Cryptocurrencies Mixed as US Treasury Department Talks Fintech Regulation
Aug 01, 2018
Start Your Free Trial Today
Movers By 24 Hour Price Change %
Movers By 24 Hour Volume
- The U.S. Treasury Department published a new report July 31st regarding regulation of the constantly-evolving fintech sector. The report only temporarily touches on cryptocurrencies and distributed ledger technologies such as blockchain, stating that the two are being “explored separately in an inter-agency effort led by a working group of the Financial Stability Oversight Council.” It also suggests “more streamlined and tailored oversight”, including rationalizing overly-complex regulations that hinder growth and innovation.1
- CoinMarketApp, a cryptocurrency news multi-use app, has released compatibility with iOS and Android smartphones. CoinMarketApp is not like typical cryptocurrency apps, in that it offers crypto historic data, prices, mining information, trustworthy news, and even portfolio services.
- Andre Yang, a 2020 U.S. Presidential candidate, has announced that he will accept cryptocurrencies donations. Yang’s campaign will accept Bitcoin (BTC), Ethereum (ETH), and any altcoin based on Ethereum’s ERC20 platform.
- Northern Trust, an asset manager with USD$954bn in AUM announces plans to start a custody service for digital assets. Pete Cherecwich, Northern Trust’s head of corporate and institutional business, explained that the firm plans to offer custodial services similar to others, but with lower fees.
- Indian cryptocurrency traders are finding ways to circumvent the India government’s decision to ban cryptocurrency trading. Traders are now making use of a Dabba trading which refers to making OTC trades that are off the books. Dabba traders execute trades through platforms at international banks in Dubbai, Europe and the UK. Indian stock traders have used this method for years, and has experienced an upsurge after the crypto ban.
- The Dubai International Financial Center (DIFC) Courts, in a partnership with Smart Dubai Initiative, announces plans to “create the world’s first Court of the Blockchain”. The shift to a “blockchain-powered future” will bring “greater efficiencies across the entire legal ecosystem,” the authority said in a statement. The two government agencies are hoping to develop a network built on blockchain technology and smart contracts to explore verification of court judgments and sharing of documents in real-time for efficient cross-border law enforcement.