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Hey hey Dennis K, welcome to Bitcoin Info 571 today, March 13th. We're talking about a bill that aims to make Bitcoin and CE transparent, the US Securities and Exchange Commission's decision not to classify Ethereum as a security, and investor Mark Faber and his Bitcoin purchase. Before we begin, let's take a look at the price.
We're at 3861, so relatively stable again. And yes, it remains exciting as always. I suspect it won't be long before we see another rapid MVE. I fear it will head south, possibly dropping a few hundred dollars again. But hey, I hope I'm wrong. Before we dive in, a big thank you to our sponsor, Bitwala Banking for the blockchain generation.
Now, let's get into the topic. First, a bill introduced in Texas that requires the recipient to verify the sender's identity before accepting payments. This would mean Bitcoin wouldn't even be a pseudonym anymore, and KYC (Know Your Customer) and Bitcoin were never really compatible topics. Now, thanks to the stock exchanges, it's...
It's widespread; you're almost always registered with your name and so on, and that's how you can trace the transaction. And yes, the KYC regulations in Texas don't go far enough for the authorities, the politicians, and one politician—what's his name? Representative Phil Stevenson— introduced something in parliament that would require recipients to verify the sender's identity before accepting a payment.
I don't know how that's supposed to work with Bitcoin, but it's a very interesting proposal. They simply want to protect people from criminal activity, and so on, and that's why they want to know the recipient. Of course, I don't know how that can actually be implemented in Bitcoin, and I don't know how much this guy knows about Bitcoin—probably not much.
Nevertheless, it's a big topic in Texas. The Texas government wants to promote it further and has pledged support from the Finance Commission, the Credit Union Commission, and the Department of Public Safety. The law is supposed to take effect on September 1st. I'm curious to see if it will actually have an impact.
If it does, and the verification of people could... Of course, this would then lead to some kind of conviction, and yes, in my opinion, it's not practical at all. Texas is actually a relatively free starting point, and we'll see if this really catches on and can somehow be controlled and verified. So, we're staying in the USA.
The US Securities and Exchange Commission (SEC) has always had speculation that Bitcoin, that Ethereum, is a security, as the Americans say. Jay Clayton, the chairman of the SCC, has now confirmed again that Ethereum is not a security. That, uh, yes, is something that many other cryptocurrencies can't yet claim.
Craig Wright, for example, is someone, our wannabe Satoshi, who keeps saying all coins are securities, that it's all illegal, and so on and so forth. Ethereum is, of course, off the hook there, but nevertheless, yes, according to American securities law, if it's considered a stock, that naturally has far-reaching consequences for a cryptocurrency.
And, uh, yes, in his answer, he didn't refer directly to Ethereum, but to a statement from someone about whether he was with him. He agrees, he was talking about how to classify a crypto like Ethereum, and in its current form, it's not classified as a security. During the ICO, it was different, but since Ethereum has now developed into a decentralized organization, or is truly decentralized, in his opinion, it's no longer a stock or a security.
That's why they say digital assets are n't static and can change over time. It's very interesting that they recognize this. Clayton, the SCC chairman, has also said that FX ICOs are an effective way to raise funds. Back then, he said they have to follow the relevant securities laws. That means if you do an ICO today, the SEC sees it as a security, not a stock, and you have to follow these regulations.
That's why most ICOs are excluded in America; nobody wants customers there for exactly these reasons. And yes, there's resistance in America. We have SEC Commissioner Hester Pierce, who said... Cryptocurrencies should regulate themselves, and so on; they simply need room to breathe. And yes, you can see here that there's very, very little consensus on how to classify the whole thing.
But that's always the way it is; the wheels of democracy turn very slowly, and as soon as they've decided something, the industry will probably have moved on by quite a bit. So, let's see what investor Mark Faber does. Mark Faber, yes, he became famous back in 1987 for predicting the stock market crash.
And now, in an interview with Xapo CEO Venis Sasares, he talked about Bitcoin. He said he recently bought his first Bitcoins. He was, in the end, a skeptic of the entire industry, but then he said, yes, now Bitcoin looks quite good after it fell from around 20,000 to 3,000. Yes, and his opinion only changed after he had a really intensive discussion with Xapo CEO Wenes, and he really influenced that change in his attitude.
So, here again, you see... When you talk to qualified people about this topic, you eventually convince even the skeptics that this is something that has staying power and can truly change the world. He also said in his report, the Gloom, Boom & Doom report, a very famous newsletter, that readers, especially young readers, have been urging him to buy Bitcoin for years.
Of course, he did n't do it until after this conversation and now, after Bitcoin has fallen so much. So, I think it's a pretty good time to get into Bitcoin. At 20,000, the timing might not have been optimal. He believes it's not certain, but he thinks it's possible that Bitcoin will simply become the standard for money transfers.
He also emphasizes never investing more in Bitcoin than you're prepared to lose. That's a point I always make: it's a risky asset, and the industry is, of course, high-risk. So, never invest more than you're prepared to lose. And yes, let's see what the next few weeks and months bring. Many believe we've weathered the worst.
I personally believe... Yes, we'll go down a bit more and then it will slowly go up again. Yes, we 'll know more soon. Look at the end of the coin market cap: it says 134 billion, trading volume still 30 billion. So, such a high trading volume, it's been like this for days, really holding up, it's very exciting.
And if we look at the top 10, more or less everything is green. Yes, Litecoin has gained 5% since yesterday, Binance Kint is up 6% again. One coin that really performed well yesterday is Dash, which gained 12% and is back at $3. Not bad, yes, that's a good sign that Dash is finally moving again; it's been a long time since anything happened there.
Crypto.com gained 91% yesterday, so incredible gains! As I've already said, when Bitcoin is so stable and moving sideways, many people are moving into altcoins. And I believe that when Bitcoin starts gaining again, the altcoins will lose ground again. But hey, as long as Bitcoin isn't doing anything, you can actually make quite a bit with altcoins.
Top losers among the altcoins are Teta with 14%, ABBC, DigiEx with 14%, 13%, and 11%. Yes, so a few losses again, but when you look at what's happening in the altcoin sector right now, it remains very, very exciting, I would say. So that's it for today. I'm out. As always, thank you for watching and listening.
If you liked it, give me a like and a thumbs up. And sign up on Steamit, the social media platform on the blockchain, if you're not already registered there. Registration can take a few days until you 're confirmed, but then you can comment here on Steam and ultimately get the cryptocurrency team. If I downvote your comment there, yeah, so very, very nice guys.
I'm out. Say as always, "Hang on, let the force of evil in Bitcoin cryptocurrency we trust."
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