As of 1:08 pm AST, this is how BTC and ETH are faring in the cryptocurrency markets

BTC/USD = 22,599.70 ETH/USD = 648.854

BTC/EUR = 18,463.40 ETH/EUR = 530.098

BTC/JPY = 2,331,500 ETH/JPY = 66,939.10

BTC/CNH = 147,150 ETH/CNH = 4,224.79

BTC/DKK= 137,367 ETH/DKK = 3,943.93

BTC/CHF =19,980.40 ETH/CHF = 573.653

Source: OANDA

Regulatory/Legal News Impacting Cryptocurrency Trade

December 18, 2020

Washington, D.C. —The Commodity Futures Trading Commission today announced that Jaime L. Klima, the CFTC’s Chief of Staff and Chief Operating Officer, will depart the agency for a role in the private sector next month. Ms. Klima has served in her executive leadership role since joining the agency in July 2019, where in addition to being the lead advisor to Chairman and Chief Executive Heath P. Tarbert on legal, policy, and administrative matters, she has been responsible for managing the daily operations of the agency and overseeing its nearly 1,000 personnel.

“Jaime is a Team Tarbert original, having been with my office from the very beginning of my tenure at the CFTC. From our historic rulemaking and enforcement agenda to our efforts to enhance the agency’s culture and operational effectiveness, she’s been instrumental to every one of our many successes,” said Chairman Tarbert. “I couldn’t have picked a better person, manager, or attorney to help me lead this agency, and I’m confident she’ll excel in her future endeavors.”

“My time at the CFTC has been more rewarding than I could have imagined,” said Ms. Klima. “The pandemic made this year challenging, to say the least, but I’m incredibly proud of how the agency has risen to the occasion. Notwithstanding those headwinds, Chairman Tarbert’s strategic leadership has led us to tremendous success, and I’m grateful to have been a member of the team. I also thank the Commissioners and the agency staff for being such exceptional colleagues.” 

Prior to joining the CFTC in 2019, Ms. Klima spent seven years serving in a variety of senior legal and policy roles at the U.S. Securities and Exchange Commission, most recently as Chief Counsel to SEC Chairman Jay Clayton. She also spent nearly a decade working in private practice on legal and regulatory compliance matters for clients in the financial services sector. Ms. Klima holds a bachelor’s degree from the University of Virginia and earned her master’s and juris doctor degrees from Duke University.

Source: Commodity Futures Trading Commission

In a 5G world, can an individual be their own bank?

A thought ….

That Covid-19 has sped up the exposure of workers to the possibility of automation replacing them is a saying that is becoming almost cliché. Television commercials remind us that we are “all in this together” and that we should wear masks and safely social distance. Meanwhile, telecommunications companies are promoting 5G technology that when fully deployed will help alleviate the downsides of working from home with a technology that moves data faster and can help connect all your devices and appliances so that you can better manage the data flowing through your home. But what if, in addition to connecting your mobile phone to your refrigerator which may allow you to determine whether to buy more milk, that 5G also helps to turn you into a micro bank by taking a real-time audit of the assets in your possession and using them as a basis for issuing your own coin?

The thought came to me today while conversing with two friends about the probability of Facebook becoming its own “nation.” Facebook, the world’s largest social media platform, is backing a group that plans to issue a cryptocurrency next month called Diem. Diem will hopefully help people send money around the world almost instantaneously. Unlike other cryptocurrencies, Diem will be a “stable coin” meaning it will be backed by reliable fiat currencies like the U.S. dollar or the euro.

But what if we could take the Facebook macro-model and make it micro to you? For example, with 5G-driven internet of things and block chain technology, why couldn’t a real time audit of a person’s possessions be taken and instead of the individual issuing digital fiat currency or even stable coin, the individual could issue their own personal currency. Tom Steyer, for example, could digitally tally up his cash, land, securities, and other holdings and issue a digital certificate that could be used in the digital marketplace. A man of his wealth could take a position in a number of different currencies but should he choose to engage exclusively in the digital world on his own dime, he could do so without any rules or regulations that come along with currency issued by a nation-state, a social media platform, or a corporation.

The advantages to such a scheme compound when more people with the material means decide to go digital and trade either the social media platform’s coin or, if affluent enough, their own coin. This would be true personal banking.