• Senator Tommy Tuberville is introducing a bill that would protect retirees who want to use their funds to purchase crypto or other speculative assets.
• Elizabeth Warren has attacked organizations like Fidelity for allowing people to invest in crypto with their retirement funds.
• Biden and his administration have been trying to regulate and control American financial practices, which goes against the original design of the Constitution set forth by the Founding Fathers.
Senator Tuberville Reintroduces Retirement Crypto Investment Bill
Senator Tommy Tuberville – a republican from the state of Alabama – is reintroducing a bill that would prevent the Department of Labor from getting in the way if retirees want to use their funds to purchase crypto or other forms of speculative assets. This move is being initiated not so much because Tuberville is a major crypto fan, but because he’s sick and tired of Biden and his nation-hating cronies working their tails off to regulate the funds of everyday Americans and for trying to control what they do.
Biden Administration’s Control Over Finances
Tuberville commented in a recent interview: The Biden administration can’t keep its hands off of Americans‘ finances. Meddling in 401(k) investments through overregulation restrains financial growth and restricts personal liberty. The federal government shouldn’t choose winners and losers in the investment game. Bureaucrats have no business telling hard-working Americans how to manage their savings accounts. My bill ensures that everyone who earns a paycheck has the financial freedom to invest in their futures however they see fit.
Elizabeth Warren’s Attack on Fidelity
Several members of the democrat party have sought to get in the way when it comes to Americans making their own decisions about what they do with their money. Another example comes in the shape of Elizabeth Warren, the forever anti-crypto senator of Massachusetts. Not long ago, when Fidelity announced it would allow clients to use their retirement funds to invest in crypto, Warren appeared
• Former Coinbase employee Ishan Wahi plead guilty to two counts of conspiracy to commit wire fraud related to insider trading.
• His brother, Nikhil Wahi, was found guilty in January and ordered to serve 10 months in prison and pay a financial penalty of $900k.
• U.S. Attorney Damian Williams warns that stealing confidential business information for personal gain is a serious federal crime.
Former Coinbase Employee Pleads Guilty to Insider Trading
The Department of Justice (DOJ) recently announced that Ishan Wahi, a former product manager at Coinbase, has plead guilty to two counts of conspiracy to commit wire fraud in connection with an insider trading scheme involving cryptocurrency tokens. This marks the first time an individual has been held accountable for such a crime regarding crypto assets.
Background on the Case
The case began more than two years ago in October 2020 when Wahi was given specific data about which tokens were set to be listed on Coinbase’s trading platform. Knowing this would cause the prices of these tokens to rise, he recruited his brother Nikhil and another friend into purchasing them prior their listing on the platform before selling them at a higher price for profit. In January 2021, Nikhil was found guilty and ordered to pay a financial penalty of nearly $900k as well as serve 10 months in prison for his involvement in the scheme.
U.S Attorney Warns Against Insider Trading
U.S Attorney Damian Williams presided over the court case and warned that stealing confidential business information for personal gain is a serious federal crime regardless if it happens within equity or cryptocurrency markets: „Wahi is the first insider to admit guilt in an insider trading case involving the cryptocurrency markets.“ He further added that those who break this law will face serious consequences from authorities – including jail time and heavy fines – depending on their involvement with the scheme itself.
Significance of Case
This is arguably one of the most significant cases ever opened by authorities related to cryptocurrencies as it’s an example of how seriously they are taking crimes related digital assets such as Bitcoin (BTC). Although there have been certain cases where individuals have been accused or convicted of similar types of fraud before now, none have ever involved cryptocurrencies until this point – making it even more noteworthy from both legal and moral standpoints alike.
Sentencing Date Set
Ishan Wahi is set to be sentenced for his part in the scheme roughly two months from now – May 2023 – whereupon he may be required serve more time than his brother due to having closer connections with Coinbase itself when carrying out their plan previously outlined above.
• Crypto experienced a small dip in early February, but analysts and crypto players suggested that volatility was low compared to other markets.
• Bitcoin has remained stable at the $23,000 level, with experts suggesting it could struggle to reach $25,000 in the short term.
• 2022 saw an all-time high for bitcoin of around $68,000 before it lost 70% of its value by the end of the year.
Crypto Experiences Sudden Lack of Volatility
In early February 2021, crypto assets such as bitcoin experienced a small dip after weeks of riding the bull wave and increasing their prices. Despite this, analysts pointed out that right now there is very little volatility across the board compared to other markets such as stocks or FX. Bitcoin has currently been content staying around the $23k level and experts suggest it might struggle taking out $25k over the short-term due to rising yields.
The Worst Year on Record for Crypto
The previous year saw one of the worst performances ever for digital currencies like bitcoin. After hitting its all-time high in November 2020 at around $68k per asset, it quickly lost 70% of its value by December 2022 and was down to about mid-$16K range by then. This massive drop resulted in an industry-wide loss of more than 2 trillion in valuation within a single year which was due to heavy speculation from investors, bankruptcies and bad behaviour from certain players such as FTX.
Sentiment Still Remains Strong
Despite these losses however sentiment still remains strong among traders and investors who believe things could have been a lot worse had it not been for the current low volatility across all crypto markets. Senior analyst at OANDA Edward Moya noted that “It is rather shocking to see how little crypto is moving considering all the volatility across fixed income, stocks, FX and commodities” suggesting that while yields might continue to rise this should be seen as good news overall for those invested in digital currencies like bitcoin.
Tech Dev’s Analysis
Analysts like Tech Dev (known for sharing his thoughts on Twitter) went on record saying “When liquidity flows, bitcoin moves” going on further say that five out of five times when major BTC impulses followed CN10Y/DXY breaking above its one-year moving average as well as monthly MACD crossing bullish so investors should watch closely what happens this time too with regard to similar patterns forming again soon enough.
In conclusion then it appears that despite some initial dips here and there things overall remain stable within crypto markets – especially when taking into consideration how volatile other markets are right now – resulting in many analysts feeling optimistic about what lays ahead for digital currencies like Bitcoin throughout 2023 given its current stability levels despite rising yields across other industries too