We’re Guarding Consumers Over Bitcoin: New York Regulator

Maria Vullo, the superintendent of New York Department of Financial Services, told Bloomberg’s David Westin in a TV interview that the department keeps on top of bitcoin. Westin posed the question in light of bitcoin’s temporary drop in value on Sunday, reportedly caused by regulatory pressure. Westin said problems with Coinbase and Gemini reportedly caused a 20% drop in bitcoin’s value yesterday. New York Scrutinizes Companies “We’re making sure that they do the things they need to do,” Vullo said, regarding companies that her agency regulates. She said the department…

SEC Files Charges Against Alleged ICO Scam PlexCoin

The U.S. Securities and Exchange Commission (SEC) has filed charges against the organizers of the PlexCoin initial coin offering (ICO). Citing marketing materials that promised investors could net a 1,354 percent profit on their holdings in less than 29 days, the SEC charged Quebec residents Dominic Lacroix and Sabrina Paradis-Royer, along with PlexCorps — Lacroix’s company —  with violating anti-fraud regulations connected to the ICO. Lacroix and PlexCorps were also charged with violating the requirement to register all securities offerings with the SEC. According to an SEC statement, PlexCorps had…

IOTA Price Explodes After Microsoft Partnership Announcement

The IOTA price has surged nearly 600 percent this month on the heels of a flurry of announcements related to the launch of IOTA’s much-touted Data Marketplace. IOTA Storms to Fifth-Largest Market Cap One month ago, the IOTA price was valued at just $0.37, but it experienced a steady climb over the course of the next three weeks, eventually reaching parity with the dollar on November 27. The next day, the IOTA price punched through its all-time high, and it has continued to soar from there. 30-Day IOTA Price Chart…

Venezuelan President Announces Oil-Backed Cryptocurrency “Petro”

According to Reuters, Venezuelan president Nicolas Maduro recently announced a new cryptocurrency during a Christmas television special, amid the country’s economic crisis and the plunge of the Venezuelan Bolivar’s value.Maduro, a former bus driver and union leader who took office in 2013, didn’t reveal a lot about the yet to be launched cryptocurrency named “Petro,” or how the country would go by developing and distributing it but did proclaim “the 21st century has arrived!”During the broadcast, Maduro revealed that the cryptocurrency will be backed by commodity reserves including oil, diamonds,…

Bitcoin Price Holds Near $11,500 Despite Regulatory Heat

The bitcoin price has continued to trade near $11,500 in defiance of reports that multiple national governments are scheming to regulate or curtail domestic cryptocurrency usage. U.K. and Indonesia Plot Bitcoin Regulations As CCN reported, both the United Kingdom and Indonesia are preparing to implement regulatory crackdowns of varying degrees on cryptocurrency usage within their respective jurisdictions. The U.K. Treasury plans to expand its anti-money laundering and counter-terrorism financing regulations to explicitly bring bitcoin under their purview. This move is generally in line with the ordinary course of mainstream cryptocurrency…