Day: December 20, 2019

Libra Lacks Strategic Plan for 2020 Launch, Says Board Member

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Ever since Facebook announced earlier this year that it was going to launch its own cryptocurrency, Libra, the token has been met with a lot of skepticism. Leading regulators at some of the world’s central banks, as well as United States President Donald Trump, have criticized different aspects of Libra. Major Details In a new development, one of the board members of the Libra Association, Patrick Ellis, has stated that there is still no plan with regards to the launch of the token. He added that the association is not…

CipherTrace to Tackle ‘Modern-Day Slavery’ With Crypto Analytics

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Blockchain security firm CipherTrace has partnered with the Anti-Human Trafficking Intelligence Initiative (ATII) to track cryptocurrency transactions from suspected traffickers. Announced Friday, CipherTrace has provided ATII with access to its user interface, a tool that will allow the organization to track criminal cryptocurrency transactions and help prevent them from accessing financial services. “CipherTrace will be an instrumental partner in helping us promote corporate responsibility within financial institutions such as cryptocurrency exchanges,” said Aaron Kahler, ATII founder and president. “As public and private organizations continue to collaborate in the creation of…

CipherTrace to Tackle ‘Modern-Day Slavery’ With Crypto Analytics

boss

Blockchain security firm CipherTrace has partnered with the Anti-Human Trafficking Intelligence Initiative (ATII) to track cryptocurrency transactions from suspected traffickers. Announced Friday, CipherTrace has provided ATII with access to its user interface, a tool that will allow the organization to track criminal cryptocurrency transactions and help prevent them from accessing financial services. “CipherTrace will be an instrumental partner in helping us promote corporate responsibility within financial institutions such as cryptocurrency exchanges,” said Aaron Kahler, ATII founder and president. “As public and private organizations continue to collaborate in the creation of…

Price Analysis Dec 20: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XTZ, XLM

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Bitcoin and a few altcoins appear to be strengthening and flashing some strong buying opportunities. Though most major cryptocurrencies have broken below their support levels during the most recent fall, Bitcoin, which is inarguably the leader, has held its ground. This is a positive sign as it shows that the stronger hands are not panicking. This week top venture capitalist Tim Draper also reiterated his bullish view on Bitcoin.  Draper is confident that the leading currency will hit $250,000 by 2022. Additionally, he believes that if Bitcoin’s price action prior…

US Lawmakers Ask IRS to Clarify Crypto Tax Rules Around Airdrops, Forks in New Letter

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The U.S. taxman’s most recent crypto guidance is sowing confusion, according to a letter from eight congressmen published Friday. According to a letter penned by Representatives Tom Emmer (R-Minn.), Bill Foster (D-Ill.), David Schweikert (r-Ariz.), Darren Soto (D-Fla.), Lance Gooden (R-Texas), French Hill (R-Ark.), Matt Gaetz (R-Fla.) and Warren Davidson (R-Ohio), the Internal Revenue Service’s (IRS) latest guidance clarifies some aspects of the tax treatment for cryptocurrencies, but leaves much to be desired. The IRS published guidance around taxing cryptocurrency holdings in October, addressing cost basis and forks, two long-standing…

Crypto Must Embrace the Fringe to Win Over the Mainstream

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This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Jeffrey Amico is an attorney at Fluidity, creators of the ethereum-based peer-to-peer trading network AirSwap. In his seminal book The Innovator’s Dilemma, Clay Christensen explains how “disruptive” innovation occurs. Whereas incumbents are constrained by the needs and desires of their existing customers, new entrants can instead experiment with new technologies and target under-served or “fringe” customers. In the eyes of mainstream users, these new…

New Draft Bill Aiming to Classify Crypto Assets Introduced in US Congress

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Paul Gosar, an Arizona Congressman, has introduced a draft bill, aimed at finally bringing regulatory clarity to the cryptocurrency industry in the United States, according to a Forbes article published on Dec. 19. The Crypto-Currency Act of 2020 sets out which Federal agencies should regulate each type of crypto assets. Three flavors of crypto asset One of the key things that the draft bill does is define three types of crypto asset; crypto commodities, crypto currencies, and crypto securities, per a discussion draft of the proposed bill. Crypto-commodities are defined…

Russia Is Unhappy About Greece Extraditing Alleged Money Launderer Vinnik to France

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Alexander Vinnik, the alleged former operator of now-defunct crypto exchange BTC-e, will be extradited to France, according to a new decision from Greece. Following years of disagreement on what jurisdiction should care about the alleged Bitcoin (BTC) laundering suspect, the Ministry of Justice, Transparency and Human Rights has reportedly decided to finally extradite the Russian citizen to France. The news was reported by the Russian Embassy in Greece on Twitter on Dec. 20. Russian Embassy expresses regret over Greece “ignoring” requests to bring Vinnik to the country of his citizenship…

Defeating the ‘Domination’ of the US Dollar

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With bitcoin seemingly back to ‘normal’, Iran and Myanmar are talking about a sanction busting ‘Muslim’ cryptocurrency. We take a moment to look at historical adoption over time, and how it might apply to national cryptocurrencies. No time to listen? Scroll down for the full transcript Adam B. Levine:  On today’s episode, Back to Normal Bitcoin, Nation-State Crypto,  and Miner Hedging Strategies Adam: It’s December 20, 2019, and you’re listening to Markets Daily, I’m Adam B. Levine, editor of Podcasts here At Coindesk, along with our senior markets reporter, Brad…

Defeating the ‘Domination’ of the US Dollar

boss

With bitcoin seemingly back to ‘normal’, Iran and Myanmar are talking about a sanction busting ‘Muslim’ cryptocurrency. We take a moment to look at historical adoption over time, and how it might apply to national cryptocurrencies. No time to listen? Scroll down for the full transcript Adam B. Levine:  On today’s episode, Back to Normal Bitcoin, Nation-State Crypto,  and Miner Hedging Strategies Adam: It’s December 20, 2019, and you’re listening to Markets Daily, I’m Adam B. Levine, editor of Podcasts here At Coindesk, along with our senior markets reporter, Brad…