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US legislators introduce bill for in-depth study of blockchain in commerce

A trio of United States House Representatives — two Democrats and a Republican — have officially introduced a new bill to spur more in-depth analysis of blockchain technology in Congress.On Sept. 1, Rep. Darren Soto (D-FL), Rep. Brett Guthrie (R-KY) and Rep. Doris Matsui (D-CA) introduced a new bill to the House, which was subsequently referred to the Committee on Energy and Commerce. The bill proposes to direct the U.S. Secretary of Commerce, in...

Akon Joins Brock Pierce’s Presidential Campaign as Chief Strategist

Singer and entrepreneur Akon will be endorsing crypto venture capitalist and independent candidate for U.S. President Brock Pierce — and also joining his 2020 campaign team.According to online news outlet Cheddar, J.D. Durkin reported on Aug. 24 that Akon will be serving as the chief strategist for Pierce’s campaign this election year. Pierce reportedly cited the singer’s accomplishments in Africa and experience as a businessman and artist as some of the reasons for...

KuCoin Warns of Impersonator Website Offering Incentives to Deposit Crypto

Cryptocurrency exchange KuCoin has issued a warning to users regarding a fraudulent website using its branding in an attempt to steal cryptocurrency.According to the report, posted Aug 19, the website is offering false incentives to entice users to deposit digital assets.It further clarifies that the web address “https://c.yrsm.net/app.php/MzI1” has no relationship to the KuCoin Group and is not authorized to use its trademark or other intellectual property.Reminding users to be particularly wary of...

Starting Second Term Today, SEC Commissioner Peirce Tells Cointelegraph Her Crypto Priorities

Most days, there is little love lost between the United States Securities and Exchange Commission and the world of crypto. As the regulator of the world’s largest capital market, the commission’s continuing work to track down sales for tokens it considers unregistered securities has left a fair bit of the crypto market viewing the commission like a boogeyman.Which is not fair. There are controversial cases, but the ICO boom was rampant with predation,...

Crypto Exchange UpBit Scores Full Deck of Licenses From Thai SEC

After a series of regulatory changes led the South Korean exchange UpBit to force out its foreign users from the platform, the company is setting up a new division in Thailand.According to an announcement shared with Cointelegraph, UpBit has received approval from Thailand’s Securities and Exchange Commission to operate its digital asset exchange in the country. The Thai SEC has approved the exchange for four provisional licenses that allow the company to operate under...

USDA Proposes Blockchain Ledger for Organic Product Supply Chain

The U.S. Department of Agriculture has proposed amending its rules on organic products to include implementing blockchain technology to trace its supply chain.According to an Aug. 5 report from the U.S. Department of Agriculture (USDA) Agricultural Marketing Service (AMS), the agency said it expects electronic tracking systems, including digital ledger technology (DLT), will play an “essential role” in the traceability of its supply chain of organic products.“DLT can provide secure, verifiable, transparent, and...

Number of Active Crypto Traders in Japan Decreased Mid-COVID

Before a state of emergency had officially been declared to slow the spread of the pandemic in Japan, overall activity on crypto exchanges decreased as there was a spike in fiat deposits.According to data published in March 2020 by the Japan Virtual and Crypto assets Exchange Association (JVCEA), the number of active crypto accounts registered in the country decreased from 2,048,501 in February to 2,044,806 in March. This means that 3,695 fewer accounts...

Industry Calls on US Regulator to Open Floodgates on Banks’ Crypto Capabilities

In response to a request for comment on potential rules from the Office of the Comptroller of the Currency (OCC), many major players in crypto have written in, asking the regulator to expand the authorizations it gives banks to handle cryptocurrencies and use blockchain technology. Blockchain-backed transfers and new stablecoins as dollar competitorsOne of the leaders in blockchain-backed financial services, Silvergate Bank wrote to the OCC to promote blockchain as a more efficient way...

Travel Management Company CWT Pays $4.5M Bitcoin to Hackers

U.S.-based corporate travel firm CWT paid $4.5 million in a Bitcoin ransom to hackers who stole sensitive files from the company.According to a July 31 report from Reuters, representatives from CWT (formerly Carlson Wagonlit Travel) paid ransomware hackers 414 Bitcoin (BTC) on July 27 — roughly $4.5 million at the time — over two transactions. Blockchain data shows the criminals transferred the funds to a different address within an hour.The attackers said they...

Cleaning Up Crypto Exchange Wash Trading Will Take Global Regulation

When Bitwise Asset Management declared in a March 2019 presentation to the United States Securities and Exchange Commission that 95% of the Bitcoin (BTC) trading volume being reported globally on cryptocurrency exchanges was “fake,” it jolted rating firms, exchanges and the larger crypto world. Data analytics firms recalibrated their exchange ranking metrics, and some assumed it was just a matter of time before wash trading was curtailed if not eliminated.But wash trading was...
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