Category Archives: Cryptocurrency

When Brian Brooks took the role of Acting Comptroller of the Currency for the Office of the Comptroller of the Currency (OCC) in May 2020, many in the industry knew some of Brooks focus would be on fintech and blockchain technology.

Brian Brooks, OCC

Since that time, the OCC has provided interpretive letters and guidance clarifying that banks can custody cryptocurrency and stablecoins, as well as engage in stablecoin activity. The OCC also created a Special Purpose Payments Charter for FinTech companies. In December the Chief Economist of the OCC, Charles Calomiris, published a paper titled Chartering the FinTech Future, in which Calomiris set out the benefits of the OCC providing bank charters to stablecoin providers.

Todays Interpretive Letter

Today the OCC published Interpretive Letter 1174, which explains banks may use new technologies, including independent node verification networks (INVNs) and stablecoins, to perform bank-permissible functions, such as payment activities. Said simply, a bank may use stablecoins (cryptocurrencies designed to minimize the price volatility) to facilitate payment transactions for customers.

In doing so, a bank may issue stablecoins, exchange stablecoins for fiat currency, as well as validate, store, and record payments transactions by serving as a node on a blockchain (INVN).

Rationale

Todays OCC news is innovative and exciting. Not because it is a huge pivot from how banks have traditionally functioned but because the OCC is doing a notable job keeping up with the changing technology and landscape. Many criticize the US for stifling innovation and not allowing companies to evolve with innovative technology that would improve our financial system. Well, the OCC is doing just the opposite. Brooks continues to move carefully but quickly.

As todays OCC interpretive letter notes, over time, banks financial intermediation activities have evolved and adapted in response to changing economic conditions and customer needs. Banks have adopted new technologies to carry out bank-permissible activities, including payment activities. . .The changing financial needs of the economy are well-illustrated by the increasing demand in the market for faster and more efficient payments through the use of decentralized technologies, such as INVNs, which validate and record financial transactions, including stablecoin transactions.

Banks have always been a place where customers could store valuables for safe-keeping and, over time, became a critical part of our financial and payments infrastructure. The history of the American banking system (from the passage of the National Bank Act in 1863, Federal Reserve Act in 1913 and the creation of the FDIC in the Banking Act of 1933) tells a story of regulation adapting to economic realities and changing technology.

HONG KONG, HONG KONG - JULY 13:A man holds a smart phone with PayPal application is displayed on ... [+] July 13 2018 in Hong Kong, Hong Kong. (Photo by S3studio/Getty Images)

Stephen Palley, a partner in the Washington D.C. law firm of Anderson Kill drew the analogy to demand for internet banking, explaining early internet banking was met with approval by the OCC and is now ubiquitous, in spite of early concerns about the safety or practicality of such technology for secure banking services.The OCC continues to show an interest in and desire to engage with new financial technology that consumers demand.

Seen against this historical backdrop, the OCCs latest letter fits squarely into the framework of a conservative prudential regulator creating rules of the road for new and powerful technology and adapting to changing times and customer needs.

What It Really Means

So what does this really mean for the payment systems as we know it today?

While the United States financial system functions relatively smoothly, traditional payment rails are still slow, expensive and subject to banking hours and holidays.

The OCCs guidance opens the possibilities that banks will use INVNs and stablecoins to transfer funds between financial institutions faster and without the need of a government intermediary.

Kristin Smith, Executive Director of the Blockchain Association noted to me, The OCCs interpretive letter shows that there are those in government who actually understand that cryptocurrency networks are the foundation of a next generation payments system. Stablecoins, like USDC, can power faster, 24-hour real time payments in a way that existing US payments infrastructure cant handle.

Nic Carter, Partner of Castle Island Ventures added, this will allow banks to take advantage of the always-on features of public blockchains.

Banks adopting the use of INVNs and stablecoins could also vastly increase the efficiency of cross-border transactions, but that will require banks in the US and abroad to implement a lot of technology.

Carter cautioned, I don't see stablecoins imminently replacing traditional financial rails, but this is a vital first step in normalizing the notion of public blockchains as an alternative settlement infrastructure that banks can freely adopt.

The future of finance looks bright.

See the article here:
OCC Regulator Implements Groundbreaking Cryptocurrency Guidance For Banks And The Future Of Payments - Forbes

Jack Dorsey, the CEO of Twitter and Square, isnt happy about the new proposed cryptocurrency regulation. He emphasized how the regulation would hurt Square, a financial services company, in a letter posted to the company website.

In October, Square bought $50 million in bitcoin. The company also has invested heavily in the cryptocurrency ecosystem, so Square has plenty of skin in the game. The regulations create unnecessary friction and perverse incentives for cryptocurrency customers to avoid regulated entities for cryptocurrency transactions, Dorsey writes.

The regulation, proposed by the Financial Crimes Enforcement Network (FinCEN), would require financial institutions (like Square) to collect personal information about the parties involved in cryptocurrency transactions. You can read a deep-dive on them here, but the more important requirement is for financial institutions to collect the name and physical address of both parties of any large transaction theyre involved in.

The regulation aims to help prevent some of the illegal uses of cryptocurrencies, such as drug trafficking, money laundering, and international terrorist financing. But Dorseys major complaint is that they would create unnecessary friction between cryptocurrency users and financial institutions, which could lead to perverse incentives.

To put it plainly were the [regulations] to be implemented as written, Square would be required to collect unreliable data about people who have not opted into our service or signed up as our customers.

To use an example included in the letter, say a parent uses Square to send their daughter $4,000 in bitcoin. Even if the daughter is using a private bitcoin wallet on her own computer, Square would then be obligated to collect her personal information, including her physical address. Dorsey, along with other privacy advocates, sees that as an overreach, particularly given the open nature of the blockchain.

Dorsey argues the regulation could end up driving customers to use non-custodial wallets or services outside the U.S. to transfer their assets more easily, leading to FinCEN having less visibility into the universe of cryptocurrency transactions than it has today. Put simply, if people have to provide private information to a bank in order to make a transaction, theyll avoid using the bank something the CEO describes as a perverse incentive.

Whats more, Dorsey writes, it hampers innovation. The burdensome information collection and reporting requirements deprive U.S. companies like Square of the chance to compete on a level playing field to enable cryptocurrency as a tool of economic empowerment.

The letter was submitted as part of the unusually short comment period for the regulation. The standard public comment period for these types of policies is 60 days, but the comment period for this proposal is 15 days many of which were holidays. The Treasury Departments reasoning for this is due to significant national security imperatives, but it doesnt provide any further examples.

More here:
Jack Dorsey says proposed cryptocurrency regulation would create perverse incentives - The Verge

Revolut has warned customers that XRP, formerly the third-biggest cryptocurrency by market value, could become worthless.

The warning comes two weeks after the US Securities and Exchange Commission (SEC) charged associated blockchain firm Ripple with conducting a $1.3 billion (1.06 billion) unregistered securities offering.

The value of XRP has tumbled in recent weeks on the announcement. The cryptocurrency, which often moves in tandem with bitcoin, had rocketed in November to hit its highest level since 2018, as a rally in cryptocurrencies gathered pace. However, it has since lost more than half its value, while bitcoin on Sunday hit a new all-time high above $34,600 on the same day the flagship cryptocurrency marked the 12th anniversary of its creation.

XRP was trading at $0.25 on Tuesday, down from a close of $0.55 the day before the Ripple charge was announced.

In a note sent to customers, Revolut warned that although it was still possible buy and sell XRP on its platform, some exchanges had started to delist the cryptocurrency.

It said the price of XRP was volatile and that if one of its partner exchanges were to decide to delist the currency, it might have to follow suit.

We might also have to halt trading with very little notice if the liquidity on our partner exchanges drops and we can no longer buy or sell XRP. This would mean you might not be able to sell your XRP balance and could be stuck with a holding for which the price could drop to zero, in a worst-case scenario, Revolut said.

The fintech does not currently offer a service to allow users to withdraw their XRP balance to an external wallet. It said that although it would try to give advance notice if it had to suspend the buying and selling of the currency, it might not be able to do so.

Its important that you constantly reassess your crypto holdings, specifically XRP, and whether you remain comfortable with the associated risks, Revolut said. In particular, its a good idea to regularly check your buy and sell orders including any recurring buys and auto-exchanges that you may have set up to make sure you are still as happy with them as the time when you set them up.

The company, which has one million customers in the Republic of Ireland, said it would continue to monitor the situation with Ripple and the responses taken by its partner exchanges.

Revolut users held some $120 million worth of cryptocurrencies in 2019, up 152 per cent on the previous year. The company first started selling access to cryptocurrencies in 2017 with support for bitcoin, either and litecoin.

Read more:
Revolut warns that cryptocurrency XRP could become worthless - The Irish Times

Cryptocurrencies are expected to see increased activity this year with more avenues opening up for their utility, including banking services, trade, and remittances, apart from the investment interest in India. Trading volumes have increased almost eight times since March after the Supreme Court allowed banks to deal with cryptocurrency exchanges.

As 2021 started, the price per Bitcoin, the worlds largest and oldest cryptocurrency, crossed $34,500 globally on January 3. However, it slipped a day later to $30,000 levels. In India, it is currently around Rs 22 ...

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First Published: Tue, January 05 2021. 06:10 IST

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Cryptocurrency trade may be more action-packed in 2021, say analysts - Business Standard

An illustration of bitcoin on Euro banknotes.

Nicolas Economou | NurPhoto via Getty Images

Bitcoin on Wednesday jumped to a record $28,599.99, after the digital currency almost quadrupled in value this year amid heightened interest from bigger investors.

The world's most popular cryptocurrency was last up 2.3% at $28,012. It has surged by nearly half since breaking $20,000 for the first time on Dec. 16.

Bitcoin has increasingly seen demand from larger U.S. investors in particular, attracted by its perceived inflation-hedging qualities and potential for quick gains, as well as expectations it would become a mainstream payments method.

Investors said limited supply of bitcoin - produced by so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles - has helped power upward moves over recent days.

Many recent entrants to the market are holding onto positions, they said.

"The supply side to the bitcoin market will remain tight," said Jacob Skaaning of crypto hedge fund ARK36.

The latest gains took bitcoin's market capitalization past $518 billion, according to industry website CoinMarketCap.

Other major cryptocurrencies, which tend to move in tandem with bitcoin, were flat. Ethereum, the second biggest, was down 0.4%, on track for a 2020 gain of around 465%.

Original post:
Bitcoin jumps to record $28,600 as 2020 rally reaches new heights - CNBC

HANGZHOU, China, Dec. 31, 2020 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the Company, we or our), a blockchain technology company in the global market, today announced that the Company expects to commence public testing of its cryptocurrency exchange and officially launch the exchange in the first quarter of 2021. Currently, the Company has completed the internal testing of its cryptocurrency exchange.

Mr. Dong Hu, Chairman and CEO of the Company, commented, The completion of the internal testing of our cryptocurrency exchange is another step forward in expanding our blockchain financial services business. Meanwhile, we will also explore other business opportunities in the blockchain and cryptocurrency industry such as establishing mining farms and cryptocurrency mining to optimize the structure of our offerings in the blockchain industry value chain.

About Ebang International Holdings Inc.

Ebang International Holdings Inc. is a blockchain technology company with strong application-specific integrated circuit (ASIC) chip design capability. With years of industry experience and expertise in ASIC chip design, it has become a leading bitcoin mining machine producer in the global market with steady access to wafer foundry capacity. With its licensed or registered entities in various jurisdictions, the Company seeks to launch a professional, convenient and innovative digital asset financial service platform to expand into the upstream and the downstream of blockchain and cryptocurrency industry value chain. For more information, please visit https://ir.ebang.com.cn/.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Companys development plans and business outlook, which can be identified by terminology such as may, will, expects, anticipates, aims, potential, future, intends, plans, believes, estimates, continue, likely to and other similar expressions. Such statements are not historical facts, and are based upon the Companys current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Companys control, which may cause the Companys actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.

Investor Relations Contact

For investor and media inquiries, please contact:

Ebang International Holdings Inc. Email: ir@ebang.com.cn

Ascent Investor Relations LLCMs. Tina XiaoTel: (917) 609-0333Email: tina.xiao@ascent-ir.com

Continued here:
Ebang International Holdings Inc. to Launch Cryptocurrency Exchange in the First Quarter of 2021 - GlobeNewswire

Bitcoin could soar to $100,000 this year on the basis of current trends, according to Marcus Swanepoel, chief executive of Luno, a London-based cryptocurrency platform.

The cryptocurrency climbed above $34,000 for the first time on Sunday, extending a record-breaking rally in the volatile currency that delivered a more than 300 per cent gain last year.

While it fell in value on Monday, it remained close to record levels.

With 2021 trading in key financial markets only just commencing , bitcoin has resumed its dizzying ascent, rising more than 10 per cent in the first few days of January.

Even the most bullish of bitcoin advocates could not have foreseen such a meteoric rise in price in such a short space of time, said Marcus Swanepoel, chief executive of Luno, a London-based cryptocurrency platform. History suggests a small pullback could follow, he added.

But the pattern weve seen in the build up to this milestone a consistent increase, rather than one sharp spike sets bitcoin up extremely well for this year, Mr Swanepoel said. He added that something approaching the $100,000 mark before the years end was possible.

The rally has fed concerns that bitcoin is set to repeat the events of three years ago, when a bull market dramatically collapsed. When the cryptocurrency set a record high in November, economist Nouriel Roubini called it a pure speculative asset and bubble with no fundamental value.

But some analysts have pointed to an increase in corporate and institutional interest in bitcoin. Well-known investors such as Paul Tudor Jones and Stanley Druckenmiller have thrown their weight behind it, and crypto-focused hedge funds have outshone peers.

The recent gains have far outpaced mainstream asset classes. Bitcoin rose 305 per cent last year, compared with the 16 per cent lift in Wall Streets blue-chip S&P 500 stock index, and golds 25 per cent rally.

Marc Bernegger, a board member at digital asset manager and broker Crypto Finance, said he would not be surprised to see a healthy correction in bitcoins price in the short term. But he is positive over the longer term, due to massive demand from professional and non-speculative oriented investors.

Fundstrat analysts in late December said the conditions remain in place for a continued rally, citing institutional demand and a clearer approach to the sector from US regulators, as well as the possibility that the latest fiscal stimulus package agreed by Congress could fuel demand from retail investors.

Bitcoins rally has been helped by signs that the cryptocurrency is becoming more integrated into the financial system. In October, PayPal said US customers would be given the option of holding bitcoin in their digital wallets. In December, crypto exchange Coinbase filed with regulators to go public. - Financial Times

More here:
Bitcoin could hit $100,000 by end of 2021, analyst predicts - The Irish Times

At least three Israeli blockchain startups have recently announced about completing major funding rounds: Unbound Tech, Celsius, and Fireblocks. Blockchain payments infrastructure startup Simplex has also announced the launch of its latest products, solutions that enable crypto exchanges and wallets to simplify the buying and selling of crypto assets.

The blockchain industry is maturing and many teams are implementing necessary critical security measures and protocols to ease the minds of worried investors. This comes as part of the technological evolution of new developments. Understanding and complying with strict security standards to appease cryptocurrency holders and investors is paramount and the importance of which wasn't lost on leading Israeli startups. Furthermore, development teams quickly realized that there is an immense gap between payment solutions across fiat and cryptocurrencies, which is why numerous Israeli startups, such as Simplex, devised practical solutions, with more to follow.

To people in the know, its not surprising to see the quick climb after a bearish Crypto Winter for the past couple of years. Many retail investors and financial institutions are entering the fray, and the positive market sentiment caused Bitcoin to soar past its all-time-high mark. Exciting technological improvements coupled with financial speculation and lucrative store-of-value opportunities at times when fiat is experiencing a downtrend due to Covid-19 are a key driver in Bitcoins market-wide acceptance.

The cryptocurrency industry is rampant with malicious and nefarious actors. Many exchanges and high-profile individuals were the targets of elaborate hacks and exploits, and just recently, a company in the local scene has been hit with malicious ransomware attacks in which the hackers requested payment in Bitcoin. Many critics recited the end of cryptocurrencies is near due to these kinds of malicious attacks. Trust and security are paramount in the payments and remittance industry. Should a platform lose its investors' or clients trust, users will stray away. Thus, solving trust and security issues represents the unparalleled intrinsic value that was direly missing previously

So how did the Israeli blockchain startup persevere? There are a few reasons. Unlike most startups, which rely on venture capital funds to manage risk and invest small amounts of capital in early stages, blockchain startups rely on token distribution events akin to an IPO. It allows startups to raise money, similar to regular startup companies.

Most blockchain-related entrepreneurs have raised capital when cryptocurrency markets were on the green side. Extreme amounts of capital were raised by projects; those who focused on improving their product, research and development, and marketing survived to tell the tale. Those who didnt - sank with the ship. The survivors are now breaking through as the spotlight shifts from legacy systems back to niche markets like commodities, metals, and cryptocurrencies. Moreover, those who persevered gained a massive competitive advantage versus newcomers who are now attempting to enter the fray.

We are at the beginning of a revolution, with insane amounts of capital flowing from legacy institutions to Bitcoin and alternative coins. As mentioned before, trust and security solutions are critical for this financial revolution. Nevertheless, improved security protocols and standards are not the remedies for price volatility which is the major component that still drives retail investors away. Should the volatility of cryptocurrency prices simmer down, we might observe true disruption in key industries coming from cryptocurrency startups, with Israeli startups leading the charge.

Liron Rose is a 3x entrepreneur and investor.

Adiel Yaakov is a cryptocurrency expert, researcher and analyst

More here:
Bitcoin is booming and Israel's blockchain infrastructure and security startups hold a major key to the cryptocurrency revolution - CTech

Under new proposed regulations from the Financial Crimes Enforcement Network, it may become much easier for the government to track bitcoin transactions. And while theres currently a 15-day comment period open, cryptocurrency exchange Coinbase and the Electronic Frontier Foundation are calling foul because that period includes Christmas Eve, Christmas Day, New Years Eve, and New Years Day.

The proposed regulations in question, which were filed at 4:20PM ET on December 18th, are about private wallets. Lets say I am a famous and fancy cryptocurrency investor, and I do some trading on Coinbase. If I have my own private wallet that I want to transfer my money to, I will have to identify myself as the wallets owner if Im sending more than $3,000 in a transaction. And if I want to do business with someone else who has a private wallet, I need to tell the exchange some pretty detailed personal information. The exchanges are then required to store records of all this and turn them over on request.

Also under the proposed regulation, an exchange would be required to report my personal information if I make a total of more than $10,000 in transactions in one day. You can see why Coinbase or any other exchange would see this new know-your-customer requirement, at minimum, as a complete pain in the ass.

Its also the most ironic development in cryptocurrencys ironic history; born from a weird group of the libertarians, anarchists, and utopians, cryptocurrency promised to be a way to transact absolutely privately, in a trustless system. Bitcoin, the worlds biggest cryptocurrency, arose just after the 2008 financial crisis as an alternative to banks but these new regulations will make cryptocurrency exchanges act a lot more like banks. Taken in concert with another rule change about international transactions, it may signal that cryptocurrencys wild years are over and anonymity will be harder to find.

Cryptocurrency exchanges make it easy to move from dollars (or whatever) into a cryptocurrency and vice versa. That also means that they make cryptocurrency accessible to more people. The current FinCEN proposal makes more work for these exchanges and for the people operating within them as well as undermining the anonymity for which cryptocurrency is famous. Taken in combination with another recent proposed rule change about how to report cryptocurrency that crosses borders, you can see why some cryptocurrency enthusiasts are nervous.

There are some concrete consequences to this, the EFF points out. First, it makes anonymity more difficult in a transaction between a private wallet and one hosted by an exchange service. Second, the proposed legislation also makes it less appealing to have a private wallet.

But the third problem is the real kick in the ass: some cryptocurrencies, including bitcoin, record all transactions publicly. That means if I am trading bitcoin into my private wallet from an exchange, I have to send a bunch of identifying information about that wallet, which is then potentially available to the US government. Because as soon as you know a specific wallet address is mine, you know every bitcoin transaction I have ever made with that wallet. This means that the government may have access to a massive amount of data beyond just what the regulation purports to cover, the EFF writes.

So bitcoin, a cryptocurrency created to ensure anonymity, would ensure exactly the opposite under these rules. Though, I suppose, with a little creativity, its possible to get around them; you simply create a wallet for the know-your-customer rules, then transfer your money from there into a second private wallet.

Yesterday, Coinbases chief legal counsel, Paul Grewal, issued a response to FinCEN, complaining about the 15 day period for comments on this rule change: FinCEN asked the public to provide comments in just 15 days, spanning Christmas Eve, Christmas Day, New Years Eve, and New Years Day, in the middle of a global pandemic leaving just a handful of actual working days for comments.

Coinbase is asking for a 60 day review period which is the norm. The shorter review period of just 15 days is because the Treasury Department says significant national security imperatives mean this has to move faster. Its true that some cryptocurrency transactions are criminal The Silk Road was a significant part of bitcoins history, after all. The proposed rule says that cryptocurrencies facilitate international terrorist financing, weapons proliferation, sanctions evasion, and transnational money laundering, among its laundry list of potential criminality.

But its hard to know how serious that is, since 60 days from now, cryptocurrency exchanges would be dealing with the Biden administration rather than the outgoing Trump administration. There is no emergency here; there is only an outgoing administration attempting to bypass the required consultation with the public to finalize a rushed rule before their time in office is done, Grewal wrote.

Regardless of the 15-day or 60-day period, it does seem like the Treasury Department is attempting to send a message to any would-be cypherpunks: you cant beat the existing financial world you can only join it.

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Congratulations, the US got you cryptocurrency regulation for Christmas - The Verge

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I cover enterprise adoption of blockchain and cryptocurrency.

Brian Armstrong

Brock Pierce

Visa Inc.

I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community. My coverage includes the use of cryptocurrencies and

I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community. My coverage includes the use of cryptocurrencies and extends to non-cryptocurrency applications of blockchain in finance, supply chain management, digital identity and a number of other use cases. Previously, I was a staff reporter at blockchain news site, CoinDesk, where I covered the increasing willingness of enterprises to explore how blockchain could make their work more efficient and in some cases, unnecessary. I have been covering blockchain since 2011, been published in the New Yorker, and been nationally syndicated by American City Business Journals. My work has been published in Blockchain in Financial Markets and Beyond by Risk Books and I am regularly cited in industry research reports. Since 2009 Ive run Literary Manhattan, a 501 (c) (3) non-profit organization dedicated to showing Manhattans rich literary heritage.

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Forbes Favorites 2020: The Year's Best Cryptocurrency Stories - Forbes