Cryptocurrency is a new and innovative field that is changing every day, something new can be something outdated tomorrow. In this blog, we will be taking a look at some recent cryptocurrency events.
Regulation in Crypto
Bill Huizenga a Congressman in the United States asks for more cryptocurrency regulation and more rules regarding ICO’s. The main issue Bill pressed was the lack of transparency that ICO’s have with their investors and potential investors. Unlike traditional investments in the stock market, cryptocurrencies bring a grey area of regulation where some aspects of insider trading and other activities that would otherwise be illegal are present. Currently, in the United States, there are mixed feelings from government agencies as to what cryptocurrencies should be categorized as such that the IRS, SEC, and CFTC all have different classifications. Regulation often times can hurt innovation, and pinning cryptocurrency to the same rules as traditional markets can be harmful so finding a middle ground or new standards would be more beneficial.
Long Blockchain Corp. which was a beverage company has been subpoenaed by the SEC. The Securities exchange commission has taken a stance on companies that change their business plan to enter the blockchain space. Companies like RIOT blockchain have also been subpoenaed after their stock pumped after the name and business change into blockchain. Since the booming of ICO’s and the peaked interest of blockchain technology and cryptocurrency in general, companies have found that announcing their interest in blockchain has had a tremendous effect on their business and in some cases stock price. Restaurants like KFC have done promotional campaigns around cryptocurrency to spark conversation and deploy marketing antics.
Celebrities in Crypto
Bill Clinton who is a former United States president will be speaking at a Ripple conference. Ripple has used celebrities at conferences before as they brought in rapper Snoop Dogg for a performance. The conference will be held in October according to the blog post and notes that Bill Clinton has helped companies get past the “digital divide”. Ripple is heavily criticized as their company owns a large stake in the cryptocurrency XRP, and some argue that the interaction between the company and the cryptocurrency itself is very limited. Celebrities and public figures do have a positive impact on the cryptocurrency community, as they can reach a large audience and potentially introduce them to cryptocurrency.
Kim Kardashian West who is a popular TV celebrity was invited to a Poker Charity Event where she was given a Bitcoin. Kim posted an Instagram story of her poker chips with a physical representation of a bitcoin on the table with the caption “we moved onto bitcoin”. Kim has over 100,000,000 followers on Instagram which reaches a huge audience and is good for the overall cryptocurrency community. Many people that have never heard of bitcoin will certainly be enticed to look into it after seeing the support of Kim Kardashian West.
Non cryptocurrency celebrities are not the only people that are admired and have a pull. Celebrities like Vitalik Buterin although in the cryptocurrency community, have a large pull. When Vitalik tweeted about liking the staking economics of the project Omisego, the coin pumped over 10% within hours. Projects or coins that are then endorsed or talked about by Vitalik are then greatly looked at or purchased without much research.