The SEC rejected the final bitcoin ETF proposal Wednesday evening, nixing New York-based Wilshire Phoenix’s bid to become the first investment firm to launch a Bitcoin ETF. The company had submitted its proposal in conjunction with NYSE Arca last year. Wilshire attempted to differentiate its product from other ETF proposals for Bitcoin by investing… Read More Is the SEC’s Rejection of the Wilshire Bitcoin ETF Proposal the End of Road for a Bitcoin ETF?
Earlier this week, Italian soccer club Juventus F.C. announced a licensing partnership to launch digital collectibles of its team players using tokens on Ethereum’s blockchain. The news development is an evolution of Cryptokitties, which became popular as digital pets in December 2017. Juventus has partnered with Sorare, a France-based global fantasy soccer company, for the… Read More Juventus Signs Up for Fantasy Soccer Cryptokitties Reboot
Investment bank Morgan Stanley is acquiring online brokerage E*Trade Financial Corp. in an all stock deal for $13 billion. While the deal will not have an immediate impact on cryptocurrencies, it may generate tailwinds strong enough to hasten the company’s move into crypto trading in the future. A Convergence and Consolidation The acquisition announced yesterday… Read More What Do Morgan Stanley’s Plans to Acquire E*Trade Mean for Crypto?
One of the conceits of Decentralized Finance (DeFi) is that it is different from traditional finance. The concept of a finance ecosystem governed by smart contracts, devoid of rent-seeking centralized institutions, is an enticing one. But two comprising situations on a decentralized finance protocol last week threw the nascent nature of the so-called DeFi ecosystem… Read More bZx Attack Shows DeFi Has The Same Vulnerabilities as Traditional Finance
Chalk one more up for initial coin offering (ICO) regulation. Enigma MPC, a blockchain startup, settled with the SEC for conducting an unregistered sale of securities. The San Francisco-based startup conducted an offering of its ENG tokens in 2017 and raised $45 million from investors. As part of the settlement, Enigma will refund “harmed investors”… Read More Blockchain Startup Enigma Settles with SEC for Security Token Sale
North America’s biggest cryptocurrency exchange Coinbase has become a principal member of card processor Visa’s network. The membership, which was actually granted in December but revealed only today, enables Coinbase to become an “issuing authority”, similar to banks, and issue credit cards on Visa’s network. This means that the exchange can work directly for crypto… Read More Coinbase Becomes Principal Member of Visa
In the annals of crypto history, initial coin offerings (ICOs) were the latest innovation until they weren’t. After briefly eclipsing traditional forms of venture financing, ICOs have largely been relegated to the sidelines of the fundraising ecosystem after an SEC crackdown. A glance at the moribund market for coin offerings during the first quarter of… Read More Can SEC Commissioner Hester Peirce’s Proposal Revive the ICO Market?
Navigating the complex regulatory regime for a new financial services business is a difficult task on any day. Add crypto and digital assets into the mix and it becomes even more arduous. Just ask Archax. The London-based exchange, which had planned to open for business during the third quarter of 2019, has delayed its launch… Read More Archax, Which is Planning to Become the U.K.’s First Regulated Digital Asset Exchange, Delays Launch
It was the lunch date that almost didn’t take place. After much drama, Tron founder Justin Sun and legendary investor Warren Buffett met for lunch at Happy Hollow, an Omaha country club on Jan 23, according to a press release issued by Tron foundation. Sun had won the lunch with a $4.5 million bid… Read More Justin Sun Finally Has Lunch with Warren Buffett
Add one more name to the list of industries that blockchain intends to disrupt. After laying off 14 percent of its staff and splitting its operations into two separate units, Consensys Inc., announced yesterday that it was venturing into the municipal bond market. The Brooklyn-based company announced acquisition of Heritage Financial Systems, a Pennsylvania-based registered… Read More ConsenSys Plans to Enter the Muni Bond Market. Will It Succeed?