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Experts to Congress: Crypto “Innovations Should be Fostered, Not Smothered”

On Wednesday, a United States House Financial Services Subcommittee on Monetary Policy and Trade hearing provided representatives with an opportunity to learn more about the various issues surrounding the nascent cryptocurrency industry. Committee members heard testimony on issues ranging from digital currency’s potential as a viable currency to its possible impact on the nation’s monetary policy and financial system.

FSB: Crypto Poses No “Material Risk” to Stability of Global Finance

A new report from the Financial Stability Board (FSB) suggests that the financial watchdog doesn’t believe that cryptocurrencies “pose a material risk to global financial stability at this time.” That assessment conforms to a similar claim made by FSB head Mark Carney earlier in 2018 when he told G20 central bankers and finance ministers that Bitcoin was not a “systemic risk” to that financial system.

SEC Blocks Spotlite’s Kodak-Branded Crypto Mining Scheme

Spotlite USA confirmed on Monday that its plans for a Kodak-branded Bitcoin miner leasing operation have been shelved, according to reporting from the BBC. The plan, which involved renting Spotlite’s Kodak KashMiners mining rigs to would-be crypto miners, has reportedly been blocked by the U.S. Securities and Exchange Commission (SEC).

HKMA Launching Blockchain-Based Trade Finance Platform

The Hong Kong Monetary Authority is preparing to launch a blockchain-based trade finance platform, according to a report from Financial Times. The project is a joint effort between the HKMA and Chinese firm Ping An Group’s financial technology subsidiary OneConnect, which designed the platform. 21 banks are expected to be involved, including HSBC.

Greek Court Grants France’s Extradition Request for Alexander Vinnik; Appeal Expected

A Thessaloniki court has ruled that former BTC-e head Alexander Vinnik will be extradited to France where he faces an array of criminal charges that include cybercrime, extortion, and money laundering. The country’s Supreme Court had previously approved an extradition request from the United States, which wants to pursue criminal charges against Vinnik for his alleged role in laundering $4 billion in Bitcoin.

How Payment Disintermediation Can Substantially Boost Consumer Spending

For many years intermediaries have found a way to wedge themselves between consumers and merchants, profiting from both sides and making transactions below a certain dollar value all but impossible. Thanks to the internet, the world we know is changing very rapidly, and increased competitiveness in the payments sector is providing people with options that never existed before. The increased competition from small business and startups is creating the beginning of a fee-slashing snowball effect and putting more money in the pockets of consumers. And as consumers gain access to income that would otherwise be allocated to pay for financial services, businesses will immediately enjoy revenue increases and widening margins as their payment processing fees are all but eliminated overnight. With this extra money at their disposal, they can more effectively for expand the business, provide better products, and ensure that customers get even more value for their dollars.

House Subcommittee to Hold “The Future of Money: Digital Currency” Hearing on July 18

U.S. Representatives serving on the Subcommittee on Monetary Policy and Trade will be conducting a hearing entitled “The Future of Money: Digital Currency” on Wednesday, July 18, according to a memorandum from the Financial Services Committee. The Committee memo announcing the hearing and scheduled witnesses suggested that testimony is expected to encompass a broad range of crypto-related topics:

Chinese Police Bust $1.5 Billion World Cup Crypto Gambling Ring

Police in the Chinese province of Guangdong announced on Thursday that they have disrupted a major World Cup gambling operation that hosted $1.5 billion in cryptocurrency wagers, according to reports from the South China Morning Post. The official statement suggested that authorities had arrested six suspects, seized cryptocurrency assets worth at least 10 million yuan, and frozen their bank accounts.

Robinhood Crypto Adds Support for Bitcoin Cash and Litecoin Trades

Robinhood has announced that it will now provide support for Bitcoin Cash and Litecoin trading on its Robinhood Crypto platform. In a blog post published on Thursday, the company suggested that the decision was made in response to customer interest in digital currencies other than Bitcoin and Ethereum.

DNotes Global Inc Launches Reg. D 506 (c) Funding to Raise $5 million from Accredited Investors in a series of Three Funding Rounds

DNotes Global, Inc. announced on Thursday that its first funding round utilizing Reg. D 506 (c) to raise $5 million from accredited investors is now live. An offering statement has been filed with the SEC and a Private Placement Memorandum (PPM) is now available to verified accredited investors. Prospective investors must first be verified through the company’s investor web portal:

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