US SEC to Issue ‘Plain English’ Guidance on ICOs as Cryptocurrencies are Mixed
Nov 05, 2018
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- Advanced Micro Devices (AMD) reports on its website today that the semiconductor manufacturer is partnering with 7 major technology companies to produce 8 new cryptocurrency mining rigs. Under the “AMD and Blockchain Technology” section of AMD’s website, the company details different rigs that will feature “ultimate stability”, “24/7 performance”, and “enterprise-level quality”. This news comes after AMD reported “negligible” blockchain-related GPU sales in its third quarter 2018 financial report.
- Bancor, a decentralized liquidity network, is partnering with EOS to conduct cross-blockchain token swaps, according to a press release on Monday. Bancor uses its decentralized application (DApp), BancorX, to enable cross-token conversion between Ethereum-based and EOS-based tokens. The move is the first of its kind and it will pave the way for, “vastly more blockchains,” according to Bancor’s press release.
- Cybersecurity experts from Japan Digital Design Co. (JDD), a subsidiary of Mitsubishi UFJ Financial Group (MUFG) have allegedly discovered potentially incriminating evidence against hackers of Zaif, a Japanese cryptocurrency exchange. In mid-September, Zaif was hacked for 6.7 billion yen (USD$59 million) worth of crypto assets. A statement issued today by JDD details that cybersecurity experts from the company have successfully tracked 5 of the transactions associated with the hack of Zaif -- JDD has already turned over relevant information to authorities.
- Kathryn Haun, a former US federal prosecutor and current cryptocurrency venture capitalist, took part in a debate on cryptocurrencies with Nobel-prize winning economist, Paul Krugman, where she said that cryptocurrencies are in the “dial-up days”. Hosted by Mexican technology company, KIO Networks, the debate saw Huan, who is also a board member at Coinbase, argue for the advantages of cryptocurrencies while Krugman, who is also a professor at the Graduate Center of the City University of New York, argue that Bitcoin’s (BTC) use cases were still unclear despite 10 years of existence.
- Mike Novogratz, founder and CEO of Galaxy Digital Capital management and prominent cryptocurrency industry member, revealed in an interview with the Financial News that he believes that cryptocurrency prices, specifically Bitcoin (BTC), will reach all-time highs in 2019. Novogratz cited FOMO, or fear of missing out, from institutional investors that will arise in 2019. Novogratz speculated in the interview that, “By the end of the first quarter [of 2019] we will take out USD$10,000 and after that we will go back to new highs -- to USD$20,000 or more.”
- Switzerland’s Financial Market Supervisory Authority (FINMA) is requiring banks that deal in cryptocurrency assets to apply a risk weighting of eight times their market value when calculating loss-absorbing capital buffers. A confidential letter from the FINMA, acquired by swissinfo.ch, details that the regulator is also imposing a 4% limit on cryptocurrency holdings as a percentage of total assets. Switzerland’s FINMA cited market and credit risks in its confidential letter explaining the new cryptocurrency capital controls.
- The United States Securities and Exchange Commission (SEC) will clarify when and how cryptocurrencies will be classified in the United States, according to the SEC’s Director of Corporation Finance, William Hinman. While speaking at the D.C. Fintech Week Conference, Hinman discussed that the SEC plans to release, “plain English,” guidance for developers to refer to when planning initial token offerings (ICOs), and other token offerings like it. Hinman did not specifically detail when the guidance would be published.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio