Politics, Legal & Regulation

July 29, 2019 @ 11:43 pm By Cali Haan  |  

Tobiasza Niemira, co-owner of the recently-failed Bitmarket crypto exchange, has been found dead in a forest near his home town of Olsztyn in Poland, local media outlet Gazeta Wyborcza reports. The apparent cause of death is a gunshot wound to the head. Bitmarket went offline July… Read More

July 29, 2019 @ 4:06 pm By JD Alois  |  

Jeremy Allaire, CEO and co-founder of Circle and representative of the Blockchain Association, will testify in front of the US Senate Banking Committee tomorrow beginning at 10 AM ET. Allaire, the only crypto industry executive to testify, will have his work cut out for him… Read More

July 29, 2019 @ 12:29 pm By JD Alois  |  

The Securities and Exchange Commission’s first Cyber Unit Chief, Robert Cohen, is leaving the SEC after 15 years at the federal regulator. The Cyber Unit was created in 2017 is it became apparent the SEC needed to focus greater attention on digital assets, more specifically… Read More

July 28, 2019 @ 5:19 pm By Cali Haan  |  

Jon Barry Thompson (AKA “J. Barry Thompson), principal of “cryptocurrency escrow company” Volantis Escrow Platform LLC and Volantis Market Making LCC has been arrested in Pennsylvania for allegedly conning two companies out of $7 million USD they transferred to him for the purchase of bitcoins,… Read More

July 27, 2019 @ 2:52 pm By Cali Haan  |  

Another alleged principle promoter of the failed $4 billion USD Bitconnect cryptocurrency Ponzi (now attempting resurrection) has been arrested in India, India Times reports. Rakesh Savani was arrested in the coast city of Sujat in northwest India last Friday. Authorities have also seized property and… Read More

July 27, 2019 @ 2:10 pm By JD Alois  |  

Next Tuesday, the US Senate Committee on Banking will hold its next crypto-focused hearing. Earlier this month, the same Committee held a hearing on Facebook’s proposed stablecoin, Libra. The Committee struggled with the concept largely due to the lack of trust regarding Facebook’s profound abuse… Read More

July 26, 2019 @ 5:24 pm By Cali Haan  |  

William Green, 46, of Wall Township, New Jersey, has been indicted in the state  for allegedly, “operating an unlicensed money transmitting business through which he charged customers fees to convert more than $2 million in cash into the digital currency Bitcoin.” The indictment follows a criminal complaint… Read More

July 26, 2019 @ 2:40 pm By JD Alois  |  

The US Internal Revenue Service (IRS) is sending letters to taxpayers with “virtual currency transactions” to pay your taxes (or else!). For some time now, the IRS has required crypto exchanges such as Coinbase to share transaction details so there is no hiding from the… Read More

July 26, 2019 @ 9:09 am By JD Alois  |  

On the same day DLXLaw sent a letter requesting “no-action” by the Securities and Exchange Commission (SEC) Enforcement Division, Pocketful of Quarters received a response from the SEC indicating its intent not to take any action against the blockchain-based platform. DLXLaw is a boutique law… Read More

July 26, 2019 @ 1:13 am By Cali Haan  |  

On July 16, David Marcus, CEO of Facebook’s proposed currency project, Libra, told members of the U.S. Senate convened in a hearing that he expected the Swiss Federal Data Protection and Information Commissioner (FDPIC) to regulate financial privacy on Libra. The non-profit Libra Association is… Read More

July 25, 2019 @ 2:24 pm By JD Alois  |  

There is a lot of debate regarding the efficacy of distributed ledger technology (DLT)/Blockchain and how it will impact financial services as well as other industries. Regardless of your point of view, it is clear that blockchain has compelled established financial firms to up their… Read More

July 25, 2019 @ 8:51 am By Cali Haan  |  

Facebook has added the services of two lobbying firms specializing in financial services to its squad of existing lobbyists to try and curry favour for Libra, Facebook’s proposed cryptocurrency project, among regulators in Washington, Politico reports. According to to the outlet: “Facebook has also been… Read More

July 24, 2019 @ 10:26 pm By Cali Haan  |  

One year ago, former NYDFS (New York Department of Financial Services) Superintendent Maria T Vullo, issued a statement in which she said her organization, which regulate New York financial markets, “fiercely opposes the Department of Treasury’s endorsement of regulatory ‘sandboxes’ for financial technology companies.” Vullo’s strong… Read More

July 24, 2019 @ 5:00 pm By Cali Haan  |  

U.S. Treasury Secretary Steve Mnuchin told an interviewer at CNBC’s Squawk Box July 24th that he, “won’t be talking about Bitcoin in 10 years. I can assure you that.” “But you might be talking about it in six years…as Treasury Secretary, ” said the interviewer…. Read More

July 23, 2019 @ 3:52 pm By JD Alois  |  

The North American Securities Administrators Association (NASAA) has issued an investor advisory on “Initial Loan Procurements.” Initial Loan Procurements are described as “Crowdfunding Meets Blockchain.” To quote NASAA: “Companies using blockchain technology need to raise capital just like any other company. One way these companies… Read More

July 23, 2019 @ 1:41 pm By JD Alois  |  

The Judge engaged in the SIM Swap lawsuit against AT&T Mobility has denied a request by AT&T to dismiss the case. The case, Terpin v. AT&T Mobility, pertains to a $24 million loss of cryptocurrency that was facilitated by SIM Swap fraud. Terpin is requesting… Read More

July 23, 2019 @ 7:30 am By Cali Haan  |  

Bitfinex, iFinex, and Tether, cryptocurrency companies defending themselves against fraud allegations in New York, are claiming that the New York Office of the Attorney General (OAG) has failed to substantiate claims the companies facilitated trades for New York residents without being licensed to do so…. Read More

July 22, 2019 @ 9:53 pm By Cali Haan  |  

An accused narcotrafficker has been charged with money laundering by the State of New York for allegedly trying to “wash $19 million in illicit cryptocurrency.” Hugh Brian Haney, 60, allegedly came by the funds as, “proceeds of his narcotics trafficking on the Dark Web site… Read More

July 22, 2019 @ 3:41 pm By JD Alois  |  

Blockstack has kicked off the first qualified Reg A+ token offering. Blockstack has reportedly worked closely with the Securities and Exchange Commission (SEC) to get the offering approved. Multiple issuers have been attempting to use the JOBS Act exemption to facilitate security token offerings due… Read More

July 22, 2019 @ 11:18 am By JD Alois  |  

The Facebook Libra Trainwreck The growing cacophony of skepticism and concern from elected and appointed officials regarding Facebook’s attempt to create its own global stablecoin was joined by another group of voices last week. The Open Market Institute, Public Citizen, Demand Progress Education Fund, and… Read More