Tag: Cryptocurrency Regulation

Categories
News

Cryptocurrency Discussed On Joe Rogan Podcast

The Joe Rogan Experience is one of the most popular podcasts in the world, and Joe Rogan is widely considered to be a pioneer of the space. Rogan used to host the popular show Fear Factor, but is also widely known as a UFC commentator and comedian, and he has a wide variety of individuals on his guests, from comedians, to conspiracy theorists such as Alex Jones, to some of the most well-known CEOs in the world, such as Elon Musk.

The 51 year-old now has an audience that rivals most TV networks, and has garnered a loyal fanbase of millions. He most recently had Killer Mike on his platform, and they discussed cryptocurrency.

About Killer Mike

For those who are unaware, Killer Mike has been an active rapper for about two decades now, featuring on the iconic duo Outkast’s album Stankonia in 2002. He recently has reached a new level of fame as one-half of Run The Jewels, one of the most critically-acclaimed hip-hop groups in recent years.

 

He is also quite the activist, and is well-known for supporting Bernie Sanders as a presidential candidate, as seen above. He came on Rogan’s podcast to promote a new show titled Trigger Warning, a Netflix documentary series.

About The Conversation

Rogan initiated the conversation, asking Killer Mike if he was paying attention to cryptocurrency. The rapper admitted that he wasn’t too familiar with the space, and had just gotten into stocks.

Rogan then spoke about how he fascinated about the idea of a “decentralized economy”. He elaborated that it was interesting to think about currency that was outside of the control of banks, and how a currency could exist that wasn’t affected by local exchange rates. He concluded that if true decentralization was achieved, “it would be a really different world.”

Categories
News

Italy Might Pass First Blockchain Law

While there are countries that are still arguing about how exactly to classify or regulate cryptocurrency – it appears as though Italy is busy trying to figure out how to use blockchain technology in ways that could make the world more efficiently.

Specifically, Italy’s Senate is exploring exactly how to allow for “timestamping” with respect to blockchain and validate documents using blockchain. For example, this would allow for there to be a legal precedent for data and documents of all kinds, and the distributed ledger technology would make the verification that much more secure, for example.

Italy Open To Change

While two committees – the committee of Constitutional Affairs, and the committee of Public Works – have approved the amendment – Italian parliament would have to actually turn the regulation into law. There are two important aspects to the amendment, in that it actually defines “smart contract” and “distributed ledger technology”.

While other countries are still ambivalent on how to deal with the sector – Italy, last month, published a list of 30 different experts to come up with a “blockchain strategy” for the nation. The list includes individuals involved in business, law, research, science, and more.

Banks Already Involved

In a growing trend, Italy’s banks are already exploring how to utilize blockchain for increased efficiency. The platform that they decided to use was developed by the startup R3, and is known as “Corda Enterprise”, which has made headway globally. In fact, Italy’s second-largest bank, Intesa Sanpaolo, and thirteen other banks, were involved.

The idea was to improve interbank transactions, and took place over ten months. This also involved over 1.2 million transactions over this period of time, as well. The tests were also conducted in partnership with ABI Lab, which is backed by the Italian Banking Association. The banks also plan on moving forward to utilizing blockchain for everyday transactions in general, during the trial’s next phase, being conducted now.

 

Categories
News

British Millionaire And Facebook Come To Agreement About Bitcoin (BTC) Scam Ads

Many in the cryptocurrency community were ecstatic to find out that Facebook had reversed its crypto ad ban last year in 2018. Obviously, many believed that cryptocurrency markets could never truly grow unless there was an increased amount of exposure to potential investors and traders.

While the platform might not advertise every company now, and there are strict rules surrounding the advertisements; it still means that cryptocurrency-related companies can reach a fraction of the platform’s 2.2 billion monthly active users, which is a significant part of the world’s population. However, Martin Lewis, a British millionaire, was displeased to find out that his face was being used in advertisements in 2018, and took action against the company. The lawsuit has now been dropped.

Lawsuit Dropped

A millionaire who sued t Facebook because ads had featured his likeness has actually dropped his lawsuit against the global social media platform. This millionaire is none other than Martin Lewis, the founder of MoneySavingExpert.com. The announcement was made in a press conference on Wednesday, January 23, 2019.

It took eight months for the parties to come to an agreement. Lewis did not accept a sum of money as a settlement, but instead, Facebook will be donating 3 million GBP to Citizens Advice in the UK. Citizens Advice is a network of over 300 charities that provides free information to individuals with all sorts of issues, whether it’s legal or financial.

Next Steps

Facebook appears to be taking action against future issues such as this. Specifically, a button will be provided for UK users to immediately report an ad that they believe to be a scam. A representative for the company stated that if the feature proved effective, it could be expanded to other countries, as well.

Lewis praised Facebook for the decision, and also seemed to hint that Google should take notice. He even stated that he would not rule out the possibility of suing Google, as well.

Categories
News

NASDAQ CEO Praises Crypto

One of the most positive trends with regards to cryptocurrency recently is the fact that more high-profile individuals in the finance world seem to have no problem acknowledging that there is massive potential in the sector. That trend appears to be strengthening, as none other than the CEO of NASDAQ has now openly praised cryptocurrency.

Adena Friedman, the President and CEO of NASDAQ Inc., which owns the Nasdaq stock exchange, made the comments at none other than the World Economic Forum in Davos, Switzerland, one of the most high-profile economic forums in the world.

Specific Comments

Friedman has published an article that outlines some of the main economic issues that she expects will be discussed at the forum. One section is entitled, “Crypto Currencies Could Still Be a Global Currency Of The Future”, where she states plainly that the amount of interest in the sector was “difficult to ignore.”

The most praise can be found within one specific sentence where she stated:  
“The invention itself is a tremendous demonstration of genius and creativity, and it deserves an opportunity to find a sustainable future in our economy.” The statement is quite significant for two reasons – one, because of how high-profile Friedman is in terms of global finance, and two, because it acknowledges creativity where other influential global finance players never have.

Additional Thoughts

Friedman, of course, did not limit her thoughts to just cryptocurrency, as she also elaborated on advancements in artificial intelligence (AI), and space travel, for example. She predicts that AI will be increasingly adopted in 2019 more than it ever has before.

She ended on a positive note, stating that she believes one of the goals at Davos was for economists to find ways to “build a more inclusive world.” Friedman concluded the article by stating that the future holds the potential for “an inclusive, innovative, growing global economy.”

 

Categories
News

Roger Ver Says Scammers Made $6 Million

One major issue with the cryptocurrency markets is the fact that there are so many scammers involved, that are ready to take advantage of those who might not be knowledgeable about how scams work. Often times, scammers use the likeness of influential figures in the cryptocurrency space in order to profit.

Specifically, Roger Ver, the CEO of Bitcoin.com, has stated that social media accounts using his information have scammed individuals out of $6 million in cryptocurrency.

About Ver

For those who are unaware, Roger Ver was one of the earliest and most famous Bitcoin adopters and investors. He was one of the few individuals actively investing in the space around 2011-2012, and he invested in notable companies such as Ripple, Bitpay, and Kraken.

He is one of the five founders of the Bitcoin Foundation, as well, and is known for supporting Bitcoin (BTC) as a means towards true economic freedom. He was born and raised in Silicon Valley, but no longer lives in the United States. He has a Twitter account with over 500,000 followers, which makes him easily one of the most influential cryptocurrency-related accounts.

Clarification

Ver has gone on record to let cryptocurrency traders and investors know that he would never directly ask for donations or investments. He stated: “I’m never ever ever going to contact any of you guys asking for money or asking to invest in something via direct message on any of these social media platforms.”

Ver is not the only one who has been impersonated, as scammers attempt to leverage the influence of major cryptocurrency figures to gain credibility and solicit donations. Some of the most popular individuals who have been impersonate include John Mcafee, Vitalik Buterin, and Elon Musk. Specifically, billionaire entrepreneur Elon Musk, has even complimented how innovative the scamsters have become.

Categories
News

First Canada Crypto Law Firm Launched

Canada flag done in red and white begonia flower against a backdrop of the Rocky mountains.

One aspect about the cryptocurrency markets is certain: there are many different countries who feel a different way about regulation, and there will be all sorts of legal work for many lawyers in the years to come. However, there is one lawyer that is actually planning on specializing in the crypto industry.

For those that don’t know, one of the most recognized lawyers in the space is a man by the name of Addison Cameron-Huff. He has now apparently launched Canada’s first all-crypto legal firm, catering specifically to clients with cryptocurrency-related needs.

About Huff

Addison Cameron-Huff is no stranger to the cryptocurrency space, as he has been resolving legal matters in the sector since 2014, before many were even thinking about blockchain technology. He is easily one of the most accomplished lawyers in the industry, and has represented high-profile clients that include “Ethereum cofounders, a Bitcoin code contributor, and exchanges in three countries”, according to his website. For example, Peter Todd, a Bitcoin Core Developer, has nothing but positive things to say about Huff, stating: “I’ve relied on Addison Cameron-Huff’s legal advice since I starting consulting in applied cryptography and Bitcoin full time.”

Huff is not only a lawyer, but an entrepreneur, as well. He is the president of Decentral Inc., which went on to develop the Jaxx crypto-wallet. Additionally, he actually helped shape Canadian cryptocurrency legislation, and taught a cryptocurrency law course at University of Toronto law school.

About The Firm

44519101 – judge gavel and scale in court. library with lot of books in background

The firm will be based in Canada, but that doesn’t mean that it will be focused or partial to the country at all. It plans on developing a global clientele, and Huff believes that there is a real talent gap with regards to blockchain-related lawyers currently. He states that it is an “export opportunity for Canada’s blockchain lawyers.”

There are many law firms that utilize an hourly billing model, with some of the world’s top lawyers charging well over $1,000 an hour. Many have criticized the model, and felt that it has allowed lawyers to charge for unnecessary work, bill hours where they aren’t actually working, or game the system in other ways. Instead, Huff’s firm will rely on a fixed monthly rate for unlimited legal services, which is very rare in the legal industry.

Categories
News

Soto Thinks CFTC Should Regulate Crypto

All over the world, countries and governments are debating about how exactly cryptocurrencies should be regulated. There are some countries that believe that regulation should be minimal, in order to foster innovation, and other governments that are more focused on ensuring that the cryptocurrency sector isn’t rife with fraud and criminal activity.

In line with that debate, a U.S. Congressman by the name of Darren Soto, a Democrat from Florida, has weighed in with his opinion. Specifically, he stated that he believes that cryptocurrency shouldn’t be regulated by the Securities and Exchange Commission (SEC).

Different Agencies

19666995 – rubber stamps marked with regulations and rules

Specifically, Soto believes that cryptocurrencies and digital assets should be regulated under the U.S. Commodity Futures Trading Commission (CFTC), not the SEC. For those who are unfamiliar, the SEC regulates securities, while the CFTC regulates commodities. Both agencies are independent agencies of the United States federal government, although the CFTC was founded in 1974, decades after the SEC, which was created in 1934.

Of course, at the center of the issue is whether or not a cryptocurrency is a security. This continues to be debated across the world. In the United States, the SEC has stated that Bitcoin, for example, might not be a security, but that initial coin offerings (ICOs) aren’t exempt from securities laws.

About Soto

Soto has been vocal about the fact that the United States doesn’t have a clear regulatory framework for the cryptocurrency sector. In fact, he introduced the Token Taxonomy Act late last year along with Congressman Warren Davidson in order to address this issue. Soto has also helped to introduce a bill addressing cryptocurrency price manipulation, as well.

Soto has made it clear that he believes that the SEC might be too tough on the sector, and believes that a “lighter touch” might be necessary. He recently stated: “Those are agencies with a lighter touch and we have grown consensus among the industry that they’d be appropriate for the majority of these types of cryptocurrency transactions and the nature of these assets.”

Categories
News

Thailand Allows Four Crypto Exchanges To Operate

There is one region of the world that has not been too open to cryptocurrency, and it’s a very important one. Specifically, Asia includes the two most populous countries in the world, China and India, one of which is already considered a superpower, while the other is considered an “emerging superpower”.

However, China has cracked down on cryptocurrency and initial coin offerings (ICOs), while India has not been receptive to the space either. However, it appears that Thailand is taking a different route.

Thailand Greenlights Exchanges

One way of determining whether a country is open to cryptocurrency is to find out about whether there are cryptocurrency exchanges are operating there. For example, Binance, the world’s largest cryptocurrency exchange by daily volume, had to focus outside of China when the country started cracking down on the sector. In fact, many believe that it was this adaptability that led to its immense success.

The Securities and Exchange Commission (SEC) of the country has granted four operating licenses to various cryptocurrency exchanges. These cryptocurrency businesses include Bitcoin Co, Bitkub Online Co Ltd, and Satang Corporation Co Ltd, which were given licenses to operate as cryptocurrency exchanges. Another business, Coins TH Co Ltd – was given a license as a cryptocurrency broker/dealer.

Companies Turned Down

Of course, this does not mean that every company who applied was allowed a license. Two other exchanges by the name of Cash2Coins Ltd and SouthEast Asia Ltd were denied, and their applications were determined to be inadequate.

The Finance Ministry will still allow these two companies to operate until January 14th, giving the company enough time to notify its customers. However, by the 14th, they are expected to terminate all cryptocurrency business. Another exchange by the name of Coin Asset Co is still awaiting approval, but can continue operating.

Categories
News

South Africa Taking Steps To Regulate Cryptocurrency

Even though more individuals, organizations, and corporations know about cryptocurrency than ever, the truth is that many countries do not know exactly how to regulate the sector. There are countries that immediately view cryptocurrency as a threat, while there are others that are seeking to quickly ensure that they embrace blockchain and cryptocurrency to boost their local economy.

It appears as though South Africa is finally taking the steps to explore how to regulate cryptocurrency. Specifically, the South African government has established a crypto assets regulatory working group.

Finance Minister Comments

The finance minister of South Africa, Tito Mboweni, stated that the group will be releasing a paper soon. He stated: “It is anticipated that, following broad industry comment and participation, the crypto assets regulatory working group will be ready to release a final research paper on the subject during the course of 2019.”

He also pointed out that the South African Revenue Service will soon be implementing options for cryptocurrency in their tax forms, and coming up with a concrete way for those who trade/invest in cryptocurrency to pay taxes.

Overall Interest

For some context, it should be noted that many South Africans are not only aware of cryptocurrency, but a significant percentage of them view cryptocurrency as a positive way to accrue wealth. In a survey conducted earlier this year, it was revealed that 38% of the respondents “wished they had invested in” cryptocurrency. In addition, a majority of those surveyed – over 70% – stated that “You can make a lot of money with them.”

A new cryptocurrency trading platform by the name of VALR is also planning a launch in South Africa, in partnership with well-known cryptocurrency exchange Bittrex. The platform will apparently utilize machine learning and artificial intelligence to help with identification. Bittrex CEO Bill Shihara said about the partnership: “Our partnership with VALR gives us the opportunity to help drive adoption of this technology in new markets.”

Categories
News

Jameson Lopp Speaks About Bitcoin (BTC) And Government

There are many reasons to believe in blockchain and cryptocurrency. There are entrepreneurs that love the fact that blockchain can optimize their businesses, and there are human rights advocates that appreciate the transparency of blockchain. Of course, there are differing opinions as to what the true principles of decentralization are, and how blockchain should be applied to society.

Jameson Lopp is a well-known cryptocurrency figure and a self-described cypherpunk, and Bitcoin Core developer. He recently appeared on a podcast where he seemed to point out that Bitcoin could help with overall governance.

About The Appearance

Lopp appeared on the Stephan Livera Podcast several days ago, on December 29, 2018. During his appearance, he seemed to suggest that society could be governed in a new way thanks to the digital asset. Specifically, he stated: “I believe that Bitcoin is a very interesting experiment that if is successful in the long run could not only revolutionize money, but revolutionize how we think about governance.”

He elaborated that Bitcoin could be used to create a “more self-sovereign, anarcho-capitalist society”. He also seemed to acknowledge that if this were to occur, it would not be in the near future, saying: “The first step I think is Bitcoin, and if that’s successful enough, then we can start talking about the next step.”

About Lopp

Lopp was introduced on the podcast as a “well-known cypherpunk within the Bitcoin community” and the chief technology officer (CTO) of Casa”, a key management company. He also created a Bitcoin statistics website by the name of Statoshi.info, as well.

Lopp spoke on his future endeavors going into 2019, stating that he would be “continuing the security focus that I had for the past three years, with our vault products, the Casa Key Master, which we are currently targeting for high net-worth individuals, but of course, eventually want to make available to as many people as possible.”