Bitcoin ETF Frontrunners Still Face Uphill Battle in Gaining SEC Approval

It has been a long road to haul for  the Bitcoin exchange-traded fund (ETF) and it looks as if we’re still far from gaining approval. After years of delays and several proposals that seemed as if they would get traction, only to end up being rejected, the Bitcoin ETF advocates continue their struggle.

A recent Bloomberg article talked about how hard the process has been. Bitcoin is acting like a roller coaster and even the most trustworthy companies that try to convince the U. S. Securities and Exchange Commission (SEC) to approve the asset are still failing.

According to James Seyffart, an intelligence analyst at Bloomberg, the SEC is too concerned about market manipulation to approve the ETF right now. Over 20 crypto companies have tried it and no one has succeeded because the SEC looks at the market and doesn’t trust what we have right now.

The crypto market also has several hacks and scandals happening every month, so combined with acute price swings, more traditional regulators are simply too afraid to approve something that can make people gain and lose money so swiftly.

It is undeniable that the market is improving and becoming more regulated, but the chairman of the SEC, Jay Clayton, is adamant about his concerns right now.

Instead of trying to get a killer proposal, the advocates of the Bitcoin ETF need to work on curb market manipulation instead. With such a high rate of manipulation, it is unlikely that we’ll see the ETF approved for now.

Read Original/a>
Author: Silvia A

Bitpay Performs Tech Audit to Certify Security and Confidentiality Compliance for User Data Protection

One of the main Bitcoin payment providers of the market, BitPay, has recently undergone a security and confidentiality audit, which was done by Aprio, which confirmed that the crypto company was compliant with the Service Organization Control 2 (SOC 2) standard. The SOC 2 is a technology audit that is used to assure that a company keeps the data of the user in a private way.

Dan Schroeder, a partner of Aprio, affirmed that BitPay did meet the standards and that it protected the data of its customers very well. In an age in which people are often concerned about security, the company made an important move.

Over a month ago, BitPay introduced several new protective measures that were used to upgrade the platform. For instance, people needed to present their photo ID with a social security number or passport, something that was not needed before.

Part of the reason why the company needed to prove that it was compliant with the SOC 2 standards was that now it is holding a lot of sensible information for its clients, so they need to trust it even more. Most people in the crypto community are also very skeptical of giving their details to the company, so the company was criticized for upgrading the security measures this way.

In related news, BitGo also recently received a SOC 2 certification after it was audited by Deloitte. More and more companies are looking to be certified as they want to be trusted by the clients.

Read Original/a>
Author: Gabriel Machado

Ripple-Powered MoneyTap Adds Two New Banks, Now Totals 30

SBI Holdings’ MoneyTap now welcomes Daiwa Securities Group Inc. and Sumitomo Mitsui Trust Bank as its shareholders, bringing the total ally of financial institutions to 30.

Established in March, this smartphone application is powered by the blockchain technology of Ripple that allows customers of the bank consortium to settle transactions instantly, 24 hours a day, seven days a week.

Back in 2018, when the idea was first introduced, Ripple stated that MoneyTap will be the “first mobile app of its kind to be developed and used by multiple, different banks in the country.” Planned to start with just three members of the Japan bank consortium, SBI Net Sumishin Bank, Suruga Bank, and Resona Bank, this number surged 10x in a few months.

The list of partner banks include:

SBI Holdings, Keiyo Bank, Ashikaga Bank, Awa Bank, Atago Bank, Kita Nippon Bank, Kiraboshi Bank, Gunma Bank, Sanin Joint Bank, Shiga Bank, Shimane Bank, Shimizu Bank, Shinsei Bank, Sumishin SBI Net Bank, Suruga Bank , Seven Bank, Sendai Bank, Third Bank, Chiku Bank, Toho Bank, Towa Bank, Tochigi Bank, Hiroshima Bank, Fukui Bank, Fukuoka Chuo Bank, Fukushima Bank, Hokuriku Bank, Michinoku Bank, Sumitomo Mitsui Trust Bank, Daiwa Securities Group Head office, one other bank.

The Japan consortium, led by SBI Ripple Asia is comprised of 61 banks that cover over 80% of all banking assets in Japan.

The idea has been that MoneyTap will provide on-demand payments to the vast majority of the country through this consortium.

Read Original/a>
Author: AnTy

Tron Founder Justin Sun Endorsing Brooklyn Nets’ Spencer Dinwiddie’s Shoes

Tron founder and CEO Justin Sun are now endorsing Brooklyn Nets guard Spencer Dinwiddie’s shoes. Sun will be paying 8.2 Bitcoin that the basketball player has pledged to donate to his charity.

Dinwiddie wears a fresh pair of custom sneakers at every game, then auctions them and gives a portion of his proceeds to the Dinwiddie Family Foundation.

“This year Id like to announce an endorsement with @Tronfoundation and @justinsuntron. 8.2btc (.1btc/game) for my 2019/2020 game-worn shoes. And in the essence of transparency, I pledge that same 8.2btc to charity! This will allow us to continue to expand our mission to help youth!,” he wrote on Twitter.

Dinwiddie previously invested in Tron (TRX), according to Bleacher’s report last year that also quoted him as saying:

“If billionaires invest in something and push something, even if it doesn’t have long term success, it’ll have its day.”

However, in December, during the peak of the bull market, he sold some of his coins. Dinwiddie has been planning to launch a digital token offering a piece of his $34.4 million contract.

But the National Basketball Association smacked his idea down. Dinwiddie however, confirmed that the deal with Sun was still on.

“In case you were worried I’m still going to give the 8.2btc to charity from my shoes,” he said.

TRX price meanwhile, is currently enjoying a ride as it trades at $0.0147 with 24 hours gains of 8.89 percent, leading the market with greens.

Read Original/a>
Author: AnTy

Binance Removes Multiple Trading Pairs, Opens Account Registration for Puerto Rico Residents

Binance is making several changes to its list of assets recently. The company decided to delist several trading pairs from its list. Curiously, some of the assets that were removed include some of the tokens that were launched via the Binance Launchpad.

According to the exchange, the trading pairs will be removed to improve the liquidity of the platform and improve the overall trading experience of the users.

A total of 30 trading pairs were removed, including the famous BitTorrent Token (BTT) /Bitcoin (BTC) trading pair. Now, BTT can be only be traded with stablecoins such as Tether, Paxos Standard (PAX), TrueUSD and USD Coin (USDC).

This may have happened partly because the BTT token was a huge disappointment. It was one of the most hyped launches on the platform and still, its price fell quite substaintially. It was being traded for 35 Satoshi after the launch against only 5 Satoshi now.

Binance also delisted trading pairs including the Elrond Network (ERD), WINk (WIN) and Harmony (ONE). All of these tokens still have some trading pairs on the platform, only with less variety now.

The company affirmed that part of the reason why the delisting happened is that some of the trading pairs were considered to be causing too much volatility to the tokens because they were illiquid markets.

Most of the delisted trading pairs include ANKR, BCPT, BTT, DENT, DOGE, ERD, FTM, FUEL, GTO, LUN, NCASH, NPXS, ONE, PHB, TFUEL, WAVES and WIN tokens against Bitcoin or stablecoins.

Binance.US Opens Up Registration For Puerto Rico Residents

The U. S. version of Binance, known as Binance.US, also has updates. Now, people from Puerto Rico, a region under the control of the U. S., will be able to open up accounts. These users will have the same level of access as the U. S. residents from the states in which trades are already happening. Puerto Rico residents also get special zero trading fees for a month as part of the launch.

Binance.US went live on September 24 and it currently offers 13 trading pairs.

Read Original/a>
Author: Gabriel Machado

Australian Taxation Office Forecasts Collecting $3 Billion In Tax Fines From Crypto Traders in 2019

The Australian Taxation Office (ATO) is officially starting to go after crypto traders who did not pay their taxes this year. According to the office, people who did not file for their crypto earnings are expected to pay $3 billion AUD in fines.

With the price of crypto going up this year, many people will be expected to pay on their crypto gains. The government is set to partner with both international and local crypto trading platforms to discover if people are not filing their taxes.

Many people believe that crypto transactions are untraceable, which is not the truth. In fact, they are very easy to track with the right software and the government can do it to discover who is evading its tax responsibilities.

Bulk data will be collected from exchanges to identify who is paying their taxes and who is not. Around 4% of the people in Australia have owned crypto at least once.

Now, the government believes that a lot of people did not report their earnings, so they will need to pay their taxes plus the fines, which can be very high in some cases. In the most severe cases, people can even go to jail for not paying their taxes if they are believed to be omitting them consciously.

When declaring crypto taxes, it is important to remember to pass all the important information to the government in order to avoid fines. Declaring even losses is a good idea, as the losses can be used as discounts for profitable trades.

Read Original/a>
Author: James W

Sequoia-Backed Band Protocol Releases New BitSwing dApp Allowing Bitcoin Binary Options Trading

A new blockchain startup called Band Protocol, which was recently backed by Sequoia India has just released its first decentralized application (dapp): BitSwing. According to the company, the new dapp lets the users trade BTC binary options, which are a derivative based on Bitcoin.

The crypto media outlet The Block reported that the users of the company can decide to take both long and short positions on the BTC/USD market and that they can try to predict how prices will be a minute after the bet.

The creator and CEO of Band Protocol, Soravis Srinawakoon, affirmed that the product has been largely successful so far as over 40,000 transactions happened during the week in which the testnet was online.

To be able to use the dapp, the users need to install Metamask and then use the program, which is based on the Kovan testnet. After accessing the app, a person can use ETH to bet on the price of BTC by taking either a long or short position. If the person is correct, you can double your amount of ETH. if you are wrong, you lose it.

Despite the successful launch, the company was already criticized for the short timeframe of the predictions. A single minute is not a lot of time and the CEO affirmed that more options would be added soon.

According to the company, revenue is already appearing. Since the launch of the testnet, the company was able to raise around $12,000 USD. During a whole year, the team expects to raise around $300,000 USD alone from the program.

Read Original/a>
Author: Gabriel Machado

Ravencoin (RVN) To Become ASIC-Resistant via Hard Fork Implementation

The prevention of mining centralization via the use of ASIC miners is becoming more common in the crypto market lately. Now, Ravencoin (RVN) is set to implement a new hard fork that will make the network resistant to ASIC miners.

According to the developers, the main reason to block ASIC miners is to protect the network from a 51% attack. Ravencoin was always designed to keep mining power decentralized, so creating an algorithm that keeps changing to block specialized miners would make them useless, as no one would buy equipment only for it to become unusable a few months later.

The problem was first noted a few months ago when a single miner was able to mine as much as 45% of the blocks. With 51%, he would be able to perform an attack on the network.

X16 version 2, the hard fork, will be implemented on October 1. The goal of the update is to ban ASIC miners and to ensure that only GPU miners can work. This will happen in the 2.5.1 version of the software, so all nodes should be upgraded. Several platforms such as Binance already affirmed that they will support the hard fork.

Obviously, not everybody agrees with the changes. Some small but vocal users believe that the original blockchain should be maintained. This will possibly result in the creation of Ravencoin Classic, a new token that will not be resistant to ASIC miners. Most people believe that a real split during the hard fork is very unlikely, though.

Both the price of RVN and its daily trading volume went up after the hard fork was announced, but they started to normalize again.

Read Original/a>
Author: Gabriel Machado

XRP Rated as Security while Bitcoin, Litecoin, & Monero has the Least Score: Crypto Rating Council

  • Crypto exchanges and investment giants come together to rate digital assets

Cryptocurrency exchanges and investment platforms have taken it upon themselves to determine which crypto asset is a security and which isn’t.

Coinbase, Kraken, Bittrex, Circle, Genesis, Grayscale, DRW Cumberland, and Anchorage have come together to create the Crypto Rating Council to decide which digital assets can and cannot trade on their platforms.

The framework results in a score between 1 and 5, with 1 meaning he asset has no characteristics of traditional regulated security and a score of 5 representing that an asset is strongly consistent with treatment as security. As per this framework, Bitcoin, Dai, Litecoin, and Monero has the least score of 1 while on the other end of the scale are Polymath (4.50), Maker (4.50), and XRP (4).

However, this didn’t go well with XRP community.

“The Council’s ratings are performed independently,” and “not endorsed by the SEC, CFTC, or any government agency, developer team, or other third party, and they are not legal advice.”

The council will review more assets and might even develop similar tools for non-US jurisdictions.

The diverse group of leading crypto financial services firms as per the official website, are companies “committed to the responsible growth and maturation of cryptocurrency markets and related financial infrastructure and trading services.”

The members believe “practical compliance tools” can help the market participants support growth and adoption of the digital assets in the US and around the world. While the US SEC’s guidance has been helpful in alerting the crypto industry to complex legal issues, determining which asset is security or not “remains highly circumstantial.”

This complexity, they say has slowed the launch of new crypto assets in the US and as such decided to take matters into their own hands.

Read Original/a>
Author: AnTy

Revolut To Add 3,500 People To Its Team, Start VISA Partnership for Market Share Growth

The fintech company Revolut is currently seeking to add 3,500 employees to its staff. The current goal of the company is to expand in both developed and developing markets. To be able to do it, the company wants to upgrade its staff from 1,500 to 5,000 people in a period of one year.

Nikolay Storonsky, the co-founder of the company, affirmed that the company is set to expand beyond its current reach of Europe and Australia, which are Revolut’s primary markets. Not only is the company expanding into the United States, but also other countries such as Russia, Japan and Brazil.

Part of the reason why the company is expanding has to do with Visa. The expansion will also expand how people use Visa with 75% of the Revolut-based cards will use this system.

This is a very ambitious plan that has already made the company be accused of an “aggressive expansion”. Part of this is because the company uses a referral link system in which people get bonuses for inviting others to use its services.

Revolut To Offer Limited Access To Crypto

What does Revolut have to do with cryptos? The company currently offers some popular digital coins. The assets include the ones at the top of the market: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and XRP.

There may be some limitations, though. While the U. S., Brazil and Japan are considered fairly friendly to cryptos, Russia is not so much. Crypto assets can only be sent to other Revolut accounts, though, which diminishes the scope of the service.

Read Original/a>
Author: Gabriel Machado