Cryptocurrencies are leveling out as the US SEC cracks down on initial coin offerings
Oct 12, 2018
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- A recent joint investigation between Yahoo Finance and Decrypt Media reveals that the United States Securities and Exchange Commission (SEC) is expanding its crackdown on initial coin offerings (ICOs), reportedly putting hundreds of projects at risk. Yahoo Finance and Decrypt Media held conversations with more than 15 industry sources, many of which include crypto-related startups subpoenaed by the SEC. According to an anonymous source subpoenaed by the SEC, “everybody’s holding their breath” while waiting for the new SEC rules, however, the SEC still applies the, “same laws, the same statues, the same rules, to stocks and bonds and everything else.”
- A rift has emerged in the EOS community between the East and West hemispheres as internet controls in China, known as the, “Great Firewall”, have made it difficult for members of the Chinese EOS community to communicate and collaborate with members of the rest of the EOS community. A majority of Western EOS community members collaborate using Telegram, a platform banned in China, leaving Chinese EOS community members to work together on WeChat. The divide has also been exacerbated by the existing language barrier. A main source of conflict has been from the EOS Core Arbitration Forum, the body currently responsible for handling disputes and lost private keys. No members of the EOS Core Arbitration Forum speak Mandarin, leaving Chinese EOS users unable to utilize the arbitration body.
- During a US Senate hearing before the US Senate Committee on Banking, Housing, and Urban Affairs, economist, Nouriel Roubini, and Director of Research with Coin Center, Peter Van Valkenburgh, testified with Roubini taking a harsh stance against cryptocurrencies and Valkenburgh advocating for cryptocurrencies. In his opening statement, Roubini said, “Crypto is the mother and father of all scams... [and] blockchain is the most overhyped technology ever and is not better than a glorified database.” Valkenburgh’s testimony involved him admitting that blockchain and cryptocurrencies are not perfect, however, they are a significant step in improving the financial situations for millions.
- Large South Korean cryptocurrency exchange, Bithumb, has been sold to a Singapore entity for 400 million won (USD$353 million). The purchaser, BK Global Consortium, has previously held a minority stake in Bithumb as the fifth largest shareholder. According to Korean news outlet, Naver, BK Global Consortium plans to develop and release new services and stablecoins. The News Asia also reported that Bithumb received an USD$880 million valuation in February, raising questions about the lower valuation in today’s acquisition.
- Legal Director at British law firm, Reynolds Porter Chamberlain (RPC), Jeff Kaufmann, believes that the introduction of cryptocurrency regulation in the United Kingdom could take two years. As per an RPC press release published Thursday, Kaufmann cited that only recently has the House of Commons Treasury Committee begun proposals concerning cryptocurrencies, and if past precedents are any indicator, even minor changes to regulation could take years. RPC is a three-time UK Law Firm of the Year, with over 720 employees including 330 lawyers.
- Utopia Music, a music data tracking platform powered by blockchain technology, has acquired ISPY Group, a Stockholm-based music platform working to make the music industry more transparent and efficient. Utopia Music CEO, Mattias Hjelmstedt believes that the ecosystem Utopia Music is trying to create will benefit all stakeholders in the music industry, “by removing existing inefficiencies and unlocking untracked revenues.”
- While speaking at the joint annual meeting between the World Bank and the International Monetary Fund (IMF), World Bank president, Jim Yong Kim, discussed the, “huge potential” of blockchain. These comments come after President Kim oversaw the creation and launch of the world’s first blockchain bond in August of this year. President Kim also discussed the importance of, “embracing technology” while admitting that, “We are the World Bank Group have had to admit that we’re not keeping up with the latest developments and we’re not doing it in a way that would help our clients take advantage of the great things that are coming out.”
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio