Thursday, November 8, 2018

Regulated becomes Regulator 👮

November 8, 2018

CFTC Chair Claims DLT Can Be Used to Regulate Markets

DLT gets plugged

Speaking Wednesday at the D.C. Fintech Week Conference, Commodity Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo whipped out a new idea to the crowd involving distributed ledger technology (DLT), according to CoinDesk

In his speech, Giancarlo described a process in which market "rulebooks" or laws are digitized - meaning regulators can analyze, track, and enforce potentially fraudulent actions in real-time.

To organize this new process, dubbed quantitative regulation, Giancarlo believes distributed ledger technology will be necessary to help "standardize and distribute data" to both regulators and market participants.

Explaining with speed limits

After a few confused looks from the crowd, Giancarlo went on to explain his vision with a simple illustration using speed limits as an example.

While speed limits are static, like traditional market laws, a digitized system powered by DLT can modify the rules to ensure the best outcome.

Giancarlo explained:

"The two regulatory objectives you're trying to solve for with a speed limit are safety and the efficient flow of traffic. If you actually had a dynamic speed limit that measured road and weather conditions (imagine a digital display), you might be able to slow the speed limit down if it's raining in order to better satisfy the safety objective or increase the speed limit on a sunny weekday afternoon when traffic is light to achieve a safe, but more efficient, flow of traffic."

What's the punch line

Decreasing costs and automating manual processes is the punch line. Just this year the CFTC saw its budget cut by $1 million despite arguing for years that its budget is inefficient.

Now, with a blockchain supporter leading the CFTC, the government agency may be looking to utilize the technology to improve business.

RESEARCH

More Than a Quarter of German Young Adults have Interest in Investing in Crypto

Two states in Germany, Hesse and Saxony, recently conducted a survey polling 1,000 citizens inquiring about their perception of Bitcoin and cryptocurrencies.

As you could've guessed it, young adults were the demographic most interested in cryptocurrency investing. The survey found that 28% of German's between the ages of 18 and 29 say that they view cryptocurrency investing as 'conceivable'. Respondents cited that the potential for profit is what makes cryptocurrency intriguing.

Older generations not sold

While the younger generation reported interest in cryptocurrency investing, the older generations were found to be far less interested in the new asset class.

This survey found that over 50% of Germans between the ages of 30 and 39 view cryptocurrency investing as 'dangerous'. The respondents cited three major reasons for why they felt this way:

Volatility
Lack of physicality
Scare tactics (unclear government regulation)

Education is needed

It is probably best to classify the results of this survey as mixed in terms of promise for cryptocurrencies.

The one thing that is most clear from this survey is the importance of education in the space. Older generations do not understand cryptocurrencies and that creates a perception of 'danger'. Even the younger generation who reports interest in cryptocurrency cites that it is mainly for the profit rather than understanding the possible use cases behind the technology.

OPINION

Crypto is Entering Tech Mainstream, Says Coinbase CTO

Tech space is on the bandwagon

Balaji Srinivasan, the Chief Technical Officer at Coinbase, has been taking note of what is happening around the tech space in America. According to his observations, technology companies are fully embracing blockchain technology.

In response to a Twitter thread summarizing the recent news around crypto, Srinivasan tweeted:

Prices down, awareness up

If you have followed the news during the bear market, you know that more and more companies and individuals are adopting blockchain technologies and cryptocurrencies, even as the price of these assets has been dwindling.

Companies are racing to be at the forefront of the revolution. It may be competitive, but the cryptocurrency community is more democratic than ever. Most projects are developed by communities and open source. Square even recently open sourced its cold wallet solution for all to utilize.

GOVERNMENT

U.S. Midterms See 3 New Pro-Blockchain Governers Elected

Amid the whirlwind of the 2018 midterm elections, three newly elected governers stuck out to the crypto community.

According to the Digital Asset Trade Association (DATA), a blockchain advocacy group, newly elected governers Jared Polis (Colorado), Gavin Newsom (California), and Mark Gordon (Wyoming) all rank high in "crypto-friendliness."

To get a good idea of why, we broke it down for you:

Jared Polis: Has been a member of the Congressional Blockchain Caucus in the U.S. House of Representatives and has pushed to integrate blockchain in the United States in areas like government record keeping and digital voter protection.

Gavin Newsom: Has pushed for clear and progressive regulations in order to attract developers to California.

Mark Gordon: Has supported the exemption of crypto businesses from money transmitter laws as well as slashing sales tax on crypto purchases in Wyoming.

BITS

But wait, there's more...

U.S. financial services company Square revealed it generated $43 million in Bitcoin (BTC) revenue for Q3 2018.
Two principals at a Chinese school got in hot water after installing ethereum miners at the institution, according to a report.
Eighty-seven-year-old Canadian actor and producer William Shatner just made a series of tweets supporting ethereum creator Vitalik Buterin.

GIVEAWAY

We teamed up with Pundi X to giveaway 5 Special Edition XPASS cards to our subscribers! It's easy to enter, just visit here.

MEME

SHARE UNBANKD

If you ❤️ Unbankd, share us with your friends to help them get crypto smart too!

So far you have 0 referrals but we still have more rewards for you.

INVITE FRIENDS

Or copy & paste your unique link to share:
https://unbankd.co/?ref=192f87b56d

SUBSCRIBE	FEEDBACK	ADVERTISE

COIN	PRICE	24H

BTC	$6,518.19	- 0.10%

ETH	$216.13	- 1.00%

XRP	$0.515680	- 2.89%

BCH	$599.79	- 3.52%

EOS	$5.60	- 0.99%