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Cryptocurrency End of Day Recap

Jun 21, 2018

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  • Tron (TRX), the 10th largest cryptocurrency by market cap, is commencing its migration off of Ethereum’s ERC20 platform today.  Tron is a token which aims to create the infrastructure for a completely decentralized internet, especially for being the platform for decentralized applications (dapps). Tron’s independence from Ethereum’s platform both cured nagging network issues, and will allow more rapid growth. Tron holders have until June 24 to transfer their funds to any of 30 participating exchanges for the migration to be completed.
  • Ireland cryptocurrency exchanges Eircoin and Bitcove have both had their accounts closed by banks in the country.  It is not sure which banks closed Eircoin’s accounts, but both the Bank of Ireland and AIB have closed Bitcove’s accounts.  As a result, both companies had to cease their operations leading David Fleming, co-founder of Eircoin, to accuse the Irish banking system of being “negligent and defensive.”  Cryptocurrency trading is legal within Ireland, but the Bank of Ireland said that it doesn’t provide banking services to cryptocurrency exchanges and AIB suggested that perhaps some of these exchanges were not compliant with all know-your-customer (KYC) and anti-money laundering (AML) regulations.
  • The European Union Agency for Law Enforcement Cooperation (Europol) was joined by sixteen major cryptocurrency exchanges, payment processors, digital wallet providers, and other authorities for a three-day event discussing privacy and the prevention of money laundering.  Conference attendees will speak about the tracing of cryptocurrencies, ways to aid law enforcement, and even the creation of a centralized ledger to keep track of certain addresses authorities want blocked from making cryptocurrency transactions.
  • Ripple (XRP) CEO Brad Garlinghouse reiterated cryptocurrency’s classification as a utility and not a security.  Despite the close relationship with the San Francisco-based company, “XRP is not a security for three reasons: if Ripple, the company, shuts down tomorrow, the XRP ledger will continue to operate; it’s an open source, decentralized technology…. If you buy XRP, [you are] not buying shares of Ripple – buying XRP doesn’t give you ownership of Ripple,” Garlinghouse defended.  Garlinghouse also stated that he is bullish on Bitcoin, buy doubts the SEC’s classification of it as not a security, citing how it’s not as decentralized as it claims to be.