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Cryptocurrency Midday Report

Jun 27, 2018

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  • Hong Kong securities regulator, the Securities and Futures Commission (SFC) released their 2017-2018 report today which noted that they will be paying more attention to and keep a closer watch on Initial Coin Offerings (ICOs).  The SFC is aware of the risks associated with ICOs, and stated that they will step in when they need to.  The SFC also said that it is working with the Investor Education Center releasing cryptocurrency education materials, and also working with public campaigns educating people about the risks of this industry.
  • Zcash, a cryptocurrency focusing on privacy, is nearing a very crucial period for the success of the coin. Founder and CEO the of Zcash Company Zooko Wilcox spoke at Zcash’s inaugural conference in Montreal called Zcon0 discussing their values and challenges that need to be addressed in order to succeed in the future.  Wilcox stated that they would like to prioritize on the usability and level of adoption.  This roadmap to success is still open to discussion, and a formal plan should be published in August.
  • Director of Legal and Business Affairs for the Goldman Sachs-backed payment company Circle, Claire Wells, firmly believes that the price of Bitcoin and cryptocurrencies in general are set to increase in the future.  Wells cites impending regulations as the main driver behind this, accompanied with slightly less volatility.  Circle also recently released their newest product “Buy the Market” to their catalog of cryptocurrency investment offerings.  “Buy the Market” would allow retail investors to invest in a portfolio consisting of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Zcash, Monero, and Ethereum Classic.
  • In the US, the majority of cryptocurrency exchanges have historically gone unlicensed since the SEC has not taken a definitive stance calling all cryptocurrencies securities.  This trend has been disrupted when the cryptocurrency exchange Uphold has recently acquired JNK Securities Corp., which is a register and licensed broker-dealer.  This acquisition now allows Uphold to trade any cryptocurrencies that may be considered and regulated as securities in the future.