Cryptocurrency prices
SD Codified L § 51A-17-1 broadly defines monetary value as “any medium of exchange, whether or not redeemable in money,” and money transmission as “engagement in the business of the sale or issuance of payment instruments or stored value or of receiving money or monetary value for transmission bonus unique casino.” The South Dakota Division of Banking stated in 2019 that “virtual currencies, including cryptocurrencies like Bitcoin, are ‘monetary value.’” Therefore, cryptocurrency businesses fall under SD Codified L § 51A-17-4, which states that “No person…may engage in the business of money transmission…without obtaining a license.” On February 8, 2022, Governor Kristi Noem signed SB 47, which “revise certain provisions regarding money transmission” including adding a requirement that “licensee transmitting virtual currencies shall hold like-kind virtual currencies of the same volume as that held by the licensee but that is obligated to consumers.”
Alaska has no cryptocurrency-specific laws, but cryptocurrency is encompassed in existing money transmission statutes. Alaska Stat. § 06.55.990 defines monetary value as “a medium of exchange, whether or not redeemable in money,” and money transmission as “selling or issuing payment instruments or stored value, or receiving money or monetary value for transmission.” AK Stat § 06.55.101 states that “A person may not engage in the business of money transmission…unless the person” is licensed. The Alaska Division of Banking and Securities confirms that this requirement applies to “Companies dealing with fiat and virtual currencies (cryptocurrencies),” stating that such companies must “apply for a money transmitter license” and “enter into a Limited Licensing Agreement (LLA) with the State of Alaska.”
KS Stat § 9-508 broadly defines money transmission as “to engage in the business of the sale or issuance of payment instruments or of receiving money or monetary value for transmission to a location within or outside the United States,” which could include digital currency. In 2021, the Kansas Office of the State Bank Commissioner issued guidance clarifying that “an entity engaged solely in the transmission of such currency would not be required to obtain a license in the State of Kansas. However, should the transmission of virtual currency include the involvement of sovereign currency in a transaction, it may be considered money transmission depending on how such transaction is organized.”
Cryptocurrency news
Republican Sen. Cynthia Lummis of Wyoming has proposed legislation mandating the U.S. government stockpile bitcoin, which advocates said would help diversify government holdings and hedge against financial risks. Critics say bitcoin’s volatility make it a poor choice as a reserve asset.
Creating such a stockpile would also be a “giant step in the direction of bitcoin becoming normalized, becoming legitimatized in the eyes of people who don’t yet see it as legitimate,” said Zack Shapiro, an attorney who is head of policy at the Bitcoin Policy Institute.
Trump’s election has increased investor confidence among institutions, helping to elevate digital assets as a mainstream asset class. The question remains if this is a long-term shift or just a temporary response, says CCData’s Joshua de Vos.
Our Crypto news provides comprehensive updates on various aspects of the cryptocurrency and blockchain ecosystem. It includes real-time price movements and market analysis for major cryptocurrencies like Bitcoin and Ethereum, detailing their performance trends and trading volumes. Regulatory developments are also highlighted, covering new laws, enforcement actions, and legal issues impacting the industry, both domestically and internationally. Additionally, news often focuses on technological advancements, such as upgrades to blockchain networks, new cryptocurrency launches, and innovations in decentralized finance (DeFi) and non-fungible tokens (NFTs). This coverage helps investors and enthusiasts stay informed about the dynamic and rapidly evolving world of digital assets.
Gensler, who is set to leave as Trump takes office, said in a recent interview with Bloomberg that he’s proud of his office’s actions to police the crypto industry, which he said is “rife with bad actors.”
Bitcoin cryptocurrency
The miner who first solves the problem is rewarded with newly created bitcoins. Mining BTC is a complex and competitive process that requires specialized equipment and a significant investment in time and resources. If you are interested in mining BTC, it is important to do your research and understand the costs involved. In addition to the specialized mining equipment, you will also need to pay for electricity and other costs associated with running your mining operation.
Since bitcoin is decentralized, it facilitates borderless transactions without the need for intermediaries. This has made it possible for people to use BTC to purchase goods online, especially in countries where traditional currencies are subject to strict government controls.
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These codes are long, random numbers, making them incredibly difficult to produce fraudulently. The level of statistical randomness in blockchain verification codes, which are needed for every transaction, greatly reduces the risk anyone can make fraudulent Bitcoin transactions.
This negative sentiment appears to have been broken, with a number of corporate behemoths buying up Bitcoin since 2020. In particular, business intelligence firm MicroStrategy set the pace after it bought $425 million worth of Bitcoin in August and September 2020. Since then, many others have followed suit, including EV manufacturer Tesla.
The speculative nature of cryptocurrency leads some planners to recommend it for clients’ “side” investments. “Some call it a Vegas account,” says Scott Hammel, a CFP in Dallas. “Let’s keep this away from our real long-term perspective. Make sure it doesn’t become too large a portion of your portfolio.”