The market was stable this week, after the previous week’s drop. However, Bitcoin dropped dipped $6,400 while Ethereum managed to maintain its price above $210. The total market cap has also gone up slightly from $208 Billion to $211 Billion, thanks to Ethereum’s stability. Also, Bitcoin Cash lost its momentum after reaching a peak of $635. Bitcoin Cash (BCH) is currently trading at $542.34. The fork is expected to happen on November 15th.
In other news, Dilip Rao, the global head of infrastructure innovation for Ripple, revealed that the company is planning to open an office in Dubai. He added that Ripple has so far signed about 200 institutions from different countries with many of them being from the Middle East. The list of clients reportedly includes Saudi Arabia’s Al-Rajhi Bank, as well as Kuwait Finance House. Also, American technology giant IBM has partnered with hardware manufacturer Seagate to use blockchain in combating fake hard drives. Hard Drives manufactured by Seagate would be logged on IBM’s blockchain platform, which would ensure that counterfeits are not sold to end consumers as genuine products.
1) The U.S. Securities and Exchange Commission (SEC) has filed charges against EtherDelta founder Zachary Coburn for operating an unregistered exchange. The decentralized exchange (DEX) allowed users to exchange Ethereum-based tokens without needing to register accounts or turn their private keys over to the exchange wallet. The SEC claims that EtherDelta illegally permitted users to trade tokens which are classified as “securities” by federal law. The SEC’s co-director of the Enforcement Division said, “EtherDelta had both the user interface and underlying functionality of an online national securities exchange.” EtherDelta’s failure to register with the SEC or qualify for an exemption meant the DEX was in breach of federal law. Coburn has agreed to pay a total of $388,000 in fines but has not admitted or denied the SEC’s findings. (Read More)
2) Cryptocurrency wallet provider Blockchain is planning to host the largest crypto giveaway in history. The company intends to disperse $125 million in Stellar Lumens (XLM) to Blockchain wallet users who sign up for the airdrop. It is reported that the first batch of coins will be distributed this week. Blockchain president and chief legal officer Marco Santori said that “airdrops have the power to decentralize networks without the investment risks inherent in ICOs and the complexity inherent in mining.” Blockchain hopes that the XLM giveaway and its airdrop program will raise awareness about cryptocurrency and its versatility. (Read More)
3) The director of Corporate Finance at the U.S. Securities and Exchange Commission (SEC) said the regulatory body intends to clarify when and how cryptocurrencies may be classified as securities. During a panel discussion at the D.C. Fintech Week conference, director William Hinman said that a “plain English” guide for developers to consult when planning token offering will be made public soon. The guide is designed to help developers discern whether their token offering will be classified as a security or not. Hinman also said that if developers are still confused about the status of their digital asset, they should consult the SEC’s new FinHub for additional support and clarification. In June Hinman said he personally believed that Ethereum is not a security but the SEC has yet to issue an official statement about its classification. (Read More)