Category: Guide

February 20, 2024. The Chamber of Digital Commerce (CDC), a renowned American crypto advocacy group, accused Senator Elizabeth Warren and Sherrod Brown (a Banking Committee) of trying to kill the crypto industry through the Digital Asset Anti-Money Laundering Act of 2023. Last year, when this act was re-introduced, the crypto industry made several efforts to oppose it. But now, with the CDC’s latest post on X, the attention on the Digital Asset Anti-Money Laundering Act of 2023 is back. So, let’s take an overview of this controversial act and see how it may kill the digital assets industry if passed. Moreover, let’s see what the CDC has done that has the attention of the entire crypto industry back on it. An Overview of the Digital Asset Anti-Money Laundering Act of 2023 A Little Background of this Act The Digital Asset Anti-Money Laundering Act was first introduced in the US Senate by Elizabeth Warren and Roger Marshell in December 2022. But, after continuous delay, the act was re-introduced on July 27, 2023, by the same Senators (Ms. Warren & Mr. Marshell), but this time, there were two cosponsors – Joe Manchin and Lindsey Graham. What Led to the Proposition of this Act in the Senate? The act came into life by due to the several warnings of the Treasury Department, the Department of Justice, and the Federal Bureau of Investigation In mind. All these national security organizations warned the administration of the rising cases where digital assets are being used for money laundering, terrorist financing, trafficking & other fraudulent crimes. Crypto criminals hidden in rogue countries like Iran, Russia & North Korea have stolen over $1.7 billion worth of digital assets in 2023 alone. According to official reports, around $20 million worth of digital assets was involved in illicit activities in 2022. Therefore, a draft of ‘The Digital Asset Anti-Money Laundering Act’ was made, considering these warnings. What does the Digital Asset Anti-Money Laundering Act of 2023 Say? The main of the Digital Asset Anti-Money Laundering Act of 2023 is to address the regulatory gap and form a well-organized framework for governing digital assets. The key provisions of this act include: 1. Extension of Bank Secrecy Act (BSA) Responsibilities: DAAMALA 2023 proposes extending BSA Act requirements. Providers, validators, miners, network participants & all other individuals involved in the validation or facilitation of digital assets transactions would have to undergo KYC (Know Your Customer) requirements. 2. Security on Unhosted Wallets: The act extends the support to FinCEN (Financial Crimes Enforcement Network) for proposing a rule that allows banks & MSBs to verify customer identities. Moreover, FinCEN would look after file reports, and maintain every transactional report involving unhosted wallets. 3. Guidance on Digital Assets Handling: The Digital Asset Anti-Money Laundering Act of 2023 would also allow FinCEN to guide all financial institutions on digital asset handling, usage, and transactions using anonymity-enhancing technologies. 4. Review Process of Digital Asset Entities: The DAAMLA 2023 would elevate the BSA’s power by allowing the Department of Treasury to conduct the AML/CFT examination and review process for all digital asset entities and MSBs. Moreover, the SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission) would assist the Department of Treasury in implementing the powers. 5. Restrictions on the Payment to Foreign Bank Accounts: If any US Citizen found transacting digital assets worth over $10,000 through offshore accounts, they have to file a report of FBAR (Foreign Bank and Financial Accounts) with the Internal Revenue Service. 6. Update of Physical Addresses of Every Digital Asset ATM Owner: The act would allow FinCEN to ensure all digital asset ATM owners submit their physical addresses, along with KYC and other identifications. What Claims Did the Chamber of Digital Commerce (CDC) Made on Senator Ms. Warren & Mr. Brown? On February 20, 2024. The CDC moved to X (Formerly Twitter) and claimed Elizabeth Warren and Sherrod Brown were ‘Trying to Kill the Entire Industry’ through the Digital Asset Anti-Money Laundering Act. Perianne Boring, Founder and CEO of ‘The Chamber of Digital Commerce’, also wrote a letter to Sherrod Brown, Chairman of the Senate Committee on Banking, Housing, & Urban Affairs. Boring wrote in the letter, ‘This bill, if passed, will erase hundreds of billions of dollars in value for U.S. start-ups and decimate the savings of countless Americans invested in this asset class legally.’ Furthermore, he goes on to write, “We must be clear: the decentralized nature of digital assets, when properly regulated, offers greater transparency and security than traditional systems, yet this bill ignores such potential. Moving this bill forward will have far-reaching consequences for economic and strategic interests alike.” What’s Next? The Senate Banking Committee is ready to reconsider this bill potentially. Therefore, we can expect possible hearings on it in the coming months. Deep down, everyone knows that passing the Digital Asset Anti-Money Laundering Act of 2023 would largely impact the entire digital assets industry, including the crypto landscape. Moreover, it’ll also be interesting to see how this act will impact Senator Warren and Brown as both are running for reelection in 2024 from Ohio and Massachusetts, respectively. We can also see a crypto war in the political landscape as John Deaton from the Republican Party (one of the most crypto-friendly politicians) is also running for election against Elizabeth Warren. So, stay tuned to get updates on Warren vs. Deaton news, too.

Greetings, fellow crypto enthusiasts! Coin Informer has to be every crypto enthusiast’s one stop solution, where they get to assess latest happening in the crypto world. As we stay ahead in the exploration of the ever-evolving world of digital assets, today is the day for Shiba Inu (SHIB). This is a charismatic meme token that has gained a lot of attention among crypto community. In this post, we will delve int the fantastic journey of SHIB understanding everything from its beginnings to its current status as the second- largest meme token by the market cap, Furthermore, we will also understand the factors influencing its price movements and try to study the potential trajectory for 2024. Shiba Inu’s noteworthy milestones: A smooth start In august 2020, SHIB entered the crypto scene with a minuscule value of US$ 0.00000000008. The token remained relatively dormant until the infamous meme token surge of April 2021, resulting in the rise of its canine counterpart Dogecoin. Celestial highs and earthly falls: May 10, 2021, was marked a historic moment for SHIB as it soared to an all-time high of US$0.0000388. The limelight however was of very short time as the token witnesses a precipitous drop. Vitalik Buterin who is the founder of Ethereum decides to burn a substantial portion of his SHIB holdings which further added to the volatility. Shiba Inus’s Present Situation (as of January 2024) Market Positioning At US$0.000009799, SHIB is trading at a 17,600,000% premium over its IPO price. SHIB is the second-largest meme token after DOGE, with a market valuation of US$5.7 billion, placing it in the 18th position in the cryptocurrency market. Flowing Dynamics of Supply and Trade The substantial trading volume of SHIB is attributed to its circulating supply of 589.3 trillion tokens. The token has increased by 3.41% from the previous day’s trade, demonstrating its endurance in the face of market swings. Factors Affecting Price Predictions for Shiba Inus in 2024: Innovations in Technology: Shibarium and ShibaSwap The Effect of Shibarium on Autonomy: SHIB could benefit from more independence, scalability, and security with the expected development of Shibarium. This technological advance could act as a spur for additional development. The Ecosystem Benefits of ShibaSwap: As part of SHIB’s strategy, ShibaSwap expands its capabilities to include a decentralised exchange. If this trade is implemented successfully, SHIB may reach new heights and develop a stronger ecology. Innovation and Market Competition: New Enemies- Dogelon Mars and Baby Doge Coin New tokens with a dog motif, including Dogelon Mars (ELON) and Baby Doge Coin (BABYDOGE), pose a serious threat to SHIB. It is essential to analyse the dynamics of this competition in order to forecast SHIB’s future performance. Using Innovation as a Spark: A key factor in SHIB’s continued success will be its capacity to innovate in response to market trends. Staying relevant requires responding to market demands and technology changes. The Crypto Market’s General Sentiment: International Patterns and Market Attitudes: The performance of SHIB is inextricably tied to more general trends in the cryptocurrency industry. Its course can be considerably impacted by variables like investor sentiment, regulatory changes, and world economic conditions. Celebrities and Social Media’s Influence: Celebrity endorsements and social media have been significant factors in SHIB’s previous success. For a thorough prediction, it is important to investigate the potential impact of these external influences on the token in 2024. 2024 Shiba Inu Price Forecasts: Changelly’s Forecasts: Estimates at the Lowest, Average, and Maximum: Changelly projects that at the end of 2024, SHIB will have fluctuated between US$0.000015686 and US$0.000022826. To assess these projections’ dependability, it is essential to comprehend their foundation. The Views from Coinpedia: A conservative forecast from Austin Hilton: According to expert Austin Hilton, cited by Coinpedia, a reasonable price forecast for January 2024 is US$0.0000417. Examining the variables affecting this forecast offers important information on SHIB’s prospective expansion. From the Viewpoint of CoinPriceForecast: Forecast for Incremental Increase: By the end of 2024, CoinPriceForecast projects a price of US$0.00001206, a 16% rise from the present value. A closer look at the approach used to make this forecast provides further insight. What Bitcoiva Is Expecting: The Function of Shibarium in Higher Projections Bitcoiva projects that SHIB will soar to new heights in 2024 and attributes this to the advancement of Shibarium. An essential component of this forecast is evaluating the potential effects of Shibarium on SHIB’s trajectory. Conclusion Shiba Inu’s journey has been nothing short of extraordinary. From its inception through its turbulent peaks and valleys, SHIB has distinguished itself in the cryptocurrency market. As we approach the conclusion, it is clear that developments in technology, market dynamics, and outside factors all have an impact on SHIB’s future. Although estimates differ, most agree that SHIB has room to develop, even with the difficulties and unpredictability that come with being in the cryptocurrency space. Given that the digital frontier is uncertain, it is wise for investors and fans alike to view these projections with cautious optimism. As the Shiba Inu saga continues, only time will unveil the true extent of its journey in 2024 and beyond.

Apple, a leading tech company that has always been in the headlines with its new iPhone launches and innovations, found itself in a different kind of spotlight on November 17. The tech giant faced a class-action lawsuit in a California District Court, accused of restricting payment options and hindering the incorporation of crypto technology into iOS payments apps. If you’re curious to learn more about the details of this lawsuit against Apple, then keep reading! Allegations on Apple for Anti-Competitive Agreements: The lawsuit contends that Apple has entered into anti-competitive agreements with PayPal’s Venmo and Block’s Cash App. These alleged agreements aim to limit the utilization of decentralized cryptocurrency technology in payment apps, which results in users ending up paying higher prices. “According to the plaintiffs, these agreements limit new features in apps and hinder market-wide price competition by preventing the incorporation of decentralized crypto tech in iOS peer-to-peer payment apps. Technological and Contractual Restraints: The complainants further claim that Apple employs various “technological and contractual restraints” to exert control over the iOS ecosystem. Besides this, it includes enforcing App Store exclusivity through hardware and imposing “contractual limitations on web browser technology.” The result, as per the lawsuit, is Apple’s unfettered control over every app installed and run on iPhones and iPads. Impact on Crypto Integration: The lawsuit asserts that Apple utilizes these restraints to coerce new iOS peer-to-peer payment apps into excluding crypto integration as a condition for entry into the Apple ecosystem. This, according to the plaintiffs, limits innovation and consumer choice within the payment app landscape. Consumer Impact and Legal Action Consumers, identifying themselves as those who have paid inflated fees due to Apple’s alleged anti-competitive practices, seek redress. The class action lawsuit aims to recover excessive fees and overcharging resulting from Apple’s conduct. Moreover, the plaintiffs seek injunctive relief, demanding that Apple cease entering into and enforcing anti-competitive agreements that restrict competitors and potential entrants in the iOS peer-to-peer payment market. Legal Context: The lawsuit delves into the historical context of peer-to-peer payment apps, decentralized cryptocurrencies, and Apple’s foray into this market. Notably, in April, the Court of Appeals for the Ninth Circuit ruled against Apple, determining that the tech giant violated California’s competition laws by restricting apps from directing users to non-Apple linked payment solutions. The Ongoing Legal Battle This lawsuit against Apple marks a big thing in the world of tech and digital payments. It can change the whole market dynamics of this industry. Moreover, the allegations of anti-competitive agreements and restrictions on crypto integration not only shed a spotlight on Apple’s practices but also raise a broader question about the balance between corporate control and fostering innovation Implications for Consumer Choice As the legal battle progresses, the outcome could significantly impact the choices available to consumers in the rapidly evolving realm of peer-to-peer payments. Similarly, the allegations of stifled competition and restricted innovation make us wonder how much big tech companies should decide in the digital payment world and if they should support different ideas. Future Trends in Tech and Finance Beyond the courtroom, this legal lawsuit prompts contemplation on the future trends in technology and finance. The intersection of peer-to-peer payments, cryptocurrencies, and antitrust considerations sets the stage for a nuanced exploration of how legal decisions can shape the trajectory of innovation in the tech-driven financial landscape. In a Nutshell: As this class action lawsuit proceeds further, it poses potential implications for Apple’s dominance in the iOS peer-to-peer payments realm. Moreover, the allegations of anti-competitive agreements and restrictions on crypto integration bring to light the intricate balance between tech giants’ control and the fostering of innovation within digital payment ecosystems. Therefore, the outcome of this legal battle could influence the trajectory of competition and consumer choice within the rapidly evolving landscape of peer-to-peer payments. Stay tuned for updates on this significant legal development!