POLITICS

Federal regulators greenlight trading of bitcoin-linked securities, appeasing investors and annoying cryptocurrency critics – Reason.com


Federal regulators are identifying a major milestone for the cryptocurrency industry by allowing new bitcoin-bound securities into the market. On Tuesday, ProShares Bitcoin Strategy Exchange-Traded Fund (ETF) began trading on the New York Stock Exchange.

The introduction of this new fund যা which will allow investors to purchase a package of Bitcoin futures contracts-raised the price of cryptocurrency by 4 percent to an all-time high of $ 64,000. Cryptocurrency news site Decrypt The other five Bitcoin ETF applications are pending with the SEC. While the agency does not explicitly reject them, all of them can trade in early November.

Longtime Bitcoin boosters have described the introduction of the first Bitcoin ETF as an incredible success that only shows bigger and better things for digital currencies.

“ETF approval is a water moment for the industry,” Brock Pierce of the Semi-Inactive Bitcoin Foundation said in a statement. CNN business. “Today marks the beginning of an era … and serves to further the legitimacy of Bitcoin and cryptocurrency across the country and globally.”

Other cryptocurrency investors measured a little more in their responses.

Stephen Wellett of FRNT Financial Inc., a crypto-focused capital markets platform, said Bitcoin’s rise near its record value was “related to growing confidence because it would be considered a successful launch.” , Per Bloomberg. “Given the opportunity for retail investors to already participate in BTC, obviously US-based ETFs are still a kind of latent, even niche, but satisfactory.”

Others were less excited about the launch. Biden-appointed and Bitcoin critic SEC chairman Gary Gensler warned investors on CNBC that the cryptocurrency “is still a highly speculative asset class” and the new ETF “still has the same side of volatility and speculation.”

Some progressive groups, meanwhile, are speculating that Gensler Processes allowed the ETF.

“Bitcoin and other cryptocurrencies have already sucked an insane amount of money out of the real economy,” said Bert Nyler, financial policy lawyer for Consumer Group Public Citizen. Politico. “Being able to gamble more under the SEC banner is considered the gold standard of global securities market oversight.”

These dual reactions highlight the awkward situation in which Bitcoin finds itself at the present time. Its widespread acceptance among institutional investors and individuals is also fueling demands for stricter, stricter controls.

Sen. [cryptocurrency’s] Regulatory interval. “

Some Republicans, meanwhile, are positioning themselves as defenders of Bitcoin. Sen. Cynthia Lumis (R -Wyo.) Says Because Earlier this year that “it gives people living in hyperinflation or repressive government great freedom.”


Free mind

The treatment of disgruntled protesters in Communist Cuba suggests that this is not a workers’ paradise that many believe. A new report by Human Rights Watch found that the Cuban government was “involved in a criminal trial in July 2021 in response to widespread peaceful anti-government protests, planned arbitrary detentions, mistreatment of detainees and victims of abuse.”

From the report:

Human Rights Watch considers the arbitrary detention, detention, and defamation of criminal cases against 1 victim in 1 of 13 of Cuba’s 15 provinces, as well as the small island of Cuba, as a “special municipality.” More than 150 people were interviewed by phone, including victims, their relatives, journalists and lawyers with direct knowledge of the case; reviewed case files, fines against protesters, press reports and publications of Cuban rights groups; and confirmed photos and videos.

Officers involved in the abuse include members of the intelligence agency, known in Cuba as “state security”; Army; National Police; And the Special National Brigade of the Ministry of the Interior, known as the “Black Berets.” Civilian government-organized groups known as the “Rapid Response Brigade” were also involved in several beatings. Prosecutors and judges, who lack independence from the government, have been active and involved in abusive criminal activity.


Free market

Its cowardly policies may make some choices in the independence sector, but New Zealand is now leading the world in free market housing reform. Yesterday, New Zealand’s Labor-led government, in support of the Conservative opposition, introduced a new bill that would require the country’s larger “Tier 1” cities to allow three-story, three-unit homes on all residential land across the city. Accessories. Another bill was introduced yesterday that would allow more dense housing in selected urban areas.

Efforts to legalize these “missing medium” housing options in response to higher housing costs gained momentum in the United States earlier this year, with the California Legislature legalizing duplexes on most residential lands across the state. Oregon passed a similar bill in 2019 to end single-family-only zoning.

Individual cities have adopted their own liberalization reforms, although their effects have been sounded red by many red tape and controls.

Let’s hope New Zealand can avoid those mistakes.


Quick link

  • Maryland officials have come up with a new solution to their wild zebra problem. More zebras!
  • Almost all Los Angeles public school teachers have been vaccinated, which Los Angeles Times A credit so that they get a job or lose their job. I wonder if it can be used to improve the actual education of teachers by making it easier to dismiss them.
  • There is another California recall card. Earlier this week, efforts to recall members of the San Francisco School Board were eligible for the ballot, reports Politico.
  • The The Washington Post Reported that members of the Biden administration considered calling the National Guard to reopen the port in Los Angeles.
  • In The Wall Street Journal, Investor Clifford Asnes argues that the real goal of President Joe Biden’s tax plan is not passive super-rich but productive, wealthy workers.
  • Argentina is expanding price controls to combat fugitive inflation. It’s a fancy idea that might just work.
  • New York Times Asks “If cannabis is legal, should all drugs be?” (The answer is yes.)
  • Caterer Chris Edwards offers 10 reasons to cut debt National Review.





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