Sergey Savastiouk's Avatar
published in Blogs
Feb 15, 2021

New York Studying a State-Backed Cryptocurrency

Clyde Vanel, a New York lawmaker, submitted legislation in February calling for a task force to study the potential impact of a state-backed cryptocurrency. This is the latest of several blockchain-oriented bills that Vanel has submitted in recent months.

The proposed study would cover four areas: the “necessary steps” the state of New York would need to take to create and issue a cryptocurrency, and how Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) regulations would affect it; how the cryptocurrency would affect state monetary policy and financial stability; how taxation at local, state, and federal levels would be impacted; and examples of other institutions that have issued cryptocurrency and the steps they took to do so.

Vanel’s interest in blockchain comes at a time when decisionmakers around the world are eager to apply its unique properties to a variety of uses. The four prior bills he introduced to the state senate reflect this diversity of purpose: the first adds definitions of “blockchain technology” and “smart contract” to state technology law, while also formalizing the legal use of digital signatures stored via blockchain; the second asks the New York board of elections to create a report evaluating the use of blockchain technology to improve the voting process, protect voter information, minimize voter fraud, and more-efficiently share election results; the third bill creates a task force to examine how blockchain could improve the storage and sharing of state government records; the fourth would form a similar group to gauge the impact of crypto on state financial markets.

 

 

Other New York lawmakers have taken up the subject as well. Senators Jesse Hamilton and David Carlucci held a roundtable discussion on February 23rd to “gain insight [into] the logistics and organization of cryptocurrency; its regulation through the BitLicense in the state of New York, other states and on a federal level; and the current marketplace in which it thrives and becomes problematic for consumers.” While no guarantees were made, consensus indicated that reform is needed for that regulatory legislation; Carlucci indicated a report will be prepared based on pain points introduced in the conversation and will include possible solutions “[that] can make this license in New York state something that works for the residents of New York state and the state economy."

New York politicians’ embrace of cryptocurrency and its underlying technology (or at the very least, their willingness to discuss it) has the potential to transform the state. It remains to be seen if discussion and studies can lead to concrete legislation, but the initial steps indicate an increasing acceptance of virtual currencies, blockchain, and a vision to use them to improve government and society.

John Jacques's Avatar
published in Blogs
May 16, 2022
A.I. Stock Market Predictions: Head & Shoulders

A.I. Stock Market Predictions: Head & Shoulders

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Edward Flores's Avatar
published in Blogs
Apr 29, 2022
How to Become the Millionaire Next Door

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Sergey Savastiouk's Avatar
published in Blogs
May 16, 2022
When Is the Next Recession Coming?

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Sergey Savastiouk's Avatar
published in Blogs
Mar 14, 2023
How to Start Trading Penny Stocks

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Penny stocks have long been marginalized within the professional investment community, oftentimes being painted with a broad brush of simply being “too risky.” Leonardo DiCaprio’s depiction of the penny stock peddling conman, Jordan Belfort, in the Wolf of Wall Street certainly didn’t help.Here are four reasons to start trading them now. Reason #1: Let’s State the Obvious -- Penny Stocks are Cheap A single share of Apple Inc. costs over $350.
Dmitry Perepelkin's Avatar
published in Blogs
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5 Habits that Lead to Successful Investing

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Allana's Avatar
published in Blogs
Mar 23, 2023
What’s the Difference Between Data Analytics and Machine Learning?

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Sergey Savastiouk's Avatar
published in Blogs
Mar 13, 2023
4 Tips for Fast, Effective Stock Analysis

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With just a few clicks, an investor can search for individual stocks, categories of stocks, sectors, or investment themes, and then he or she can conduct a full range of technical and fundamental analysis within seconds.All powered by Artificial Intelligence.  Below, we give you 5 tips for fast, effective stock analysis using Tickeron’s Screener.
Sergey Savastiouk's Avatar
published in Blogs
Mar 20, 2023
5 Golden Principles in Investing

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You have enough faith in that stock, based on research, that the return will equal or exceed the investment.  Do unto others.The principles outlined here will ensure that happens.  Principle #1: Diversification Investors can’t be one-dimensional when constructing a portfolio.
John Jacques's Avatar
published in Blogs
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If Hedge Funds are Using AI to Invest, Why Shouldn’t You?

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Some of the world’s biggest financial institutions have devoted multi-million dollar budgets to developing algorithms that can find patterns in the market, identify trends, and perform automated trading designed to take advantage of even the smallest price movements. The AI revolution is so big that as it stands today, the world’s five biggest hedge funds all use systems-based approaches to trade financial markets.Indeed, quantitative trading hedge funds now manage $918 billion (according to HFR), which amounts to 30% of the $3 trillion hedge fund industry – a percentage continues to grow with each year that passes.
Sergey Savastiouk's Avatar
published in Blogs
Mar 15, 2023
The five most important Lessons Learned After 10,000 hours of Trading

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Ten thousand hours of active trading, broken down into forty-hour weeks, amounts to almost five years. Having surpassed that milestone myself, I now understand why it's significant for any trader's journey. The early years taught me valuable lessons that have shaped my approach to trading. It's a misconception that great traders are born with innate talent. The truth is that it takes years of...