- Senator Ihenyen, the head of Nigeria's blockchain association, has asked lawmakers to consider regulating the crypto industry while they rewrite the country's securities law.
- Ex Goldman Sachs product head Adam Dell has launched his own bitcoin and stock-focused wealth-building platform.
The proposed law doesn't mention cryptocurrencies
The president of a Nigerian blockchain advocacy group has pushed lawmakers to explore regulating the cryptocurrency sector while Nigerian legislators debate a measure that would sentence operators of Ponzi schemes to 10 years in jail. It suits no one's interests, he added.
Crypto Ponzi schemes are included in what lawmakers refer to as "prohibited schemes,"according to Ihenyen, head of the Nigerian Stakeholders in Blockchain Technology Association (SIBAN).
Following reports that Nigerian lawmakers had adopted a resolution abolishing and reenacting the country's Capital Markets, Investment, and Securities Act, SIBAN's chairman made the assertions. A Premium Times article quotes Ibrahim Babangida, one of the MPs leading the movement to change the law. He said:
The legislation prohibits Ponzi/Pyramid Schemes and other illegal investment schemes and imposes a ten-year minimum sentence on their promoters.
Legislators want the Nigeria Securities and Exchange Commission to be able to shut down Ponzi schemes as well as prosecute offenders. MPs also claim that present legislation is out of date and needs to be updated.
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Despite the hype around crypto-Ponzi schemes, Ihenyen told Bitcoin.com News that some of these investments had nothing to do with cryptocurrencies. He said:
Contrary to popular belief, most crypto Ponzi schemes have little to do with cryptocurrencies other than to gather payments from naïve participants.
It's fairly uncommon to find that "the crypto investment didn't fail" when it's actually engaged. As a consequence of this, Ihenyen claims that promoters and marketers either misappropriate or just disappear.
To sum up, the SIBAN president stated the new law "is approved as long as it safeguards investors and consumers."
Adam Dell, former Head of Product at Marcus by Goldman Sachs, has created a new wealth-building platform focused on both bitcoin and stocks. Domain Money aims to provide investors with more control over their assets, real-time data, and live customer assistance.
Investors such as Bessemer Ventures, SV Angel, RRE Ventures, and Maveron contributed $33 million before the platform launched. It was created by Adam Dell and others at Marcus by Goldman Sachs.
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Domain Money's goal is to "generate consumer wealth," according to Adam Dell, whose brother Michael Dell runs Dell Technologies. The project's personnel "uses time-tested investment strategies" to give the best environment for new and experienced investors, he said.
Investors desire security, transparency, and control over their assets, according to the American. So his platform will include:
"We established Domain Money to provide investors a comprehensive, simple, and holistic platform for investing in cryptocurrencies as a significant component of their portfolios, not as a curiosity."
Famous consultants will support the company. There's former CFTC Chairman Christopher Giancarlo, Terra Network founder Do Kwan, and Hoover Institution Senior Fellow Niall Ferguson.
New York-based financial app Betterment revealed last year's plans to extend its cryptocurrency services to over 650,000 customers and $30 billion in assets under control.
When asked about the asset class's notorious volatility, Sarah Levy, the CEO at the time, said to lessen the risks of interacting with digital money, her firm could educate its customers.
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That means they do well even in economic downturns, she said. To optimize returns on the asset class, she advises investors to follow the HODL strategy.
However, according to Betterment's official website, the company does not currently provide cryptocurrency options to its clients or users.
