Blockchain Bites: The US vs. Bitcoin?

Three stories 1. Tesla caught a lucky break in announcing its $1.5 billion bitcoin purchase when it did. The auto giant is reportedly being investigated by Chinese authorities over safety and quality concerns, news that came to light the same day headlines were dominated by Tesla’s treasury, according to CoinDesk markets reporter Muyao Shen. Media […]

Continue Reading

Presidential Advisory Group Weighs In on Regulatory Approach to Stablecoins

Stablecoins should meet the same regulatory standards as other aspects of the financial system, says President Trump’s Working Group on Financial Markets.  The working group published a report Wednesday detailing how it views retail payments using stablecoins and asking for public feedback on the issue. Stablecoins must meet appropriate money-laundering and oversight requirements, the document […]

Continue Reading

Self-Hosted Bitcoin Wallets Become Front Line in Fight Over Crypto Regulations

The Takeaway: Blockchain analytics companies tend to flag funds moving to and from private crypto wallets, with self-custody said to be the next fault line for crypto regulations. One such firm, CipherTrace, has examined privacy coins such as zcash, as well as non-custodial and peer-to-peer exchanges like ShapeShift, LocalBitcoins and Paxful. CipherTrace acknowledges compliance standards […]

Continue Reading

US Treasury Bulking Up Crypto Policy Advisers as Wallet Reg Rumors Swirl

The Financial Crimes Enforcement Network (FinCEN), the top financial crimes watchdog within the U.S. Treasury Department, is hiring two policy officers to help draft regulations for the cryptocurrency space. Disclosed in Dec. 11 job postings, these Strategic Policy Officers will “assist in the development of policy responses” to “threats” posed by cryptocurrency, issue advisories to […]

Continue Reading

Seychelles, Longtime Home of BitMEX, Is Bending to US Pressure on KYC

The Takeaway: Out of a list of 26 crypto exchanges domiciled in the Republic of Seychelles, approximately half have poor know-your-customer (KYC) procedures, according to blockchain tracking firm CipherTrace. Analysis of certain Seychelles-based exchanges reveals the proportion of funds flowing to and from “high risk” sources and dark marketplaces. In an interview with CoinDesk, the […]

Continue Reading