July 25, 2019

US SEC Gives Crypto Gaming Firm the Go-Ahead on ‘Quarters’ Token

July 25, 2019 boss

The United States Securities and Exchange Commission (SEC) has cleared a crypto gaming company to issue blockchain tokens without registration, deeming the tokens to not be securities. The SEC published its determination on July 25 via the commission’s website, as a reply to an apparent inquiry from the company Pocketful of Quarters (PoQ) on its proposed “Quarters” tokens. Jonathan Ingram, the chief legal advisor of the SEC’s FinHub division wrote: “Based on the facts presented, the Division will not recommend enforcement action to the Commission if, in reliance on your…

Nigerian Deposit Insurance Corporation Warns Against Crypto Dependency

July 25, 2019 boss

The Nigeria Deposit Insurance Corporation (NDIC), a federal insurance overseer and safety net provider, has issued a public warning about relying on cryptocurrency transactions in a press release on July 25. According to the press release, managing director and CEO of NDIC Umaru Ibrahim said that relying on cryptocurrencies is very risky, because they are unregulated and unbacked by central banks in most financial jurisdictions. Much like the United States’s Federal Deposit Insurance Corporation, the NDIC provides a safety net for depositors and aims to protect the banking system from…

Croatian Post Launches Pilot Program for Crypto-to-Fiat Exchange

July 25, 2019 boss

The Croatian Post has partnered with Electrocoin to run a pilot program for a crypto-to-fiat exchange in the city of Zadar. The pilot service will reportedly enable crypto holders to convert Bitcoin (BTC), Ether (ETH), Stellar (XLM), XRP and EOS to cash in one of the Croatian Post’s local offices, according to an announcement by the postal service on July 24. The exchange pilot is currently available at three post offices in Zadar in order to gauge market interest in the service. The Croatian Post ultimately aims to spread the…

US Department of Justice Accuses Crypto Exec of $7 Million Fraud Scheme

July 25, 2019 boss

Federal authorities in the state of New York have unsealed fraud charges against the principal of a purported cryptocurrency escrow company Volantis in the amount of over $7 million. According to an announcement by the Department of Justice (DoJ), the United States Attorney for the Southern District of New York and the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (FBI) unsealed a filing with the allegations on July 25. The defendant, Volantis principal Jon Barry Thompson, was also arrested on the same day. …

Bitcoin Could Reclaim Its Peak, Hit $20,000 by Year-End: Novogratz

July 25, 2019 boss

Some in the crypto community were left wondering if Michael Novogratz was still bullish on bitcoin after he recently took some bitcoin profits and kicked himself for not taking more. Being the astute trader that he is, Novogratz was just looking to buy back in at lower levels, an opportunity that doesn’t come around every day. Turns out the Galaxy Digital CEO knew exactly what he was doing, and now he’s feeling bullish once again. After accurately predicting a period of consolidation for BTC and a range of roughly $10,000…

Brazilian Trade Official Says Tax Reform Will Lead to Evasion Via Crypto

July 25, 2019 boss

The head of a major Brazilian trade association, the Federation of Industries of the State of São Paulo (FIESP), said that Brazilians could start using crypto to evade taxes. Paulo Skaf, the president of the FIESP, expressed concern over the recent tax reform proposal by Brazilian President Jair Bolsonaro, Cointelegraph Brazil reports on July 25. He reportedly warned that the new tax system could force citizens to use crypto such as Bitcoin (BTC) for tax evasion purposes. In a recent interview with local newspaper Folha de São Paulo, Skaf criticized…

Ripple CEO Brad Garlinghouse Concerned About Effects of Facebook’s Libra

July 25, 2019 boss

Brad Garlinghouse, CEO of blockchain and crypto firm Ripple, is concerned about potentially stricter regulation for the digital currency industry that could result from Facebook’s not-yet-issued Libra stablecoin. Garlinghouse delivered his comments in an interview with Fortune on July 25. Garlinghouse said, “You just want to make sure that you don’t get caught in the crossfire. It is important to me that when regulators start asking questions that they don’t lump us into one big bucket.” Libra helped XRP increase the number of contracts However, in an interview at Fortune…

Ripple CEO Brad Garlinghouse Concerned About Effects of Facebook’s Libra

July 25, 2019 boss

Bancor Raised $153 Million and Found Actual Users. Why Did Its Token Tank?

July 25, 2019 boss

The cryptocurrency industry is still grappling with the legal implications of the initial coin offering (ICO) trend of 2017. Two years after the token boom, the value of Bancor’s BNT token is in the dumps – sinking from $4.49 in July 2017 to an all-time low last week of $0.44, according to CoinMarketCap. Yet, the project’s main investors are still holding. For example, Yoni Assia, CEO of the crypto exchange eToro, described the $153 million Bancor ICO as a “pivotal” moment for the industry and told CoinDesk he is holding BNT…

Overstock’s tZERO Subsidiary Rolls Out Android Version of Crypto App

July 25, 2019 boss

Overstock’s digital currency arm tZERO has released an Android version of its recently launched cryptocurrency mobile application, according to a press release published on July 25. Initially, the tZERO Crypto App rolled out in late June supporting two major coins Bitcoin (BTC) and Ether (ETH), and claiming to be hack-resistant solution for trading and storing cryptocurrencies. The launch of the digital wallet and exchange services app for crypto was coupled with the release of its iOS version. Per the recent announcement, tZERO utilizes biometric authentication for additional security and also…