US Senators Warn Three Libra Backers of Membership Risks

Three backers thought to be reconsidering their involvement in Facebook’s digital currency Libra have received warnings from the United States politicians over their participation. Senate letter: Facebook’s problems are your problems According to a Bloomberg article published on Oct. 9, a letter to Visa, Mastercard and Stripe was sent by two U.S. senators. In it, they are reportedly pressuring the three payment giants to look closer at the regulatory implications of Libra. The report comes a week after the rumors started to spread about the companies’ cold feet over Facebook’s digital currency. PayPal,…

Blockchain to Lead in Payments and Asset Tokenization

Almost 23% of Digital Currency Group (DCG)’s portfolio firms think asset tokenization will be the next major use case for blockchain.  According to DCG’s 2019 annual survey, close to a quarter of 60 polled portfolio companies believe blockchain will be mainly deployed in asset tokenization, while 30% of respondents see the technology’s future use cases in payments. Other use cases and “public enemies” The aforementioned industry sectors are followed by digital identity and ownership, decentralized marketplaces and creating single-sources of truth developments. Meanwhile, 4.55% and 7.58% of portfolio firms saw the…

MakerDAO’s Multi-Collateral DAI Token Is Launching Nov. 18

MakerDAO is launching a new version of its programmatic stablecoin DAI next month. MakerDAO Foundation CEO Rune Christensen announced the Nov. 18 launch date at the Devcon ethereum developer conference in Osaka, Japan, on Wednesday. He said the MakerDAO team has been working toward the launch of multi-collateral DAI (MCD) for five years. Currently, users of the decentralized financed (DeFi) platform can borrow DAI tokens after committing ETH as collateral. Now, with MCD, users can stake virtually any other cryptocurrency as collateral in the MakerDAO system. There is a caveat, though.…

Bitcoin Jumps to 3-Week High Near $8,600 as Fed Plans New Round of Reserve Increases

View The Fed’s decision to expand its balance sheet is seen as a long-term positive development for bitcoin by crypto market experts. Speculation that SEC might approve ETF application by Bitwise is fueling optimism that more investors could allocate funds to the cryptocurrency. Prices for ethereum and bitcoin may have gotten a jolt of enthusiasm from an announcement that UNICEF , the United Nations Children’s Fund, would launch a fund to accept donations of bitcoin and ethereum. Bitcoin (BTC) jumped 5.1 percent on Wednesday to the highest price in three weeks,…

US IRS Releases Guidance on Crypto Airdrops and Hard Forks

The United States Internal Revenue Service (IRS) has issued guidelines for tax reporting regarding cryptocurrency airdrops and hard forks. The Revenue Ruling 2019-24, announced on Oct. 9, addresses common questions of taxpayers and practitioners.  The guidance also answers questions regarding cryptocurrency transmissions for investors that hold cryptocurrencies as a capital asset. IRS Commissioner Chuck Rettig said: “The new guidance will help taxpayers and tax professionals better understand how longstanding tax principles apply in this rapidly changing environment. We want to help taxpayers understand the reporting requirements as well as take steps to ensure…

As Deepfake Videos Spread, Blockchain Can Be Used to Stop Them

At a time when the term “fake news” has become a household name thanks to its repeated use by President Donald Trump, deepfakes — i.e., seemingly realistic videos that are in fact manipulated — can further escalate the problem associated with distrust of media. Technologists are looking at the inherent nature of blockchain as aggregators of trust to put more public confidence back into the system.  Truth is increasingly becoming a relative term. When everyone has their own version of the truth, democracy becomes meaningless. The advent of deepfakes is…

SEC Enters Settlement Talks With Alleged Fraudulent Firm Veritaseum

The United States Securities and Exchange Commission (SEC) has entered settlement talks with alleged fraudulent cryptocurrency firm Veritaseum. Initial conference adjourned After filing a complaint against Veritaseum CEO Reginald Middleton and his two companies in August 2019, the SEC said that it is engaged in settlement talks with the defendants, fintech publication FinanceFeeds reports on Oct. 9. According to the report, the regulator filed a motion to adjourn the initial conference at the New York Eastern District Court earlier in October. Following the motion, the court reportedly agreed to reschedule…

Finastra Joins RippleNet to Support Cheaper Cross-Border Payments

United Kingdom-based financial software firm Finastra has partnered with Ripple to join RippleNet, a global blockchain payments network with over 200 members. Faster integration with partners As officially announced by Ripple on Oct. 9, the new partnership will allow hundreds of Finastra’s customers to connect and transact with RippleNet to provide faster and cheaper cross-border payments. In turn, over 200 financial institutions on RippleNet will have access to Finastra’s network of banks, allowing mutual customers to access and partner with each other, the firm stated. Users will be able to…

Bored Bitcoin Traders Pump Binance Coin (BNB) by 11%

Binance Coin (BNB) was trading in an extremely positive zone on Wednesday as its top rival bitcoin kept underplaying investors’ bullish expectations. The eighth-largest cryptocurrency by market cap surged by up to 11.73 percent to establish a session high of 2,289 sats. It attracted a similar capital from the fiat market, rising by 11.12 percent against the US dollar or US dollar-denominated crypto-assets. At the same time, it’s market cap touched a sessional peak of $2.734 billion. Binance Coin (BNB) surges by more than 11 percent against the US dollar…

Is Chainlink Blazing a Trail Independent of Bitcoin?

Chainlink (LINK) has been on fire, blazing its own trail independent from the rest of the market. The digital asset appears to be in the beginning stages of a strong uptrend on the charts, backed by a devoted community and several significant news headlines this year.  Chainlink’s recent price action is notable because of its timing and independence from the rest of the crypto market. Sentiment around Bitcoin (BTC) has been noticeably bearish since its fall from a multi-month consolidation pattern on Sept. 24. Bitcoin is firmly positioned as the…