US to Regulate Bitcoin Soon? | This Week in Crypto – Jan 25, 2021


Janet Yellen, Joe Biden’s pick for Treasury secretary has announced she’s looking to place limits on crypto activity in America given that it is largely used for “illicit” means. Yellen cites worries relating to financial crime and believes Bitcoin is opening too many doors for monetary criminals.

A report by BitMEX Research suggested a flaw in Bitcoin called double-spend, which resulted in a panic sell-off. Major crypto proponents later confirmed that Bitcoin is safe and functional and that the panic spread because of misinformation.

BlackRock, one of the world’s largest asset managers, is now allowing two of its funds to invest in digital currency. The funds can now be utilized to trade cash-settled bitcoin futures that are registered and offered by the CME exchange.

Livecoin—a cryptocurrency exchange that was hacked last December—has announced the permanent closing of its doors. The trading platform ultimately lost control of all its servers, nodes and social media accounts during last month’s attack and has failed to regain control over the past 30 days.

In the U.S., the SEC has issued a report about the unregistered projects in the crypto space that traders should avoid. Recently, the list was updated with an additional 28 enterprises, suggesting that more criminals are seeking entry into the digital currency arena. If you are ever in doubt about a company that’s not on this list, check our Bitcoin Scam Test before using any unknown service.

That’s what’s happened this week in crypto. See you next week.

A special thanks to eToro for sponsoring this video. Connect with other traders and copy their moves, check the link in the description for more information.

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