Treasury Secretary gives crypto clarity on camera – July 16

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The cryptocurrency market is down an average of more than 12% today. Bitcoin is down 11% and Ethereum is down 14%, while XRP is only down 7%. Aside from USDT, there are no coins in the green today; most are down at least 8% and as much as 19%.

Top Stories for 16th July 2019 🔥

👉 Treasury Secretary gives crypto clarity on camera

Yesterday, the United States Treasury Secretary, Steven Mnuchin, gave a live briefing about various cryptocurrency regulatory issues at 2 PM Eastern Time.

Among various other highlights, he said that cryptocurrency exchanges were free to operate with sufficient AML — admitting that he doesn’t mind if the public invest in and use crypto if they are aware of the risks — but also added that he has “serious concerns” about Facebook’s libra.

👉 Former Congressman Ron Paul calls crypto a “great idea”

Ron Paul is a former US Congressman who served a total of 13 years for the state of Texas. He’s also an author and doctor.

Paul called cryptocurrency “a great idea” on a live CNBC interview.

👉 Trade Satoshi exchange accused of KYC scamming

Trade Satoshi is a lesser-known cryptocurrency exchange. However, it’s still used by many since it offers a range of smaller-cap altcoins.

The exchange has been accused of a growing pattern of fraudulence among crypto exchanges: KYC scamming. This is when exchanges make KYC platforms so long and detailed that users are effectively locked out of their accounts for good.