“Someone’s Got to Be the Voice of Reason” — Kraken Responds to NY AG Report

The New York Attorney General’s office has pointed a finger at cryptocurrency exchange Kraken for “potential” violation of state regulations. Now, the San Francisco–based exchange is firing back, saying it does not appreciate what it sees as implications of illegality. “Someone has to be the voice of reason,” Jesse Powell, Kraken’s outspoken co-founder and CEO, told Bitcoin Magazine. “If we all accept corrupt practices as the norm, without saying anything out of fear of unlawful retaliation, what the hell are we doing this for?” In April 2018, as part of…

NY Crypto Exchange Report Bearish for Bitcoin ETF Plans

A new report drafted by the New York attorney general’s office (OAG) alleges that a significant number of cryptocurrency exchanges may be vulnerable to market manipulation, a finding that could prove ominous for hopes among investors that federal regulators will approve a bitcoin ETF or other exchange-traded crypto products in the near-term. 3 CME-Partnered Exchanges Flagged by NY Probe Bitcoin, according to Securities and Exchange Commission (SEC) Chairman Jay Clayton, is not a security under federal law. However, an exchange-listed fund that provides investors with exposure to bitcoin would be…

Gemini to issue their own Gemini Dollars Cryptocurrency with NY finance regulators approval

Gemini Trust, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has won approval from New York finance regulators to launch Gemini Dollars, digital tokens pegged in value to the U.S. dollar and transferable on the Ethereum blockchain. The company said it planned to enable customers to swap traditional dollars on deposit in their accounts for Gemini dollars starting Monday morning. The New York Department of Financial Services also approved a similar coin called the Paxos Standard, launched by the Paxos Trust Company, another crypto firm. Paxos Standard also became available Monday.…

Blockchain Trust Company Paxos Launches NY Regulator-Approved, USD-Backed Stablecoin

Blockchain Trust company Paxos has launched a U.S.-dollar backed stablecoin following approval from New York regulators, according to a press release published September 10. Backed 1:1 by the dollar, the Ethereum blockchain-based stablecoin, dubbed ‘Paxos Standard,’ has been approved by the New York State Department of Financial Services (NYDFS), which will exercise regulatory oversight over the asset’s issuance and trading. Paxos itself is a Trust company and is positions itself as “a fiduciary and qualified custodian of customer funds,” pitching its new coin as offering “greater protections” for customer assets…

Former executive deputy superintendent at the NY DFS will head the Virtual Commodity Association

After major virtual currency exchanges joined hands to take the first steps in policing the digital asset markets through a working group, Maria Filipakis, the former executive deputy superintendent at the NY DFS will head the Virtual Commodity Association although at an interim capacity for now. While at the New York Department of Financial Services, Maria was instrumental in drafting rules and regulations for virtual currency which led to the popular BitLicense. This was a disclosed through a press release dated today August 20. Maria has worked with many other…