Bend it like...bitcoin?

Judge rules ICOs fall under securities laws; R3 and Ripple patch things up; soccer club to issue "fan token"

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Sponsored by   September 11, 2018 PRECEDENT? A U.S. federal judge has ruled that a pair of allegedly fraudulent initial coin offerings (ICOs) fall under securities laws. District judge Raymond Dearie ruled Tuesday that a criminal case against ICO promoter and Brooklyn, N.Y., resident Maksim Zaslavskiy would proceed, denying the defendant's motion to dismiss. Full story RAPPROCHEMENT: R3 and Ripple have resolved their year-long legal dispute. The terms of the settlement are confidential, but it’s put to rest all outstanding litigation between the two startups. The spat concerned an option R3 had to buy a large block of the cryptocurrency XRP from Ripple at a preset price that was below market value. Full story ADOPTION GOALS: PSG, the French soccer club, plans to issue its own cryptocurrency to increase fan engagement. The team has partnered with Malta-based Socios to create the "fan token," which will enable holders to vote on things like jersey designs.  Full Story What's been going on with EOS? Since the launch of its blockchain in June it has seen tepid transaction throughput: usually under one million per day. However, that on-chain throughput rapidly increased in mid-July. It jumped 6,895 percent since July 9 to its peak on August 13. While it has been a little spiky, the overall trend has been a substantial rising trend of blockchain utilization. Its price tells a different story and has been consistently decreasing over the same time period. It now rests at $4.76, which is drastically lower than its all-time-high of $21.64 in April.  For more research insights check out the CoinDesk Research section here. SPONSOR SECTION   We made the first blockchain-recorded property deal in California a reality via our proprietary Transaction Platform. If you are looking to diversify your portfolio, we can help you find and securely pay with crypto for an investment property anywhere in the world. Visit our website for new opportunities.   WAIT AND SEE: After last week's sharp drop, bitcoin settled into a narrow trading range with neither the bulls nor bears having the upper hand. A decisive turn in either direction will set the tone for the next trend. Full Story BEST OF THE BEST BLOOMBERG: Not only is this a bear market for cryptocurrencies, it’s gone to the dogs. Dogecoin, named after an internet meme featuring a Shiba Inu dog, was the lone crypto that managed to secure gains in the past 30 days, rising 160 per cent in a month, Bloomber’s Joe Weisenthal writes. The going theory is that dogecoin’s addition to the trading app Robinhood pushed up its value. THE REST QUARTZ: India’s Supreme Court is set to decide soon on the fate of the country’s cryptocurrency exchanges, with final hearings on the case set to begin tomorrow. In April, the Reserve Bank of India instructed banks to cease doing business with crypto firms, citing the speculative market and fear of misuse. In response, the cryptocurrency exchanges went to the court to plea for interim relief, saying they welcome regulation but arguing that outright prohibition is unconstitutional. THE GUARDIAN: In an op-ed, economic professor Barry Eichengreen weighs in on stablecoins, concluding that they don’t solve crypto’s volatility problem. He notes that the most famous one, tether, is already the subject of controversy, given the doubts about its dollar backing. And the other types don’t offer much “stability,” Eichengreen writes, adding that the stablecoins are making the market vulnerable to speculative attacks which the developers don’t comprehend.   We've launched our new podcast, Late Confirmation, which are the top stories in the blockchain world, delivered daily from the team at CoinDesk, sponsored by the Oxford Blockchain Programme.  Listen to Latest Episode and Subscribe   WHO WON #CRYPTOTWITTER   ConsenSys Jobs Blockchain Jobs Circle Jobs BitGo Jobs Copyright © 2018 CoinDesk. All rights reserved. Our mailing address is: 636 Avenue of the Americas New York, NY, 10011, US Want to change how you receive these emails? You can update your preferences or unsubscribe from this list