View: 468
Want create site? Find Free WordPress Themes and plugins.

on 15th March, Bloomberg BNA reported that Stephanie Avakian (Enforcement Division Co-Director) of US SEC (Securities and Exchange Commission) has confirmed that “dozens” of investigations have been conducted by the agency in the cryptocurrency space.

Press Report

It was reported in February that subpoenas have been sent by SEC to companies, that are suspected of having trouble with the security laws through their contribution in the ICOs (Initial Coin Offerings). The comment of Avakain follows these press reports as she said;

“We are very active, and I would just expect to see more and more.”

cryptocurrency companies

Statement Released by Securities and Exchanges Commission (SEC)

A statement was released by SEC on 7th March, prompting cryptocurrency trading platforms that they are under the control of the SEC as it monitors them and as an outcome, it must register as exchanges. It’s already clear that SEC holds the main responsibility for proposing securities rules, enforcing federal securities laws, regulating the securities industry, and other actions, which includes the electronic securities markets. SEC supervision ended up as three different companies were suspended from trading due to queries related to the cryptocurrency.

What has SEC done against the crypto-related companies?

Over the past few years, the SEC has taken more steps against cryptocurrency companies that it was seeing as flaunting securities laws. Bloomberg also reported that since September 2017, many actions have been taken by the commission against companies.

On 14th March, Mike Lempres (Chief Legal and Risk Officer at Coinbase) has highlighted in a testimony (before Congress) that the major financial regulatory organizations haven’t agreed on the nature of cryptocurrency. In the US, the regulatory framework for cryptocurrencies still remains unclear.

For SEC, it is a security, while the CFTC (Commodity Futures Trading Commission) deliberates tokens as a commodity. If we talk about the IRS (Internal Revenue Service), it considers tokens to be property, while tokens are considered as currency for FinCEN (Financial Crimes Enforcement Network).

Did you find apk for android? You can find new Free Android Games and apps.

3 thoughts on “SEC Official: ‘Dozens’ of Crypto Investigations Are In progress

  1. Hey there would you mind sharing which blog platform you’re working with?

    I’m planning to start my own blog soon but I’m having a difficult time deciding between BlogEngine/Wordpress/B2evolution and
    Drupal. The reason I ask is because your design and style seems different
    then most blogs and I’m looking for something unique.
    P.S My apologies for being off-topic but I had to ask!

  2. I am really inspired with your writing abilities as well as with the
    structure for your blog. Is that this a paid subject
    matter or did you customize it yourself? Anyway keep up the
    excellent quality writing, it’s uncommon to look a nice weblog like this
    one these days..

  3. If you are going for best contents like myself, simply pay a
    quick visit this web site everyday because it provides quality contents, thanks

Leave a Reply

Type Comments Here

Your email address will not be published.

Share Your Toughts

View: 439
View: 450

Digital currency under regulatory scrutiny- SEC

Want create site? Find Free WordPress Themes and plugins.

Cryptocurrencies

After being spooked by the massive digital tokens crackdown, cryptocurrencies got another pushback by the feds recently. The Securities and Exchange Commission in the U.S has decided to gun down all the cryptocurrencies, especially Ethereum under regulatory scrutiny to whether consider it as security or commodity. After a remarked high range in digital currency world, this bull to bearish reversal is the result of investor anxiety gushes over the squabble between Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC).

ethereum icos

The second most popular digital currency after Bitcoin in the charts, Ethereum is considered under the category of security will have hard consequences. Not only for Ethereum cryptocurrency, but all digital currencies crowdfunded through ICOs, that is Initial Coin Offerings.

Coming under increased regulatory scrutiny by the U.S government, all these cryptocurrencies are viewed as securities due to their speculative nature all around. Regulators have already declared bitcoin as security. But undermining the liquidity of this second popular cryptocurrency can prove out to be disastrous for it and also the cryptocurrency economy. Though the basic mechanism working behind these two digital currencies is not merely same, but they contribute majorly to the cryptocurrency world.

Initial coin offering

Until the mid-2017, selling transaction of these tokens was not much of an exhausting task. A team would emerge through these blockchains and present their purpose of tokens in a ‘white paper’. They would then arrange an Initial Coin Offering Service, ICOs where they would offer coins to nearly anyone who would exchange them for cash or Bitcoins.

The main idea or theory behind this ICO was to fund and support the construction of that newly emerging online service. But later in a few cases, these ICOs were proved to be scams. Absconding of these organizers created an upthrust, where SEC fired a warning claiming that tokens sold in ICO may be considered as securities and their declaration will be mandatory. SEC values Ethereum similar to any public Company who strives every act to value their stock.

Now the developers are concerned that due to the fact that Ethereum ICOs investors bought the tokens in hope that their value will increase in the near future, it could be classed as security. But the plethora of issues is not that straight and easy here.

Ethereum co-founder denies

The whole dilemma was observed and addressed by the co-founder of Ethereum, Joseph Lubin in a conference. He says that the scrutiny doesn’t upset him. According to him and the developers, this does not meet the requirements of security and doesn’t have to be regulated, therefore. There were no concerns about the potential issues about the cryptocurrency. he further said, he never considered and identified the system as security ever.

The Howey Test

A case resided between the SEC and WJ Howey Co in 1946. In this case, the foundation to determine the event to be a commodity or a security was set. It is now known as the Howey Test.

In simpler terms, Howey Co. sold a part of their citrus farm to some investors. Their idea behind it was to gain profits from the operations performed on the farm. It was considered as a securities contract by the judge explaining that the scheme focuses on the idea to obtain profits from the efforts and labor of others.

Basically, in simpler terms, this test helps to determine if a transaction or profit is obtained solely by the hard work and labor of one party and not by the other party, combined in an agreement. This Howey Test has been greatly talked and argued about in the regard of these cryptocurrencies and ICO. As the basic phenomena in Ethereum ICOs reside the same. The investor expects profits primarily from others hard work and efforts.

Securities classification arguments

According to wall street journals, the future of the cryptocurrencies is under debate, whether it would be identified as security or not. Commodities and securities under which the legislation falls are regulated by different authority bodies. They are regulated and operated in different markets and agencies. These differences will greatly affect the investors, sellers, and buyers in the cryptocurrency market.

Despite all the fuss and controversy about the issue, a lot of experts are very positive and hopeful about the future and growth of Ethereum cryptocurrencies. Many have come up suggesting that Ethereum and such cryptocurrencies may be considered as unregistered securities after a continues refusal by the founders of them being never entertained as security. The growing market capitalization of Ethereum cryptocurrency has shown that this is not going anywhere this soon!

Did you find apk for android? You can find new Free Android Games and apps.
View: 560

Ethereum Mining Step by Step

Want create site? Find Free WordPress Themes and plugins.

Before following the provided mining steps, here are some important information you should keep in mind before mining:

  • Mining process takes a lot of electricity and you should concern about this.
  • For the process, you should have an Ethereum mining calculator.
  • There must be a portion of free space on the hard drive of your computer. About 30 GB will be enough for the blockchain and other software.

The Ethereum Mining Procedure:

1st Step:

You will have to download Geth. Geth will help you as a communication hub, connecting you to the Ethereum platform even coordinating your hardware and reporting any development which requires action on your part.

2nd Step:

Usually, Geth received as a zip file. You have to unzip and transfer the file to HDD. The drive C: is usually best for this.

3rd Step:

For the execution of the installed application, you need the command prompt. Search for ‘CMD’ in Windows if you’re if you don’t know about this, from the search list click on it.

4th Step:

‘C:\Users\Username>’ the username is the name of your computer system and it is the usual display format by command terminal. The next step is to locate Geth, type in ‘cd/’ in the command prompt terminal, it’s an instruction for change directory. ‘C:\>’ must be highlighted now, which shows you’re currently in the C: drive.

5th Step:

The next step is “Account Creation”. To make a call to Geth, you have to type in ‘Geth Account New’ which followed by the enter key. The command terminal will now display ‘C:\> Geth account new’.

6th Step:

A password will be required from you at this stage. Some extra attention should be taken here. Make sure to your password, if possible write it down, and don’t forget to type it in carefully. Press enter button once again after putting the password. Your new have generated.

7th step:

Geth needs to connect with the network before anything turn into fully operational. Just type ‘Geth -RPC’ in the terminal, then press enter, this will start the download the blockchain of Ethereum and synchronizing with the global network. It is a time intensive process and it’s dependent on how large blockchain is currently and your internet connection’s speed. You have to wait to make sure the completion of this process before mining.

8th Step:

You need a mining software to proceed, which will help your GPU in running the required hash algorithm on the platform. For this heavy lifting “Ethminer” is a good choice.

9th Step:

Install a mining software of your choice for this mining procedure.

10th step:

Repeat 4th step in a new command (change directory command) terminal. For a new command terminal, make a right click on the icon of previously active terminal found in the taskbar and at that time click on the terminal from the menu.

11th Step:

Type ‘cd prog’ in the new terminal window followed by the tab key. ‘C:\>cd prog’ will be on display, press tab key again to display ‘C:/>cd” Program Files” ‘after this press the enter key to show ‘C:\Program Files>’.

12th Step:

Type ‘cd cpp’ to go into Ethereum mining software folder, then the tabs and the enter keys. You have to press tab once again and the terminal will now display ‘C:\Program Files\cpp-ethereum>’.

13th Step:

Start mining with GPU, type ‘ethminer -G’ followed by the enter key. This will start the mining process after creating the Directed Acyclic Graph (DAG), which is a huge file stored in RAM of your GPU to make it ASIC resistant. Make sure that there is enough space on your HDD before getting to this point.

14th Step:

Lastly, if you are going for it, CPU mining can be done. You have to type ‘ETHMINER’ then press the enter key to start the process. The creation of the DAG is still compulsory in this step after that Geth takes over communication with Ethminer.

Did you find apk for android? You can find new Free Android Games and apps.
View: 555

Ripple Becomes The Second Only Currency With A Market Cap Of Over $100 After Bitcoin

Want create site? Find Free WordPress Themes and plugins.

January 3 proved to be a historical day for Ripple. The crypto became the only currency after bitcoin to have a market cap of over $100 billion. At the time of writing, the valuation of Ripple is ~$121 billion.

$19 Billion Surge In 24 Hours:

Ripple’s native token, XRP, went up by more than 24 %, taking the coins value to $3. The huge value surge saw the valuation of ripple go from $95 billion to $116. As a result, Ripple further distanced itself from the third top cryptocurrency, Ethereum, and solidified its spot as the second most valuable crypto after bitcoin.

The daily trading volume of XRP is vigorously amassed in the South Korean market. Korbit and Bithumb are handling 40 percent of worldwide Ripple exchanges, representing more than $2.2 billion of Ripple’s daily trading volume.

On Bithumb, the second biggest digital money exchanging platform on the planet situated in Seoul, South Korea, Ripple stays as the most exchanged crypto, recording daily trading volume that is three times bigger than that of bitcoin.

Despite being the biggest and most liquid Ripple trade market, XRP is being exchanged with a high premium inside South Korean digital money market. On Bithumb and Korbit, Ripple is being traded at $3.5, with a 12 percent premium.

Brad Garlinghouse, the CEO at Ripple, and responsible for the advancement of the Ripple blockchain network, expressed that the “genuine use case” separates Ripple from other computerized assets.

However, as with any other digital money, Ripple met with some criticism. On January 3, P4man expressed that the vision of Ripple to develop into Swift 2.0 isn’t reasonable because for Ripple to become a Swift-like network, banks will need to pick up control over it.

“As for the moonshot of replacing Swift; most importantly, I have doubts over a worldwide agreement protocol being the correct approach. Banks presently control Swift. How likely is it they would give up control to a little startup and allow themselves to become indebted to its private currency, that they have no need for?” wrote P4man for Coindesk.

Story credit: ccn.com

Image: Google images

Did you find apk for android? You can find new Free Android Games and apps.
View: 477