Daily Roundup
US Chamber of Commerce Calls out SEC & CFTC for Supportive Crypto and ICO Regulations
US Chamber of Commerce, another strong political name has been added to the list of authorities that is asking the regulators clearer regulations for cryptocurrencies and any activities related to them, including initial coin offerings (ICOs).
The request has come as part of the new FinTech Innovation Initiative, which released its first report last week, outlining FinTech policy and recommendations the group will be presented to legislators and regulators.
The Chamber urged the SEC to continue studying ICOs to see how they can be an effective tool for raising capital while protecting investors and ensuring applicable laws are met. They have also urged the CFTC to study how cryptocurrency is functioning in the futures and commodities market. CoinGape
Cryptocurrency Stocks Stage A Comeback Amidst A Resurgence Of Bitcoin Hype
As Bitcoin continues to perform well in recent days, the prices of cryptocurrency stocks are once again in the green. The value of small to medium firms that rebranded with blockchain in 2017 is seeing a significant value boost coinciding the present BTC price rally.
In 2017 cryptocurrency was a buzzword that meant astronomical growth. While the likes of BTC, ETH, and other virtual coins were steadily gaining new all-time highs, some company executives came up with a brilliant plan. They decided to rebrand their companies using blockchain. It didn’t matter whether the firm had anything to do with decentralized technology. Some merely added blockchain to their company name, while others branched out into the technology itself. By so doing, many were able to ride the wave of crypto price surge of late 2017.
However, the start of 2018 brought with it a massive decline in cryptocurrency prices. The bear run caused the market to lose more than half of its market capitalization with coins like BTC shedding over 60 percent of its value. As crypto prices tanked, the share prices of these “crypto stocks” also declined significantly, showing that there was some coupling between the two. Ethereum World News
Unconfirmed: Binance to enter South Korean Market
While the whole market is rejoicing the cryptocurrency bull run, Binance, one of the biggest cryptocurrency exchange platform is all set to enter the South Korean market. The news is reported by a local news portal, Korea Business but has not been confirmed by Binance.
Reportedly, the platform is planning to set up three to five local corporations this year. The entry in the South Korea market would have a massive positive impact on the exchange platform. AMBcrypto
$1 Billion Blockchain Fund to Launch With Government Backing
Another Chinese city is launching a fund worth over $1 billion in order to support the development of blockchain-focused enterprises. The district government of the Jiangbei new area in Nanjing city announced the plan to launch the 10 billion yuan (around $1.4 billion) blockchain fund last Friday. The project will be funded through a public-private partnership,
The Nanjing government will contribute 30 percent of the total amount as a guiding fund, while the other 70 percent will come from the private sector, another local news report indicates. Thirty percent of the fund will focus on early stage blockchain startups, as well as innovations from academic institutions in China; 40 percent will be allocated to traditional industrial companies looking to adopt blockchain technology; and the remainder will be used to "discreetly" fund cryptocurrency projects. Coindesk
UK Central Bank Says New Payments System Will Be Blockchain Friendly
The Bank of England's updated payments system will be compatible with blockchain-based financial technology forms, Reuters reported Monday.
The announcement is the latest in the BoE's ongoing efforts to modernize its Real-Time Gross Settlement system (RTGS), which is essential for banking and trading in Britain and handles transactions worth around £500 billion annually, or almost a third of the country's economic output. The upgraded system is expected to be launched in 2020, and will be designed to be resistant to cyber-attacks while also being available to a wider number of smaller businesses. Coindesk
Confirmed: TRON Acquires Major P2P Platform Operator BitTorrent
TRON’s long-rumoured acquisition of BitTorrent Inc., the operator of popular torrent client uTorrent, has been confirmed by TRON founder Justin Sun in a community letter published July 24. According to Sun, BitTorrent and TRON will be wholly integrated, with the TRON and BitTorrent teams merging into one. Today’s letter emphasizes their shared vision, which was already indicated by the repeated mention of torrents and explicit reference to BitTorrent in the TRON white paper. CoinTelegraph
Soapbox Express
General Electric Participates in Blockchain Startup Xage Security’s $12 Mln Funding Round
South Korean Telecoms Giant KT Has Built Its Own Blockchain
Google Cloud Dives Further Into Blockchain Technology
Team McAfee Launches McAfee Market Cap And McAfee Crypto Team Websites
Cardano [ADA]’s Charles Hoskinson talks Prometheus, Plutus and more projects
Art of the week
This weeks featured art is a spectacular piece from the Lynx Art Collection.
“Inspired by one of our original space designs from our artist Devin Schoeffler, we are excited to introduce the Bitcoin Astronaut Sandcastle!”
If you are a community crypto artist and would like us to feature your work, feel free to contact us.
Tweet of the day
Twitter is a treasure trove of gifts from millions of strangers, both personal and abstract. ♥️
July 23, 2018Contact
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