A British Member of Parliament (MP) has claimed that the ‘flippening’ – where Ethereum’s market cap overtakes Bitcoin’s – is underway, and cryptocurrency is in need of a ‘safe space’ similar to that which exists for the EU. The MP, Phil Wilson, said that it was a ‘fantastic achievement’ that cryptocurrency had grown so quickly since the beginning of the year. He also said that now was the time to provide a “safe space for the crypto community” to discuss the future of cryptocurrency.
In a recent interview with the Financial Times, British MP Nigel Dodds said that he believes the “flippening” has in fact occurred, and called on regulatory authorities to provide a “safe space” for the cryptoverse, boasting that the UK is well-positioned to take the lead in such an undertaking. As leader of the Democratic Unionist Party, Dodds is the de facto leader of the DUP, the largest political party in Northern Ireland. He is currently serving as the party’s deputy leader.
Crypto fans were overjoyed when Ethereum price rose following the news that Ethereum was being used to launch a new cryptocurrency exchange. However, the announcement took a dark turn when a British MP called for a cryptocurrency “safe space” for “vulnerable” investors to trade cryptocurrencies. “It is important that we provide a safe space for vulnerable investors to trade and I think it is important that we protect those who wish to trade,” said the MP.
During the Queen’s Speech debate, British MP Tom Tugendhat said the Treasury needs to step up the pace and open up to cryptocurrencies. Mr Tugendhat is Conservative MP for Tonbridge, Edenbridge and Mulling and Chairman of the Foreign Affairs Committee. Since 7. Since May 2015, he has been an MP without interruption.
Renewing the United Kingdom for a new economy
On Tuesday, Mr. Tugendhat argued that the values and concepts of individual ownership and responsibility of businesses and individuals need to be updated. The Queen’s speech does not address the changing nature of money, the changing nature of the economy and the innovation we are seeing online through various forms of cryptocurrencies, he said. Tugendhat claimed that he didn’t have time during the debate to cover the details of flipping or why he would be bullish on ETH and not BTC, but used his speech to argue that the Treasury needs to enable innovation and make the necessary changes to remove the constraints that are holding back the economy. To accommodate future trends in trade and risk sharing, Britain must update its legal system and rethink currency and contracts for the new economy, he said in a tweet. We see the transition from #Bitcoin to #Ether happening and we need the Treasury to help create space for UK innovation and our legal system to learn what is needed in the new economy, he said. We need to think about the contracts and currencies that will determine future trading and risk allocation. We are seeing a transition from #Bitcoin to #Ether, and we need @hmtreasury to help create a space for innovation in the UK and our legal system to learn what is needed in the new economy pic.twitter.com/vUN0rxbW1W – Tom Tugendhat (@TomTugendhat) May 20, 2021
Concerns about China
In April 2020, Tugendhat helped found the China Research Group (CRG), a think tank set up by a group of Conservative MPs in the UK to promote debate and new thinking on how Britain should respond to the rise of China. Tugendhat was subsequently sanctioned by the Chinese government, along with an MAF charged with investigating China’s industrial and diplomatic policies. If we don’t, these standards will be set by authoritarian governments not interested in innovation, or in wild places with no regulation or accountability, Tugendhat said Tuesday. China’s trade policies, particularly the development, ownership and regulation of platform technologies, are generally receiving more attention as authorities continue to ramp up warnings against cryptocurrencies.
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(The parliament member) wants the UK to follow Switzerland in establishing a safe space for crypto, where traders can freely experiment with blockchain technologies without risk of financial loss. He also wants to see the UK government to stop blocking decentralized exchanges, and for more effort to be put into educating politicians about the benefits of blockchain.. Read more about flippening meaning and let us know what you think.
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