Today’s headlines were filled with more stories on the Tether solvency front, Jamie Dimon adressing Bitcoin, TRON talk, regulatory discussions, and allegations against Rapper T.I. In the meantime, Bitcoin still sits rangebound, at roughly $6,360 on Blockmodo at the time of writing. Check out today’s news.
Banks Warm Up To BTC, Jamie Dimon Stuck In The Past
Crypto Insider dove into the Jamie Dimon story today, referencing his recent comments about his lack of interest in Bitcoin.
Last fall, Dimon called Bitcoin a fraud. In January of this year, he expressed his regret in calling Bitcoin a fraud. He also relayed positivity toward Bitcoin’s underlying technology.
Earlier this week during a conference, Dimon explains his regret in saying Bitcoin was a fraud, but has not changed his opinion on the matter – he simply made it clear that he doesn’t care about Bitcoin.
Meanwhile, mainstream banks and institutions like Morgan Stanley show significant interest in the crypto space.
How TRON Is Bringing Blockchain To The Masses
Today saw a report from Crypto Insider on TRON. Justin Sun, TRON’s CEO, aims to “harness the power of blockchain and enable peer-to-peer content production and sharing” using TRON.
TRON differs from the Proof-of-Work technology (seen in Bitcoin) by using what is called Delegated Proof-of-Stake (dPoS) instead. Smart contracts are also possible with TRON, via a layer called the TRON Virtual Machine.
Here’s What 3 Lawyers Have To Say About That Cryptic Tether Letter
Yesterday brought news of a letter stating supposed solvency for Tether, resulting from its new bank in the Bahamas (Deltec).
CoinDesk reportedly contacted Deltec today, hearing from a spokesperson that could not give a clear answer about the letter one way or the other, due to legal parameters.
Although CoinDesk did later end up receiving a message from Jean Chalopin, chairman for Deltec, stating:
“You contacted us a couple of weeks ago and asked a confirmation that we could not give you, as restricted by law. But Tether came public with an announcement and I wanted to make sure you saw it. Sorry we could not be more helpful before: As you know the banking sector is strongly regulated and we have to be careful in matter of communication”, as reported by CoinDesk.
CoinDesk goes on to contact several lawyers, reporting their findings on the situation.
The Incoming Wave Of ICO Regulation (Yes, It’s Coming)
ICO regulation has been a significant topic this year, with the SEC in hot pursuit.
The Securities Act of 1933 and the case of the SEC versus W.J. Howey Co. in 1946 (origin of the Howey Test) could have significant impact on the ICO market.
Lack of clarification leaves the ICO market asking which coins or tokens are securities, if those assets were ever securities, if asset sales should have been registered as securities, and if such laws are pertinent.
CoinDesk reported that “[t]he SEC highlighted three key parties at risk of future action:
- Issuers of unregistered securities offerings.
- Investors in unregistered deals.
- Exchanges facilitating unregistered securities trading.”
US Rapper T.I. Sued For $5 million After His Token Allegedly Fails
Popular rapper T.I. faces legal action to the tune of $5 million, resulting from unhappy investors of his FLiK token.
25 investors are saying they dropped $1.3 million on FLiK, only to now own “worthless securities called FLiK Tokens”, reported CoinTelegraph today. T.I. and partner Ryan Felton reportedly advertised the project.
Allegations include T.I. and Felton pumping the token’s price with money raised, only to later dump said tokens.
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