.01, marking a 24-hour dip of 3.05 percent, as reported by CoinMarketCap. On the Indian exchange WazirX, BTC was priced at Rs 60.93 lakh.

Other Major Cryptocurrencies Ethereum (ETH) saw a 24-hour loss of 4.81 percent, trading at $3,508.86, while Dogecoin (DOGE) registered a dip of 5.59 percent, currently priced at $0.1879. Litecoin (LTC) and Ripple (XRP) also experienced losses, with Solana (SOL) marking a 24-hour loss of 3.44 percent.

Top Gainers and Losers Bittensor (TAO) led the pack of gainers with a 7.30 percent surge, while dogwifhat (WIF) suffered the most significant loss, dropping by 15.58 percent.

Market Analysis and Expert Insights Experts weighed in on the market scenario, attributing Bitcoin’s downturn to heightened liquidations and cautious sentiment ahead of the upcoming US CPI data release. While Bitcoin’s immediate support rests at $67,700, resistance is expected at $70,400. Ethereum proponents face challenges amid hopes for an ETF approval, with the SEC providing limited updates on the matter.

Final Thoughts The cryptocurrency market remains highly dynamic, with prices fluctuating rapidly and investor sentiment playing a pivotal role. As the market navigates through volatility, it’s essential for investors to stay informed, exercise caution, and seek expert advice before making any investment decisions.

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Cryptocurrency: A Scapegoat for Foreign Policy Failures?

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Cryptocurrency has once again found itself at the center of a heated debate, this time regarding its alleged role in facilitating illicit activities and circumventing sanctions imposed by the United States. The Biden administration, in particular, has come under scrutiny for its handling of the issue, with some accusing it of using digital assets as a convenient scapegoat for broader foreign policy shortcomings.

In a recent hearing before the Senate Banking Committee, Deputy Treasury Secretary Wally Adeyemo raised concerns about the misuse of cryptocurrencies by foreign adversaries such as Iran, Russia, North Korea, and militant groups like Hamas. Adeyemo’s remarks underscored a growing unease within the U.S. government regarding the potential national security implications of unregulated digital currencies.

However, voices from within the cryptocurrency industry and Congress have pushed back against the administration’s narrative. Faryar Shirzad, Chief Policy Officer at Coinbase, one of the leading cryptocurrency exchanges, pointed out that the prevalence of illicit activity in the crypto space is relatively low compared to traditional finance. Instead of demonizing cryptocurrencies, Shirzad argued, the focus should be on targeting bad actors operating offshore.

Senator Tim Scott, the ranking Republican on the Senate Banking Committee, echoed these sentiments, accusing the Biden administration of using digital assets as a distraction from its failure to effectively combat financial flows to sanctioned entities. Scott’s criticism reflects broader skepticism among some lawmakers about the government’s approach to regulating cryptocurrencies.

One area of potential agreement between the Biden administration and the cryptocurrency industry is the need for clearer regulations governing stablecoins, a type of digital asset pegged to a fiat currency like the U.S. dollar. Both sides recognize the importance of addressing the potential risks associated with stablecoin issuance and usage, particularly in the context of national security and financial stability.

The debate over stablecoins has intensified following reports of their alleged role in facilitating illicit transactions, including those linked to Russia’s war effort in Ukraine. The Treasury Department has called for increased oversight of stablecoin issuers and transactions, while also advocating for legislation that would subject them to stricter regulatory standards.

Despite the contentious nature of the discussion, there are signs of bipartisan cooperation on certain aspects of cryptocurrency regulation. A bipartisan bill addressing stablecoin regulation passed the House Financial Services Committee last year, signaling a potential path forward for legislative action in this area.

As the debate over cryptocurrency regulation continues to unfold, it is clear that finding the right balance between innovation and security will be paramount. While concerns about illicit activity and national security must be addressed, policymakers must also recognize the potential benefits of cryptocurrencies in fostering financial inclusion and technological advancement.

Ultimately, the resolution of these issues will require thoughtful collaboration between government officials, industry stakeholders, and lawmakers to develop a regulatory framework that promotes innovation while safeguarding against misuse. Only through constructive dialogue and cooperation can we ensure that cryptocurrencies fulfill their potential as a force for positive change in the global economy.

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Bitcoin Resurgence: Why Wall Street Is Embracing the Crypto Revolution

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Andrew Pratt of Wiser Wealth Management in Marietta, Ga., finds little resistance as he proposes Bitcoin investments to his firm’s committee. With Bitcoin surging 140% in the past year and backed by giants like BlackRock, skepticism has waned. Pratt sees the potential to allocate a modest 1% of client portfolios to Bitcoin, acknowledging the limited downside risk compared to potential gains.

The debate over Bitcoin’s intrinsic value seems to have lost its relevance amidst its soaring market performance. Once dismissed, Bitcoin now boasts a market value of $1.3 trillion, driving the total crypto market to $2.5 trillion. Wall Street, once wary, now views cryptocurrency as an opportunity for profit rather than a speculative venture.

Despite lingering doubts about Bitcoin’s utility beyond speculation, Wall Street executives are increasingly supportive. BlackRock’s CEO, Larry Fink, notably reversed his stance, endorsing Bitcoin’s long-term prospects and championing the iShares Bitcoin Trust, now one of the largest Bitcoin ETFs with nearly $18 billion in assets.

While skepticism persists about Bitcoin’s status as a real asset or currency, its growing acceptance on Wall Street underscores the evolving landscape of finance. As institutions embrace cryptocurrencies, Bitcoin’s journey from pariah to portfolio asset highlights the transformative power of digital assets in reshaping traditional investment strategies.

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