REGULATION • CRYPTO.IQ • UPDATE Via Email Sources
MAY 7, 2018
While the Crypto World is in Confusion over Impending SEC/CFTC Regulation, SEC Quietly Updates Online ICO Info
The cryptocurrency space added chaos to the weekly ration of FUD today with the rumor of an internal meeting between the Securities and Exchange Commission and the Commodity Futures Trading Commission that would decide the fate of Ethereum and its many offspring ICOs and whether they would be considered security or utility tokens.
Neither agency was willing to acknowledge the meeting, and neither issued any statements about it. What did surface, though, were updates made Monday to the SEC’s webpage on ICOs.
The SEC launched the page in March but made changes to it Monday amid rampant speculation about the expected Ethereum decision.
Some in the space are saying the Wall Street Journal story that reported the meeting last week was well-placed, fake news FUD, but a financial industry source that is closely monitoring the situation says it’s likely the truth.
Our source said the meeting was a purely internal working group gathering that was set for Monday to discuss how federal agencies would oversee ICOs. This type of meeting would not appear on the public calendar for either agency.
Such a meeting would only serve an information gathering function and was probably directed by higher ups in both agencies ahead of any decision on how each agency will view various cryptocurrencies.
So much depends on Ethereum’s classification that the rumored meeting may have caused a 5 percent dip in Ethereum prices in the 24 hours heading into it. Despite that dip, we continue to be bullish about Ethereum thanks to its wide usage, development team, and active community. It remains the strongest dApp blockchain.
The fear for many is that dubbing Ethereum and its ICOs as securities unleashes a swarm of regulations on ICO developers and investors. So anyone involved in the space would become a federal target for their past actions that are out of line with any current decision by these agencies.
The hope of many in the crypto space is that regulators will agree with Andreessen Horowitz, a venture capitalist who is heavily invested in cryptocurrencies, and Ethereum cofounders Vitalik Buterin and Joseph Lubin, who have lobbied aggressively to have Ethereum deemed a utility token rather than a security.
Lubin has said that Ethereum is not a security and never has been. While we at Crypto.IQ don’t think Ethereum is a security now, it may have been when it was launched since tokens were sold to raise money for the project. We think it has since morphed into a utility token that is the foundation for a huge number of ICOs.
It’s important to note that, while all the uproar about tokens being securities or utilities rages on, it’s good to remember that Bitcoin, the anchor of all things crypto, has never been and will never been considered a security. It’s a currency, plain and simple, so it’s safe from any regulatory action — or mischief.
The lads are at it again!There cannot be too many nonagenarians who spend their time worrying about bitcoin. Charlie and Warren are well known for their scepticism towards cryptocurrencies, but for such mature investors one would expect less immature comments.Both of them ���no-coiners’, admit they know nothing about cryptocurrencies. They also admitted that they had no idea whether internet companies such as Google and Alibaba are overvalued and are not willing to commit on the impact of artificial intelligence.Being legends in their own time, we will always highly respect the other parts of their investment expertise. But with regard to cryptocurrencies and future tech, for the sake of their own reputations, it is probably best that they keep their views to themselves. The world they knew so well has simply moved on, leaving them scrambling behind.In contrast some other institutional players, are much more optimistic about Bitcoin. For example, earlier this week, the successful investment banking giant Goldman Sachs launched a Bitcoin trading operation, commenting that Bitcoin “is not a fraud.”I’ll definitely go with Goldman in this one.#livefree #bitcoin #charliemunger #warrenbuffet #cryptocurrency Write-up by Linkedin Follower Yanni Acavalos
Managing editor at Crypto Chat Matt Leibowitz thinks it isn’t "EOS: Don’t Believe The Hype", while Daniel Jeffries takes radically different point of view, putting EOS on a pedestal as the coming of the new Crypto dawn.What do you think ?#eos #mattleibowitz #danieljeffries #hypeornot Information update by Linkedin Follower CEO of CyberNet Graeme Conradie Update via the link:steemit.com/eos/@sandwich/how-to-update-the-eos-public-key-mapped-registered-to-your-ethereum-wallet-with-myetherwallet-mew
The swing to a more diverse future of virtual assets is about to get real with Wall Street.
Some of the most prominent names on Wall Street are warming up to Bitcoin, as we Cryptopreneurs have known this past decade the naysayers are finally joining the Cryptospace. What we are seeing is a massive movement of diverse Banks, Financial Institutions, Hedge Funds, and Power Elites moving towards the paradigm of "The crypto effect" Which is here, and it is real, and there is no stopping the disruptive technological advance. So why fight it! Become part of it.
The NYSE (New York Stock Exchange) has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because plans were still confidential. Published by Nathaniel Popper of the New York Times. It only means one thing we realise a financial move from the "Big Whales and Powerful Financial Institutions" are they stepping up to the plate and beginning to move for long-term of cryptos? Increased demand for Blockchain innovation or as the analyst, Gene Munster says Bitcoin futures! Could hurt the price of Bitcoin and investors? I can't see that happening at all.
My analysis since January's 2018 spiral dropped Bitcoin's price down to the $6K mark and stayed stagnant in February and March a downplay bearish few months too long. I believe a period much needed to revise and upgrade to the point that Fintech innovation is racing to the position that traditional financial institutions now realise if they don't make the change to digital monetary tools like the Blockchain, they will not only fall behind, but will decline, and possibly disappear. One such positive story is British Bank Barclay's has joined with a significant bitcoin exchange Coindesk a move that marks a break in ranks of UK lenders who have been shunning the cryptocurrency industry as it comes under scrutiny from regulators globally at present.
Regulation even though I don't like the scuffed of centralisation creeping on decentralised ethics, it is much needed to the point to tame the "Wild West" of cryptos, from fraudsters, and hackers harming the disruptive industry at an alarming rate. We must have protocol and innovation combined to combat cyber criminals effectively with a secure central core of autonomous bots programmed to find breaches of secure algorithms fix them, prevent attacks and theft of digital currencies.
The conclusion I leave on a very high note. My right sources and knowledge from the experts and professionals around the globe, we have one thing in common "Welcoming the digital change" Bitcoin was in its infancy stage nearly a decade ago and still is. The only difference is now a vibrant ecosystem of innovation not only for the financial world but all things that need to maintain a permanent ledger on the Blockchain.