Monthly Archives: May 2019

New York Assemblyman Says Blockchain Industry Needs Better Lobbying, Education

NY State Assemblyman Clyde Vanel said that the blockchain industry needs to be better at lobbying for itself and educating regulators. New York State Assemblyman Clyde Vanel said that the blockchain industry needs to be better at lobbying for itself and educating regulators. Vanel delivered his comments at a panel of ConsenSys’ Ethereal Summit on May 10. Vanel said that crypto- and blockchain-based business need to better advertise their accomplishments and value to the public. He noted that, within the nascent industry, bad actors often get all […]

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New Ernst & Young Report Reveals Assets and Debts of Now-Defunct QuadrigaCX

A new report from Big Four audit firm EY outlines assets and debts of Canadian crypto exchange QuadrigaCX and its subsidiaries. A new report from Big Four audit firm Ernst & Young (EY) outlines the assets and debts of  major Canadian crypto exchange QuadrigaCX and its subsidiaries. The report was released on EY site on May 9. EY — a monitor to the creditor proceedings of now-defunct QuadrigaCX — has published a trustee’s preliminary report revealing that Quadriga has around $20.8 million in assets, and around $160 […]

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Messari CEO: Ethereum 2.0 Proof-of-Stake Transition Not to Happen Until at Least 2021

Messari CEO Ryan Selkis predicted that the proof-of-work algorithm will be the status quo for “at least two or three years.” The Ethereum (ETH) 2.0 proof-of-stake (PoS) transition will not take place until 2021, the CEO of crypto analytics firm Messari predicted at a panel of ConsenSys’ Ethereal Summit on May 10. During the panel titled “The Smart Contract War Is Coming,” Messari’s Ryan Selkis pointed out major risks associated with Ethereum’s migration from a proof-of-work (PoW) to a PoS consensus algorithm, arguing that PoS systems “are […]

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Op Ed: Understanding the Latest FinCEN Guidance for Cryptocurrencies

On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN), issued new “interpretive guidance” about how its regulations apply to businesses that conduct money transmissions in virtual currencies. In summary, a money services business (MSB) needs to register with FinCEN, (which is free and done through Form 107); get an AML compliance policy that specifies what KYC information will be collected (and aims to catch and prevent money laundering and terrorism); designate a compliance officer to monitor transactions and file suspicious activity reports for activity that looks […]

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Financial Advisory Firm Says Past Market Trends Point to Bitcoin at $20,000 by 2021

Analysts from financial advisory firm Canaccord Genuity predict bitcoin to hit $20,000 by 2021, based on past market trends. Financial advisory firm Canaccord Genuity has predicted that bitcoin (BTC) could hit $20,000 by 2021 based on retrospective projections in an analysis published on May 9. This prediction is based on a close similarity between the four-year price cycles of bitcoin during the 2011–2015 and 2015–2019 ranges, as shown in the following graph: Bitcoin price cycles. Source: Canaccord Genuity Canaccord Genuity points to the bitcoin mining rewards schedule […]

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 10

Bitcoin has been crossing overhead resistances with ease recently. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Мarket data is provided by the HitBTC exchange. Bitcoin has been crossing every overhead resistance with ease. A few months back, the question troubling analysts was where Bitcoin would bottom out, but now the analysts are wondering how long the […]

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Binance Announces ‘Significant’ Security Changes Following Hack

Cryptocurrency exchange Binance has revealed that it will be revamping its security network to prevent a recurrence of the 7,000 BTC hack it experienced on May 78, 2019. Per a blog post on its official website, the exchange announced that it will be implementing “significant” changes to its fundamental security infrastructure, including its two-factor authentication (2FA) process, its Application Programming Interface (API) and withdrawal validation processes. It promised to implement some of the new measures within the week before deposits and withdrawal services resume on the platform. […]

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The SEC Has a New Exchange Traded Fund Application to Review

The U.S. Securities and Exchange Commission (SEC) has posted a new proposal from Crescent Crypto Index Services, a subsidiary of Crescent Asset Management, for the launch of a crypto-backed exchange-traded fund (ETF). According to the application, the company, which is based in New Jersey, will be looking to monitor the performance of a portfolio of ether (ETH) and bitcoin (BTC). The fund has been named the “USCF Crescent Crypto Index Fund” with “XBET” being its proposed ticker. It will also be sponsored by United States Commodity Funds […]

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US Senate Banking Committee Presses Facebook for Info on Crypto Project

The U.S. senate is seeking information on Facebook’s secretive cryptocurrency project. The Committee on Banking, Housing, and Urban Affairs of the United States Senate is seeking information on Facebook’s reported cryptocurrency project. The committee addressed its concerns to Facebook founder and CEO Mark Zuckerberg in a letter on May 9. In a series of questions, the Senate highlights certain aspects of consumer protection, asking Zuckerberg how the company plans to protect consumer financial information. The committee also asks Zuckerberg whether Facebook shares or sells consumer information with […]

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Morgan Creek-Backed DLT Equity Loan Platform Figure Secures $1 Billion Financing Facility

Founded by the former SoFi CEO, Figure completed a $1 billion “uncommitted” financing facility via blockchain with Jefferies and WSFS. Morgan Creek-backed blockchain equity loan platform Figure has completed a $1 billion “uncommitted” financing facility via blockchain, the firm announced in a press release on May 9. Custodied on Figure’s blockchain platform Provenance.io, the new facility was closed along with major global investment banking firm Jefferies and multi-billion dollar financial services company WSFS Financial Corporation. According to the press release, Figure has been working with Jefferies and […]

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