Here are 5 stories in crypto that really interested us this week.
1. 'We're looking into crypto,' a Note from the SEC (SEC.gov)
On July 8th, the SEC Joint Staff published a note which read like a memo of things they are discussing in crypto. It included a reminder of rules and regulations in place to protect consumers and a reminder that crypto firms will be liable to adhere to those regulations. Excitement for guidance from the SEC and IRS are high and there are rumors that the IRS will be releasing more guidance on crypto after pressure from the house, we're all at the edge of our chairs waiting.
Worth note: SEC Commissioner Hester Peirce's Tweet following the memo release was..priceless
2. China's worried about Libra so it's fast-tracking it's own cryptocurrency (CCN)
Facebook's Libras announcement sent shockwaves through geopolitics and domestic financial systems around the world. Nations are wondering what impact crypto will have on domestic monetary policy, financial stability and the international monetary system. In response, Chinese leaders have been pushing the Chinese Central-Bank to get their own crypto done and out. They recognize the dangers this poses to Chinese by the economic influence that America can have via Libra in China. The Chinese are on it. Last week. we told you that the United States Congress officially requested Facebook stop development. Joining that, India has already banned cryptos and may specifically ban libra (note: India makes up the largest part of Whatsapp customers). In all the crazy, Russia is strangely quiet.
3. There IS a lot of foul play in crypto (bitsian)
Our quantitate study found almost 100,000 instances of spoof on just one exchange in one month on three trading pairs. That is a lot of spoof--which means that a lot of people are potentially losing money to bad actors. Steve Brucato (CTO) talks more about the quantitate study and our finding. note: if you don't feel up to reading, there is a video!
4. Spend Bitcoin tax-free in Singapore (Bitcoinist)
Singapore has lifted all tax on goods and services paid for in Bitcoin. Thats right, if you spend Bitcoin to buy anything in Singapore, you won't have to pay value added tax. Tax treatment takes effect January 1st, 2020. Plan your travel accordingly ;)
5. The US SEC approved its first ICO in Blockstack (Wall St Journal)
The headline is clear, anyone can participate in Blockstack ICO and nobody has to sweat the regulatory treatment or worries that everyone else is facing. Good on the SEC for making this happen and props to Blockstack for sticking it through.
Catch you next week!
bitsian
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