US Cryptocurrency Exchange ErisX Receives License for Crypto Futures

Chicago-based crypto exchange ErisX has procured a derivatives clearing organization (DCO) license from the United States Commodity Futures Trading Commission (CFTC). According to an official blog post on July 1, ErisX is planning to make digital asset futures contracts available for trade on its regulated derivatives market later this year via its new DCO. ErisX also launched its spot market in April, with the promise of eventually rolling out a single digital asset platform for spot and futures trading.  At press time, the ErisX spot market exchange includes U.S. dollar…

‘Not Everyone Is Happy but We Have to Move on,’ Some Challenges to the FATF’s New Guidance

“Travel rule” was a term frequently heard at the V-20 Summit, which took place in parallel with the G-20 meeting in Osaka, Japan from June 28 to 29. Regulators and Virtual Asset Service Providers (VASPs) — such as exchanges from different countries — met in Osaka for two days and discussed how to implement the Financial Action Task Force’s (FATF) latest guidance on how to prevent cryptocurrencies being used for money laundering.  The travel rule requires VASPs to collect and transfer customer information during transactions.  While its objective is to…

Blockchains CEO Acquires Kirkwood Bank of Nevada for $28 million

The CEO of blockchain incubator and investment firm Blockchains LLC, has purchased a bank for $28 million, The Nevada Independent reported on July 1. According to the report, CEO Jeffrey Berns said he bought out Kirkwood Bank of Nevada in order to secure financial inclusion for Blockchains as well as other blockchain-based businesses: “Purchasing the bank was basically security for me to make sure that Blockchains and myself had access to the financial system… But secondarily, it’s to create an environment where the blockchain ecosystem, the legitimate businesses out there…

Bitcoin (BTC) Rally Past $10,000 is Making Wall Street Return –

Institutions Now Foraying into Bitcoin, Report Suggests Bitcoin (BTC) may have lost its bullish momentum over the past few days, but institutions are purportedly still well on their way back to the crypto space. Ever since 2017, crypto investors across the board have been eyeing institutions, trying to determine if giants in finance, technology, and retail were going to make a play in this embryonic industry. At first, Wall Street was all for Bitcoin: the CME and CBOE launched futures for the leading digital asset, Goldman Sachs hinted at its…

Bitcoin (BTC) Rally Past $10,000 is Making Wall Street Return –

Institutions Now Foraying into Bitcoin, Report Suggests Bitcoin (BTC) may have lost its bullish momentum over the past few days, but institutions are purportedly still well on their way back to the crypto space. Ever since 2017, crypto investors across the board have been eyeing institutions, trying to determine if giants in finance, technology, and retail were going to make a play in this embryonic industry. At first, Wall Street was all for Bitcoin: the CME and CBOE launched futures for the leading digital asset, Goldman Sachs hinted at its…

Dutch Ministers Call for Cryptocurrency, Cash Use Regulations

Dutch ministers have urged the government to regulate cryptocurrencies and certain cash payments over money laundering concerns in a statement on July 1. The officials said that the government should ban cash payments over 3,000 euros, regulate cryptocurrencies and ban 500 euro banknotes, as these instruments can purportedly facilitate money laundering. The Netherlands do not recognize cryptocurrency as a legal currency, although last year a Dutch court found bitcoin (BTC) to be a legitimate “transferable value” in a penalty payment case. According to the statement, Minister of Finance Wopke Hoekstra…

Wall Street-Backed Crypto Exchange Snags CFTC License, Can List Bitcoin Futures

It seems that once again, a crypto exchange has beat Bakkt, the Bitcoin (BTC) venture launched by the New York Stock Exchange, to the punch. Announced Monday afternoon, ErisX, a Chicago-based cryptocurrency startup, has secured a “derivatives clearing organization” (DCO) license from the Commodity Futures Trading Commission (CFTC). Our DCO license is the next step in ErisX’s evolution & mission to improve the digital asset space. We worked collaboratively w the CFTC to establish a clearinghouse guided by proven regulatory frameworks that protect participants and market integrity. https://t.co/xHN4giM5lr — ErisX_Digital…

Altcoin Phenomenon Finished, Value Will Flow Into Bitcoin

American broadcaster and known bitcoin (BTC) bull Max Keiser suggested that the cryptocurrency market rally will not include altcoins in a recent interview with CNBC Keiser said that with the development of the cryptocurrency space and adoption of Segregated Witness (Segwit) and the Lightning protocol, people began to better understand the store of value bitcoin offers, as well as scaling that would happen off chain. This, per Keiser, made crypto owners move their funds back into “the most secure chain [bitcoin].” Keiser further projected that altcoins are going to pennies…

Federal Judge Sentences Cryptocurrency Scammer to 86 Months in Prison

A scammer has been sentenced to 86 months in prison for running a cryptocurrency-related scheme, the United States Department of Justice (DoJ) reports on July 1 In addition to the 86-month prison sentence, United States District Judge Sandra J. Feuerstein ordered 44-year old New Jersey resident Blake Kantor to pay a total restitution of $806,405 distributed to the victims who invested in his scam, as well as forfeiture of $1.5 million, and forfeiture of $153,000 of stolen proceeds. The scam itself was run through the company Blue Bit Banc (BBB)…

Facebook Seeks BitLicense From New York State Regulator

Social media giant Facebook has applied for a cryptocurrency business license to use its announced virtual currency Libra in New York, according to a report by Reuters on June 28 New York requires a special license for crypto operations called the BitLicense, which is a product of the state’s finance regulator, the New York State Department of Financial Services (NYDFS).  According to the report, Facebook has also been in contact with regulators in England and Switzerland, presumably to discuss the terms of Libra compliance.  Facebook is reportedly aiming to launch…