Coinbase and Others Want to Rate Cryptoassets But Their System has Several Problems

To reassure regulators about the legal status of assets listed on their platforms, leading crypto firms and exchanges within the United States have formed a council to assign ratings for tokens. The Crypto Ratings Council counts top-tier crypto exchanges, such as Coinbase and Kraken, and firms like Grayscale Investment and Cumberland Mining as members. It rates tokens based on previous court decisions and SEC statements … Continue reading Coinbase and Others Want to Rate Cryptoassets But Their System has Several Problems

Weekly Crypto Recap: Bakkt Launch, Harbor’s License, and Dinwiddie’s Contracts

The crypto wild west may not be wild for much longer. Bakkt, a futures trading platform backed by the owners of NYSE, launched on Monday with a media blitz. It claims to be the “first end-to-end regulated platform” and offers daily and monthly physically-settled futures contracts, meaning holders receive physical bitcoin upon contract expiry. (CME’s futures contracts are cash-settled). Launch of the platform was expected … Continue reading Weekly Crypto Recap: Bakkt Launch, Harbor’s License, and Dinwiddie’s Contracts

Harbor Subsidiary is Awarded Broker-Dealer License

A subsidiary of securities platform Harbor has been granted a broker-dealer license by FINRA. According to online publication Coindesk, awarding of the broker dealer license to Harbor Square Investments may clear the way for other broker-dealers who deal exclusively in cryptoassets to gain approval from the agency. A broker-dealer license allows trading platforms to perform several activities, such as selling and purchasing securities for customers, … Continue reading Harbor Subsidiary is Awarded Broker-Dealer License

Venezuela’s Petroleum Giant is Reportedly Urging its Central Bank to Include Bitcoin and Ether as Foreign Reserves

Bitcoin as a reserve currency is the dream of many crypto enthusiasts. Venezuela may turn that dream into a reality. According to a Bloomberg report this week, the country’s petroleum giant PDVSA is urging its central bank to include Bitcoin and Ethereum as foreign reserve currencies in its portfolio. PDVSA wants to use both cryptocurrencies to pay suppliers. The report quotes anonymous sources as saying … Continue reading Venezuela’s Petroleum Giant is Reportedly Urging its Central Bank to Include Bitcoin and Ether as Foreign Reserves

Brooklyn Nets Player Dinwiddie’s Plans to Tokenize Contract Runs Afoul of NBA Terms

Basketball player Spencer Dinwiddie’s plans to tokenize part of his contract may be in trouble. The National Basketball Association (NBA) told the New York Times that Dinwiddie is prohibited from converting part of his contract for monetary gains by its terms. “No player shall assign or otherwise transfer to any third party his right to receive compensation from the team under his uniform player contract,” … Continue reading Brooklyn Nets Player Dinwiddie’s Plans to Tokenize Contract Runs Afoul of NBA Terms

NBA Player Dinwiddie To Raise $13.5 Million by Tokenizing his Contract

NBA player Spencer Dinwiddie has revealed details of his security token offering. The Brooklyn Nets point guard had announced earlier this month that he was converting part of his contract to security tokens for investors. Dinwiddie plans to raise $13.5 million from the first year of his three-year contract worth $34.5 million with the Brooklyn Nets. He will pay out $2.5 million as interest to … Continue reading NBA Player Dinwiddie To Raise $13.5 Million by Tokenizing his Contract

A Time of Reckoning for Bitcoin ETFs

Approximately twenty months after it first listed a multitude of concerns as reasons for its refusal of a Bitcoin ETF, the SEC has come to the same moment of reckoning. The next couple of weeks are critical for Bitcoin ETFs as the agency takes a decision on applications filed by New York-based Wilshire Phoenix and San Francisco’s Bitwise Asset Management. The prospects of approval for … Continue reading A Time of Reckoning for Bitcoin ETFs

Libra, Security, Jay Clayton

Libra Sounds Like a Security: SEC Chairman Jay Clayton

In a Congressional testimony to the House Financial Services Committee yesterday, SEC chairman Jay Clayton indicated that Facebook’s cryptocurrency Libra might be a security token. “If what you are doing is raising capital for a project with the idea that you are going to give a return as a result of investing in that (token), then Libra sounds like a security,” he said. Clayton prefaced … Continue reading Libra Sounds Like a Security: SEC Chairman Jay Clayton

Volatility Returns to Crypto Markets; Bitcoin Price Crashes by 9 percent in 30 Minutes

And you thought volatility in crypto prices was a thing of the past. In the space of a couple of hours, crypto markets shed $30 billion of their overall value in less than two hours.   Bitcoin price crashed by more than 9 percent to $8,648.66 in approximately 30 minutes today at 14:35 UTC. But that was not the end of it. The original cryptocurrency … Continue reading Volatility Returns to Crypto Markets; Bitcoin Price Crashes by 9 percent in 30 Minutes

New York Crypto Business Files Lawsuit Calling for Abolition of BitLicense

New York’s BitLicense regulation has already drawn the ire of crypto advocacy groups and startups since it was introduced in 2014. Crypto businesses bolted from the state, blaming the law’s onerous requirements for their departure. Now a small business entrepreneur is calling for an abolition for an abolition of the license in a lawsuit filed with the New York Department of Financial Services (NYDFS). Filed … Continue reading New York Crypto Business Files Lawsuit Calling for Abolition of BitLicense

Messaging App Kik Becomes SEC Casualty, Shuts Down Operations

Messaging app Kik, already embroiled in a contentious court battle with the SEC over the 2017 initial coin offering (ICO) of its Kin token, is shutting down. The company’s announcement was made in a blog post published earlier today, after reports surfaced online that it had laid off 70 people from the development team for Kin. The Kin Foundation team confirmed the layoffs as a … Continue reading Messaging App Kik Becomes SEC Casualty, Shuts Down Operations

Facebook Presses on With Libra Plans: Reveals Libra Reserves Composition and Acquires Chatbot

Facebook has revealed the exact composition of reserves for Libra, its cryptocurrency, in response to a German politician’s query. Libra will be backed by a basket of currencies and government bonds to ensure low volatility in its price, thereby making it possible to use the coin for daily transactions. German publication Der Spiegel reports that Facebook revealed composition of the cryptocurrency in response to a … Continue reading Facebook Presses on With Libra Plans: Reveals Libra Reserves Composition and Acquires Chatbot

NYSE Owner-Backed Bakkt Launches Futures Trading

Bakkt, the bitcoin futures platform backed by NYSE owner ICE, launched trading for its contracts yesterday evening. The first bitcoin contract was traded on the platform at 8:02 pm. During the first hour, three Bitcoin were traded on the exchange. As of this writing, 53 monthly contracts for bitcoin have exchanged hands, forecasting a price lower than $10,000 for the cryptocurrency next month. Bakkt is … Continue reading NYSE Owner-Backed Bakkt Launches Futures Trading

Weekly Recap: CME Bitcoin Options, Binance’s Steady News Drips, And Ripple Fires Back at Lawsuit

It is mostly difficult to find a defining pattern for news developments in cryptocurrencies and blockchain. Some weeks, it is crime. During other times, it is startup fundings or regulation. This past week brought both crime and regulation into sharp focus. Here’s a brief recap of important news developments in cryptoassets and blockchain. CME Bitcoin Options CME Group, which launched bitcoin futures in December 2017, … Continue reading Weekly Recap: CME Bitcoin Options, Binance’s Steady News Drips, And Ripple Fires Back at Lawsuit

Coinbase, Once An Exclusive Crypto Exchange, Is Considering New Listings Again

When it was launched, Coinbase was among the most selective cryptocurrency exchanges, choosing to list only two or three prominent cryptocurrencies while other exchanges listed hundreds or thousands. Now it is making up for lost time. North America’s biggest cryptocurrency exchange announced Thursday that it is considering the addition of new cryptoassets that haven’t been launched yet. This is the second such announcement made by … Continue reading Coinbase, Once An Exclusive Crypto Exchange, Is Considering New Listings Again

Ripple Files Motion Seeking Dismissal of Class-Action Lawsuit

Ripple, whose cryptocurrency XRP was the subject of a class-action lawsuit last month, has filed a motion seeking its dismissal. The class-action lawsuit was filed in Oakland, Calif., last month by Bradley Sostack from Florida. It charged Ripple with conducting an “unregistered sale of securities” and violating California’s advertising laws. Critics say XRP is an unregistered security whose price has been artificially inflated by Ripple … Continue reading Ripple Files Motion Seeking Dismissal of Class-Action Lawsuit

CME Will Launch Bitcoin Options in Early 2020

The CME Group, which launched bitcoin futures trading in December 2017, is gearing up to launch bitcoin options in early 2020 according to a statement released by the exchange yesterday. This makes it the world’s first major trading venue to introduce options trading in bitcoin. Other places to trade bitcoin options are located outside the United States. For example, Deribit, a major player in bitcoin … Continue reading CME Will Launch Bitcoin Options in Early 2020

sec chairman jay clayton bitcoin crypto

SEC Chair Jay Clayton Says Crypto Markets Lack Price Discovery Rigor of Public Markets

The last time he spoke about cryptocurrencies to the press, SEC Chairman Jay Clayton held out hope for a Bitcoin ETF, indicating that “progress is being made” in cleaning up crypto markets. Yesterday, at the Delivering Alpha conference organized by CNBC, Clayton reverted back to his old hostile stance towards cryptocurrencies. “If they (investors) think there is the same rigor in price discovery as there … Continue reading SEC Chair Jay Clayton Says Crypto Markets Lack Price Discovery Rigor of Public Markets

Bitwise Bitcoin ETF Matt Hougan

Bitwise Chases America’s First Bitcoin ETF

As the decision date for a Bitcoin ETF enters the home stretch, Bitwise Asset Management is pulling out all stops to convince the SEC that crypto markets are ripe for a fund. Over the course of two weeks recently, senior executives from the San Francisco-based firm made presentations to and educated senior SEC officials, including commissioners and senior SEC lawyers, about the current state of … Continue reading Bitwise Chases America’s First Bitcoin ETF

Crypto as Cash Will Take Time: ING Report

The crypto revolution will take its time coming. According to a new international survey conducted by ING Bank, a vast majority of consumers across the world still prefer cash over cryptocurrency. Only 18% Americans and 22% Europeans wanted cashless transactions, meaning they valued the use of cash as a commodity. ING’s report states that a hybrid cryptocurrency that mixes elements of fiat currencies (in a … Continue reading Crypto as Cash Will Take Time: ING Report

steven nerayoff ethereum

Early Ethereum Advisor Arrested by Federal Authorities on Extortion Charges

An early advisor to Ethereum, the world’s second-most valuable blockchain, has been arrested by federal authorities on extortion charges. Steven Nerayoff, lawyer and technology entrepreneur, and his accomplice Michael Hlady were arrested Wednesday morning on charges of extortion. They threatened to destroy a Seattle-based mobile startup, which held its ICO in November 2017. According to the charges, Nerayoff and his partner, who was introduced as … Continue reading Early Ethereum Advisor Arrested by Federal Authorities on Extortion Charges