Day: May 9, 2019

US Lawmakers Form Fintech Task Force to Examine Industry

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The United States House of Representatives Financial Services Committee has passed a resolution to form the Task Force on Financial Technology, according to a press release by the committee on May 9. The new task force purports to “examine the current legal framework for fintech, how fintech is used in lending and how consumers engage with fintech.” Congressman Stephen Lynch (D), the newly appointed chair of the Task Force on Financial Technology, commented in a press release on the need for the committee to reevaluate how to best protect consumers…

SEC Commissioner Hester Peirce Concerned Crypto Industry Hindered by Regulatory Delays

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United States regulator and so-called “crypto mom” Hester Peirce gave remarks in which she expressed fears that the cryptocurrency industry has been hindered by the Securities and Exchange Commission (SEC) dragging its heels. Peirce spoke at the Securities Enforcement Forum in East Palo Alto, California on May 9. In her speech, Peirce stated that, given the rapid development of the digital currency industry, she worried that the SEC’s hesitance to provide clear guidance would hold back its growth. The sticking point was, according to Peirce, how to decide when issuing…

Is Facebook Driving Bitcoin (BTC) Price Rally?

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Facebook’s interest into cryptocurrency, with the forthcoming Facebook coin likely to be announced in Q3 2019, is finally having its effect on the crypto markets. The blockbuster rumor that Facebook was in the process of developing a stablecoin for its messaging platform had a small impact on the crypto markets at the time, in large part due to the “crypto winter” for coin prices throughout 2018. Plain and simple: excitement and investor interest in cryptocurrency hit a lull at the end of last year and beginning of 2019, as weary…

Blockchain Entrepreneur, Ontario Regulators Seek Settlement in Namedrop Scandal

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The Ontario Securities Commission (OSC) along with blockchain corporation NextBlock Global Limited and its CEO Alex Tapscott, have filed for a public settlement hearing on May 9. Tapscott and NextBlock were previously accused by the OSC Staff of the Commission of misleading prospective investors during a funding round that reportedly “raised approximately $20 million from 113 accredited investors.” Investors were allegedly shown investor slide decks that falsely portrayed various well-known figures in the blockchain industry as NextBlock advisors. NextBlock allegedly did not inform the individuals that they were being purported…

Bitcoin’s Software Has Been Rolled Back Before

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When Binance lost $40 million to hackers this week, the crypto community discussed reorganizing the chain after it was suggested by a developer from MIT. Many people were upset by this proposition, declaring that there was no way a coordinated effort with miners could be pulled off. However, most bitcoiners don’t seem to remember that a similar centralized decision was made in 2013, when Btc Guild’s hashrate was leveraged to downgrade the main chain from Bitcoin 0.8 to version 0.7. Also read: Europol Claims New Scalps – Chaos as Darknet…

Bitcoin’s Software Has Been Rolled Back Before

boss

When Binance lost $40 million to hackers this week, the crypto community discussed reorganizing the chain after it was suggested by a developer from MIT. Many people were upset by this proposition, declaring that there was no way a coordinated effort with miners could be pulled off. However, most bitcoiners don’t seem to remember that a similar centralized decision was made in 2013, when Btc Guild’s hashrate was leveraged to downgrade the main chain from Bitcoin 0.8 to version 0.7. Also read: Europol Claims New Scalps – Chaos as Darknet…

What We Know About the Binance Hack So Far

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Binance, one of the world’s largest cryptocurrency exchanges, experienced a “large scale” data breach on May 7. The hackers reportedly stole around 7,000 Bitcoin (BTC), worth more than $40 million as of press time. As the platform explained via a public statement, the fraudsters had managed to steal users’ application programming interface (API) keys, two-factor authentication (2FA) codes and other information, which supposedly helped them to orchestrate the attack. Binance has announced that it will use its reserves “to cover this incident in full,” hence “no user funds will be…

Litecoin Hastens Mainstream Adoption with Blockchain Startup Travala

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By CCN: With the exception of bitcoin, Litecoin is arguably doing more than any other coin for mainstream adoption. Most recently, Litecoin Creator Charlie Lee has inked a partnership with Travala.com, a blockchain-based hotel booking platform. Even though Travala.com is another blockchain company, it’s a play on the travel industry and represents a use case that can serve as a model for future deals. While Expedia has shied away from accepting bitcoin, it could change its tune if Travala.com’s Litecoin payments take off. Charlie Lee stated in the announcement: “We…

It Seems Like a Really Big Mess That Probably Won’t Get Better

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Joseph Lubin, founder of blockchain tech company ConsenSys, expressed his pessimism regarding the recent situation with cryptocurrency trading platform Bitfinex, Bloomberg reported on May 9. Speaking at the Fluidity Summit conference, Lubin said that “it seems like a really big mess that probably won’t get better. Tether is somewhat important to our ecosystem because it’s used by different institutions to effect more fluid trading.” Lubin noted however, that the turmoil surrounding Tether and Bitfinex could drive growth in other stablecoins: “There are other price-stable tokens out there —  many others…

Facebook Crypto Ad Ban | Platform Loosens Restriction on Crypto Ads

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According to CNBC, Facebook said on Wednesday that it will loosen its ban on cryptocurrency advertising on its platform. The result will allow businesses related to crypto and blockchain to promote their projects on the social network. The Facebook crypto ad ban first came into effect in January 2018. Facebook Crypto Ad Ban The social media giant first started blocking ads on initial coin offerings, saying it had concerns for its users’ welfare. It was afraid that many would fall for scams and fraudulent crypto products. But earlier this year…