BIS Releases Interim Project Report for Currency Trading Using DeFi

In the repetitive cycle of scandals and whining in crypto, it is easy to forget that the technology has the potential to be useful. The Bank of International Settlements (BIS) recently released an interim report about a Proof of Concept (PoS) for currency trading using smart contracts, distributed ledger technology (DLT), and a synthetic version… Read More BIS Releases Interim Project Report for Currency Trading Using DeFi

The Tornado Cash Case and Ethereum Censorship

The Tornado Cash case is serving as an entry point to make Ethereum less resistant to censorship by authorities. Tornado Cash, a crypto mixing service, came under fire from the Treasury Department’s Office of Foreign Assets Control (OFAC) because it was used by North Korean hackers to launder funds worth hundreds of millions of dollars.… Read More The Tornado Cash Case and Ethereum Censorship

Notes 8/9: Tornado Cash Gets Sanctioned, Ether Price Surges As Gas Prices Fall

The Office of Foreign Assets Control (OFAC), a unit of the Treasury Department, has sanctioned crypto mixing service Tornado Cash. This means that it cannot be used on American soil. Tornado Cash is a decentralized app on the Ethereum blockchain that enables anonymization of transaction data. According to the Treasury department, it has been used… Read More Notes 8/9: Tornado Cash Gets Sanctioned, Ether Price Surges As Gas Prices Fall

Notes 8/5: Blackrock and Coinbase, A New Ethereum Chain

Blackrock, the world’s biggest asset manager, announced a partnership with Coinbase yesterday that enables the former’s institutional customers to purchase, trade, and custody cryptocurrencies at the latter exchange using Aladdin – the software solution for managers at Blackrock. Blackrock, as I mentioned earlier, is the world’s biggest asset manager with over $9 trillion assets under… Read More Notes 8/5: Blackrock and Coinbase, A New Ethereum Chain

Notes 7/5: Vauld Acquisition Talks, Regulatory Action, and Celsius Disclosures

Another domino fell in the crypto ecosystem over the weekend. Singapore-based lending firm Vauld stopped operations in response to “financial challenges” due to a flurry of customer withdrawals due to a crash in crypto markets. More than $197.7 million has been withdrawn from the platform since June 12. Interestingly, Three Arrows Capital, the hedge fund… Read More Notes 7/5: Vauld Acquisition Talks, Regulatory Action, and Celsius Disclosures

Tether Plans to Launch GBP-Pegged Stablecoin. No Details, As Usual, On Reserves.

Tether, the world’s biggest stablecoin, has faced relentless questioning over reserves backing for USDT, its stablecoin pegged to the dollar. But that hasn’t stopped it from launching stablecoins pegged to various currencies. Its latest is a plan to launch a sterling-denominated stablecoin on the Ethereum blockchain. Called GBPT, the coin will be launched in early… Read More Tether Plans to Launch GBP-Pegged Stablecoin. No Details, As Usual, On Reserves.

New York’s Bitcoin Mining Bill May Not Affect Many Crypto Miners

How will New York’s proposed two-year moratorium on cryptocurrency mining affect miners? While crypto advocacy organizations have labeled the bill’s contents as ‘draconian’, its actual impact on crypto mining operations in the state might be limited. This is mainly because the bill restricts denials to miners who generate electric power away from the grid. Anecdotal… Read More New York’s Bitcoin Mining Bill May Not Affect Many Crypto Miners

More Drama On Terra Blockchain

The drama continued in the TerraUSD (UST) ecosystem this afternoon, when its operations were halted this morning to prevent governance attacks. “Terra validators have decided to halt the Terra chain to prevent governance attacks following severe Luna inflation and a significantly reduced cost of attack,” Terra’s official Twitter account tweeted. The blockchain began producing blocks… Read More More Drama On Terra Blockchain

Algorithmic Stablecoins In The Spotlight

Stablecoins are unlikely cryptocurrencies – a bridge between the established world of fiat currencies and its emerging decentralized challengers. Algorithmic stablecoins take that paradigm a step further by eliminating the fiat component and replacing it with token economics on the blockchain. The challenge of creating a free-standing currency to bridge the fiat and crypto worlds… Read More Algorithmic Stablecoins In The Spotlight

IMF Calls For Capital Controls and Regulation In Crypto

With an acceleration in “cryptoization” of emerging market currencies, the International Monetary Fund (IMF) is calling for capital controls for cryptocurrency businesses. The agency issued a report Tuesday that outlined measures for instituting regulation on the emerging asset class. Crypto: A Threat to Global Financial Stability As a result of the “cryptoization,” trading volumes for… Read More IMF Calls For Capital Controls and Regulation In Crypto

SEC Climate Disclosures and Bitcoin Mining

The Securities and Exchange Commission (SEC) on Tuesday released a 534-page proposal for climate change disclosures for comments. The wide-ranging proposal requires publicly traded companies to disclose their business’s greenhouse gas emission numbers. It asks them to identify climate risks, conduct scenario analysis, and transition away from business processes harmful to climate. The environmental impact… Read More SEC Climate Disclosures and Bitcoin Mining

Coinbase Expects Record Revenues and User Numbers in Bumper Quarter

On the cusp of its initial public offering, North America’s biggest cryptocurrency exchange Coinbase has released projections of its performance for this past quarter. They look good. In a press release issued earlier this week, the company stated that it was expecting revenues of $1.8 billion for the first quarter of 2021, a number that… Read More Coinbase Expects Record Revenues and User Numbers in Bumper Quarter

India’s Supreme Court Quashes Central Bank’s Virtual Ban on Crypto Trading and Services

India’s Supreme Court has lifted a virtual ban on crypto trading instituted by its central bank in 2018. The court ruled in favor of cryptocurrency exchanges, which had filed a case against the Reserve Bank of India (RBI), and questioned the “proportionality” of RBI’s actions in its ruling. “RBI needs to show, at least, some… Read More India’s Supreme Court Quashes Central Bank’s Virtual Ban on Crypto Trading and Services

UK Plans To Make All Crypto Businesses AML Compliant By Jan 2020

The UK Government plans to make the Financial Conduct Authority (FCA) responsible for enforcing regulatory practices, such as anti-money laundering (AML). It made this announcement in an “Economic Crime Plan” released last week. The plan is intended to tackle “fraud, money laundering, bribery and corruption.” According to the plan, all relevant cryptoasset businesses will be… Read More UK Plans To Make All Crypto Businesses AML Compliant By Jan 2020