Grayscale’s Crypto ‘Digital Large Cap Fund’ Gets Regulatory Approval

Grayscale’s Crypto ‘Digital Large Cap Fund’ Gets Regulatory Approval

Scoring yet another ‘golden boot’ for the global crypto team, Grayscale Investments brings home the first ever publicly-quoted security which derives its value from cryptocurrencies. Indeed, the firm is living up to its reputation as the world’s largest digital asset manager. You will recall that the firm already has three Trusts – Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG). All of which are publicly quoted. As of yesterday,…

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US Regulators Clarify Crypto Regulation Roles in Joint Statement

US Regulators Clarify Crypto Regulation Roles in Joint Statement

At the core of any democratic country there are rules and regulations. If the past few years have taught us anything, it is that these rules are bound to change in order to accommodate emerging technologies. This is clearly proven in the ongoing struggle to regulate cryptocurrencies. However, financial regulators constantly show they are working tooth and nail to be on top of the matter. In what can be seen as the best move on…

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IRS Issues New Tax Guidelines to Accommodate Crypto Investors and Holders

IRS Issues New Tax Guidelines to Accommodate Crypto Investors and Holders

The issue of crypto taxation has attracted a monumental crowd of opinions lately in the U.S. While the government believes turning to virtual currency as a means of payment could pose a threat to the economy in terms of taxation, regulators are working hard to ensure this emerging class of assets can fit the bill of a currency – like the traditional fiat currency. Due to the controversies and blurry lines surrounding taxation and the…

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Liechtenstein Passes the Blockchain Act to Boost its Crypto Economy

Liechtenstein Passes the Blockchain Act to Boost its Crypto Economy

Liechtenstein’s Parliament has approved the “Blockchain Act,” which aims to set a comprehensive regulatory framework to enhance the nation’s crypto economy. One of Europe’s smallest but richest nations, Liechtenstein, passed the “Token and Trustworthy Technology Service Providers Act” (TVTG in German) act which will come into action from January 1, 2020. Several small European countries have been adopting blockchain and cryptocurrencies and providing the crypto-friendly environment to attract blockchain firms to operate and flourish in…

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PayPal Becomes the First Member to Leave Facebook’s Libra Association

PayPal Becomes the First Member to Leave Facebook’s Libra Association

Pioneering digital payments firm PayPal will no longer be a part of the Geneva-based non-profit Libra association, an alliance that oversees Facebook’s digital currency program Libra. This move come after reports that PayPal is worried about Libra. The payments giant has not stated any precise reason behind its withdrawal from the Libra association, only saying that the company will focus on advancing its existing services. The Libra Association was formed in June 2019 in Geneva,…

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US Lawmakers Request Facebook’s Zuckerberg and Sandberg to Testify about Libra

US Lawmakers Request Facebook’s Zuckerberg and Sandberg to Testify about Libra

Just when you think Libra may finally get some blessings of regulators to hit the market, the U.S. House turns up the heat. This time, lawmakers demand that Facebook’s top executive, Mark Zuckerberg and Sheryl Sandberg, will testify by the beginning of 2020. Ever since announcing the proposed launch of Facebook’s global virtual currency, Libra, the upcoming virtual coin has gone through a lot of scrutiny. Financial regulators – both in the United States and…

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Apple’s CEO Tim Cook Doesn’t Want Native Cryptocurrency (For Now)

Apple’s CEO Tim Cook Doesn’t Want Native Cryptocurrency (For Now)

Apple’s chief executive officer Tim Cook was recently interviewed by Les Echos daily newspaper, on of France’s leading news outlets, where he made several remarks regarding whether the tech behemoth is planning to launch its native cryptocurrency. Most of his thoughts weighed in against Apple creating its own digital currency. Apple’s CEO affirmed that the company is not interested in launching an Apple cryptocurrency. He also added that companies shouldn’t be trying to gain power…

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Top US Fed Reserve Executive: We Shouldn’t Lead a Launch of National Digital Currency

Top US Fed Reserve Executive: We Shouldn’t Lead a Launch of National Digital Currency

The president of the Federal Reserve Bank of Philadelphia, Patrick Harker, said on Wednesday that the U.S. shouldn’t be the first nation to launch its digital currency payment system and lead the pack of other central banks issuing state-sponsored cryptocurrency. Harker further said that the trend of the central banks around the world planning to launch their own digital currencies has already started and it is inevitable that the Federal Reserve follows the same, but…

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Two US Congressmen Ask the Fed to Create a National Digital Currency

Two US Congressmen Ask the Fed to Create a National Digital Currency

Two U.S. congressmen from both major political parties, French Hill (R-Ark.) and Bill Foster (D-Ill.), have written a letter to the Federal Reserve Chairman Jerome Powell, urging the central banking organization to start working on a ‘national digital currency’ in lieu of the various risks that the U.S. dollar faces. In the letter, both of the congressmen expressed their concerns regarding the rapid development of cryptocurrencies by various states around the world. The letter referred…

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Major Banks to US Federal Reserve: Libra Is a Potential Threat to Sovereignty

Major Banks to US Federal Reserve: Libra Is a Potential Threat to Sovereignty

The US Federal Reserve, the country’s central banking entity, recently called up the nation’s biggest banks to present their views regarding the launch of Facebook’s digital currency project Libra. Not surprisingly, most of them turned out to be negative and some even said that it could be a potential threat to monetary sovereignty. The representatives of the banks asserted, as it is showed by the Federal Advisory Council protocols: “Facebook is potentially creating a digital…

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