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Exclusive: Anthony Scaramucci Criticizes Warren-Gensler “Hegemony” in US Crypto Regulation
Anthony
Scaramucci, the Founder of SkyBridge Capital investment firm, has voiced
criticism of the current state of cryptocurrency regulation in the United
States. The former White House Director of Communications called for a more bipartisan approach and suggested
that the European Union’s Markets in Crypto-Assets (MiCA) regulation could
influence US policy.
Anthony Scaramucci Slams “Destructive”
US Crypto Regulators
In an
exclusive comment to Finance Magnates, Scaramucci emphasized the
importance of collaborative actions across divisions in terms of market
regulation. “I think it’s very important that we have a bipartisan
commitment to crypto,” he stated, praising the efforts of Senators Kirsten
Gillibrand and Chuck Schumer from New York.
However,
Scaramucci expressed strong disapproval of what he termed the “Elizabeth
Warren and Gary Gensler hegemony” in shaping US crypto policy. “I
think they’ve been very destructive to the industry unnecessarily,” he
said, suggesting that their approach has been arbitrary and potentially
motivated by factors beyond regulatory concerns.
The former
White House communications director pointed to the regulators’ past
interactions with Sam Bankman-Fried, the disgraced founder of FTX, as a
possible factor in their current stance.
“They
were very close to Sam Bankman-Fried’s parents. They met with Sam Bankman-Fried
many times,” Scaramucci claimed, adding that he believes they were
“embarrassed by Sam” and subsequently took a harder line against the
crypto industry.
“I think
they did that unfairly, and they did that arbitrarily and capriciously, which
is reflected in all the lawsuits that they’ve lost,” Scaramucci concluded in
response to a question posed by Finance Magnates during an interview
organized by Saxo Bank, in light of the upcoming US presidential elections.
An example
of what Scaramucci is referring to is the recent decision by the cryptocurrency
exchange Crypto.com to take the Gensler-led Securities and Exchange Commission
(SEC) to court, claiming
regulatory overreach.
Crypto Regulations in the
US vs. Europe
Scaramucci’s
comments come as the cryptocurrency industry faces regulatory
uncertainty in the United States, while the European Union moves forward with
its comprehensive MiCA framework. The contrast between the two approaches has
led to speculation about whether the US might eventually adopt elements of the
EU’s regulatory model.
So far,
however, The US has adopted a more fragmented regulatory approach, relying on
existing financial regulations and enforcement actions rather than
comprehensive crypto-specific legislation.
For
example, the SEC focuses on regulating crypto assets that may qualify as securities, the CFTC oversees crypto derivatives and commodities, and FinCEN handles anti-money laundering
compliance.
In
contrast, the EU has taken a more proactive and unified approach to crypto
regulation. The block approved “Markets in Crypto-Assets Regulation” or MiCA, the world’s first comprehensive
regulatory framework for cryptocurrencies.
Presidential Elections and
How They Can Influence Crypto
With just
four weeks until Election Day, Vice President Kamala Harris’s campaign is
showing signs of strength, but the race remains too close to call according to
political analysts, according to Scaramucci.
The former
Trump administration official turned critic believes the current polls are
accurately reflecting voter sentiment, unlike in previous elections where
Trump’s support was underestimated.
“I
think the race is currently too close to call,” Scaramucci said in a
recent interview with Saxo Bank. “And I think the race is definitely
winnable for both sides.”
While
former President Trump maintains high name recognition and plans to hold daily
rallies in the final weeks, the Harris campaign has deployed an unprecedented
ground game. With a staff of 2,000 and approximately 200,000 volunteers working
the equivalent of 300,000 shifts, Harris’s operation dwarfs that of previous
Democratic campaigns.
“This
is very different from 2016 because they’re in the field, they are working, and
she is showing up,” Scaramucci noted, contrasting Harris’s approach with
Hillary Clinton’s 2016 strategy.
However,
Harris still faces challenges in voter familiarity compared to her opponent.
“Trump has something that she doesn’t have. He has a hundred percent brand
name saturation,” Scaramucci explained. “Harris started on this real
assault for the presidency on the 21st of July, but I would say that she’s
still somewhat unknown.”
Despite
this, Scaramucci believes Harris has momentum on her side. The Vice President
is outpacing Trump in both media appearances and fundraising, with projections
suggesting she may have a two-to-one advantage in campaign spending.
Scaramucci
believes Harris could support a “middle-of-the-road cryptocurrency
legislation” that fairly regulates the industry. On the other hand, Trump’s
pro-crypto stance could lead to appointing crypto-friendly officials in
regulatory bodies.
This article was written by Damian Chmiel at www.financemagnates.com.
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Muinmos Partners with XBO.com to Improve KYC and Risk Management Systems
Muinmos, a Danish RegTech firm, and cryptocurrency
firm XBO.com partnered to improve how crypto exchanges onboard users. This
collaboration promises speed, efficiency, and compliance with regulatory
standards.
Automating Compliance
XBO.com’s integration of Muinmos’
software-as-a-service platform aims to improve users’ experiences while strengthening the exchange’s risk management capabilities.
According to a statement shared with Finance Magnates,
Muinmos aims to enhance the platform’s ability to monitor transactions and
detect suspicious activities by automating Know Your Customer (KYC) processes,
performing real-time client classification, and conducting continuous risk
assessments.
“XBO.com is at the forefront of the crypto
industry, and we are delighted they selected Muinmos when looking to take their
KYC and onboarding to the next level, Remonda Kirketerp-Møller,” the CEO
of Muinmos said.
“Onboarding new users is one of the first
interactions customers have with an exchange and, with our platform integrated
into theirs, XBO.com has a secure, automated system which enables quick,
efficient, and compliant onboarding of users, enhancing the overall user
experience for their clients.”
XBO.com, through its partnership with Muinmos, is
reportedly seeking to address these challenges by introducing an automated KYC
and onboarding process. It aims to boost XBO.com capabilities in dealing with
potential security threats.
Setting New Standards
The Muinmos platform enhances regulatory compliance
by incorporating traditional KYC checks, corporate data verification, and
client risk assessments into a single, efficient workflow. The integration aims to accelerate the registration
and verification processes and strengthen the exchange’s ability to mitigate
potential risks. For crypto users, this translates into quicker access to
services without sacrificing security.
In May, Muinmos and Blade Labs collaborated integrate
client onboarding Platform of the former into the Digital Asset Platform of the
latter. The partnership seeks to improve client onboarding process and address
the challenges faced by compliance officers in the digital assets space.
Munimos offers a client onboarding platform with AI
capabilities that aim to streamline the client onboarding process, including
investor classification. This offering allows enterprises and financial
institutions to determine whether they can onboard clients and provide them
with specific services in a given jurisdiction while ensuring continuous
updates of regulations, client information, and risk profiles.
This article was written by Jared Kirui at www.financemagnates.com.
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Palau Collaborates With Japan to Introduce Blockchain Savings Bonds
Wirex Pay launches non-custodial crypto payments
Wirex Pay introduced its modular chain for payments, enhancing security through non-custodial wallets and a private key system.