Crypto Dad speaks out

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October 23, 2019 BUBBLE BURST: The Trump administration acted to deflate the 2017 bitcoin bubble by allowing the introduction of futures products, a former official said. “One of the untold stories of the past few years is that the [U.S. Commodity Futures Trading Commission], the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked,” said Christopher Giancarlo, former director of the CFTC. Full story ALL SECURITIES? Congress may consider a bill to classify stablecoins as securities. In an apparent response to the Facebook-led Libra cryptocurrency, Rep. Sylvia Garcia introduced a draft bill to the House Financial Services Committee to regulate stablecoins under the Securities Act of 1933. If signed into law, the rule would give the SEC authority over stablecoins and their issuers. Full story   ETF ATTEMPT: The former managing director of the World Gold Council and the portfolio manager behind SPDR Gold Shares is developing a bitcoin exchange-traded fund (ETF) with boutique asset manager Kryptoin Investment Advisors. The Cayman Islands-based firm has filed an initial registration statement with the SEC for a fund that would track the CME CF Bitcoin Reference Rate to reflect bitcoin’s actual market price. The SEC is yet to approve a bitcoin ETF, despite numerous proposals crossing its desk. Full story BITLICENSE REVIEW: The New York Department of Financial Services (NYDFS) is revisiting its controversial virtual currency license. Speaking at DC Fintech Week, NYDFS Superintendent Linda Lacewell said the agency is looking into the BitLicense, which requires companies conducting cryptocurrency transactions with New York residents to be licensed to operate within the state. “This is a good time to take a look, a responsible look, and see how our regime is fitting the current market,” she said. Full story ISLAMIC APPROVAL: Algorand has been certified as sharia-compliant, the Boston-based company said Monday. The certification was provided by Shariya Review Bureau, in Bahrain, and indicates that the Algorand platform adheres to the tenets of Islamic law. The news could open up the platform to a global network of Islamic investors and billions of dollars of potential investment. Full story FLASH CRASH: Bitcoin has nosedived to four-month lows below $7,500, confirming a downside break of the recent trading range. A follow-through to $7,200 could be seen over the next few days as the daily chart indicators are still not reporting oversold conditions. Full story NO CASH YET: None of the 20 member firms of the Libra Association have yet contributed any funding to the project, according to a BBC report. While partners are ultimately expected to hand over $10 million each, no formal agreement has been made so far and the issue wasn’t brought up at the association’s inaugural assembly last week, sources said. Member firms told the BBC that no timeline has yet been set for the funding and that they would deposit the money when asked. WHO WON #CRYPTOTWITTER   Copyright © 2019 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list