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Cryptocurrency End of Day Recap

Jun 07, 2018

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  • Japan’s Financial Services Agency (FSA) rejected FSHO’s application to for a cryptocurrency exchange. The FSA claimed that FSHO’s security was lacking, and that the exchange refused to cooperate with government officials. This is Japan’s first rejection of a cryptocurrency application.
  • On CNBC today, JP Morgan CEO, Jamie Dimon said that he did not want to be the Bitcoin spokesman and warned investors to beware. Dimon has been on of Bitcoin’s biggest critics after calling it a fraud late last year.
  • SEC chairman, Jay Clayton, said that the SEC will not be changing its rules on how it classifies ICOs. Despite bitcoin being considered a commodity, initial coin offerings (ICOs) are considered securities. This has been a hot topic of discussion as Venture Capital Working Group, a group of crypto investors and lawyers has argued that cryptocurrencies should be viewed as utility tokens, not securities.