FCA Issues Cryptocurrency Investment Scam Warning
Aug17

FCA Issues Cryptocurrency Investment Scam Warning

On Friday, The UK Financial Conduct Authority (FCA) published an updated warning on its website about the danger of cryptocurrency investment scams, advising consumers to be skeptical of online ads that promise “high returns on investments in cryptocurrencies.” The warning also reminded consumers that the FCA has no regulatory authority over cryptocurrencies.

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SEC Warning: Self-Directed IRAS with Crypto Investments Pose Unique Risks
Aug14

SEC Warning: Self-Directed IRAS with Crypto Investments Pose Unique Risks

The U.S. Securities and Exchange Commission’s Office of investor Education and Advocacy recently published a new Investor Alert focused on risks associated with unregulated self-directed Individual Retirement Accounts. The alert advised investors to be cautious when dealing with this type of IRA, citing “unique risks” that include potential investment in digital assets like cryptocurrency:

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Saudi Standing Committee Says Crypto Trading Illegal in Kingdom
Aug13

Saudi Standing Committee Says Crypto Trading Illegal in Kingdom

In an August 12 announcement, Saudi Arabia’s Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Market declared digital currency trading to be illegal “inside the Kingdom of Saudi Arabia.” The committee statement cited issues with security, regulatory concerns, and market risks as reasons for its warning:

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Economist to Governments and Central Banks: Leave Crypto Alone
Aug12

Economist to Governments and Central Banks: Leave Crypto Alone

In an op-ed published this week, noted economist and American Institute for Economic Research Editorial Director Jeffrey A. Tucker suggested that governments and central banks should maintain a hands-off approach to cryptocurrency and other innovations.

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Storming Governments with The Blockchain
Aug06

Storming Governments with The Blockchain

For many years, our view of the governance model for information was based on the centralized approach. Even now, in the 21st century when most information is already stored in databases, we have gotten used to the idea that data that belongs to us… is not managed by us. Instead, it is managed by certain trusted parties such as governments (national registers), banks (financial databases), private companies (social networks) and so on. However, the rise of Bitcoin has sparked a new debate about the need for those controlling third-parties. Now that we’ve managed to build a transparent, auditable, independent financial system that requires no intervening third-parties, blockchain advocates naturally wonder why we can’t apply these properties – or at least some of them – to other systems. After all, the blockchain has opened the door to a fundamentally new way of managing data – one that belongs to the community. This is the primary question that we’ve decided to cover in this article.

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SEC Review of Brokerage Crypto Deals Underway
Aug05

SEC Review of Brokerage Crypto Deals Underway

The Securities and Exchange Commission is reportedly looking into cryptocurrency deals at brokerages, according to a report from Bloomberg. The regulatory agency is seeking answers to questions about brokerage business practices involving trading fees, financing, and ICOs.

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NC Election Board: No Crypto Donations for State Candidates
Aug01

NC Election Board: No Crypto Donations for State Candidates

North Carolina’s election officials have determined that candidates for state offices will not be permitted to accept cryptocurrency donations for their campaigns, according to News & Observer. The decision was made in response to an inquiry from Republican Emmanuel Wilder who had the State Board of Elections and Ethics Enforcement to provide formal guidance on the issue.

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Regulated Crypto Exchange Blocktrade.com Open for Beta Testing
Jul30

Regulated Crypto Exchange Blocktrade.com Open for Beta Testing

Cryptocurrency exchange Blocktrade.com is now open for beta testing, becoming the first fully-regulated digital currency exchange, according to Forbes. The new exchange will offer trading for Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple, with plans to list “Crypto Traded Indices™. Security Tokens, and Tokenised Assets” later in the year.

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Nasdaq Hosts Meeting to Help Crypto Gain Greater Legitimacy
Jul29

Nasdaq Hosts Meeting to Help Crypto Gain Greater Legitimacy

Nasdaq reportedly hosted a meeting in Chicago several days ago to facilitate efforts to bring new legitimacy to the cryptocurrency industry. The closed-door gathering brought together representatives from Wall Street and cryptocurrency exchanges, including the Winklevoss Twins’ Gemini exchange. Nasdaq has acknowledged that the meeting took place but provided no other official statement on the gathering.

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SEC Commissioner Publicly Dissents from Agency’s Denial of Winklevoss Bitcoin ETF
Jul28

SEC Commissioner Publicly Dissents from Agency’s Denial of Winklevoss Bitcoin ETF

The U.S. Securities and Exchange Commission’s Thursday rejection of the Winklevoss Bitcoin ETF drew a sharp dissent from Commissioner Hester Peirce, who suggested that her fellow regulators erred in their decision. Peirce commented immediately on Twitter and made her case against the SEC denial in a post published on the SEC website.

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SEC Again Rejects Winklevoss Bitcoin ETF
Jul27

SEC Again Rejects Winklevoss Bitcoin ETF

The U.S. Securities and Exchange Commission has denied the latest attempt to list shares for the Winklevoss Bitcoin Trust, voting 3-1 to reject a proposed rule change submitted by BATS BZX Exchange. Thursday’s decision marks the second time the SEC has rejected the proposed Winklevoss ETF.

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Iran Moving Forward with Plans for State Crypto in Effort to Thwart U.S. Sanctions
Jul26

Iran Moving Forward with Plans for State Crypto in Effort to Thwart U.S. Sanctions

Recent media reports suggest that the government of Iran is forging ahead with efforts to develop a national cryptocurrency. That news comes as the threat of renewed U.S. sanctions looms larger in the wake of President Donald Trump’s decision to leave the non-treaty Iran nuclear deal negotiated by the previous U.S. administration. Iran’s increasing interest in a state cryptocurrency is at least partially intended to evade those sanctions.

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G20 Ministers Ask FATF to Clarify AML Standards for Crypto by October
Jul24

G20 Ministers Ask FATF to Clarify AML Standards for Crypto by October

Finance Ministers representing the member states of the Group of Twenty (G20) gathered in Argentina this last weekend to discuss issues ranging from financial inclusion and the global tax system to the impact of technology on the world’s financial system. The group later issued a communique that downplayed cryptocurrency’s risk to global financial stability and set an October deadline for the Financial Action Task Force (FATF) to explain how its standards apply to cryptocurrency assets.

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City of London Police Establish Pilot Crypto Training Course for Officers
Jul23

City of London Police Establish Pilot Crypto Training Course for Officers

The City of London Police has created a new cryptocurrency training program for its officers, according to a report at City A.M. The Economic Crime Academy will provide the course to help officers better manage investigations involving cryptocurrencies by providing them with the basic education and skills needed to better understand the technology.

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Some Quebec Crypto Miners to See Energy Rate Hikes
Jul20

Some Quebec Crypto Miners to See Energy Rate Hikes

Quebec’s energy regulators have decided to allow the Hydro-Quebec utility firm to impose higher electricity costs on customers mining cryptocurrency, according to a report in the Montreal Gazette. The Régie de l’énergie decision will permit Hydro-Quebec to charge those miners’ electricity consumption at 15 cents per kilowatt hour – twice the rate paid by the company’s other customers.

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Experts to Congress: Crypto “Innovations Should be Fostered, Not Smothered”
Jul19

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.

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FSB: Crypto Poses No “Material Risk” to Stability of Global Finance
Jul18

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.

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SEC Blocks Spotlite’s Kodak-Branded Crypto Mining Scheme
Jul17

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).

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HKMA Launching Blockchain-Based Trade Finance Platform
Jul16

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.

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House Subcommittee to Hold “The Future of Money: Digital Currency” Hearing on July 18
Jul14

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:

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