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Celsius Network to Manage Funds for United Nations Initiative

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The Celsius Network has become a founding member of the SDG Impact Fund within the United Nations’ Sustainable Development Goals initiative.

Decentralized lending and borrowing platform Celsius Network will manage the Sustainable Development Goals Impact Fund (SDG Impact Fund) within the United Nations Sustainable Development Goals initiative, according to a press release published September 21.

The Sustainable Development Goals is an international program focused on bringing a “better and more sustainable future for all.It addresses global challenges such as poverty, inequality, climate change, environmental degradation, prosperity, and peace and justice. The initiative aims to achieve a series of targets by 2030.

Per the announcement, the SDG Impact Fund will be launched by financial services firm Fifth Element with the aim to raise several hundred million dollars and deploy them in both fiat and digital format using a public blockchain. The fund will purportedly be the first to accept and operate all forms of crypto and digital assets in compliance with the UN Sustainable Development Goals.

Within the partnership with Fifth Element, Celsius Network is reportedly looking to “bring power back to the peopleby providing banking services typically reserved for top tier asset owners. Celsius CEO Alex Mashinsky said thatby offering earned interest rates up to 7.1 percent, we allow individuals to make the same passive income Wall Street has been making for years.Scott Stornetta, adviser to Celsius, commented:

“We see a great opportunity to use this technology to deliver the value collected by different U.N. organizations in a more precise and effective way to the people and organizations that need it most.

In February the United Nations International Children’s Emergency Fund (UNICEF) embraced cryptocurrency by starting a charity drive for Syrian children, asking PC gamers to use their computers to mine Ethereum (ETH) and donate their earnings. Later in April, UNICEF Australia also announced an initiative that allows users to give their computer’s processing power to mine cryptocurrency for charity.

Home Crypto News CFTC Chair: Crypto Needs ‘Do No Harm’ Approach That Regulators Gave the Early Internet
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CFTC Chair: Crypto Needs ‘Do No Harm’ Approach That Regulators Gave the Early Internet
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CFTC Chair: Crypto Needs ‘Do No Harm’ Approach That Regulators Gave the Early Internet

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U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo has said that crypto needs a “do no harm” approach from regulators to flourish.

U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo has said that crypto needs a “do no harmapproach from regulators to flourish, in an interview at the annual Singapore Summit today, Friday 14.

Chairman Giancarlo said he took the precedent from the early days of the Internet, which he argued was able to develop and mature because of the government’s minimal interventions:

“I’m advocating the same approach to cryptocurrencies and all things having to do with this new digital revolution of markets, and of currencies, and of asset classes.

Nonetheless, he distinguished between the CFTC’s short-term approach to tackling illicit activity on the crypto markets, and the agency’s longer-termand potentially critically impactfuldecisions on policy making for the nascent industry:

When it comes to fraud and manipulation, we need to be strong. When it comes to policy making, I think we need to be slow and deliberate and well informed.

The Chairman also rebutted accusations that the U.S. regulatory context for crypto has been slow to take clear shape, noting that the CFTC had presided over the “very firstregulated offerings of Bitcoin (BTC) futures, which launched on December 2017 on the stalwart American CME and CBOE exchanges.

The question of how cryptocurrencies should be defined and which agencies are responsible for their regulation have long been debated by U.S. regulators. A U.S. House hearing earlier this summer encapsulated the unique challenge posed by crypto, with speakers emphasizing that digital assets complicate the hard and fast distinctions of existing regulatory frameworks.

This year two federal judges have ruled on major cases that confirmed the applicability of federal commodity regulations to Bitcoin under the CFTC’s oversight, as well asjust this weekthe applicability of U.S. securities laws for prosecuting crypto fraud allegations.

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