Crypto Corner: Crypto Market Cap Drops to Lowest in a Month, Thailand Eyes Regulation and Coinbase Warns Against Stifling Regulation in U.S.
Point Roberts, WA and Delta, BC - March 15, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner.
Crypto Corner - March 15, 2018
By Samuel Mowers at Investorideas.com
Crypto Market Cap Drops to Lowest in a Month, Thailand Eyes Regulation and Coinbase Warns Against Stifling Regulation in U.S.
Bitcoin (BTC) has dropped to a one-month low opening today at $8196.90 USD, according to CoinDesk BPI, before reaching a low of $7676.52 USD. At time of writing this it is hovering around $8000 USD, after peaking at $8413.11 USD earlier in the day.
Bitcoin (BTC) is not unique in this regard as all other major cryptocurrencies are down, including Ethereum (ETH) which reach a low of $579.51 USD today. According to CoinMarketCap, the market cap is about $320 billion USD, the lowest it has been since Feb 6.
The drop in prices is largely attributed to the Google announcement to ban cryptocurrency ads yesterday, and market sell-offs more broadly.
Thailand's cabinet is making moves towards taxation and regulation of cryptocurrency, according to an article in the Bangkok Post yesterday.
"The cabinet on Tuesday approved in principle the drafts of two royal decrees, one to regulate digital-asset-related transactions and another to amend the Revenue Code to let the tax-collecting agency impose levies on digital assets."
Deputy Prime Minister Wissanu Krea-ngam, reportedly "told the cabinet that the new law is not meant to prohibit cryptocurrencies, ICOs and any other digital-asset-related transactions, but to protect investors who invest in the digital assets."
At a hearing entitled "Examining the Cryptocurrencies and ICO Markets" in Washington D.C. yesterday, Mike Lempres, Chief Legal and Risk Officer of Coinbase, gave a testimony that claimed current regulations were sufficient in the U.S.
"We believe there is no need for Congress to create a new regulator or a new regulatory scheme because federal regulators already have sufficient authority to regulate this space effectively.
Lempres praised aspects of current regulation, but said that lack of clarity may stifle innovation.
"At the same time, we need to be sure that we are not killing good innovation brought about by new technology and good actors. Unfortunately, the current regulatory environment - in particular regulation by enforcement without enough clear guidance on what is permissible - is harming healthy innovation in the U.S. There is so much uncertainty about the definition of a security and the scope of regulatory control that the market is being chilled. This is bad for everyone because the technology won't stop - it will simply move overseas and we will miss out on the opportunity to cultivate the benefits in the U.S."
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