Tether released a law firm report on Wednesday that it hopes will allay ongoing concerns about whether the company’s USD reserves are sufficient to back the Tether cryptocurrency. The report from law firm Freeh, Sporkin & Sullivan LLP (FSS) cites information provided by Tether’s banking partners confirming that the company had roughly $2.55 billion in U.S. dollar reserves on June 1 – more than enough to back every Tether currently in circulation.
After conducting a review of digital currency’s potential benefits as a central bank-issued currency, the Bank of Korea (BOK) has determined that it will not issue its own. Citing concerns about societal costs and the potential moral hazard, a recent BOK report suggested that the central bank should continue to have total control over the issuance of Korean currency.
Japan’s cryptocurrency self-regulatory body, the Japan Virtual Currency Exchange Association (JVCEA), has agreed to a set of new regulations for the industry, according to a report from Nikkei Asian Review. The association plans to hold a vote on its proposed rules on June 27. The rules are designed to ban insider trading and prevent trades involving cryptocurrencies that are designed to be difficult to track.
The Commodity Futures Trading Commission (CFTC) has asked a judge to rule that cryptocurrency My Big Coin is a commodity subject to the agency’s regulation, according to a recent report from Reuters. The agency is currently pursuing legal action against My Big Coin (MBC) and MBC creator Randall Carter for fraud.
DNotes Global Inc today announced the launch of its new lite wallet, Electrum DNotes Wallet. According to information provided on the company’s website, the new lite wallet enables DNotes users to manage their wallet holdings and transactions more quickly and efficiently – and without downloading the DNotes blockchain.
SEC Director of the Division of Corporation Finance William Hinman used a speech on Thursday to offer a fairly detailed assessment of the agency’s standards for determining when a cryptocurrency or ICO can be defined as a security. In his remarks to attendees at the Yahoo All Markets Summit: Crypto Conference, Hinman said that the agency’s assessment depends on the way a coin or token is being sold and what investors expect to get from their purchase.
A new study from two researchers at the University of Texas at Austin concludes that Tether may have been used to manipulate cryptocurrency prices in 2017, according to a Wednesday report from the New York Times. Researchers John. M. Griffin and Amin Shams evaluated transaction data and found that at least half of the crypto market’s record-setting rise in value may have been the result of price manipulation.
Banking giant Wells Fargo has confirmed that its customers will not be allowed to use their credit cards to purchase cryptocurrency, according to a report from CBS News. A bank spokesperson suggested that the bank made the decision after reviewing the “risks associated with this volatile investment.”
DNotes Global Inc. has announced that the upgraded DNotes 2.0 CRISP program has successfully delivered its first payments to DNotes stakeholders. The payments were delivered on June 10 to DNotesVault users who had stored coins in the secure DNotes vault from April 30 to June 3, 2018.
During remarks at the United Nations BFI Summit in New York this week, CFTC Commissioner Rostin Benham suggested that cryptocurrencies like Bitcoin are here to stay. During a speech focused on the regulatory challenges confronting the CFTC as it tries to address issues related to the emerging cryptocurrency industry, the commissioner asserted that the technology is something that will impact all nations:
Regulators at the Commodity Futures Trading Commission (CFTC) have reportedly ordered several cryptocurrency exchanges to turn over trading data the agency wants to see as part of its investigation into potential price manipulation in the Bitcoin markets, according to a Wall Street Journal report on Friday.
The provincial government of Quebec has announced that it is temporarily halting all energy approvals for cryptocurrency mining operations, according to a report from Reuters. The decision was made in response to a request from state-run energy company Hydro Quebec that asked regulators to reassess energy fees and place limits on the amount of power miners can access.
A recent study from Cybersecurity firm Carbon Black claims that criminals have stolen about $1.1 billion of cryptocurrency since January 1, 2018, according to a report from CNBC. Countries like the United States, China, and the UK were reportedly prime targets for crypto criminals.
U.S. Securities and Exchange Commission Chairman Jay Clayton tried to clarify the agency’s view on cryptocurrencies and securities on Wednesday and said that regulators won’t change their definition just to accommodate digital currencies. In remarks to CNBC, Clayton noted that the current approach to defining securities means that cryptocurrencies like Bitcoin fall outside that definition.
San Francisco-based Coinbase has announced that it is opening an office in Japan as part of its ongoing expansion effort, according to a company blog post published on Monday. The exchange giant also announced that former Morgan Stanley investment banker Nao Kitazawa has been selected to serve as the new branch’s CEO.
During an appearance on CNBC on Monday, Apple co-founder Steve Wozniak added his stamp of approval to Twitter CEO Jack Dorsey’s prediction that Bitcoin will eventually achieve the goal of becoming a world currency. While Wozniak was unwilling to make a similar claim, he did suggest that he hoped Dorsey’s prediction comes true:
The Baltic country of Estonia has reportedly given up on its ambitious plans for a national digital currency pegged to the euro and available for all its citizens, according to Bloomberg. Estonian officials have scaled back those plans after receiving sharp criticism from European Central Bank President Mario Draghi and other banking officials.
US-based cryptocurrency exchange Bittrex will allow its customers to use US dollars to purchase altcoins on its exchange, according to reporting from CNBC. On Friday’s Fast Money, Bittrex CEO Bill Shihara suggested that the move is part of Bittrex’s broader goal of expanding its market reach in a way that allows all its customers to “have access to U.S. dollar trading.”
India’s government has announced that the country cannot use the Petro cryptocurrency to purchase Venezuelan oil, according to reports from CrowdFund Insider and other media outlets. The decision represents yet another blow to Venezuela’s attempt to generate more demand for the Maduro government’s state-issued digital currency.
Hong Kong officials have confirmed that the Hong Kong Monetary Authority is not currently considering any plans to issue a central bank digital currency, or CBDC. Acting secretary for financial services and the treasure Joseph Chan told legislators that the Monetary Authority’s research of the issue concluded that the technology would not be a clear improvement over Hong Kong’s existing payment infrastructure: