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FILE South Dakota Gov. Christy Noem participates in a panel discussion during the Republican Governors Association convention on November 15, 2022 in Orlando, Fla. The recent veto of a bill that would have created regulations for cryptocurrency use in the state. (AP Photo/Phelan M. Ebenhack, File)

The South Dakota House failed on Monday to override Gov. Christy Noems recent veto of a bill that would have created government regulations for cryptocurrency use in the state.

The bill passed smoothly in the entire legislature, and Noems veto the previous week was upheld on a 3730 vote.

Supporters had argued that the bill would centralize the various cryptocurrency systems through a government oversight commission, thereby increasing transparency. But opponents see the proposed rules as a tool for potential government surveillance and encroachment and say they want more time to see how such laws work in other states.

Six more states have passed an update to the Uniform Commercial Code that requires cryptocurrency exchanges to have solid records in order to be considered money. The national commercial standards aim to regulate digital currency exchanges by mandating transaction records, but Noem said such a move would take away the South Dakotans freedom of the market.

It would be unwise to create rules governing something that does not yet exist. More importantly, South Dakota should not open the door to a possible future by the federal government, Noem said in vetoing the bill. I said in a statement last week.

As similar bills emerge in other state legislatures, Republican counterparts such as Gov. Ron DeSantis of Florida and U.S. Rep. Tom Emmer of Minnesota has expressed concern about potential government surveillance, similar to Chinas heavy-handed surveillance of its markets. Doubts over the regulation of central bank digital currencies come a year after President Joe Bidens executive order to crack down on federal bank-owned digital currencies. Bidens move triggered a flurry of misinformation, including claims that it would lead to a cashless society.

Proponents of the bill argued that those who believe the government would replace cryptocurrency companies with a federal system are wrong, and that the bill would only bridge the federal government and digital currencies, which are not currently recognized as money. Has been.

The bills sponsor, House Republican Hugh Bartels, said he expected most countries to pass such code updates amid the rise of various forms of cryptocurrency.

The misconception is that this bill is authorizing a central bank digital currency, Bartels said. Its just setting up a way to do business with it.

The first most popular cryptocurrency, bitcoin, was launched more than a decade ago. Despite being fundamentally digital currency, cryptocurrencies are not backed by any government entity.

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This story has been corrected to show the House vote was 37-30, not 36-30.

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South Dakota Gov. Veto of Cryptocurrency Regulations Upheld - CryptoSaurus

Godfrey Benjamin

Litecoin confirmed as commodity, according to new classification by CFTC

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Though there is a regulatory gloom over the digital currency ecosystem today, Litecoin (LTC) seems unperturbed by what the future holds in this regard, per its current classification by the United States Commodity Futures Trading Commission (CFTC).

As detailed in the lawsuit by the regulator against Binance exchange, Litecoin was listed alongside other top digital currencies like Bitcoin (BTC), Ethereum (ETH), as well as Tether (USDT) and Binance USD (BUSD) as commodities.

The clarity provided is exciting for the community as American regulators have constantly been cracking down on companies in the Virtual Asset service space for issues related to the status of the assets they support.

Litecoin's price trailed the bigger industry slump over the past 24 hours by dropping 4.31% of its price to $87.44. Unlike many assets in its league, Litecoin is maintaining a very promising price resilience when the week-to-date growth is highlighted. The digital currency is up by 10.37% within this time frame.

The status of Litecoin has not been under dispute as much as many other digital currencies, especially Ethereum. While the SEC has recently tagged Ethereum as a security, getting a new nod from the CFTC is considered a very promising one for the Litecoin community.

According to many commenters in the Litecoin community, clarity on the status of the digital currency offered by the CFTC will give an additional boost concerning the forthcoming halving event, which is less than 130 days away.

With certainty about the regulatory future of Litecoin, the digital currency can follow its defined growth curve ahead of the halving event and even progress on a steady upshoot afterward. With the CFTC naming Litecoin as a commodity, new bullish sentiment is now engulfing the community, which may help propel additional stacking of the cryptocurrency in the short to midterm.

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Litecoin (LTC) Price Reacts as CFTC Alleges Cryptocurrency Is Commodity: Details - U.Today

Introduction

Cryptocurrencies, since their inception in 2009, have been subject to high volatility and price swings, making them a risky investment option. Stablecoins, on the other hand, are a type of cryptocurrency that aims to provide stability in value by pegging their value to an external asset, such as the US dollar or gold. In this article, we explore the relationship between cryptocurrency and stablecoins and how the latter can help mitigate the volatility of the former. Bitcoin trading has never been this hassle-free with http://www.bitcoin-prime.app.

Cryptocurrency Volatility

Cryptocurrencies are known for their high volatility, which makes them a risky investment option. Bitcoin, the largest and most popular cryptocurrency, has seen price swings of over 50% in a single day. This volatility is due to various factors, including market sentiment, speculation, adoption rates, and regulatory changes.

The volatility of cryptocurrencies makes it difficult for businesses to adopt them as a payment method. If the value of a cryptocurrency drops significantly in a short period, businesses could lose a significant amount of money. Furthermore, high volatility makes it difficult for cryptocurrency holders to plan their finances, as they cannot predict the future value of their investments.

Stablecoins as a Solution

Stablecoins are a type of cryptocurrency that aims to provide stability in value by pegging their value to an external asset. This external asset could be a fiat currency like the US dollar or a commodity like gold. Stablecoins are designed to maintain a stable value regardless of market conditions. This makes them an attractive option for businesses that want to adopt cryptocurrency as a payment method, as they provide stability in value.

Furthermore, stablecoins allow cryptocurrency holders to plan their finances better, as they can predict the future value of their investments. Stablecoins also provide an alternative investment option for investors who are looking for a less risky investment than traditional cryptocurrencies.

Types of Stablecoins

There are three types of stablecoins: fiat-collateralized, commodity-collateralized, and algorithmic stablecoins. Fiat-collateralized stablecoins are backed by an equivalent amount of fiat currency, such as the US dollar. Commodity-collateralized stablecoins are backed by a commodity, such as gold or silver. Algorithmic stablecoins, also known as seigniorage-style stablecoins, use an algorithm to maintain their value.

Fiat-collateralized stablecoins are the most popular type of stablecoin, with Tether (USDT) being the most widely used stablecoin. Tether is backed by the US dollar on a 1:1 basis, meaning that for every USDT issued, there is an equivalent amount of US dollars held in reserve.

Commodity-collateralized stablecoins are less popular than fiat-collateralized stablecoins, as they are subject to the price volatility of the commodity they are backed by. For example, if a gold-backed stablecoin is issued, and the price of gold drops significantly, the stablecoin's value will also drop.

Algorithmic stablecoins are a new type of stablecoin that is gaining popularity. These stablecoins use an algorithm to maintain their value, which means they are not backed by any external asset. Instead, the algorithm adjusts the supply of the stablecoin to maintain its value. For example, if the stablecoin's value is above its peg, the algorithm will reduce the supply of the stablecoin, and if the value is below its peg, the algorithm will increase the supply of the stablecoin.

Benefits of Stablecoins

Stablecoins offer several benefits over traditional cryptocurrencies. One of the main advantages is stability in value. Stablecoins provide a stable value, making them an attractive option for businesses that want to adopt cryptocurrency as a payment method. Furthermore, stablecoins offer an alternative investment option for investors who want to diversify their portfolios but are hesitant to invest in traditional cryptocurrencies due to their high volatility.

Stablecoins also offer faster transaction times and lower transaction fees compared to traditional payment methods like wire transfers or credit card transactions. This is because stablecoins are built on blockchain technology, which allows for fast and secure transactions without the need for intermediaries like banks or payment processors.

Conclusion

Cryptocurrencies have been subject to high volatility since their inception, which makes them a risky investment option. Stablecoins aim to provide stability in value by pegging their value to an external asset, making them an attractive option for businesses looking to adopt cryptocurrency as a payment method and for investors who want to diversify their portfolios. However, there are also concerns regarding stablecoins' centralization, lack of transparency, and regulatory uncertainty, which should be considered before investing in or adopting stablecoins.

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Cryptocurrency and Stablecoins - Exploring the Relationship ... - Baltic Times

Market picture

Bitcoin is down 2.6% in the last 24 hours to $27K. The crypto market's total capitalisation fell 1.9% to 1.14 trillion. The decline was triggered by the CFTC's surprise lawsuit against Binance. According to the agency, the platform violated derivatives trading rules by operating without proper registration. Its issued coin, BNB, lost more than 5% overnight.

According to CoinShares, investments in cryptocurrencies rose last week for the first time after six weeks of decline, amounting to $160 million - the highest in the previous eight months.

Investments in Bitcoin increased by $128m, while Ethereum decreased by $5m due to investor concerns about the traditional financial sector (TradFi), suggest Coinshares.

As with FTX, it is difficult to question the viability of Bitcoin or Ethereum. However, investors should ask themselves again: Are my funds safe? If banks are a risk, crypto exchanges are an even more significant risk. But is cash and crypto so risky in cold wallets?

MicroStrategy has bought 6,455 BTC worth $150 million since mid-February at an average price of $23,238, said company founder Michael Saylor. In total, MicroStrategy holds 138,955 BTC worth $4.14 billion.

At their next meeting in May, the leaders of the Group of Seven (G7) countries will discuss tighter regulation of digital assets worldwide.

US venture capitalist Tim Draper has urged to prepare for the collapse of new banks if the government continues to print money and raise rates. In his opinion, it is worth having investments in at least two cryptocurrencies and two accounts at different banks.

Crypto-enthusiast DonAlt, who accurately predicted the "bottom of BTC" in 2022, believes the first cryptocurrency is in the early stages of a new bullish cycle with targets at $100K.

Coinbase, Crypto exchange, is considering launching a so-called "flatcoin" linked to the inflation rate. The value of the token would reflect the cost of living.

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The lawsuit against Binance highlights cryptocurrency infrastructure risks - FXStreet

CITY OF INDUSTRY, CA / ACCESSWIRE / March 27, 2023 / In the latest development, Fmytex Global emerges as a reliable platform for cryptocurrency trading and revenue growth. Fmytex increased over 1,000,000 verified users, a number that has continued to grow steadily over time. This substantial increase in the number of users is a testament to the trust that customers have placed in Fmytex as a reliable platform for cryptocurrency trading and investment.

Fmytex Global, Monday, March 27, 2023, Press release picture

In Q4 of 2022, the exchange saw a 34% increase in transaction volume, reaching $6.43 billion. This growth continued into January and February of 2023, with a notable increase in the exchange's average daily volume to $95 million. According to Fmytex's Chief Financial Officer, "Looking back on 2022, we're proud of our ability to execute and position our business as a regulated and legitimate market leader." Fmytex's focus on regulation and legitimacy has paid off, as evidenced by the significant increase in trading volume.

A number of venture capital firms have invested in Fmytex Global, reflecting the investors' confidence in the company's potential for growth and profitability. The company received a $500,000 Series A investment in 2019, followed by a $5 million Series B investment in 2019. In 2021, the company received a massive investment total of $497 million from a consortium of venture capital firms. In conclusion, the increased interest and investment from venture capital firms for Fmytex highlight the immense potential of the company.

Additionally, the company's strong global expansion plan and acquisition of innovative technologies have helped position Fmytex as a stronger player in the cryptocurrency exchange industry. The company's strong overseas expansion plan includes laying out pivot points in Europe, East Asia, Southeast Asia, and Africa.

Fmytex has already established a physical office in the United States and is operational in more than 37 countries around the world. The company is committed to providing its services to a wider audience and is expanding its services for retail users in Malta, where it has also opened a physical office. Furthermore, Fmytex has completed the establishment of its organizational structure in Japan and has made its first acquisition in the country, demonstrating its commitment to the East Asian market.

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The company is registered with FinCEN in the US and holds further licenses in Malta, and Japan, ensuring compliance with regulatory requirements in the jurisdictions in which it operates. With a commitment to using new technology to automate customer experience tools, Fmytex is poised to continue expanding its operations and providing its services to a wider audience around the world.

Fmytex Global is quickly becoming a household name in the crypto space.

Contact:

ELIEZER LANDA BARTOLOCompany Name: Fmytex Co., LTDWebsite:https://fmytex.com/Email: service@fmytex.com

SOURCE: Fmytex Global

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Fmytex Global Emerges as a Reliable Platform for Cryptocurrency Trading and Revenue Growth - Yahoo Finance