Blockchain News

U.S. SEC Interested In ‘’Enterprise Data Subscription For Blockchain’’

Published

2 weeks ago

July 6, 2019

Stefan

U.S. SEC is now interested in engaging an enterprise-wide data subscription for blockchain ledger data according to the latest reports by the regulator aiming to provide clarity for blockchain companies. In the latest cryptocurrency news, we find out more about the idea of the regulator.

It is widely believed that the U.S. SEC has not really been active enough regarding the regulation of the blockchain sector. However, now, according to the report

“The United States Securities and Exchange Commission…intends to procure a commercially available off-the-shelf (COTS) enterprise-wide data subscription for blockchain ledger data to support its efforts to monitor risk, improve compliance, and inform Commission policy with respect to digital assets.”

The U.S. SEC is now getting interested in data on Bitcoin and on the Ethereum blockchains among some of the other leading chains:

“At a minimum, the subscription shall include the Bitcoin and Ethereumblockchains…In addition, the subscription shall include as many as possible of the following blockchains: Bitcoin Cash, Stellar, Zcash, EOS, NEO, and XRP Ledger.”

Congressman Warren Davidson among some of the other lawmakers, truly believes that the United States should create improved guidelines so that other companies can begin adhering to the new regulations. For example, Minnesota Congressman Tim Emmer stated that he believes the blockchain might be essential to making sure that the United States stays in advantage over other countries regarding the technology. He pointed out that blockchains might change the way people live immensely by saying:

“This stuff has the potential to completely decentralize the way we live and make the individual central to the way they live their life.”

As recently reported in the coming altcoin news, the criticism comes from people from the U.S. SEC itself. The Commissioner Hester Pierce named the ‘’Crypto Mom’’ pointed out that the regulatory agency’s attitude towards Blockchain was at a very unsatisfying level. She described the agency as ‘’old’’ and stated that the regulator has not been ‘’historically great with innovation.’’ The fact that the SEC wants some more information about the blockchain sector could be a major bullish sign. This should not surprise you since the International Data Corporation study showed that the government spending on blockchain will increase significantly in the next few years.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan has been a Bitcoin Specialist for over 5 years. Providing daily news and updates for DC Forecasts.

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Blockchain News

Coinbase Closes Its Bundle Product After 8 Months On The Market

Published

1 hour ago

July 21, 2019

Stefan

Coinbase closes its Bundle project after being available for 8 months on the market after allegedly figuring out that it is the end of the altseason. More about their decision, we read in the coming altcoin news below. The altseason appears to be over and nobody is sure if it’s ever coming back. Coinbase reportedly got the message very fast and decided to bin its diversified crypto-bundle product. A FAQ from the company reads:

‘’Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Conibase Bundle have been redistributed to their respective individual asset wallets.’’

Coinbase Bundles were meant to provide the investors with a diversified digital asset portfolio which could be dollar-cost averaged by using the same tactic that the investors use in traditional asset classes. Investors could also spend up to $25 to purchase a bundle of five cryptocurrencies which were easily balanced in proportion to their own market cap. For example, Litecoin, Ethereum Classic, Ethereum, and Bitcoin comprised each bundle. In a combination with Coinbase Learn and Asset Pages, the bundles were meant to look good for crypto newbies that are aiming for the dollar cost average into some long positions without having to conduct a huge amount of technical analysis. When it was first introduced in 2018 in September, Coinbase noted:

‘’The vision of an open financial system depends on people’s ability to understand, explore, and choose cryptocurrencies. We expect that millions of people will make their first cryptocurrency purchase in the coming years. But all too often, getting started can be overwhelming for people learning about crypto for the first time.’’

Now, after 8 months, Coinbase closes the Bundle project and this decision is bound to draw some criticism but maybe pleasure as well from those who dislike the company. It could be a very smart move to bin the product since the altcoins have been crashing recently as bitcoin corrected and managed to get on the rallying track. As noted in the latest cryptocurrency news, the cancellation of the Coinbase Bundle product could add some credibility to the argument that the diversification does not always work for crypto despite the sector being too volatile or calm.

Blockchain News

Global Accounting Firm KPMG Partners With Microsoft To Develop Blockchain

Published

12 hours ago

July 21, 2019

Stefan

The multinational and global accounting firm KPMG has recently partnered with the software firms TOMIA, Microsoft and R3 to develop a blockchain for telecom settlements. Known as one of the "big four" accounting firms in our altcoin news, KPMG has pursued the industry specific blockchain pilots in the past and has always had an eye for settling cross border or network complexities. The latest partnership of the global accounting firm with two distributed industry leaders, one of which is Microsoft and the other is R3 - is featured and continues to be the vein of resolving the issues that arise from multi-party connections. More specifically, KPMG is looking to address the hard data issues that will arise from the 5G connectivity. As many best cryptocurrency news sites noted, the global accounting firm said tha “international mobile data roaming revenues are expected to reach $31 billion in 2022, with an average annual growth rate of eight percent.” The Blockchain Leader at KMPG, Arun Ghosh, also addressed the following in a blog post:

“While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”

The blockchain being piloted by KMPG, Microsoft and R3 is definitely a hot topic and aims to reduce the future costs, number of disputes and time involved in telecom settlements caused by “billions of mobile interactions flow[ing] through hundreds of connected networks managed by dozens of customers and suppliers.” However, it is not just future costs that the business partnership wants to solve. On the table are also current inefficiencies in the markets such as settlements and reconciliations which are currently handled manually and can take a month to be completed, Ghosh said. Currently, he said, a huge amount of data is generated around mobile devices. However, it goes a long way to know the conditions of a user's contract and their billing information - which must be authenticated by at least two parties if cross-service operations occur. Before the blockchain initiative, the global accounting firm KMPG had advised telecom operators on capital-efficient deployment of 5G networks, cyber security, privacy and data protection - all of which was featured in our coming altcoin news.

Blockchain News

Japan Will Create International Crypto Infrastructure Better Than SWIFT

Published

1 day ago

July 20, 2019

Stefan

Japan will create an international payment infrastructure for cryptocurrency transactions which will be similar to SWIFT and maybe even better. The project is a part of the massive push forward towards the crypto adoption and in the latest cryptocurrency news today we take a closer look at the project. While there are no many details about this project, there are some indications that the Financial Action Task Force is collaborating with the Japanese authorities on the project. The idea came into effect because of Facebook’s entry into the crypto scene with the Libra crypto project which could make a huge mess on a global scale. According to Reuters, an anonymous person stated that the Japanese authorities are trying to create a cross-border network for crypto transactions just as the SWIFT which is used by banks. Japan is one of the places in the world that it appears to be in front of everyone in technology development since the reports also show that the FATF is monitoring the development and plan to get other major economies involved. The FATF approved the plans for the new international crypto infrastructure network after the finance ministry proposed the idea. The source also revealed that the project could easily be up and running in the next couple of years. Japan is not the only country looking to develop blockchain-based infrastructure and Iran is also developing a new banking system that could run on the blockchain. The central bank of the country is working with a local tech startup on a project named Borna which will be built using the Hyperledger Fabric implementation created by the Linux Foundation. Japan will create a new system in order to combat money laundering and will use the anti-money laundering and know your customer protocols. The Financial Services Agency which is the regulatory watchdog of the country has taken many steps to sanitize the crypto scene and Japan quickly became the first nation in 2017 to create regulations for crypto exchanges. Some inside sources say that the FATF and FSA are working very closely on the project because they are concentrated to gain the approval of the intergovernmental FATF with regard to the AML procedure. The FATF is also aiming to regularize the AML laws in order to govern cryptocurrencies globally as noted in the coming altcoin news reports.

Blockchain News

Former CEO Of WEX Crypto Exchange Gets Arrested In Italy

Published

1 day ago

July 20, 2019

Stefan

Former CEO of WEX crypto exchange that is now defunct, was successfully arrested in Italy after he reopened the BTC-e exchange in 2017 as we reported in the altcoin news previously. Dmitry Vasilyev, who reopened the BTC-exchange and changed the name to WEX.nz in September 2017, was arrested and detained by Italian prosecutors. There was no official statement provided to date but BBC Russia reported on the arrest on July 19. According to the report, the publication cited a friend of Vasilev but also two other anonymous WEX investors. The reason for the detention is still unclear. Back in April 2019, Vasilyev became the prime suspect of a criminal investigation by the police department in Kazakh City Almaty as he was charged with defrauding a local investor in the amount of $20,000 through his WEX exchange as the reports from the crypto media outlet Forklog reported. According to the report, the 32-year-old suspect was announced wanted under an international arrest warrant in the territory of the Commonwealth of the Independent States. The now-defunct WEX exchange still remains a subject to a $4 billion fraud investigation which is led by Greece and the United States. The Greek police previously stated that they had detained the alleged founder of the exchange Alexander Vinnik. The Former CEO of WEX crypto exchange comes after the Vinnik’s arrest in 2017 when Vailyev relaunched the exchange under the WEX name that was soon reported as having suspicious tendencies including overpricing Bitcoin compared to the general norms. WEX halted all withdrawals in July 2018 which led to the claims from users that the platform was a scam. WEX’s fellow exchange and one of the largest crypto exchange out there-Binance froze funds that were sent from wallets associated with WEX users after the suspicions about the exchange being involved in money laundering emerged. As noted in the latest cryptocurrency news, the Russian authorities still fight to get Vinnik home and even the Russian Commissioner for Human Rights asked the United Nations High Commissioner for Human Rights to help get the exchange founder home. There is still no update on this news and there is almost no information available about Vinniks health and mental condition.