Cryptocurrencies See Flush of Green After US Copyright Office Awards Craig Wright Bitcoin (BTC) White Paper Registration
May 21, 2019
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Crypto Market Recap
- Cryptocurrencies are trading broadly in the green this afternoon with the price of Bitcoin (BTC) higher by 1.61% over the last 24 hours to $8,045.84. All of the top 20 cryptocurrencies by market capitalization are in the green today while Bitcoin SV (BSV) is leading the broad market in gains, up 58.55% over the last 24 hours to $98.75 after the US Copyright Office awarded Craig Wright the copyright registration for the BTC white paper, discussed below. Stellar (XLM) is lagging major cryptocurrencies in trading this afternoon, edging higher by just 36 basis points to $0.135063.
Crypto Developments in Financial Services
- Stablecoin issuer Tether (USDT) revealed in court filings that it had invested some of its reserves into Bitcoin (BTC), as per a report by the Block. According to a court document dated May 16th, David Miller revealed that Tether invested, “a small amount,” of its reserves into BTC while specifying, “Prior to the April 24th order... Tether actually did invest in instruments beyond cash and cash equivalents, including bitcoin, they bought bitcoin.” The court documents are related to a suit by the New York Attorney General’s (NYAG) office that alleges exchange Bitfinex used Tether reserves to cover an $850 million loss.
Crypto Regulatory Environment
- Craig Wright, a prominent member of the cryptocurrency industry who threw his support behind Bitcoin SV (BSV) in the Bitcoin Cash (BCH) hashwar in November, has been awarded the copyright registrations of the Bitcoin (BTC) whitepaper and network code authored by Satoshi Nakamoto. Wright has long professed his claim to be the individual behind the Satoshi Nakamoto pseudonym. According to Jerry Brito, Executive Director of Coin Center, “Registering a copyright is just filing a form. The Copyright Office does not investigate the validity of the claim; they just register it. Unfortunately there is no official way to challenge a registration. If there are competing claims, the Office will just register them all.”
- The US Securities and Exchange Commission (SEC) announced that it’s successfully stopped a cryptocurrency Ponzi scheme after it stole $30 million worth of funds from investors. Argyle Coin, the Ponzi scheme, and its principal, Jose Angel Aman, will now be subject to full legal action related to funds illicitly gained from investors relating to a false diamond resale outfit.
- Jeremy Allaire, the CEO of crypto startup Circle, explained in a blog post that the crypto space needs regulatory certainty and that the current definition of a cryptocurrency is too broad. The blog post shortly follows the “geofencing” of nine different cryptocurrencies for US clients of exchange Poloniex, which is owned by Circle Internet Financial. “We urge lawmakers to recognize the unparalleled economic power that permissionless innovation has unleashed,” professed Allaire, adding, “and to act to let crypto and blockchain technologies flourish. We know lawmakers want to support economic growth and want them to seize the opportunity to lead the charge.”
General Crypto News
- JD.com, a Chinese e-commerce giant, has applied for more than 200 separate blockchain patents according to a report from Security Daily News. The report from Security Daily News also highlights that Chinese giants Alibaba, Tencent, and Baidu have applied for 262 blockchain patents, 80 blockchain patents, and 50 blockchain patents, respectfully. The report also finds that JD.com leads the world in, “global blockchain patent strength,”.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio