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Cryptocurrency Morning Brief

Jun 15, 2018

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  • Amaury Sechet, the lead developer for Bitcoin Cash (BCH), emphasized how the cryptocurrency is following the original values of the Bitcoin whitepaper. The Bitcoin Cash (BCH) interval was initially planned to be reduced to three seconds on the blockchain, however, the protocol decided this would not be feasible. Currently, the block size is on track to increase the block size to 32 MB.
  • The SEC weighed in on the status of Ethereum (ETH) yesterday. The SEC noted that the cryptocurrency does not display any of the characteristics of a traditional security. The regulatory body is aiming to differentiate security tokens and utility tokens under its Regulation D framework. Additionally, the SEC observed that bitcoin (BTC) is not a security either
  • Russian tax payers have begun to start declaring income and profits from cryptocurrencies before the country’s government decision on the legality of cryptocurrencies. The country’s Finance Ministry has clarified the applicable tax rules for investors, however, the State Duma is still fine-tuning upcoming regulations on cryptocurrencies. The Finance Minister said tax payers can reduce their taxable crypto income by deducting expenses for the purchase of crypto assets.
  • The University of Texas at Austin has received funding from Ripple. The company has pledged to invest USD$2mm over the next five years to support a blockchain research initiative. Ripple has pledged to invest USD$50mm in blockchain research by funding universities around the globe. The University of Texas has said that it does not have a firm plan for how it will use the funds yet.
  • It has been reported that Chongqing city in China is seeking to form a blockchain digital asset exchange. However, the details are not clear on how the exchange will operate. The city’s Economy and Information Committee recently published five measures that the city will take to advance blockchain technology in the area. It seems as if the project will be a government-backed cryptocurrency exchange. When Chongqing city government was asked about building an exchange for trading cryptocurrencies, the city said it is not yet authorized to reveal further details
  • AlphaPoint has raised USD$15mm from digital asset merchant bank Galaxy Digital, which was founded by billionaire investor Mike Novogratz. AlphaPoint is a firm that assists organizations in building cryptocurrency exchanges and tokenizing assets. The firm was founded in 2013 and the firm is also seeking to partner with Royal Mint and CME group to launch a platform for exchanging digital gold.
  • Cryptocurrencies are mixed this morning. Quantamize AI Machine Learning 3-Day Crypto Signals are on their second day and two out of thirty cryptocurrencies are rated as Buy