Since the introduction of Bitcoin, cryptocurrency has fought to gain acceptance. It was a tough challenge, met with naysayers at every level.
One of the biggest reasons that crypto was met with such resistance is the threat it poses to the established system. Those in power, and who are profiting off things, prefer the status quo. Innovation that puts their profits (and control) at risk are meant to be thwarted.
This was the position that cryptocurrency found itself in. Even though it came a long way, especially in the last few years, there is still a formidable force that wants to see it collapse.
Things are changing in stages. As time passes, crypto is finding more advocates. While they are still the minority, some are starting to penetrate the powerful institutions, which could end up having an impact.
We see a few news articles that all could help the push forward with cryptocurrency.
Source
President Trump names Hester Pierce for a second term at the SEC
Heter Pierce is known as "Crypto Mom". She is one of the strongest advocates for cryptocurrency anywhere in the United States government.
If approved by the Senate, Pierce could be in office until 2025.
As a commissioner, she strongly defended cryptocurrency and voted against the rejection of Bitcoin ETFs. While this was all for naught so far, having a voice in the SEC is much better than not having one. Another term would mean she has more time to work on the other commissioners in an effort to negate the approach the agency is taking toward cryptocurrency.
Pierce also laid out a plan to give all cryptocurrency projects 3 years to decentralize. If, after that time, they did not meet that qualification, then they would be deemed a security, putting the projects at risk of being in violation of the Securities Act.
The fact that Trump named her again is interesting considering his stance on Bitcoin. Publicly at least, he blasted Bitcoin showing himself to be no ally.
Source
Crypto advocate Jonathan Herzog Is running for U.S. House of Representatives
In the Democratic primary for the 10th Congressional District in New York, Jonathon Herzog will be squaring off against Jerry Nadler. Herzog believes that the future is in open source and decentralization.
Herzog most recently worked on Andrew Yang's failed run at the Democratic nomination for President. He accused his opponent of being asleep when it comes to cryptocurrency.
Even if the run does fail, we can count on it being part of the narrative during the campaign. Again, another individual with a platform advocating for cryptocurrency is of benefit.
Source
Fed Chair Jerome Powell Endorses An Ethereum Replacement To LIBOR
LIBOR is central in the global financial system. Basically, it is what sets interest rates that businesses and individuals will pay on loans such as mortgages and student debt.
Unfortunately, it has been manipulated over the years by traders seeking to generate more profits. Once it became exposed, Central Banks started to look for an alternative. It appears that the Fed Chair believes he found one.
AMERIBOR is a project on the Ethereum blockchain. It provides a reference rate that Powell believes banks can use to establish their rates.
AFX plans to mint two non-fungible tokens, unlike Bitcoin, for example, which is fungible (meaning every token is the same), for each party in a transaction. They will be compliant with the ERC-721 token standard and will contain information about both the transaction and the counterparty.
When a transaction begins, the tokens are automatically minted by the AFX Blockchain. When it ends, they are automatically settled by using the parity smart contract language.
While the project runs on an independent blockchain, the tie to Ethereum makes all transactions transparent. This is a major step in the established financial system turning to decentralized blockchain, at least in part.
None of these moves is going to make blockchain and cryptocurrency the defacto system overnight. However, if nothing else, it does show the ability to penetrate the existing system to buy some more time. Having a few people to counter the rhetoric against crypto might keep the legal moves at bay long enough for development to continue.
Ultimately, decentralized systems are going to wipe out the centralized ones. To achieve this end, infrastructure needs to be in place to be able to handle that.
We all love the major steps forward yet a battle such as this is won with a series of small steps in the right direction.
Each day the crypto world gets stronger and having a few well placed allies can only help.
If you found this article informative, please give an upvote and rehive.
gif by @doze
Posted Using LeoFinance
Quite a solid news. I'm trying to look into the future with emphasis still at the adoption phase. I hope that China's Inheritance legislation in favour of Bitcoin and Eth could be a huge passage for Crypto in 2021.
It's really time for Altcoins to reposition themselves to offer utility to easily have a thorough-way for acceptance. I'm working out modalities to have institutions appreciate first, then advocate for its adoption in Nigeria. it's gonna be a tedious one because of the corrupt grips in the powerlines like you've pointed out.
In all, 2021, would be a great year for Blockchain/crypto. Let's still market it in our little way.
Posted Using LeoFinance
It is tedious. The key is to keep plugging ahead, adding one more person which pulls them away from the established system.
Crypto is expanding while everything else is condensing. We are seeing a major shift starting to take place, one that most are not aware of.
Day to day, it looks like nothing is happening. Of course, when we step back we find that a lot of progress was made.
Posted Using LeoFinance
This is certainly good news. Thanks for sharing!
Sounds a bit like the reasons behind the HIVE fork where not even witness vote retention was dealt with. The whole agenda was status quo which demonstrated, at least to me, that DPoS governance is broken beyond repair.
Might be although there are other DPOS systems emerging which could change the success rate.
We will have to see how it all unfolds.
Posted Using LeoFinance
Absolutely, only meaning the present incarnations. Feeling very optimistic to see what OpenOrchard comes up with.
These are definitely some good news for the cryptosphere.
Great article, @taskmaster4450!
TRUMP is a bit of a conundrum when it comes to Crypto, as POTUS and Commander in Chief, he must defend the U$D for as long as it takes to secure the U$A as a world financial superpower. But Trump did get us a better deal on Crypto Taxation than the Democrats ever would have proposed, when they set it up like FOREX Trading. 20% is a darn sight better than capital gains taxes.
Good to see someone challenging old Jerry NADLESS, he's clearly a deep-stater and needs to go.
Posted via neoxian.city | The City of Neoxian
This article was definitely filled with some great pieces of News. I hope the SEC appointment and the Ethereum Libor announcements bear some fruit.
Thanks
Yep. We will not fly to the moon we will crawl on it ))