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July 31, 2019, 12:01 p.m. EDT

CryptoCorner: Facebook: U.S. Senator Admits Gov&039;t "Couldn&039;t Succeed" in Banning Crypto, Sony Subsidiary Co-Leads Funding for Bitwala and Rain Exchange Opens in Middle East

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Jul 31, 2019 (Investorideas.com via COMTEX) -- Point Roberts, WA and Delta, BC - July 31, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID ( NASDAQ: NXTD ) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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Crypto Corner

The U.S. Senate Banking Committee Chairman, Mike Crapo (R-ID), conceded that the government would likely be unable to successfully ban Bitcoin ( BTC ) even if it wanted to, according to coverage in Forbes . Crapo made the admission during the committee hearing titled: Examining Regulatory Frameworks for Digital Currencies and Blockchain .

"If the United States were to decide - and I'm not saying that it should - if the United States were to decide we don't want cryptocurrency to happen in the United States and tried to ban it, I'm pretty confident we couldn't succeed in doing that because this is a global innovation."

The comment was directed at Jeremy Allaire, co-founder and CEO of payment tech firm Circle, who elaborated:

"I think the challenge that we all face with this is some of these cryptocurrencies - they're literally just a piece of open-source software. There's nothing else. It exists on the internet, it's open-source software, anyone can implement it, it runs wherever the internet runs, and these have a monetary policy where these assets are algorithmically generated . . . That is a challenge that every government in the world now faces - that money, digital money, will move frictionlessly everywhere in the world at the speed of the internet."

The UK's financial watchdog has published its Guidance on Cryptoassets , detailing regulation of crypto in the country. In it, the Financial Conduct Authority defines cryptos like Bitcoin and Ether ( ETH ) as "exchange tokens" and outside the remit of regulation. This, however, does not completely exempt them from all regulation:

Any token that is not a security token, or an e-money token is unregulated. However, market participants should note certain activities that use tokens may nevertheless be regulated, for example, when used to facilitate regulated payments.

Cointelegraph reports that Germany-based crypto banking startup Bitwala has raised some $14.5 million USD in a funding round co-led by Sony Financial Ventures, a subsidiary of Sony Corporation ( NYSE:SNE ). Jan Goslicki, co-founder and Chief Compliance Officer at Bitwala said:

"We started Bitwala to do something that nobody thought was possible: to connect Bitcoin and the conventional financial system while fulfilling the requirements of the strict German banking regulation."

CoinDesk reports that crypto exchange Rain has opened trading in the Middle East following the receipt of a Crypto-Asset Module (CRA) license from Bahrain's central bank and a $2.5 million funding round co-led by BitMEX Ventures. BitMEX co-founder and CEO commented:

"As the first licensed cryptocurrency exchange in the Middle East, Rain has an unprecedented opportunity to tap into the incredible potential that cryptocurrency trading will bring to the region. We believe that Rain will bring greater diversification to Middle-Eastern traders with its exchange offering and experienced team, and we are thrilled to contribute to this defining moment."

Sam Mowers, Investorideas

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