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User experience (UX) design affects nearly every waking moment of our lives. It’s not just digital either. Have you ever thought about the UX of doors? Perhaps a brief refresher of what UX is, will help. A useful definition of UX is as follows: ”A person’s perception and responses that result from the use or anticipated use of a product, system or service” (from The International Organization for Standardization).
The following opinion editorial was written by Bitcoin.com’s head of product experience Alex Knight.
Back to doors. We’ve all experienced a door that didn’t open the way it should. That’s a UX failure right there (there’s a name for such doors, search for “Norman doors”).
Thankfully Norman doors are rare, as are their computer software and web2 counterparts. Unfortunately, web3, still in its infancy, is rife with Norman doors. Until we fix most of these proverbial doors, web3 mass adoption is unlikely.
In this article I’m going to discuss three areas web3 needs to work on. Caveats: this list is not comprehensive and since my area of focus is web3 wallets I’m going to talk about UX challenges through that lens. The three areas are:

Security
Education
Ease of use

Security
That security is vital for software that handles financial instruments is obvious. Two of the bigger security challenges right now are:

Handling cryptographic keys
Unintelligible crypto transactions.

I believe that self-custody is the most important concept in crypto. This is not to say everyone must use self-custody. However, that it always remains a viable option is critical. I direct you to Bitcoin.com’s CEO Dennis Jarvis’ article on the topic for a compelling defense of self-custody. So far, self-custody has meant users must manage cryptographic keys. An early UX advancement was using recovery phrases, sometimes called seed phrases, instead of handling cumbersome unintelligible cryptographic keys.

While recovery phrases improved upon cryptographic keys, recovery phrases have proven to also be pretty complicated. There is a constant drip of stolen crypto due to people not fully grasping the importance of their recovery phrases, for example exposing or losing them. This leads to the second security problem: unintelligible crypto transactions. In most crypto scams, people willingly enter into transactions they don’t fully understand that send their cryptoassets away.
Moving Away From Recovery Phrases
Many people are working on the problem of recovery phrases. Vitalik Buterin advocates something called social recovery wallets that don’t require recovery phrases. This concept has a lot of promise, though I believe a lot more work needs to be done to make it usable for most people.
Another tactic is to replace recovery phrases with something more familiar — passwords. Just as a recovery phrase (set of random words) is more familiar than a cryptographic key (string of hexadecimal characters), a password is more familiar than a recovery phrase.
We offer automatic cloud backup services. Create a single custom password that decrypts a file stored in your Google Drive or Apple iCloud account. If you lose access to your device, you can reinstall the Wallet app on a new device, enter your password, and you’ll again have access to all of your cryptoassets. By creating a mix of encryption and cloud services tied with custodial services to help retrieve things, we can maintain a self-custody service while leveraging centralized technologies to lower the burden on the user. The ease-of-use of automatic cloud backup compared to manual backups through recovery phrases is easy to visualize:

Human Readable Transactions
Wallets need to get better at warning users of unintended outcomes of transactions. For example, a common approach is to get users to sign a ‘SetApprovalForAll’ transaction, which allows an adversary to transfer assets out of your wallet into theirs. Wallets should alert users when this kind of transaction comes up, describing the dangers clearly.
Image from @mulligan on Twitter.
Even better, wallets could present users with a more human-readable summary of potential asset changes transactions allow. For example, you might think you are swapping one asset for an appropriate amount of another, when in fact you are swapping all of your assets for nothing. The following helps visualize better what assets a potential transaction can change.
Image from @nishthenomad on Twitter
Education
There are two ways that most people first interact with blockchain technology: a centralized exchange and a self-custodial software wallet. The first time people interact with a blockchain “directly” will almost always be through the latter. Software wallets entail a large amount of responsibility and an even larger challenge in easing new users into the “deep end” of crypto – decentralized finance (DeFi).
Education is a major component of this. It’s essential for providing the right opportunities for users to upskill and build towards full self-custody and safely move away from reliance on centralized support. People being more comfortable/safe with crypto will help increase adoption and utility as it becomes a more viable alternative to traditional finance. The abundance of technical jargon doesn’t help. As is common with most new technology, early adopters are usually extremely technical.
Continuing Education
Every action your wallet has should keep in mind a future action that you wish the user to take. For example, let’s assume that the first action a new user should take upon downloading the wallet is buying crypto with fiat. You don’t want to overwhelm new users with hundreds of choices. It’s probably prudent to only give new users a curated list to purchase, with an option of the fully expanded list.

First actions, such as buy, should lead to a chain of in-app prompts/notifications/emails to try other actions like swap. Swapping is a big step from buying since every action in a DApp requires paying a transaction fee in the blockchain’s native token, something that has no analog in web2.

Jargon
Wallets are full of technical jargon that is non-descriptive to most people. A great example of this is “non-custodial wallets.” What does this mean? It has recently been adjusted to “self-custody” which is better, but still not perfect. Another is “multisig wallet.” Even knowing the full meaning, “multiple signature wallet,” will not tell already-knowledgeable people what it means. Even users who persist, digging deeper by reading full explanations, will probably have some difficulty understanding what it is and how to use it. At Bitcoin.com we use “shared wallets,” which we believe anyone can understand while not compromising the original meaning.

Ease of Use
This last category is not only one of the biggest issues we face, but is interwoven into the previous categories. As crypto matures, it must find a wider audience. The developer-driven process must make room for design. We are slowly starting to see a shift to more design-driven solutions, but there is a long way to go. Let’s look at a couple of examples, starting with mulitsig wallets.
No new user will be able to guess the usefulness of these from that name. Worse still, even advanced crypto users don’t use them because of complicated interfaces. This is tragic, because, like Vitalik Buterin co-founder of Ethereum says, multisig is likely the safest way to store your cryptoassets.

IMO fancy hardware stuff is all overrated and most people should just store the bulk of their coins in a multisig ( >= 5 participants) where most of the keys are held by trusted family and friends.
— vitalik.eth (@VitalikButerin) August 14, 2022

Shared Wallets
First, “multisig” needs to be retired. Next, multisig options need to be stripped out for most users. Most people would abandon the process when met at a screen like this:

Sharing the newly created wallet should be as seamless as possible, unlike this:

The QR code is enough, extraneous info like the public key can be taken away:

A “share” button makes it even easier for users.

Human Readable Send Transactions
Sending crypto, arguably the most basic action one can take, is still too difficult. There have been attempts like those made by ENS, Unstoppable Domains, and FIO to solve the problem but it’s still a bit of a mess, with different providers using similar domain names and then relying on the wallet to choose which one is correct and so on.
We’ve taken a different, I’d argue easier, approach: shareable links. You don’t need to know the person’s crypto address or ENS. Instead, you send the recipient a link via any messaging app (email, Whatsapp, SMS, etc.). The recipient just has to click on the link and follow the instructions to receive the payment.

Conclusion
I have no doubt that web3 will change the world. The future is already taking shape, but suboptimal designs must be relentlessly chiseled away. I am proud of the design choices Bitcoin.com has made, but have no illusions that they are destined to be the best ones. Bitcoin.com is one of many companies making products that push web3 design forward. I can’t wait to see all of the design innovations that will have helped bring our industry to mass adoption.

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crypto wallet, Human Readable, Human Readable Addresses, multisig, multisignature, Non-custodial wallet, QR Codes, Seed Phrase, Self-custody, shareable links, user experience, UX, Web3
What are your thoughts on this story? Be sure to let us know in the comments section below.

Guest Author

This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.
To contribute to our Op-ed section send a suggestion to op-ed (at) bitcoin.com.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitso, one of the largest cryptocurrency exchanges in Latam, has launched a QR payments program geared towards travelers in Argentina. The service proposal seeks to ease the way in which travelers and tourists make payments in the country, using Bitso’s interoperable QR payment technology to avoid unnecessary and often confusing cash exchange transactions in the region, where there are multiple dollar exchange rates.
Bitso Launches QR Payment Service for Travelers
Bitso, one of the leading cryptocurrency exchanges in Latam, has launched a QR-based payments service that aims to allow travelers to pay with cryptocurrencies in Argentina.
The service seeks to make the lives of tourists arriving in the country easier, by allowing them to pay for services and goods with cryptocurrencies at all merchants using the popular QR payments method. Bitso’s objective is to serve as an integral payment service, avoiding the hassle of exchanging foreign currency for cash in a country like Argentina where there are more than 14 different dollar exchange rates.
About this development, Santiago Alvarado, SVP of product at Bitso, stated:

Most restaurants, supermarkets, and shops accept QR payments. By offering this product to foreigners visiting Argentina, we are helping them make the most of their money and time by avoiding exchanging cash for local currency and letting them make contactless crypto payments in seconds right from their phones.

The service will receive stablecoins, bitcoin, and ether, and will make instant exchanges at the time of payment, with the counterparty receiving Argentine pesos.
Bitso aims to capture some of the growing streams of tourists that are traveling to the country after the Covid-19 quarantine season has ended. According to the company, Latam’s tourism industry is experiencing a resurgence, with searches for places to travel in the area growing by 113%.

QR Payment Growth
Bitso is able to offer this functionality due to the implementation of QR payments that the company announced in September, giving users the capability to pay in an immense number of stores and merchants that are already using this new form of payment. The company included this function to allow customers that had been using the platform as a savings tool to pay with their cryptocurrencies, avoiding external cash exchanges.
QR payments have also been growing steadily in the country, reaching a record number of more than three million payments made using this tool in September.

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Argentina, Argentine Peso, Argetine peso, Bitcoin, Bitso, Cash, ether, exchnage rates, qr payments, Stablecoins, Tourism, Travelers
What do you think about Bitso’s QR payments program for tourists in Argentina? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The European Commission is preparing to discuss with member states the adoption of a common tax regime for crypto assets, European officials have indicated. The talks with national treasuries are expected to start next year with the aim to end the differentiated tax treatment of cryptocurrencies across the bloc’s 27 jurisdictions.
European Union to Consider Single Tax Regime for Crypto Income and Profits
The executive body in Brussels, the European Commission, intends to soon launch talks with the financial ministries of the member states on whether establishing a Union-wide tax regime for crypto is warranted, a report by Politico revealed Thursday, quoting three EU officials.
The discussions are set to begin in 2023, the sources told the publication. Their focus will be on sharing best practices as currently cryptocurrency wealth is subject to different taxes in each country. Commenting on the initiative, a spokesperson for the Commission elaborated:
Difficulties in classifying, valuing and administering crypto assets pose challenges to tax administrations seeking to tax them fairly and effectively.
Before implementing a single tax regime, however, the European Union needs to introduce new requirements for crypto companies to collect details of digital asset owners, both individuals and businesses, and share them with tax authorities across the EU, the report remarks.
This would allow tax administrations to have a clear idea about crypto holdings. The European Commission is expected to propose such regulations in December or January but it is likely to start enforcing them in 2026, which will allow it to impose the crypto tax the following year.
European institutions have been working on a comprehensive legislative framework for cryptocurrencies called Markets in Crypto Assets (MiCA) which was agreed upon this summer. Media reports attributed a delay in its adoption to the need to translate the complex legal document into all official languages of the EU. MiCA should come into force in 2024.

At present, member states employ different rules to tax income and capital gains from crypto, with rates ranging between zero and 33%, Politico notes. Authorities in some European countries are revising policies in advance of a possible decision at the EU level.
Portugal, for example, which was not taxing gains from crypto trading, unless they are part of a business activity, now intends to impose a levy on profits from short-term crypto investments starting from 2023. Traders who cash out any crypto gains made under a year will face a tax of 28%, according to the budget for next year.

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Do you think the EU will eventually introduce a single tax regime for crypto assets? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The European Commission is preparing to discuss with member states the adoption of a common tax regime for crypto assets, European officials have indicated. The talks with national treasuries are expected to start next year with the aim to end the differentiated tax treatment of cryptocurrencies across the bloc’s 27 jurisdictions.
European Union to Consider Single Tax Regime for Crypto Income and Profits
The executive body in Brussels, the European Commission, intends to soon launch talks with the financial ministries of the member states on whether establishing a Union-wide tax regime for crypto is warranted, a report by Politico revealed Thursday, quoting three EU officials.
The discussions are set to begin in 2023, the sources told the publication. Their focus will be on sharing best practices as currently cryptocurrency wealth is subject to different taxes in each country. Commenting on the initiative, a spokesperson for the Commission elaborated:
Difficulties in classifying, valuing and administering crypto assets pose challenges to tax administrations seeking to tax them fairly and effectively.
Before implementing a single tax regime, however, the European Union needs to introduce new requirements for crypto companies to collect details of digital asset owners, both individuals and businesses, and share them with tax authorities across the EU, the report remarks.
This would allow tax administrations to have a clear idea about crypto holdings. The European Commission is expected to propose such regulations in December or January but it is likely to start enforcing them in 2026, which will allow it to impose the crypto tax the following year.
European institutions have been working on a comprehensive legislative framework for cryptocurrencies called Markets in Crypto Assets (MiCA) which was agreed upon this summer. Media reports attributed a delay in its adoption to the need to translate the complex legal document into all official languages of the EU. MiCA should come into force in 2024.

At present, member states employ different rules to tax income and capital gains from crypto, with rates ranging between zero and 33%, Politico notes. Authorities in some European countries are revising policies in advance of a possible decision at the EU level.
Portugal, for example, which was not taxing gains from crypto trading, unless they are part of a business activity, now intends to impose a levy on profits from short-term crypto investments starting from 2023. Traders who cash out any crypto gains made under a year will face a tax of 28%, according to the budget for next year.

Tags in this story

commission, Crypto, crypto assets, Crypto tax, Cryptocurrencies, Cryptocurrency, discussions, EC, EU, EU Commission, european commission, European Union, member states, MiCA, talks, Tax, tax authorities, tax regime, Taxation, Treasuries
Do you think the EU will eventually introduce a single tax regime for crypto assets? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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press release

PRESS RELEASE. FIFA has unveiled a portfolio of new future-focussed web 3.0 games to entertain and engage a wider group of fans ahead of FIFA World Cup Qatar 2022™.
Gaming and esports are some of the fastest-growing opportunities for FIFA as it continues to expand into new digital spaces, platforms and games that are already welcoming football fans on to them.
With the communities growing organically, FIFA is expanding into new digital spaces – having earlier this year launched a landmark Roblox experience.
The new gaming integrations, all of which are designed with web 3.0 and the future of digital engagement in mind, are playable around the tournament and each have a unique twist on the globe’s biggest football tournament.
Among them are:
Altered State Machine – AI League: FIFA World Cup Qatar 2022 Edition
AI League is a 4-on-4 casual football game, played between AI-controlled characters, with player input at fun and tactical moments. Players act as the coach and owner of their AI teams and can improve their abilities through power-ups and training. Players can also collect and trade characters to create a team with their favourite talent combinations. The playing fields are set in stylized streetball locations around the world, from Paris to Rio, Yaoundé to Seoul.
Uplandme – FIFA World Cup Qatar 2022 in the Upland Metaverse
Upland is the largest blockchain-based metaverse mapped to the real world, where players can buy and sell virtual properties. Now they can collect official FIFA World Cup digital assets, including legendary video highlights of the tournament. They can travel to the replica FIFA World Cup Lusail Stadium and Village, shop for items representing their colours to customize their home in Upland, trade their assets with friends, and win one of many prizes.
Matchday – Matchday Challenge: FIFA World Cup Qatar 2022 Edition
Matchday targets the emotional high of football fandom through a highly engaging casual social prediction game based on football cards, where the essence of the fun is derived not just from “getting it right” but by being the best among your friends.
Phygtl – FIFA World Cup Qatar 2022 on Phygtl
Phygtl, a fan engagement mobile application that takes fandom into a new dimension. An immersive experience fans join forces on with the mission to co-create the global first fan generate digital reward. Fans can augment a golden-globe-football from the palm of their hands into their real-life environment, own a limited fragment of it to attach and eternalize their handpicked FIFA World Cup pictures and video moments. A digital representation of eternal fandom.
FIFA Chief Business Officer, Romy Gai, said: “This is a hugely exciting group of partnerships that we’ve entered into as we embrace a new, digitally-native football fan and engage with them in the spaces that we know they are already active within.
“As we continue to build our gaming strategy long into future, it’s certain that web 3.0 will have an important role to play, and this marks the start of our journey.”
All of the gaming opportunities complement with the newly launched FIFA+ Playzone and FIFA+ Collect, and more launches are planned in the future.

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Japan’s top financial regulator, the Financial Services Agency (FSA), has issued a business suspension order to FTX Japan, the Japanese subsidiary of FTX.com. The financial watchdog has also ordered the crypto exchange to submit a business improvement plan by Nov. 16.
Japanese Regulator Takes Action Against FTX Japan
Japan’s Financial Services Agency (FSA) announced Thursday that the Kanto Local Finance Bureau has taken action against FTX Japan, the Japanese subsidiary of Sam Bankman-Fried’s embattled crypto exchange FTX.com.
Three orders have been issued against the crypto exchange: a business suspension order, an order to hold assets domestically, and a business improvement order. FTX Japan must suspend operations from Nov. 10 to Dec. 9 and the exchange cannot accept new assets from clients during that time. The regulator has also ordered the company to submit a business improvement plan by Nov. 16.
The FSA announcement explains that FTX Japan’s decision to halt customer withdrawals without specifying a schedule for resumption, while acceptance of investors’ assets and crypto transactions continue, means the exchange does not have the necessary structure to provide crypto exchange services in a manner deemed appropriate under the Japanese standards.
FTX Japan cited its parent company’s policy for withdrawal suspension. “In accordance with the policy of the head office, we have temporarily suspended the withdrawal of crypto assets and the withdrawal of legal currency,” the exchange said Wednesday.
Responding to the business suspension order, FTX Japan informed its users Thursday that during the suspension period, services relating to new account opening, spot trading, fiat currency deposits, incoming crypto transfers, and derivatives transactions are halted.

Regarding the business improvement order, the exchange informed customers: “All employees, including the management team, will take this business improvement order seriously, formulate an improvement plan, and steadily implement it. In addition, we will make a company-wide effort to thoroughly comply with relevant laws and regulations and further strengthen our management system in an effort to regain the trust of our customers.” On Friday, FTX Japan announced that some Japanese yen withdrawals have been resumed.
The action taken by the Japanese regulator followed the dramatic downfall of Bankman-Fried’s crypto empire. He reportedly told FTX.com investors that his company needs an emergency cash injection or it may have to file for bankruptcy.
The Bahamas Securities Commission has frozen the assets of the Bahamian subsidiary of FTX.com and U.S. authorities are investigating the exchange for alleged mishandling of customer funds.

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What do you think about the Japanese financial regulator taking action against FTX Japan? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The White House and members of the U.S. Senate Banking Committee have called for proper cryptocurrency regulation following the collapse of crypto exchange FTX. “Without proper oversight of cryptocurrencies, they risk harming everyday Americans, and this is something that clearly we monitor and we see as an important issue,” said White House press secretary Karine Jean-Pierre.
White House on Crypto Regulation
Following the collapse of cryptocurrency exchange FTX, the White House and several U.S. lawmakers have called for stricter crypto regulation.
White House press secretary Karine Jean-Pierre said at a press briefing Thursday in response to the FTX crisis:
The administration has consistently maintained that without proper oversight of cryptocurrencies, they risk harming everyday Americans, and this is something that clearly we monitor and we see as an important issue.
She added: “The most recent news further underscores these concerns and highlights why prudent regulation of cryptocurrencies is indeed needed. The White House, along with the relevant agencies, will again closely monitor the situation as it develops.”
Senate Banking and Housing Democrats Urge Regulators to ‘Look Into What Led to FTX’s Collapse’
The Twitter account for Senate Banking and Housing Democrats tweeted Thursday:
The cryptocurrency market’s continued turmoil is why we must think carefully about how to regulate cryptocurrencies and their role in our economy. It is crucial that our financial watchdogs look into what led to FTX’s collapse so we can fully understand the misconduct and abuses that took place.

U.S. Senator Sherrod Brown (D-OH), chairman of the Senate Banking and Housing Committee, also released a statement Thursday regarding the crisis surrounding FTX.
“The recent collapse of FTX is a loud warning bell that cryptocurrencies can fail, and just like we saw with over-the-counter derivatives that led to a financial crisis, these failures can have a ripple effect on consumers and other parts of our financial system,” the senator said. “I will continue to work with them to hold bad actors in crypto markets accountable. I’m committed to finding the best path forward to protect consumers and the stability of the U.S. markets and banking system.”
Another member of the Senate Banking and Housing Committee, Senator Elizabeth Warren (D-MA), said Wednesday that crypto needs “more aggressive enforcement,” adding that she is going to “keep pushing” the Securities and Exchange Commission (SEC) to “enforce the law to protect consumers and financial stability.”

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What do you think about the White House and U.S. lawmakers calling for proper crypto regulation? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined two paths the agency is taking to regulate the crypto industry. Meanwhile, a U.S. congressman is investigating whether Gensler helped FTX CEO Sam Bankman-Fried and his bankrupt crypto exchange on legal loopholes to obtain a regulatory monopoly.
SEC Chair Gensler on FTX’s Undoing
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, talked about crypto regulation and the undoing of cryptocurrency exchange FTX in an interview with CNBC Thursday.
Without confirming whether the SEC is investigating FTX, the chairman explained that when crypto exchanges “mix together a bunch of customer money” without disclosure and “leverage borrowing against it,” investors get hurt.
He was also asked about the watchdog going after Kim Kardashian which, on a relative basis, is a much smaller case than FTX. Gensler replied:
Look, I think that investors need better protection in this space. But I would say this, this is a field that’s significantly non-compliant, but it’s got regulation and those regulations are often very clear, and we have multiple paths.
“One path is working with those crypto exchanges, crypto lending platforms, and to get them properly registered and why that matters is that so the public is protected,” he explained.
Another path is enforcement, Gensler emphasized. “We’ve brought, between my predecessor and the teams now at the SEC, at least 100 actions … and we’ve been very clear in these various enforcement actions.” He also referenced the regulator’s recent win against LBRY.
‘Come in, Talk to Us’
Gensler often said that crypto trading and lending platforms should “come in, talk to us, and get registered.”
According to his calendar, FTX CEO Sam Bankman-Fried did come in and talk to him on March 29. “Do you feel like you were hoodwinked?” he was asked.
The SEC chairman replied:
I think we’ve been clear in these meetings … non-compliance is not going to work, the public is going to be hurt, but also we’re going to continue on these dual paths.
He added that if necessary, the SEC will be “the cop on the beat, going into court, putting the facts and the law in front of judges.”
“It’s about the platforms or the intermediaries. This is not like the New York Stock Exchange or Nasdaq,” Gensler stressed, adding that a handful of crypto lending and trading platforms “comingle” assets. He opined:
It’s another toxic combination where they take people’s money, they borrow against it, it’s not much disclosure, and then they trade against their customers.
The chairman added that the SEC is focusing on these platforms but “Building the evidence, building the facts often takes time.”

Congressman Investigating Whether Gensler Helped FTX on Legal Loopholes
Following Gensler’s interview, Congressman Tom Emmer tweeted that his office has received reports alleging that the SEC chairman helped Bankman-Fried and FTX work on legal loopholes to obtain a regulatory monopoly. “We’re looking into this,” the lawmaker wrote.

Last week, four congressmen accused Gensler of “hypocritical mismanagement of the SEC,” emphasizing that he refuses to practice what he preaches. This week, two lawmakers said they were “deeply concerned” that the SEC is enacting rules too quickly, without sufficient feedback. Gensler has also been criticized for taking an enforcement-centric approach to regulating the crypto industry.

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What do you think about the comments by SEC Chairman Gary Gensler and Congressman Tom Emmer? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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press release

PRESS RELEASE. Internet City, Dubai, Nov. 11th, 2022 — Blockchain Crypto Investment Group, LBank Labs, announces the establishment of their new crypto investment fund targeted towards web3 development in Africa. LBank Labs plans to establish a series of regional development funds, including regions such as Korea, South East Asia, and more. This is the first of the sequence of new investment funds from LBank Labs.
Africa is one of the areas with a lot of untapped potential for blockchain expansion. With new member Czhang on board LBank Labs, the investment institution is looking globally. Czhang is currently visiting many countries in North Africa and followed by other regions in the continent. Throughout November, Czhang, as a representative of LBank Labs, will be talking with potential African collaborators. “I think the future is in Africa,” said Czhang, “in terms of blockchain adoption, LBank Labs hopes to provide support for local communities and give local projects the push that they need to start up.”
LBank has been pushing educational efforts in the MENA region for some time, having community managers in Nigeria, Ghana, Tunisia, and more. “Africa is a diverse place. We believe the key to blockchain development in Africa, and anywhere really, is education. Giving people the tools to understand blockchain technology will help them to see why it is such a world-changing thing. We really hope to have a strong bond with locals. ” a representative said. LBank has also expanded to other areas, recruiting community managers in Cameroon, Kenya, and so on.
About LBank Labs
LBank Labs is an independent blockchain investment institution under the top global crypto exchange LBank. LBank Labs currently has a total fund size of 50 million USDT. Registered in Asia’s crypto hub Singapore, LBank Labs includes Venture Capital, Hedge Funds, and also Fund of Funds. Since its inception, LBank Labs invested in many quality early-stage public-chain projects such as VEN and NEO. Starting in 2020, LBank Labs invested in nearly 100 ecological projects such as Polkadot, NFT, and Solana.
About LBank
LBank is one of the top crypto exchanges, established in 2015. It offers its users specialized financial derivatives, expert asset management services, and safe crypto trading. The platform holds over 7 million users from more than 210 regions worldwide. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.
Start trading now: lbank.com
Community and social media:
l Telegram l Twitter l Facebook l LinkedIn l Instagram l YouTube
Contact Details:
LBK Blockchain Co. Limited
LBank Exchange
[email protected]
[email protected]

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Lionel Messi, one of the biggest Argentine soccer superstars, has announced his participation as an investor and brand ambassador in Sorare, an NFT (non-fungible token) game. Sorare hopes that Messi’s presence will improve the way in which the company relates to users, setting new standards in this regard. The economic details of the deal were not disclosed.
Lionel Messi Partners With NFT Game Sorare
Lionel Messi, one of the biggest soccer superstars and current player on the PSG soccer club, is now a brand ambassador and investor in the NFT card trading game Sorare. The presence of the player is directed to grow Sorare’s brand and improve the quality of the interactions the brand has with its users.
As part of this partnership, Sorare announced that Messi took a stake in the company, without disclosing the numbers behind this transaction. To Sorare, Messi’s partnership is a milestone for the company, which had previously seen interest from another Spanish soccer player, Gerard Pique.
Messi’s deal would also include the creation of new experiences on the platform. On this development, Sorare’s CEO and co-founder Nicolas Julia stated:

We believe Messi will help us set new standards in how we do this, and we look forward to sharing what new content and fan experiences we’ve been collaborating on soon.

Other sports stars like soccer player Kylian Mbappe and tennis player Serena Williams have already established similar partnerships with the brand. The platform raised $680 million in its Series B funding round in Sept. 2021.

Messi’s Crypto Ties
To Messi, getting close to cryptocurrency and NFT-related companies is not a new experience. The player has been very open to linking his name and brand to other companies in the ecosystem. In fact, he was one of the first players to get part of his contract paid in cryptocurrency, when he signed a deal with his current club, PSG, in Aug. 2021. As part of the deal, Messi would receive part of his $30 million contract payment in $PSG, a fan token launched by the club in partnership with Socios.com
In October, the soccer star also signed a deal with Bitget, a cryptocurrency exchange with a social trading focus, to give fans a “unique opportunity to explore Web 3.0 and the potential of trading crypto on the exchange.” Furthermore, Messi’s links with crypto companies go all the way back to when he partnered with Sirin Labs, a company that promoted the development of a secure blockchain-based phone, in 2017.

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blockchain phone, Crypto, gerard pique, lionel messi, NFTs, nicolas julia, psg, Sirin Labs, soccer, Socios.com, Sorare
What do you think about Messi’s partnership with Sorare? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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