Libra’s much-anticipated unveiling has generated significant enthusiasm amongst followers of both the digital-asset economy and traditional markets. For an industry grappling with a lack of mainstream acceptance during its formative years, watching Facebook and its consortium of corporate partners enter the fold is sure to be viewed as a vindication of blockchain and cryptocurrency.
On June 4, 2019, the U.S. Securities and Exchange Commission (“SEC”) launched an enforcement action against Kik Interactive claiming the company offered and sold one trillion digital tokens (“Kin”) in violation of the Securities Act of 1933 (the “Securities Act”).
The Securities Act requires an issuer of securities to either register the offering with the SEC or to conduct the offering pursuant to an exemption from registration.
The digital asset landscape has undergone some significant changes since the dramatic price surges of December 2017 as a result from users becoming more interested in blockchain technology. The market turbulence that followed has undercut the perception of cryptocurrencies in the eyes of many, with erosion of the virtues of trust and security taking place due to price volatility and the actions of some illegitimate projects.
The brutal “winter of crypto,” where cryptocurrency trading volumes plunged by as much as 85 percent from a January 2018 high, has been enough to dampen the enthusiasm of even the most ardent supporters of disruptive digital assets. However, industry sentiment is that the freeze may have melted,
Facebook’s impending foray into the world of cryptocurrencies centers on its recently unveiled Libra project, with the Libra stablecoin at its core. Reporting by The Block revealed that the inaugural backers of the Libra network, which function as node operators, will consist of a mix of investment firms,
After months of rumors, Facebook today unveiled its plans for its own cryptocurrency, which the company called Libra. The social media network is launching with support from partners including PayPal, Uber, Spotify, Visa and Mastercard and plans to debut Libra sometime in the next six to 12 months.
While the Crypto Winter may be lingering with us into the spring, crypto exchanges are doing just fine. According to CoinMarketCap, there are now 255 major crypto exchanges. That’s a notable increase from a year ago, when there were 208.
Governments are fickle things. Within a given country, the direction of progress may zig and zag, depending on the particular leadership of a given moment and the rate of turnover from one administration to the next. A congress, parliament, or presidency may put into action certain policies that have long term goals,
Much debate in the world of cryptocurrencies has centered on scalability and interoperability. Largely drawing from prohibitively high gas fees on Ethereum towards the end of 2017, and transaction fees on Bitcoin surpassing $50 in some cases around the same time.
The realization that these decentralized blockchains afforded many beneficial properties was overlooked by mainstream pundits as being inefficient virtual machines akin to databases.
Taxing cryptocurrencies has been quite a controversial topic across the world, but that hasn’t prevented most countries from introducing a capital gain tax.
However, these countries soon found out that despite the tax regulations, more and more citizens and local companies were finding ways to avoid the watchful eyes of the local tax agencies.