Cryptos Down Amid Tightening Regulations and Pump and Dump Success - Cryptocurrency Podcast by Coin.FM - Bitcoin, Crypto and Blockchain News
Summary: <br> <br> <br> <br> <a href="http://subscribeonandroid.com/podcast.coin.fm/feed/podcast" target="_blank" rel="noopener"></a> <a title="Subscribe to the Coin.FM Cryptocurrency Podcast by Email" href="http://subscribebyemail.com/podcast.coin.fm/feed/podcast/" target="_blank" rel="noopener"></a><br> <br> Episode #18<br> <br> March 7th was one of the most active days we've seen in a while.<br> <br> The CFTC finally got it's ruling in Federal Court, the SEC made an official statement following up on subpoenas issued to ICOs, and Binance came down with a severe case of the bots.<br> <br> A U.S. district judge ruled in favor of the U.S. Commodity Futures Trading Commission's (CFTC) definition of cryptocurrencies as commodities, which the regulator has observed since 2015.<br> <br> However, in it's own statement, the SEC announced that it would regulate ICOs and that any exchange that allows investors to buy and sell securities -- ICO's included -- needs to comply with existing SEC rules for exchanges. Yep, that means getting registered with the SEC just like the New York Stock Exchange.<br> <br> So, wait a minute -- the SEC say cryptocurrencies in fact securities? or just the new ICO ones?<br> <br> Huh?<br> <br> Meanwhile a pump and dump scheme was orchestrated on ViaCoin on Binance using bots designed to execute trades automatically. This caused ViaCoin to explode in value from $3 to $200 in just minutes. The exchange denied rumors of a hack, as Bitcoin tumbled over 15% to $9,400 at the time on Binance.<br> <br> All of this is causing uncertainty in the markets and, according to <a href="http://data.coin.fm/market">data.coin.fm</a>, with the exception of Monero which is trading at $309.89, all of the top 10 cryptos are all in the red week on week. NEO is leading the plunge, to trade at just $96.81 at press time, 25.33% lower than it's value last week.<br> <br> So, it seems that the hotly-anticipated regulator armageddon has begun.<br> <br> Unfortunately, pump and dumps like what happened on Binance are just more proof for regulators, like the SEC, that oversight is necessary.<br> <br> But, which US agency will regulate the space ultimately -- the CFTC or the SEC?<br> <br> Only time will tell...<br> <br> Stay tuned.<br> <br>
