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CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and gives viewers a glimpse of what’s to come with high-profile interviews, explainers and unique stories from the ever-changing cryptocurrency industry. On today’s show, Ledn Chief Investment Officer John Glover weighs in on what’s driving cryptocurrency prices right now and how the potential approval of spot ether ETFs could impact markets.

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US lawmaker French Hill has noted that Donald Trump will take a more pro-crypto approach than the current administration. The run-up to the presidential election has seen cryptocurrencies become an issue with lawmakers making huge statements ahead of the polls. Donald Trump has also been reaching out to the industry, making a pro-crypto case.

French Hill Backs Trump’s Pro-Crypto Stance

Republican Congressman French Hill has explained the type of cryptocurrency regulatory framework he believes Donald Trump could adopt in the country. In a recent interview with CNBC, French Hill said that the recently passed FIT21 bill is the type of regulatory framework the Trump administration will adopt in the sector.

#FIT21 passed the House with 71 Democratic votes, it’s exactly the kind of digital asset regulatory framework former President Trump would support if re-elected.

See more on @SquawkCNBC🔽 photo.twitter.com/ceTmU4LApU

— French Hill (@RepFrenchHill) July 3, 2024

THE FIT21 Bill It is intended to protect investors and consumers in the market by establishing clear rules and powers for the various regulators in the sector. According to Hill, Trump will adopt it because it directs the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on the specific regulatory framework needed in the market.

“… for people who are innovating and starting a crypto token, a related business, custody of those assets, how to ensure consumer protection, so I think that framework is the right approach and that’s what I’m going to recommend to the President to pass, which is that we have not passed it between now and the end of this Congress.”

He also called Trump an innovative and pro-growth president in financial matters.

Cryptocurrency is going mainstream

This election cycle saw the cryptocurrency industry taking a place in mainstream issues following broader adoption across demographics. From candidates moving toward enthusiasts to recent pro-Congress legislation, cryptocurrencies have become a rallying point for officials. The U.S. regulatory landscape has been criticized for stifling growth due to frequent SEC LawsuitsThis has led executives to push for pro-cryptocurrency laws and raise money for pro-industry candidates.

Read also: Federal Reserve Predicts “AI Will Be Deflationary” to Stimulate Economy

David Pokima

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A federal court has ordered Jafia LLC and its owner, Sam Ikkurty, to pay nearly $84 million to cryptocurrency investors after ruling that the company was operating a Ponzi scheme.

The ruling, issued by Judge Mary Rowland in the U.S. District Court for the Northern District of Illinois, follows a lawsuit filed by the Commodity Futures Trading Commission (CFTC) in 2022 after the fund collapsed.

Judge Rowland found that Ikkurty, based in Portland, Oregon, did numerous false claims on his company’s hedge funds.

These included misleading statements about his trading experience and the promise of high and stable profits. Instead, Ikkurty used funds from new investors to pay off previous investors, a hallmark of a Ponzi scheme.

The Ponzi Scheme

The court found that Ikkurty misappropriated investment funds for personal use without the knowledge of the investors. These funds were used for personal use and were reported as Fraudulent Investmentscausing significant financial losses to customers.

This non-transparent operation violated Transparency Commission regulations, which led to the imposition of a hefty fine to compensate defrauded investors and restore some public confidence in the financial system.

Judge Rowland emphasized that fraudulent activity such as this violates the law and undermines the integrity of modern financial markets. The $84 million award seeks to address the financial harm inflicted on investors and reinforce the importance of legal compliance in cryptocurrency trading.

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The authors found that cryptocurrency investment and ownership tends to attract people who are more argumentative, anti-authoritarian, and who prefer to get their information from non-mainstream social media sites. Credit: Traxer, Unsplash, CC0 (creativecommons.org/publicdomain/zero/1.0/)

According to a study published on July 3, 2024 in the open access journal, cryptocurrency ownership may be associated with certain demographic and personality characteristics, as well as addiction to alternative or fringe social media sources. PLOS ONE by Shane Littrell of the University of Toronto, Canada, together with colleagues at the University of Miami, USA.

Anonymous trading and unregulated markets characterize cryptocurrency’s unique subculture. While some consider digital currency financially unreliable, hundreds of millions of global investors believe otherwise.

This study identified several political, psychological and social characteristics that differentiate Encrypt investors from abstainers. Existing studies (which generally include smaller sample sizes) profile cryptocurrency holders as psychologically non-normative and politically non-mainstream.

To test this, Littrell and colleagues surveyed 2,001 American adults in 2022, about 30% of whom answered “yes” to owning or having owned cryptocurrency. Participants reported demographic information and other responses that revealed their political, psychological, and social traits.

The researchers conducted several bivariate (two-variable) correlational analyses, which measured how strongly cryptocurrency ownership is associated with other variables individually, as well as a multivariate (multivariable) analysis. regression analysiswhich attempts to identify the most important variables for predicting cryptocurrency ownership.

Correlational analyses showed that cryptocurrency ownership is associated with belief in conspiracy theoriessupport for political extremism, identification with non-right-wing or non-left-wing political orientations (e.g., Christian nationalism), and the “Dark Tetrad” of personality traits (narcissism, Machiavellianism, psychopathy, and sadism).

The more holistic analysis revealed which self-reported qualities are most likely to predict cryptocurrency ownership, with the most strongly associated factor being reliance on marginal cryptocurrencies. social media news sources. Other strongly associated characteristics included masculinity, contentiousness, higher income, and feelings of victimhood.

In all survey dataCryptocurrency holders reported diverse political orientations and identities, with a mix of left- and right-wing leanings.

The researchers acknowledge that the correlations they identified are limited by their sample of participants and their self-reported characteristics, and cannot be interpreted as causal. Because of the strong correlation between social media and cryptocurrency ownership, they encourage future research on the influence of specific media or rhetoric on cryptocurrency ownership.

The authors add: “While our findings certainly do not apply to all cryptocurrency users, on average we found that cryptocurrency investments and property tends to attract the most polemical, anti-authoritarian people who prefer to get their information through non-traditional social networks average sites.

“There is still much work to be done in this area, but we hope that our study will help lay the foundation for future research to understand the psychological, political and behavioral factors associated with this growing financial movement.”

More information:
The political, psychological and social correlates of cryptocurrency ownership, PLoS ONE (2024). DOI: 10.1371/journal.pone.0305178

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Citation: Cryptocurrency Investors More Likely to Self-Report ‘Dark Tetrad’ Personality Traits, Study Shows (2024, July 3) retrieved July 3, 2024 from https://phys.org/news/2024-07-cryptocurrency-investors-dark-tetrad-personality.html

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