|Episode Title:||Is Bitcoin rebounding? Or are we in for a volatile holiday ride? US Congress drafting Crypto 2020 Act||Date:||12/20/19||Unedited YouTube Time Stamp||Trimmed||Clip Social Post Title / |
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|TEASE 👇||Episode Page:||https://crackingcryptocurrency.com/is-bitcoin-rebounding?-or-are-we-in-for-a-volatile-holiday-ride?-us-congress-drafting-crypto-2020-ac|
|JW||Bitcoin walking around to the sideways in consolidation, coming off of the large pump to the upside leaving Traders wondering which direction to trade in, and making reversion to the mean traders some okay, very small percentages so far. Volatility has been very low the past few days, but some edge in there especially if people are being conservative, but market fees eating them up. Let's take a look at the charts and develop a plan moving forward. Also are you guys aware of the cryptocurrency act of 2020 because, it's coming to a congressman near you and it will impact the future of this space. All this and More in today's episode of Breaking Bitcoin!||0:07:14||0:00:00|
|JW||Welcome to Breaking Bitcoin, recorded live Friday, December 20th, 2019. Your daily source for market updates, sentiment, and news for traders.|
I am your host Justin Wise, Lead Analyst & Senior Mentor at CrackingCryptocurrency.com - Hope you're all doing well!
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|1:05:15 - 1:09:55||0:04:40|
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|Question of Yesterday|
|--Mention yesterday's comment winner:||Benjai|
|JW||Question of The Day|
|--Today's Comment Giveaway Winner:||ETHONE||0:15:54||0:08:40|
|Bitcoin Analysis Intro Sentiments on Overall Market||0:17:04||0:09:50|
|Bitcoin Analysis and Trading||0:20:19||0:13:05|
|What we are doing at Cracking Crypto to bring you the best trading educational system!||0:35:06||0:27:52|
|Monthly Bitcoin Chart|
|Daily BTC Chart||F|
|Bitcoin Weather Report||0:36:35||0:29:21|
|BTC 4hr Chart and Market Sentiments||0:39:09||0:31:55|
|Ethereum Analysis and Strategy|
|Litecoin Analysis and Strategy|
|EOS Analysis and Strategy|
|NEO Analysis and Strategy|
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|JW||You can watch or listen to this discussion and more on Breaking Bitcoin, episode number ### at CrackingCryptocurrency.com. And remember to subscribe to our podcasts. Thanks for listening. We'll see you next time.|
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|1:00 PM||Links||Back from break!||1:09:49||1:02:35|
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|Links||Back To The Show|
|News 01||Congress drafting crypto 2020 Act||https://bitcoinist.com/us-congress-to-consider-cryptocurrency-act-in-2020/||The U.S. stands to catch up in the global cryptocurrency race, as Congress prepares to consider a new bill that seeks to clear the regulatory air in the digital asset space.|
In a new article from Forbes, the proposed bill is titled ‘Cryptocurrency Act of 2020’ which aims to provide a clear framework for crypto regulations in the U.S. beginning with establishing protocols for defining digital assets.
The bill recognizes three distinct types of digital tokens — crypto-commodities, crypto-securities, and cryptocurrencies. According to the bill, crypto-securities cover all blockchain-based derivatives, equity, and debt instruments.
Next, the bill lays out the duties and responsibilities of Federal regulators pertaining to the different crypto technologies. Three U.S. regulatory agencies in the proposed bill will be mandated with crypto related oversight, Securities and Exchange Commission (SEC), Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC).
As detailed in the proposed bill, the SEC will be tasked with crypto-securities oversight. The CFTC will oversee crypto-commodities while FinCEN will create a framework for tracking cryptocurrency transactions.
All three will serve their function under the new banner of ‘Federal Crypto Regulator’ or ‘Federal Digital Asset Regulator.’
According to the bill, all three Federal regulators will publicly publish detailed lists of licensing and certification requirements for participants in the U.S. crypto market. The three agencies will also collaborate among one another to provide robust coverage for cryptocurrency regulations.
This particular setup is similar how the the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) work together to govern the mainstream financial market.
The benefit to the cryptocurrency space in the U.S. will ostensibly be that the proposed bill brings some level clarity to the state of crypto regulations in the country. While the current regulatory landscape is more of a patchwork of State and Federal cryptocurrency regulations, this new regulatory reform could pave the way for yet unprecedented development and investment in this industry.
Of the major takeaways from reading the proposed bill, is the designation of FinCEN as a core crypto regulator, shifting it's current role in mainstream finance as merely a law enforcement arm. The bill might also help to nail down what exactly will constitute a security as far as digital tokens are concerned.
The issue of what should be deemed a security continues to divide industry commentators in the U.S. Some U.S. lawmakers even introduced a bill —the ‘Token Taxonomy Act,’ seeking to exempt digital tokens from securities regulation.
Since the announcement of the Libra project, 2019 has seen crypto-related matters becoming a fixture in U.S. legislative activities, with a number of industry stakeholders appearing before congress in recent months.
Along with the EU's 5AMLD directly addressing digital assets as we discussed yesterday, 2020 appears to be the year when governments around the world will start to seriously integrate crypto regulatory structures into the existing mainstream financial oversight.
With sovereign digital currencies on the horizon, the next decade will see the way being paved by Washington and world bureaucrats alike for the coming digital asset revolution.
|News 02||Libra Roadmap 2.0 published today||https://bitcoinist.com/libra-prepares-new-2-0-roadmap-for-2020-launch/||If you thought regulators were throwing the brakes on Libra's planned rollout for late 2020, a recent Roadmap 2.0 update published on the Libra blog, says otherwise, with details describing their preparations for the mainnet launch.|
While the Libra project still has no firm dates set for the actual launch beyond their rough "late 2020" estimate, they are continuing to build steam, as the blog post suggests the testneet remains operational, with Libra Association members contributing to flesh out the operation on an ongoing basis.
The new roadmap includes work on launching the mainnet, establishing the criteria for a launch, as well as educating the community on contributing to the project. In the blog, the developer team stated,
"We have finished relevant design work and have gone through a thorough, bottom-up timeline plan for all features. We are now working on a full set of Libra protocol architecture documents and finalizing our external APIs with input from the community. Moving forward, we are starting to identify the work needed to enable the community that the Libra project hopes to attract"
The Libra testnet is already running eight validator nodes, while tests are running on the consensus protocol and its potential flaws. The Libra dev team is also working on setting up validator nodes for non-techical members, who may hire an outside team to support their node.
Potential validators will have to make a significant contribution in order to climb to the rank of block producers. The exact list of validators will be unknown, although it can be noted that the Libra Association has lost most members that were from the world of payment processing, including PayPal, and MasterCard.
While work on the technical back end continues, the Libra Association is working on onboarding even more members to the consortium.
Libra's long term vision is to take on significantly more members, with the aim of scaling validator nodes numbering at least 100.
The Libra project aims to bring together a "community of validators" in the future, describing the running of a validator node as a "skill that can be taught" so even potential candidatees not from the world of tech will be attracted to join the consortium and not shy away from taking an active role on the network.
On the non-technical side, the launch of Libra digital currency still depends on wallet compliance and handling fiat reserves to back the stablecoin. It's the financial regulatory hurdles that are the major obstacle that could delay their 2020 debut.
Yet despite the work of developers, Libra may take the better part of 2020 to get close to a launch. The criteria for the roadmap are still in a flux, and have to be finalized by June 2020, when Libra will once again face the regulators.
Patrick Ellis, member of the board of the Libra Association, stated there is no clear-cut plan for the launch.
|Justin's Thoughts on How Market Works Globally, and how Blockchain Effects This||0:58:00||0:50:46|
|Rant on Raising Kids|
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|Ready Chart Requests|
|JW||Anything from yesterday you'd like to talk on today|
|CryptoJack on YouTube asks, can we look at BTC dominance chart, any observations worth noting?||1:16:21||1:09:07|