A Director for the SEC Claims Ether is Not a Security
A top executive for the US Securities and Exchange Commission has said that the digital currency of the Ethereum network, Ether, is not considered a security under federal regulations. William Hinnan, who is a director for the SEC's corporate finance division, said that ether will not be a regulated security by the SEC. He also shared that even though ether was originally issued to create an ICO-style crowdsale, the network eventually became decentralized and that it did not have a controlling power. The assets that were initially sold as securities had the probability to lose that designation, down the line.
Coinbase Penetrating Japanese Market
Digital currency exchange giant is officially taking off in Japan. Coinbase is already accessible in 32 countries, and they have just announced that they will be launching in Japan. It makes sense, due to Japan being one of the largest crypto markets in the global crypto market. San Francisco based Coinbase stated that they will be working closely with Japan's financial regulators and the Financial Services Agency (FSA). Coinbase was trying to open business in Japan for two years now, ever since it received $10.5 million from Japanese investors.
World’s Largest Bitcoin Farm Coming to NY State?
Reports have been made that a $700 million mining farm will be coming to upstate New York. Crypto mining firm, Coinmint, will make New York hold the record for the world's biggest Bitcoin mining center if plans are carried out. Coinmint is a division of North Country Data Center Corporation and they have already invested $50 million into this project. They will be modifying a 1,300 acre aluminum plant that is located in Massena, NY. The plant can process 435- megawatts, and it would be considered the biggest BTC mining center in the world. Coinmint is planning to come up with a total of $700 million for this project and this will also create jobs for the next year and a half. The project and the facility will be up and running in the next 12 months.
Educational Institution Adoption of Cryptocurrencies
As you all know, the global cryptocurrency market is penetrating many industries and it has recently dipped in the educational sector. Founder of the Capital Fund Law Group, John Lore, shared that many universities and academies have started getting their feet wet in the digital currency market. Educational institutions are getting involved for strategic reasons. Although the names of the universities cannot be given, Lore believes that this will become more widespread with universities throughout the world. For schools and academic universities, the appropriate custodian solutions are mandatory in order to commit large sums of funds into the digital currency market
Bittrex Supports Crypto-to-Fiat Transactions
Bittrex is one of the very few digital currency exchanges aside from UPbit and Bithumb (both located in South Korea), that allows their users to buy tokens using fiat currency. The CEO of Bittrex, Bill Shihara, has shared that Bittrex has a meticulous process when it comes to reviewing digital assets and approving them to their platform. Bittrex is mainly looking for innovation when they select from various cryptocurrencies on the market and they also look at each companies' founders and principles. Bittrex has a team of lawyers and third party independent law firms so they can make sure to adhere to regulations and avoid conflicts.
Port in Abu Dhabi Implementing Blockchain Technology
Maqta Gateway is a port in Abu Dhabi that is owned by a division of maritime developer, Abu Dhabi Ports. They have now announced that they are deploying their own blockchain technology for international imports and exports. The new technology is called "Silsal" which means "chain" in Arabic. This blockchain solution has never been implemented before and it is the first of its type. It will provide real-time tracking of shipments and cargo and will allow documents to be accessed electronically as opposed to printing. It will not only be time efficient but cost effective as well. International trading patterns will be shared on a decentralized ledger. This solution was created to fill the hole between importers and exporters in an industry that deals with a lot of change and numbers.
U.S. Securities and Exchange Commission Appoints New Crypto Advisor
The SEC has recently added a new cryptocurrency task force department. They have now hired a new crypto advisor. Valerie A. Szczepanik already has an extensive background in Wall Street and has been a regulator for quite some time now. Szczepanik has been appointed to facilitate the application of securities laws to ICOs and digital currencies.The position is new, and her official title is "Associate Director of Division of Corporation Finance and Senior Advisor for Digital Assets and Innovation for Division Director Bill Hinman," Sheesh!
Japanese Bank Announces Cryptocurrency Exchange Backed by Ripple
SBI Holdings, a financial institution located in Japan, will be launching their own digital currency exchange and will be calling it "VCTRADE". They first announced that they would be doing this, back in 2016. VCTRADE will allow their community to trade XRP, and they will eventually add BTC to their platform. No definite dates have been announced yet on the array of cryptocurrencies to be added to the exchange, but SBI shared that it is in the works to add more assets for the near future. SBI is a major partner with Ripple and they operate SBI Ripple Asia. The financial institution focuses on money transfers and exchanges by implementing the XRP blockchain, for banks based in Asian countries.
Inventor of Beats Headphones is Having His Own ICO
Beats Headphones inventor, also known as Monster Products, has told the Securities and Exchange Commission (SEC) that they will be holding their very own initial coin offering or ICO. Monster Products is looking to raise around $300 million via sales of Monster Money Tokens (MMNY). The business has not been doing so well financially in the last few years. However, they are hoping that this will turn around as they will be creating an e-commerce platform via the Ethereum network and they are going to call it Monster Money Network. The new network will consist of three stages. The first stage is the platform, and it will be a typical payments processing system. The second stage involves the company developing an off-chain platform. In the last stage, Monster is anticipating that they can integrate the completed blockchain network into their core operations.
BTC Price is Tanking but it Will Rally Soon
Bitcoin has hit an all-time low in price but that is not to say that it will rally again soon. BTC prices have dropped 60% since its all-time high of $20,000, in December 2017. Currently the crypto market's top digital currency is priced at $7,400. Analysts believe that Bitcoin is going through a recovery process, and it's the first step in the process before it reaches highs again. Reports show us that Bitcoin's relative strength index or RSI is around 40. If the RSI for any digital asset reaches 30, it basically means that the cryptocurrency is oversold. Bitcoin has been on a decline since December 2017 due to the regulatory issues that have happened in the last few months. The global market's price changes and regulatory crackdowns have caused a lot of investors to become impatient and unhappy. However, around this time last year, BTC was at a price of $2,500 and the global market cap as a whole was at $85 million. Today we are seeing a total global market cap of a whopping $329 billion, and Bitcoin is trading much higher than it was last year. Sometimes the way to measure success is all based on your perspective. Don't lose hope!