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Pro: the recent rally in Bitcoin may not be ‘sustainable’

<ul>
<li>Katie Stockton expects a pullback in Bitcoin price ahead.</li>
<li>She explained her &ldquo;neutral&rdquo; view on CNBC&rsquo;s &ldquo;Squawk Box&rdquo;.</li>
<li>Bitcoin has climbed roughly 40% since the start of 2023.</li>
</ul>
<a href="https://coinjournal.net/news/tag/bitcoin/">Bitcoin</a> has now surpassed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could reverse just as easily.
<h2>Stockton defends her stance on CNBC</h2>
Year-to-date, the first ever decentralised cryptocurrency has gained about 40% &ndash; a strength she says is an opportunity for investors to pull out.
Reiterating her &ldquo;neutral&rdquo; stance on Bitcoin, Stockton said this week on CNBC&rsquo;s <a href="https://www.cnbc.com/video/2023/01/24/katie-stockton-our-longer-term-indicators-for-bitcoin-still-point-lower.html" target="_blank" rel="noopener">&ldquo;Squawk Box&rdquo;</a>:
<blockquote>When you see such strong, steep rallies, they&rsquo;re more characteristic of countertrend moves. At one point, we had 14 consecutive up days this month for BTC. So, we&rsquo;re sceptical to its sustainability and see it as countertrend.</blockquote>
The upcoming week is a crucial one for Bitcoin because of the Fed&rsquo;s announcement. The <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener">CME FedWatch Tool</a> currently signals a more than 98% probability of a 25 basis points hike this time.
<h2>Bitcoin has broken above its 200-day MA</h2>
Also on Sunday, a top trader and analyst, <a href="https://coingape.com/legendary-trader-peter-brandt-predicts-next-move-as-bitcoin-price-hits-23-5k/?utm_source=24hrsupdateall" target="_blank" rel="noopener">Peter Brandt</a> warned of a near-term pullback in BTC. Others, including Michael van de Poppe and Credible Crypto have a similar opinion as well.
Interestingly, Bitcoin is now trading meaningfully above its 200-day Moving Average. Still, Katie Stockton said:
<blockquote>This has happened before and it proved to be a false breakout. So, we&rsquo;re not convinced we have a breakout here. But it&rsquo;s an incremental positive. We hope this manifests in our longer-term indicators which still very much point lower.</blockquote>
She&rsquo;s not particularly constructive either on the benchmark S&amp;P index that&rsquo;s up more than 6.0% for the year at writing.

The post <a rel="nofollow" href="https://coinjournal.net/news/recent-rally-in-bitcoin-not-sustainable/">Pro: the recent rally in Bitcoin may not be ‘sustainable’</a> appeared first on <a rel="nofollow" href="https://coinjournal.net">CoinJournal</a>.

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Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

Bitcoin hashrate is becoming highly centralized, with a few mining pools controlling most of the blockchain mining power. The latest <a href="https://mempool.space/graphs/mining/pools" rel="nofollow noopener" target="_blank">data</a> from Mempool indicates that 50% of the total hashrate is held by Foundry USA and Antpool. 
<h2>A Highly Centralized Mining Network</h2>
Foundry USA has maintained a hashrate of over 30% of the total Bitcoin network for several weeks. It became the first mining pool of non-Chinese origin to lead the list in November 2021, following the ban on Bitcoin mining in China in the middle of the same year. 
Back then, Foundry USA contributed 17% of the total Bitcoin hashrate. Today, the US-based pool averages 34.1% of the mining power, equivalent to about 104 EH/s, considering that the Bitcoin hashrate is around 300 EH/S. 
Related Reading: <a href="https://bitcoinist.com/bitcoin-mining-goes-nuclear/">First Bitcoin Mining Powered By Nuclear Energy To Open In The U.S. In Q1 This Year</a> 
Antpool comes in second with about 18.0% of the total hashrate equivalent to about 58 EH/s. The Chinese-based pool used to be the largest Bitcoin pool but was affected by the ban on crypto mining which caused several miners in the region to migrate. 
<img decoding="async" class="size-medium wp-image-215249" src="https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot_496-640x289.png" alt="Bitcoin Pool distribution records on Dec. 29, 2022 (3-day stats)/Mempool" width="640" height="289" srcset="https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot_496-640x289.png 640w, https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot_496-768x347.png 768w, https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot_496-750x338.png 750w, https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot_496.png 973w" sizes="(max-width: 640px) 100vw, 640px" />
<h2>What Is Behind This Trend?</h2>
The graph shows that over 80% of Bitcoin&#8217;s mining power is concentrated among just 5 pools. This contrasts with the beginning of 2022, when these five mining pools barely exceeded 60% of the hashrate. 
Some factors could have contributed to this rise. One of which is the location of the servers of the said pools. The closer the servers are to the pools and mining facilities, the lower the information transfer latency. This means that a miner will likely get more shares in the mining process and earn more Bitcoin (BTC) by connecting to a closer server. 
<img decoding="async" loading="lazy" class="wp-image-215250 size-medium" src="https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot_495-640x298.png" alt="Bitcoin hashrate difficulty" width="640" height="298" srcset="https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot_495-640x298.png 640w, https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot_495-980x457.png 980w, https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot_495-768x358.png 768w, https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot_495-750x350.png 750w, https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot_495.png 1103w" sizes="(max-width: 640px) 100vw, 640px" />
Another factor is the financial incentives offered by these major mining pools. Bigger mining pools can consistently distribute profits to their members, who pay a commission for mining with their resources, driving more miners to their ecosystem. This is evident with the high mining difficulty in recent weeks due to the bullish movement of Bitcoin, making it difficult for smaller mining pools to be profitable. 
Related Reading: <a href="https://bitcoinist.com/why-the-sp-500-could-help-send-bitcoin-soaring-higher/">Why The S&amp;P 500 Could Help Send Bitcoin Soaring Higher</a>
However, Bitcoin&#8217;s highly centralized mining system poses significant dangers to the cryptocurrency. The miners could agree to reject transactions that do not meet a specific parameter leading to a 51% attack. 
We’ve seen such attacks occur on other Proof-of-Work blockchains like Ethereum Classic, which could be a problem for Bitcoin. In addition, these pools are recognized companies and could face pressures from regulatory agencies trying to control activities on the Bitcoin network. 
<h2>Bitcoin Price</h2>
So far, Bitcoin is still maintaining its bullish trend, with the leading cryptocurrency up by 40% since the start of the year. As of the time of writing, Bitcoin is trading at $23,400, according to data from <a href="https://www.tradingview.com/chart/0HXdyPSp/?symbol=BITSTAMP%3ABTCUSD" rel="nofollow noopener" target="_blank">Tradingview.com</a>. 
<img decoding="async" loading="lazy" class="size-medium wp-image-215251" src="https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-29_12-32-48-640x331.png" alt="Bitcoin Price on January 28| Source: BTCUSDT on Binance, TradingView" width="640" height="331" srcset="https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-29_12-32-48-640x331.png 640w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-29_12-32-48-980x507.png 980w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-29_12-32-48-768x397.png 768w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-29_12-32-48-1536x794.png 1536w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-29_12-32-48-750x388.png 750w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-29_12-32-48-1140x590.png 1140w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-29_12-32-48.png 1566w" sizes="(max-width: 640px) 100vw, 640px" />
Featured image from Pixabay, charts from Trading View, Coinwarz, and Mempool

Crypto Queen, Who’s Wanted By The FBI, ‘Resurfaces’ After 5 Years

Ruja Ignatova referred to herself as the<a href="https://nypost.com/2023/01/28/ruja-ignatova-found-alive-after-vanishing-5-years-ago/" target="_blank" rel="noopener nofollow"> Crypto Queen</a> and she&#8217;s now back in the spotlight, at least sort of, when news about the sale of a posh London penthouse hogged the headlines.
Ignatova presented her company, OneCoin, as a profitable competitor to Bitcoin in the expanding cryptocurrency sector.
In June 2016, bitcoin was an emerging trend and investors were eager to capitalize. In October of 2017, Ignatova completely disappeared from public view.

That time, the 42-year old Bulgarian-born German citizen crypto entrepreneur was in the initial stages of what would become a <a href="https://www.investopedia.com/terms/o/onecoin.asp" target="_blank" rel="noopener nofollow">$4 billion Ponzi scheme.</a>
OneCoin was a phony cryptocurrency, and its founder, Ignatova, has been missing for five years and is currently on the <a href="https://www.bbc.com/news/world-us-canada-62005066" target="_blank" rel="noopener nofollow">FBI&#8217;s 10 Most Wanted list</a>. She is also one of Europe&#8217;s most sought fugitives.
<img decoding="async" loading="lazy" class="size-full wp-image-215263 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/01/one.png" alt="onecoin" width="638" height="379" />

<h2>Penthouse Sale Gave Crypto Queen Away</h2>
When a luxurious London penthouse apartment was advertised as for sale on the market, it appeared that the &#8220;missing crypto queen&#8221; was organizing a sale from underground.
According to sources, a penthouse apartment in the London district of Kensington, England, was posted for sale some days ago for $15.5 million, then lowered to $13.6 million.
Senior prosecutor Gerald Ruebsam expects that the funds from the sale of the London penthouse may one day be used to repay the victims of OneCoin.
He said:
<blockquote>&#8220;It&#8217;s not clear yet whether money will go to OneCoin investors, we have to wait and see how things progress.&#8221;</blockquote>
Knight Frank, a Prestige dealer of luxury real estate, marketed the property but quickly removed the listing when it was discovered that Ignatova had ties to it.
Investigative reporter Jamie Bartlett said:
<blockquote>“It suggests she is still alive, and there are documents out there somewhere which contain vital clues as to her recent whereabouts.&#8221; </blockquote>
<h2>&#8216;Idiots&#8217; And &#8216;Insane&#8217;</h2>
Ignatova and her business partner Sebastian Greenwood deceived crypto fans by stating their cryptocurrency token OneCoin would be a &#8220;Bitcoin Killer.&#8221;
In 2016, when investors clapped and whistled, she stated, &#8220;In two years, nobody will discuss Bitcoin anymore.&#8221;
OneCoin is one of the largest worldwide fraud schemes ever perpetrated, federal officials said.
In a statement, IRS Special Agent John R. Tafur disclosed:
<blockquote>
<p class="paragraph inline-placeholder" data-uri="archive.cms.cnn.com/_components/paragraph/instances/paragraph_B76EA615-016E-D0F9-AD07-9D0D9B3708E4@published" data-editable="text" data-component-name="paragraph">“The cryptocurrency OneCoin was established for the sole purpose of defrauding investors.”
</blockquote>
Ignatova and Greenwood began promoting the fraudulent coin to potential investors in 2014, promising a return of between fivefold and tenfold.
They referred to their investors as &#8220;idiots&#8221; and &#8220;insane&#8221; at one point.
 $100,000 Bounty For Crypto Queen
The Crypto Queen is now the only woman on the FBI&#8217;s Most Wanted list.

<img decoding="async" loading="lazy" class="aligncenter size-medium" src="https://www.tradingview.com/x/P6vuqsHx/" width="2047" height="979" />

A note appears at the bottom of her FBI wanted poster:
<blockquote>“Ignatova is believed to travel with armed guards and/or associates. Ignatova may have had plastic surgery or otherwise altered her appearance.”</blockquote>
Sebastian Greenwood, co-founder of OneCoin, pled guilty in New York to fraud and money laundering charges in December 2022.
Meanwhile, authorities are dangling a $100,000 reward for any information that would lead to the arrest of the Crypto Queen.
Featured image from The Telegraph

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NFT Collector Who Fell To A Phishing Scam Takes OpenSea To Court

NFT collector Robbie Acres has taken legal action against OpenSea NFT Marketplace for keeping his account locked following a scam. The collector is displeased with the NFT marketplace for not responding to his complaint after he lost his collections to a phishing scam.
However, the collector’s leading counsel claimed Acres’ case isn’t the only one. According to the lawyer, several other OpenSea users faced similar problems, and the platform overlooks some issues.
Robbie Acres said he immediately reported to OpenSea after his NFTs got stolen through a phishing scam. But it took 48 hours for the marketplace to respond, before which the thief sold his assets at a lower value.

Acres added that OpenSea’s counteraction against the hack was locking his account for more than three months. The investor is seeking justice in the marketplace for withholding his assets despite repeated requests to access them. He also claims that OpenSea wanted him to validate himself with a statement before unlocking his account. 
<h2>Lawyer Advises OpenSea To Prioritize Customers Over Revenue</h2>
Acres wants the marketplace to compensate for the losses he incurred. He claims that OpenSea’s actions caused him significant loss as an active Web3 investor. 
Meanwhile, his attorney, Enrico Schaefer, said Acres isn&#8217;t the first to have faced such issues on OpenSea. He claimed that he represented several clients in cases of stolen NFT or compromised accounts on the OpenSea marketplace. 
According to the lawyer, OpenSea acknowledges its shortcomings and compensates the customers in some instances but ignores them in others.
In addition, Enrico Schaefer noted that OpenSea should prioritize customers’ satisfaction who trade NFTs on its platform instead of focusing on growth and revenue. 
However, an OpenSea spokesperson said the alleged theft happened outside OpenSea’s platform, and the thief had sold the items before they received notification. Regardless of the circumstances, OpenSea took action by disabling the items and the user&#8217;s account when he notified them. He, however, added that OpenSea had unlocked Acres&#8217; account.
The NFT marketplace also said it invested in tools and personnel to prevent such occurrences, detect theft, and block the resale of stolen items on its platform. In their words, theft is the most challenging issue in the crypto ecosystem because it occurs through several unique communication channels across diverse digital surface areas.
<h2>Phishing Site Thefts Have Become Prevalent On NFT Marketplaces</h2>
On August 11, 2022, OpenSea launched a new <a href="https://support.opensea.io/hc/en-us/articles/4815371492499-What-is-OpenSea-s-stolen-item-policy-#:~:text=When%20we%20are%20notified%20of,legal%20requirements%20and%20protecting%20users." target="_blank" rel="noopener nofollow">stolen item policy</a> to adopt and expand the use of police reports. Some users responded to this via Twitter, claiming that OpenSea did not help them when their NFT got stolen.
<a href="https://www.statista.com/statistics/266155/number-of-phishing-domain-names-worldwide/" target="_blank" rel="noopener nofollow">Phishing sites</a> are becoming a menace in the crypto atmosphere, including the NFT marketplaces. They make private auction features appear like a login button, beguiling victims to surrender their NFTs unknowingly.
<img decoding="async" class="size-medium wp-image-215231" src="https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSDT_2023-01-28_22-22-12-640x372.png" alt="NFT Collector Who Fell To A Phishing Scam Takes OpenSea To Court" width="640" height="372" srcset="https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSDT_2023-01-28_22-22-12-640x372.png 640w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSDT_2023-01-28_22-22-12-980x569.png 980w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSDT_2023-01-28_22-22-12-768x446.png 768w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSDT_2023-01-28_22-22-12-750x435.png 750w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSDT_2023-01-28_22-22-12.png 1116w" sizes="(max-width: 640px) 100vw, 640px" />
A new hack attack is threatening NFT holders on the OpenSea marketplace. The hack gains access to users&#8217; accounts through a feature on the OpenSea platform, luring them into phishing sites where they lose their items.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Hackers have been able to steal NFTs like magic with a little-known OpenSea feature. It&#39;s the newest hack, and multiple millions in Apes have been lost to it already.
(<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;" />1/4) <a href="https://t.co/fTK20WQrgh" rel="nofollow" target="_blank">pic.twitter.com/fTK20WQrgh</a>
&mdash; Harpie (@harpieio) <a href="https://twitter.com/harpieio/status/1606034727491624961?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">December 22, 2022</a></blockquote>

The anti-theft project Harpie <a href="https://twitter.com/harpieio/status/1606034727491624961" target="_blank" rel="noopener nofollow">cautioned</a> NFT holders on OpenSea to be careful of this new hack system. The announcement noted that many users lost millions of dollars in Apes to the hack. 
Featured Image from Pixabay, Tumisu | Charts by TradingView

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New York Assembly Receives Crypto Payment Bill For State Agencies

The New York State Assembly has received a bill that will legalize state agencies to accept cryptocurrency as a means of payment for fines, taxes, fees, civil penalties, and other state-related dues. 
The bill was introduced on Thursday during a legislative session by Clyde Vanel, a prominent cryptocurrency advocate and a member of the Democratic party.
Clyde Vanel serves as the representative of the 33rd district of New York and is quite popular for sponsoring several crypto-friendly bills in the past, most notably the Cryptocurrency and Blockchain Study Task Force bill. 

<h2>Proposed Bill Will Allow State Agencies To Accept Crypto As Payment</h2>
Designated as <a href="https://www.nysenate.gov/legislation/bills/2023/A2532" target="_blank" rel="noopener nofollow">Assembly Bill A2532</a>, the newly proposed crypto legislation aims to establish cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as a means of payment to all state agencies in the city of New York. 
To this end, the bill proposes that these agencies be allowed to form partnerships with relevant entities that will enable the acceptance of crypto assets for settlement of “fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts, including penalties, special assessments and interest, owed to state agencies.” 
Following its introduction on Thursday, Bill A2532 has been referred to the New York State Assembly Committee on Government Operations for further study and possible amendments. 
According to the legislative process, the bill is still subject to passing by the New York Assembly and Senate body, followed by the approval of the state governor before it can become law.
In other news, Wendy Rogers, a serving member of the Arizona State Senate, also <a href="https://bitcoinist.com/bitcoin-as-legal-tender-in-arizona/" target="_blank" rel="noopener">presented</a> a similar bill on Wednesday during a legislative session. The bill by the Republican senator proposed that Bitcoin become a legal tender in Arizona, in addition to authorizing all state agencies to accept cryptocurrency as an official means of payment. 

<h2>Cryptocurrency Adoption In The U.S.</h2>
Following the rapid growth of the cryptocurrency market in the last few years, several states in the U.S. have taken different approaches in engaging with the $1 trillion industry.
States like Nevada and California have embraced the use of digital assets by enacting crypto-friendly legislation that promotes cryptocurrency adoption across various business levels.
On the other hand, states like New York and Hawaii prefer taking strict measures via the implementation of heavy crypto regulations to protect citizens against risks such as market volatility, scams, and so on. 
At the federal level, a regulatory framework for the cryptocurrency industry is still in the works following <a href="https://www.reuters.com/business/finance/biden-orders-government-study-digital-dollar-other-cryptocurrency-risks-2022-03-09/" target="_blank" rel="noopener nofollow">U.S. President Joe Biden’s order last year</a> for relevant authorities to examine the benefits and risks associated with cryptocurrency.
The White House has also <a href="https://bitcoinist.com/white-house-roadmap-risks-associated-with-crypto/" target="_blank" rel="noopener">published</a> a “roadmap to mitigate cryptocurrencies risks” as the Biden administration calls on appropriate authorities to step up their efforts in setting up the necessary regulations for the crypto sector.
That said, the crypto market is currently on an impressive recovery run following the severe market losses that occurred late last year. According to <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">data from CoinMarketCap</a>, Bitcoin, the market’s biggest asset, is currently trading at $23,217, up by 0.72% in the last 24 hours.
<img decoding="async" loading="lazy" class="size-medium wp-image-215242 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot-269-640x373.png" alt="New York" width="640" height="373" srcset="https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot-269-640x373.png 640w, https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot-269-980x572.png 980w, https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot-269-768x448.png 768w, https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot-269-750x437.png 750w, https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot-269-1140x665.png 1140w, https://bitcoinist.com/wp-content/uploads/2023/01/Screenshot-269.png 1495w" sizes="(max-width: 640px) 100vw, 640px" />

&nbsp;

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White House Releases Roadmap To Reduce Risks Associated With Crypto

The White House has constructed a crypto roadmap in order to prevent the risks associated with the asset. On that note, the White House has released a new<a href="https://www.whitehouse.gov/nec/briefing-room/2023/01/27/the-administrations-roadmap-to-mitigate-cryptocurrencies-risks/" target="_blank" rel="noopener nofollow"> document</a>, which has been presented to U.S. President Joe Biden.
Most of the document contains an address to Congress in order to help them formulate a more appropriate legislative regulation to govern crypto assets.

These regulations, when they come into play, will remain effective throughout the administration&#8217;s tenure. The authors of the document have mainly established two elaborate processes that will accelerate the legislation going forward.
The document&#8217;s authors stated two detailed processes moving forward:
<blockquote>&#8220;We have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using the authorities that the Executive Branch has.&#8221;</blockquote>
The first part of this constructive and elaborate roadmap is the administration&#8217;s &#8220;first-ever&#8221; all-inclusive framework for the crypto industry&#8217;s development, which was released towards the end of last year.
These documents were based on reports that were put in order by the president&#8217;s executive order on Ensuring Responsible Development of digital assets, which was issued in March 2022.
The second part mentions that executive agencies will increase enforcement by issuing new guidelines. Government agencies will be developing public awareness programs in order to educate consumers on the risks associated with buying cryptocurrencies.
A lot of stress has been given to banking regulators, and they have been urged to accelerate their efforts to govern private digital assets.
<h2>Other Aspects Of The Document</h2>
The document also mentions some actions that Congress should consider introducing. This document highlighted some important tasks for the legislative branch.
Among other changes, regulators should enable the environment by expanding their jurisdiction and increasing disclosure requirements.
It also spoke about funding for officers of law enforcement agencies and penalties for misdeeds by employing data found in the Financial Oversight report.
Furthermore, the released document provides specific guidance on what Congress should avoid doing. This included Congress not approving financial firms to allow pension funds to invest in cryptocurrency. Not allowing this, will help to bring down the fear that surrounds the industry.
The authors stated:
<blockquote>Legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets.</blockquote>
<h2>Strengthening The Role Of Federal Regulatory Agencies In Governing Crypto</h2>
The document also outlines how the powers granted to federal regulatory agencies should be expanded. For instance, agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should pay extra attention to increasing transparency and disclosure requirements for these crypto companies.



This move will help law enforcement agencies by extending the amount of funding, increasing the penalties for existing financial rules, and also magnifying these rules in order to penalize the intermediaries.
Additionally, it also emphasizes passing legislation to better govern stablecoins, as previously mentioned in the recent Treasury Department <a href="https://home.treasury.gov/system/files/261/FSOC-Digital-Assets-Report-2022.pdf" target="_blank" rel="noopener nofollow">report</a>.
<img decoding="async" class="wp-image-215221 size-full" src="https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-28_20-40-55.png" alt="Crypto" width="1817" height="830" srcset="https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-28_20-40-55.png 1817w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-28_20-40-55-640x292.png 640w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-28_20-40-55-980x448.png 980w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-28_20-40-55-768x351.png 768w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-28_20-40-55-1536x702.png 1536w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-28_20-40-55-750x343.png 750w, https://bitcoinist.com/wp-content/uploads/2023/01/BTCUSD_2023-01-28_20-40-55-1140x521.png 1140w" sizes="(max-width: 1817px) 100vw, 1817px" />

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