Digital Currency Weekly Recap 10-9-2016
Bring on the Lawyers!
In yet another sign that cryptocurrency is gaining greater credibility with each passing day, a group of more than four dozen attorneys from across the United States have banded together to help defend the rights and civil liberties of digital currency users and crypto tech firms. To accomplish that, they’ve united to form the Digital Currency and Ledger Defense Coalition, or DCLDC. According to the Coalition’s Chairman, Brian Klein, the goal is to help counter the chilling effect that unfair government scrutiny can have on industry innovation, particularly in light of the increased emphasis on new regulatory controls.
The group includes lawyers from more than 40 legal firms, as well as representatives from non-profit organizations and universities, and intends to offer legal advice on a pro-bono basis for individuals and companies that cannot afford a legal defense. The Coalition has also announced its intent to provide amicus briefs to courts taking up any cryptocurrency case that could have the potential to be precedent-setting. A list of Coalition members can be viewed on the DCLDC website.
State of Jersey Amends Laws Covering Crypto Exchanges
Lawmakers in the British Crown Dependency of Jersey are reportedly amending their existing laws to provide more intense regulation of digital currency exchanges. The legislative move comes on the heels of a year-long period of reflection as the island’s government sought ways to battle criminal activity like money laundering. The new legal framework will subject exchanges with more than £150,000 in annual turnover to the new regulations, with companies that exceed that amount being given only three months to self-report to the Jersey government. Exchanges failing to report that level of turnover will be subject to government sanction.
Fed Launches Study of Digital Currency and Blockchain Tech
The Federal Reserve of the United States confirmed this week that America’s central bank is launching new studies to examine the technology that makes digital currencies and the blockchain possible as part of an effort to better understand new digital payment technologies. The study is just the latest effort by the Federal Reserve to catch up to these fast-paced innovations, with the broader goal of enabling so-called payment system stakeholders to develop faster and safer payment capabilities. The study will be conducted in two parts, and will have two task forces with nearly five hundred members – with one task force focused on developing a faster payment system while the other works to enhance security.
HitBC Exchange Offering Increased USD and EUR Deposit Support
Digital currency exchange HitBC has reportedly started to provide greater support for USD and EUR deposits, in an effort to attract more mainstream traders to the digital currency arena. The new support enables the exchange’s new registered customers to quickly complete their verification process and more rapidly deposit and trade cryptocurrencies on the exchange. The increased support for the two fiat currencies is just part of an effort to attract traders who currently deal with stocks, commodities, and forex trading.