Month: December 2020

The Financial Crimes Enforcement Network (FinCEN), the U.S. Treasury Department wing tasked with monitoring potential legal violations of domestic financial laws, wants Americans to report if they have more than $10,000 in cryptocurrencies with foreign financial or virtual asset service providers. FinCEN announced its intention to amend the Bank Secrecy Act’s Foreign Bank and Financial
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The Takeaway: Bitcoin nearly triples its price in 2020 and ends the year close to $29,000 but ether gained 450%. Bitcoin (BTC) trading around $28,963 as of 21:00 UTC (4 p.m. ET), gaining 1.5% over the previous 24 hours. Bitcoin’s 24-hour range: $27,916.63 – $29,280.05 (CoinDesk 20) Bitcoin prices, Dec. 30 – Dec. 31, 2020.
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In an interesting consequence of Ripple Labs’ battle with the U.S. Securities and Exchange Commission, a Missouri man claiming to be a Coinbase client is suing the crypto exchange for selling the XRP token. In a complaint filed in the Northern District Court of California, Thomas C. Sandoval, the St. Louis County-based plaintiff, alleges Coinbase
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New research from the cryptocurrency wallet ZenGo has shed additional light on front-running attacks happening on the Ethereum blockchain.  First outlined in “Ethereum Is a Dark Forest,” DeFi investors Dan Robinson and Georgios Konstantopoulos called attention to a variety of attacks by bots that were roving the Ethereum blockchain in search of prey.  The new
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Anthony Scaramucci’s SkyBridge Capital investment firm has invested $182 million in bitcoin, according to an investor brochure shared with CoinDesk about its forthcoming bitcoin fund.  The firm, which has $9.3 billion under management, is launching the “SkyBridge Bitcoin Fund LP” in January, according to Securities and Exchange Commission documents filed on Dec. 21, as CoinDesk
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The Indian government is considering a bitcoin transaction tax that would add $1 billion in revenue a year, a move some industry participants said is a sign of the government’s growing comfort with cryptocurrencies. A proposal put forward to the Central Board of Indirect Taxes & Customs (CBIC) by the Central Economic Intelligence Bureau (CEIB)
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This has been an unprecedented year in far more ways than one. Above all else, while 2020 has taught us the importance of speedy and reactive policymaking, it has also highlighted how proactive legislative activity can better prepare our societies for the future, be it for pandemic preparedness, technological innovation or future financial stability. With
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In just a single year, staking has gone from an academic exercise to a dominant force in crypto.  The biggest staking story of 2020 is, of course, the launch of Ethereum 2.0. But beyond that, the past year has seen a tremendous flowering of proof-of-stake (PoS) networks. Four of the top nine crypto assets by
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After many years of investment, experimentation and infrastructure improvements, the intersection of three market trends are paving the way for enterprise adoption of public distributed networks: tokenization, decentralized finance (DeFi) and business logic moving to layer 2.  In 2020, it became ever more apparent that these trends, in addition to hard lessons learned from attempted
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The founder of mobile crypto bank Abra discusses the massive expansion of global central bank balance sheets. Bill Baryhdt is the CEO of Abra, a mobile crypto banking app. In this discussion with NLW, Bill talks about the year in bitcoin and why the mass expansion of central bank balance sheets was the most important
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Despite the excitement and enthusiasm in the Ethereum community, many people don’t yet fully understand the significance – and the opportunity – of the second-largest blockchain for large institutions and enterprises.  The nature of network participation is changing dramatically as well as the incentive mechanisms for securing open permissionless protocols, demonstrated by Ethereum’s shift to
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“Blockchain and bitcoin point to a future, and point to a world, where content exists forever, where it’s permanent, where it doesn’t go away, where it exists forever on every single node that’s connected to it,” Twitter CEO Jack Dorsey said recently, as he endorsed a decentralized social media standard.   In the same week, the
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In 2020 we finally saw some of the nearly decade-long blockchain hype fulfilled and the legitimate building blocks of a next-generation banking system emerge.  Open finance, and specifically open lending, has exploded to well over $10 billion this year. This growth has catalyzed a new source of funding for market participants ranging from individuals to
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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
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