Ripple price climbed sharply and tested the $0.3750 resistance before correcting lower against the US dollar.The price corrected below the $0.3600 and $0.3480 support before buyers appeared near $0.3280.Yesterday’s highlighted important bullish trend line was breached with support at $0.3600 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair must stay above the $0.3300 support and the 100 hourly SMA to bounce back.Ripple price corrected lower sharply after a strong rise against the US Dollar and bitcoin. XRP tested a crucial support area and it remains well bid on the downside above $0.3300.Ripple Price AnalysisThere was a strong upward move above the $0.3480 resistance in ripple price against the US Dollar. The XRP/USD pair surged above the $0.3500 and $0.3600 resistance levels. The price traded close to the $0.3750 resistance and settled well above the 100 hourly simple moving average. Later, there was a downside correction, but the $0.3480 support acted as a buy zone. There was a fresh increase, but the price failed again near the $0.3750 resistance area.As a result, there was a sharp decline below the $0.3600 and $0.3480 support level. Moreover, yesterday’s highlighted important bullish trend line was breached with support at $0.3600 on the hourly chart of the XRP/USD pair. The decline was such that the price even spiked below the $0.3400 level. It tested the $0.3280 support area and the 100 hourly simple moving average. A strong buying interest emerged near $0.3280, resulting in a rebound above $0.3400. The price broke the 23.6% Fib retracement level of the recent decline from the $0.3746 high to $0.3281 low.However, the previous key support near $0.3480 is currently acting as a strong resistance. The next key resistance is near the $0.3500-0.3510 area. Besides, the 50% Fib retracement level of the recent decline from the $0.3746 high to $0.3281 low is also near the $0.3510 level. Therefore, a break above the $0.3510 level is needed for buyers to regain control in the near term.Looking at the chart, ripple price could decline once again towards the $0.3300 support and the 100 hourly SMA. However, downsides could be contained as the price is likely to bounce back as long as it is above $0.3280 and the 100 hourly SMA. If there is a close below the 100 hourly SMA, the price might slide back towards the $0.3000 support area.Technical IndicatorsHourly MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined sharply below the 50 level and it is currently near 40.Major Support Levels – $0.3320, $0.3300 and $0.3280.Major Resistance Levels – $0.3480, $0.3500 and $0.3510.
Archives for April 3, 2019
ETH price traded further higher towards the $180 level before correcting lower against the US Dollar.The price dipped sharply below the $170 and $165 support levels to move into a short term bearish zone.Yesterday’s highlighted key bullish trend line was breached with support at $173 on the hourly chart of ETH/USD (data feed via Kraken).The pair found a strong buying interest near the $155 support and it is currently moving higher.Ethereum price started a major downside correction after a massive upside versus the US Dollar and bitcoin. ETH is likely to bounce back above $170 as long as it is above $155.Ethereum Price AnalysisIn the past two days, we saw a massive rally in bitcoin and Ethereum against the US Dollar. The ETH/USD pair jumped above the $160 and $170 resistance levels. There was a proper close above the $165 level and the 100 hourly simple moving average. The price even climbed above the $175 level and traded towards the $180 level. A new yearly high was formed at $180 and later the price started a sharp downside correction.There was a sharp dip below the $175, $170 and $168 support levels. The price even broke the key $165 support area to enter a short term bearish zone. Moreover, yesterday’s highlighted key bullish trend line was breached with support at $173 on the hourly chart of ETH/USD. The pair tested the $155 support area and the 100 hourly simple moving average. A strong buying interest emerged and a swing low was formed near $154. Later, the price bounced back above $160 and the 23.6% Fib retracement level of the recent drop from the $180 high to $154 low.However, the price is currently facing a strong resistance near the $165 level. The stated $165 level was a support earlier and now it is preventing gains. The next resistance is near the $167 level. It represents the 50% Fib retracement level of the recent drop from the $180 high to $154 low.Looking at the chart, Ethereum price could gain traction above the $165 level and it could test the $167 or $170 resistance level. Later, there could be a fresh drop towards the $158 zone, where buyers are likely to appear. As long as Ether is trading above the $155 support and the 100 hourly SMA, it is likely to resume its upward move in the near term.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is currently placed heavily in the bearish zone.Hourly RSI – The RSI for ETH/USD dipped sharply below the 50 level and it is currently near the 42 level.Major Support Level – $155Major Resistance Level – $170
SWIFT, IBM, Ripple and around 100 other firms and organizations have joined a new blockchain association to promote adoption of the technology across the EU.
A European Commission initiative, the new group – the International Association of Trusted Blockchain Applications (INATBA) – is launching Wednesday in Brussels, Belgium.
INATBA has been set up as a “global multi-stakeholder forum” aimed to bring together developers and users of blockchain technology to promote mainstream adoption across multiple sectors.
The association plans to build a framework to encourage public and private sector collaboration, dialogue with regulators and policymakers and “legal predictability,” as well as ensure “integrity and transparency” in blockchain infrastructures. It will also develop guidelines and specifications for blockchain and distributed ledger-based applications.
The group also includes other notable members, including banks such as Barclays and BBVA, consultancy firm Accenture and French beauty product giant L’Oreal. A number blockchain startups are on board too, such as ethereum development studio ConsenSys AG, crypto mining firm Bitfury, enterprise blockchain firm R3, cryptocurrency hardware wallet maker Ledger and cryptocurrency protocol developer IOTA.
The formation of INATBA has been in the public arena about for some months. Carlos Kuchkovsky, BBVA’s head of research and development for new digital business, said in November that the association could have an important role to play in terms of developing blockchain best practices and standards and “avoiding fragmentation on a European level.”
The Brussels launch today will see several European Commission officials speaking, including Mariya Gabriel, Commissioner for the Digital Economy and Society, who will provide the keynote. There will also be panels, such as a discussion of the potential of blockchains.
A joint declaration of support from members is also being recorded on different blockchains at the event.
The European Commission has launched a number initiatives to promote the adoption of blockchain technology. Last spring, it formed the European Blockchain Partnership (EBP) along with 22 member countries to support the delivery of cross-border digital public services based around the tech. The Commission also set up the EU Blockchain Observatory and Forum, with ConsenSys as its member, last February.
EU flags image via Shutterstock
Lawyer Stephen D. Palley has an interesting write-up at the Block about how a federal judge has ruled that ATB Coin was an unregistered security even if the token didn’t entitle buyers to profits. The Howey Test doesn’t actually require a security to be a share in a profit-gaining enterprise.
ICOs Don’t Need Formal Profit-Sharing to Qualify As Securities
A security is defined as something that earns value from the efforts of others, is a common enterprise, and has an investment of actual money. ATB Coin launched in September 2017, but the token’s value has dropped more than 85% since then. The lawsuit is based on these losses, and ATB Coin’s proprietors submitted a motion to dismiss based on multiple factors, including that plaintiffs weren’t entitled to profits from the company.
The court has made an important precedent. Even if you’re not promised profits in an ICO investment, it can still be considered a security if the Howey Test is applied reasonably. The court decided that ATB Coin is guilty of offering an unregistered security and not delivering on its promises.
To justify the assertion that plaintiffs were promised a profitable investment, the court looked to marketing materials from ATB Coin. ATB Coin is currently an active blockchain with little or no real use besides to and from some exchanges. It trades at no notable or reputable exchanges with a sum total volume, even after the recent bull swing in Bitcoin, of less than $5 million.
The other argument levied by the defendents was that the court has no jurisdiction over them. This is a dicey argument, being that the court can assert jurisdiction simply by virtue of US persons being able to invest in something.
However, to justify its authority over the defendants, the court noted that Herbert W. Hoover III, one of ATB Coin’s founders, is a New York resident, and that ATB Coin had presented itself at several crypto conferences in New York.
Citing A Non-Judicial Ruling Could Set Up Hundreds of ICO Dominoes
Most interestingly, the court relies on the SEC’s agreement in the case of the Munchee ICO, where it found that something can be a security even when profits aren’t promised. As Palley writes, the SEC isn’t a judicial body. It’s a regulatory agency with a charter and authority from the administrative branch. Now, however, a decision reached between the SEC and Munchee results in a precedent that other cases can cite. People on Twitter believe this may lead to a rash of lawsuits against ICOs which performed similarly to ATB Coin. The judge wrote in his dismissal, in part:
[S]uch a formalized profit-sharing mechanism is not required for a finding horizontal commonality.
Did not disappoint, will hopefully lead to a string of successful lawsuits against ICOs, which will be breathlessly covered by @stephendpalley exclusively on @TheBlock__ under a dedicated section… the working title “ICOh No They Didn’t”
— Jake ⬛ (@jakemcgraw) April 3, 2019
The question is not whether your offering returned great profit to investors or not, but whether or not it is an unregistered security that should not have been offered in the first place. The overwhelming majority of ICOs in 2017 were both unregistered with the SEC and had US investors. Which is to say that if the case against ATB Coin succeeds to the end (without an out-of-court settlement), a serious precedent will pose an existential risk to dozens of projects which have yet to return real value to ICO investors.
Bitcoin is no stranger to powerful price movements, at times growing or declining in value by 20% to 50% intraday. As the bear market raged on, however, there has been a distinct lack of large green candles representing substantial Bitcoin price increases.
The recent Bitcoin price surge sent shockwaves throughout the entire crypto markets that led virtually all cryptocurrencies to experience some sort of price gains – to varying degrees. Ethereum (ETH) and Ripple (XRP) both surged, but are currently pushing up against resistance levels, and will likely be closely tracking Bitcoin’s price action in the near-future.Despite the current resistance levels, prominent crypto analysts believe that these two cryptocurrencies will both see further gains in the near future as the overall market conditions begin to change for the better.Ripple (XRP) Breaks Above Previously Established Resistance LevelAt the time of writing, Ripple (XRP) is trading up just under 7% at its current price of $0.362. Over the past 24-hours, XRP has climbed from lows of $0.335, but is down slightly from highs of $0.37.Over the past month, Ripple has been caught in an incredibly tight trading range between approximately $0.30 and $0.33, with the latter price proving to be a strong level of resistance for the cryptocurrency.The recent upwards break above this price level was certainly positive from a technical perspective, but it is still important to note that XRP currently appears to be facing some levels of resistance in the $0.36 region.Whether or not it is able to break above this price level and continue climbing likely depends on which direction Bitcoin moves in the near future.DonAlt, a popular cryptocurrency trader on Twitter, recently spoke about Ripple, explaining that he believes it looks good from a technical perspective, and that it will likely outperform all other major altcoins if altseason truly begins and it starts surging.“$XRP Looks like we’re getting $589 after all. In all seriousness, this looks pretty good. If we’re truly going to get an alt season and this breaks out it’ll outperform most if not all other majors. I used the dip today to get a bag with spare BTC I had lying around,” he explained in a tweet.$XRPLooks like we’re getting $589 after all.
In all seriousness, this looks pretty good.
If we’re truly going to get an alt season and this breaks out it’ll outperform most if not all other majors.
I used the dip today to get a bag with spare BTC I had lying around. pic.twitter.com/LqqYaOx9W4— DonAlt (@CryptoDonAlt) April 2, 2019Analyst: Ethereum (ETH) Likely to Surge Towards $190 If it Holds Above $170 At the time of writing, Ethereum is trading up over 11% at its current price of $173. ETH is up significantly from its weekly lows of $139, and is only down slightly from its daily highs of $175.Ethereum, which has – like all major cryptocurrencies – been closely following Bitcoin’s price action, appears to have garnered additional buying pressure today that may allow it to climb higher, despite facing some levels of resistance in the low $170 region.Cryptoeasy, another popular cryptocurrency analyst on Twitter, spoke about ETH’s price action, and notably explained that he believes its next price target exists somewhere in the $190 region, assuming that it is able to continue holding above $170.“$ETH dips are for buying. I was one of the losers that took profit last night, so I’ll be looking to add if we get lucky enough. Next logical target on a break of resistance is $17x —> $19x,” he said.$ETH dips are for buyingI was one of the losers that took profit last night, so I’ll be looking to add if we get lucky enoughNext logical target on a break of resistance is $17x —> $19x pic.twitter.com/xHe4ZJeUzB— ₿-Eazy 💥 (@cryptoeazy) April 2, 2019Traders who are looking to profit from altcoin volatility should closely watch Bitcoin’s price action, as it will likely be the determining factor on whether or not cryptos like Ethereum or Ripple surge or fall in the near future.Featured image from Shutterstock.
After a long and arduous winter, green shoots of a crypto market recovery have begun to emerge. Perhaps the only ones left out are the haters. Economist Nouriel Roubini comes to mind.
If you ask market strategists at Fundstrat, they might say Roubini is in for a bumpy ride. The latest Fundstrat report is entitled: “Increasing evidence [the] worst [is] behind us for crypto.” Not only that but the firm is going out on a limb, saying the “skeptics are on the wrong side of history.”
That means you, Nouriel.
Bitcoin Is Surging Again. Just Ignore It
— Nouriel Roubini (@Nouriel) April 3, 2019
Prescient Fundstrat Panel Agrees the Worst Is Behind Crypto
Fundstrat in recent days hosted what they describe as a “rockstar panel” discussion at the Texas CFA Summit in San Antonio.
Incidentally, the event was held prior to the bitcoin price‘s stratospheric rise over the past couple of days. Yet, the panelists, who included CasaHODL’s Jameson Lopp, Adamant Capital’s Tuur Demeester, and Fidelity Investments’ Josh Deems, already seemed to know what was coming around the corner.
Last Friday, the panelists observed that the worst is behind for the crypto market, according to the Fundstrat report. They got the feeling that capitulation happened at year-end 2018, which led Fundstrat to conclude “2019 would not see new lows for bitcoin.”
It’s not like the panel came to the conclusion after it became obvious; they were early. Consider that Fundstrat also conducted a recent poll in which they canvassed crypto Twitter about whether the market had bottomed. Unlike the panel, half of those responses were bearish in nature.
As for the rockstar panel, Fundstrat points out:
“Tuur was noting that his analysis of the blockchain shows whales…are accumulating bitcoin now.”
The fact that he was able to discern that crypto whales were accumulating BTC prior to the rally adds even more heft to the prediction that the worst is over.
Institutional Investors Remain Skeptical
Incidentally, Fundstrat’s panel discussion was up against a tough crowd.
The audience was filled with institutional investors who came in largely skeptical about crypto. Only 16% of those in attendance had “positive inclinations” toward crypto while a mere 2%-3% own digital currencies. Based on audience engagement, their concerns stem from the stigmas that “bitcoin is for money launderers and banks will kill crypto.” Perhaps they have a change in heart now that bitcoin’s value is ballooning.
Just an observation, this crypto move should be respected. Based on convos seem fueled by “dry powder” of crypto folks.
Way more “dry powder” from new to crypto and if Bitcoin can sustain this move, the arguments of “allocate 1% to crypto” become magnetic.
Evidence bottom is in
— Thomas Lee (@fundstrat) April 3, 2019
2019 = Positive Risk/Reward for Bitcoin Speculators
While many in crypto land are speculating about the catalysts behind the bitcoin price rally, the panel identified “accelerated progress.”
“So many things are being built both to make BTC more useful and to facilitate institutional investor access,” said Fidelity’s Deems.
They pointed to progress on second-layer technology such as the Lightning Network as well as “smart contract protocols that should see [security token offerings] issued on the Bitcoin blockchain.”
The session wouldn’t have been complete without price predictions, and they didn’t disappoint. Thanks to a positive supply dynamic as a result of an upcoming halving event, the bitcoin price “will surpass $20,000.” Bitcoin has a history of strength leading into and after supply halving events, and Fundstrat sees no reason why “2020 is any different.” And now that the bitcoin price has surpassed the 200-day moving average technical hurdle, Fundstrat sees 2019 “as positive risk/reward.”
Although the Lightning Network is most often touted as a way to reduce transaction burden on the main Bitcoin blockchain, various other use cases are becoming apparent as more people experiment with it.One of the most potentially revolutionary is the ability to make incredibly small payments for online content. This could have a massive impact on the way content creators monetise their work and, if the largest names in publishing get on board, could be massive for Bitcoin adoption generally.Is Lightning Network Poised to Strike Online Publishing?It is no secret that the internet has had a detrimental effect on the quality of journalism. Where advertising revenue is king, sensationalism pays the bills. Some once-highly-respected publications have tried to avoid the temptation to rely too heavily on such “click-bait” tactics by using subscription services.Lightning Network could provide a massive opportunity for online publishing.However, the problem with these membership schemes is that many readers don’t want to pay for a whole month’s access to a publication just to read a single article. This poses an interesting opportunity for Bitcoin’s second layer payments network, Lightning Network.Since Lightning payments are cheap and fast, they could easily be used to provide pay-per-view services at publications both large and small – a use case highlighted in a post last September on crypto portfolio application Crypto Millionaire’s blog.The author of the piece, titled “I sent letters to top newspapers asking for Lightning Network micropayments. Here are their responses so far”, claims to have done just that. In a letter addressed to “Wall Street Journal, Financial Times, New York Times, and many other”, they outline the above argument that many people wanting to read articles behind pay walls would be happy to pay for them. However, the current subscription model does not cater to the occasional reader:“I’m not going to pay $15 to $30 dollars a month for a subscription… I would be way more likely to pay a few cents for a particular article I’m interested in.”I sent letters to top newspapers asking for Lightning Network micropayments. Here are their responses so far: https://t.co/3iVukE7L4t … CoinGatecom #Bitcoin #Crypto #Ethereum #Litecoin #Ripple #EOS pic.twitter.com/4ghSL62gRW— Crypto Millionaire App (@eagletwitt3r) April 3, 2019The solution proposed is for publications to implement Lightning Network micro-payments for content. The author of the letter argues that publications implementing LN payments for content would:“… get a lot more revenue, a lot of hype from the crypto and millennial communities and, most importantly, look cool and like keeping up with the times.”Old subscription models could even be retained for those wishing to pay the full monthly fee and enjoy unlimited content. Meanwhile, a lot more casual readers would be contributing to the publication’s overall profitability. This increased revenue could then be spent on quality investigative journalism, rather than perpetually budget-cutting to keep costs down and relying more heavily on click-bait-style content.In last year’s piece, a few of the publications responded. The Washington and Wall Street Journal stated that the suggestion was being forwarded to the relevant departments. Meanwhile, the Financial Times were rather more positive:“You have a good point in suggesting Lightning Network micro-payments in which customers can use if they want to read an interesting article on ft.com. We take onboard your suggestion and hopefully one of the things that our marketing teams would consider.”Bitcoin Micro-Payments at Major Publications Could Seriously Drive AdoptionIt’s been six months since the publications were contacted and unfortunately there is still no sign of Bitcoin Lightning Network micro-payments at any major news publication. This feels like the beginnings of a missed opportunity for both the publications and Bitcoin.Although initial uptake might be limited, if visitors to a pay-walled article realised that there was a way to pay for a single article, many of the keenest readers would likely choose to explore it. Not only could such a payment model serve to increase the quality of journalism across the board but it could be a serious boon for Bitcoin adoption too.That said, it is still early days for Lightning Network. The size of the network and the value it’s capable of transferring have been growing at a rapid pace, however, it still might be moving a little too quickly to have the Wall Street Journal announce Lightning micro-payments right now. The network is still very much in its infancy. That said, when the network has matured, integrating Bitcoin micro-payments with leading publications is surely the perfect way to both reinvigorate a struggling industry and promote BTC adoption. Related Reading: Jack Dorsey Tweets Support for Lightning Network Use on TwitterFeatured Image from Shutterstock.
Actor-turned-crypto entrepreneur Brock Pierce used bitcoin as collateral to purchase a $1.3 million mansion in Amsterdam. The real estate transaction represents the first-ever crypto-backed mortgage.
Swiss cryptocurrency startup Nexo facilitated the purchase. Nexo is a crypto wallet that lets you borrow up to $2 million in 45 different fiat currencies within 24 hours.
“He backed the entire loan for the house with bitcoin,” Nexo co-founder Antoni Trenchev told Fox Business. “This was our first-ever crypto-backed mortgage.”
Brock Pierce Holds 95% of Net Worth in Crypto
Brock Pierce is a former child actor who starred on the hit 1992 film “The Mighty Ducks” (opposite Emilio Estevez).
Pierce has since become a crypto entrepreneur and venture capitalist who’s now the chairman of the Bitcoin Foundation. Amazingly, Pierce holds more than 95 percent of his net worth in cryptocurrencies.
‘Tokenization Will Be Quadrillion-Dollar-Market’
In November 2018, Pierce used $3 million in bitcoin as collateral to buy his lavish Amsterdam mansion.
Nexo’s Antoni Trenchev said Pierce initially wanted to hold all his crypto assets, but needed the cash to buy the property, so he used his bitcoin holdings as collateral.
“So we take that bitcoin and other digital currencies as collateral using a third-party qualified custodian to store it and give them fiat cash for it. But neither the client nor us have access to the coins.”
“For a loan of $10,000, you will need to deposit $20,000 in bitcoin. So we lend you 50 cents on the dollar.”
Pierce says being able to borrow fiat money against his crypto assets is a convenient financing method. It also “aligns with my philosophy that real estate and tokenization will be a quadrillion-dollar-market.”
“I was able to hold on to my crypto and settle the transaction in fiat.”
Mike Novogratz: Real Estate Tokenization Will Be Big
As CCN reported, bitcoin bull Mike Novogratz believes the tokenization of assets such as real estate is an emerging trend.
Novogratz, the founder of crypto investment bank Galaxy Digital Capital Management, said several companies have begun tokenizing luxury condos in the tony real estate markets of New York and Aspen, Colorado.
“You’re going to see more and more of that. It’s not nearly as sexy as Web 3.0, but it’s a part of this broader movement of tokenization, digitalization in blockchain. The blockchain makes a lot possible.”
As Crypto Prices Tumble, Mike Novogratz Pounds the Table on Real Estate Tokenization https://t.co/838mGax8Qn
— CCN.com (@CCNMarkets) November 16, 2018
Real Estate Agent: ‘Tokenization Is Paving the Way’
Many condo buildings are getting their own tokens, representing a fractional interest in the property. This enables owners to invest in luxury condos even with a small investment — something that previously was extremely difficult.
New York City real estate agent Ryan Serhant says tokenization could revolutionize real estate financing.
“With blockchain tokenization, we can remove the unruly pressure of traditional bank financing, which is much healthier for the project and all of the stakeholders,” Serhant said. “Tokenization is paving the way for a new forefront in real estate development.”
When the U.S. Securities and Exchange Commission publishes anything related to the cryptocurrency space, the industry immediately pays attention. However, a highly-touted guidance document from the regulator in regards to blockchain and ICOs is shaping up to be seen as a case of nothing to see here.
SEC Publishes Guidance for Crypto Sales
On Wednesday, the SEC released a statement outlining its new “Framework for ‘Investment Contract’ Analysis of Digital Assets,” a product of its Strategic Hub for Innovation and Financial Technology (FinHub).
FinHub is designed to help players in the fintech space.
The latest comments were crafted by Bill Hinman, the director of Division of Corporation Finance and Valerie Szczepanik, senior advisor for Digital Assets and Innovation, who stressed that the framework is not supposed to be an exhaustive overview of the law.
It’s just an “analytical tool to help market participants assess whether the federal securities laws apply to the offer, sale, or resale of a particular digital asset.”
In the framework (reproduced below), the SEC also chimed in about blockchain to say it “can catalyze a wide range of innovation.”
Furthermore, the Division of Corporation Finance recommended that the SEC not pursue enforcement actions against an unregistered token sale.
SEC Document Disappoints Crypto Insiders
Though an important start toward regulating the crypto industry, the framework contained precious little information about how the SEC plans to be more active in regulating the space. Instead, it highlighted the obvious and further obscured what was not. The release states:
“As financial technologies, methods of capital formation, and market structures continue to evolve, market participants should be aware that they may be conducting activities that fall within our jurisdiction.”
It didn’t take long after the SEC’s release for crypto lawyers to begin shredding any crypto industry euphoria.
Take these tweets from Preston Byrne, who lambasted it as a “legal…nothingburger[.]”
Anyway. tl;dr, the SEC doc and the no-action letter are, legally speaking, nothingburgers. What these documents tell us is that the Commission understands the issues and is unlikely to be swayed by technobabble.
— Preston Byrne (@prestonjbyrne) April 3, 2019
Marco Santori was far more prolific in his tweeting about the release. He lamented:
“The SEC promised guidance that would aid entrepreneurs in determining what tokens are securities, then published guidance saying ‘If it makes sense to use a token, it’s probably a security…’”
“Because the no-action letter and the framework each contain “no-transferability” caveats, I don’t immediately see how this advances the discussion or gives clarity to any entrepreneur who really needed it. Bummer.”
12/ The transferability prohibition seems as deeply-engrained in this analysis as the functionality requirement is. Transferability, specifically interoperability, is a touchstone of these networks – and the ERC-20 standard in particular.
— Marco Santori (@msantoriESQ) April 3, 2019
Don’t Hold Your Breath Waiting for the SEC
CCN has continually reported on the SEC being slow to address crypto-related issues. The best example is its failure to give a green light for the first bitcoin exchange-traded fund (ETF). Investors have been anxiously and patiently waiting for this to happen for years.
The recent announcement that it was on the hunt for a crypto specialist attorney was seen as a smokescreen by many. CCN reported that it’s comforting to see the agency dedicating resources to the future of bitcoin and blockchain. However, these developments have yet to result in any real progress toward regulatory clarity.
Crypto founder David Siegel recently told CCN he blamed the SEC for stymieing innovation by not moving on crypto-related issues.
“Building projects in crypto and blockchain is a lot like building projects in the regular business world. One of the biggest challenges we have is finding top coders. Cryptographers are easy to come by these days, but top-tier coders remain scarce.”
Read the SEC’s full DLT framework below: