The SEC has been subpoenaing an unknown number of ICO issuers; that number could be anywhere between 80 and 200. What is also unknown is the theme behind these subpoenas. While it has been assumed that the SEC is targeting fraudulent ICO issuers, there are indications that the regulator may actually be investigating all projects that are currently working within the SAFT framework.
Cryptocurrency Market Updates
Coinbase, one of the largest cryptocurrency exchanges in the world, is facing another round of lawsuits. Some of the users have filed an official complaint which allege that employees of the exchange have been indulging in insider trading of the altcoin Bitcoin Cash.
A local news outlet reported that Dubai was launching a digital business-to-business marketplace using blockchain tech which would specifically target tourism in the country. This is a part of the country’s Dubai 10x initiative, which aims to be ten years ahead of other cities in the world.
The Bank of England’s Governor Mark Carney made an inaugural speech at the Scottish Economics Conference in Edinburgh, in which he said that banning cryptocurrencies did not make sense. Rather, he said, it would be better for the crypto industry to be regulated rigorously the way traditional financial markets are.
The US Patent and Trademark Office (USPTO) released the application filed by Walmart on Thursday. In it, the retail giant has described a smart package, which would also have a tracking device to record data to a blockchain with regard to the contents of the delivery package, the environmental conditions surrounding the packing, the location, etc.
The United States Securities and Exchange Commission has launched a probe into the budding ICO and cryptocurrency industry. Anonymous sources informed the Wall Street Journal that an unknown number – maybe hundreds – of subpoenas and requests for information have been issued to ICOs and other businesses related to the cryptocurrency industry.
After Bank of America and Goldman Sachs said that cryptocurrencies could be a threat to their business, JP Morgan Chase & Co has also made a similar statement. In its yearly 10-K filing, the global financial services giant said that cryptocurrencies were a potential threat that could disrupt their business.
The Israeli Supreme Court passed a landmark judgement when it forbid Leumi Bank from restricting banking activities of the cryptocurrency broker, Bits of Gold. This decision basically sends out a message that no bank can limit the activities of a bank account linked with the cryptocurrency industry.
Last month, the crypto industry suffered a blow when Facebook announced its ban on financial products and services ads that were either misleading or deceptive, including cryptos. The French regulator AMF has already stated that it is planning to curb ads related to cryptocurrency derivatives. Other regulators may soon be following.
Russian President Vladimir Putin spoke of the importance of developing blockchain technology in the country. He said that countries that are late in adopting the new technology could fall under the dominance of market leaders.