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SECURITIES LAWSUIT: The U.S. Securities and Exchange Commission (SEC) is suing Kik Interactive for running an unregistered securities sale, referencing Kik’s 2017 initial coin offering for the kin token. According to the SEC, Kik raised $55 million from U.S. investors without disclosing any information about the company. In a statement, Kik CEO Ted Livingston said “This is the first time that we’re finally on a path to getting the clarity we so desperately need as an industry to be able to continue to innovate and build things.” Full story
CRYPTO SAVVY: It was billed as an opportunity for the Securities and Exchange Commission to learn more about cryptocurrency. But what was striking about Friday’s forum was how much the agency’s staff already knew. From questions about atomic swaps to comments about airdrops and forks, the SEC’s FinTech Forum demonstrated that the U.S. regulator has been paying close attention to the crypto world. “Clearly they have been listening to what those in the community – and their counsel – have been saying to them and they’ve put a lot of effort into understanding this space,” said Joshua Ashley Klayman of law firm Klayman LLC. Full story
BUFFET WITH BUFFETT: Justin Sun, founder of Tron and CEO of peer-to-peer file sharing protocol BitTorrent, revealed in a tweet that he placed a record-breaking bid of $4.57 million to lunch with crypto-skeptic Warren Buffett as part of the “Oracle of Omaha’s” annual charity auction for the Glide Foundation. Sun will meet Buffett at Smith & Wollensky’s in Manhattan and said he would invite seven crypto industry leaders to join them. “I’m a long-term believer (and certainly a big fan) of Buffett and his long-term value investing strategy,” wrote Sun in a Medium post. Full story
ZERO COIN? John McAfee is set to launch his own eponymously named currency, the McAfee Freedom Coin, this fall. A white paper is forthcoming, but on the currency’s webpage, McAfee said that the coin is not subject to relative price setting mechanisms of other fiat currencies or digital assets. “It is not based on any commodity nor is it connected to the value or behavior of any external item or entity. The value of the coin will always be zero in relation to any other currency yet its natural market value is free, completely, to grow,” McAfee wrote. Full story
TREK COLLECTIBLES: Blockchain games developer Lucid Sight is teaming up with media firm CBS Interactive to bring “Star Trek” game play and collectibles to the blockchain. The deal will see Lucid Sight introduce the iconic starships from the popular TV and film franchise into a digital universe through its space-based game CSC later this year. The spaceships will be based on the ERC-721 standard – which allows the creation of unique, or non-fungible, tokens – and will be tradable on marketplaces, as well as being used in-game. Full story
BANK BATTLE: Cryptocurrency exchange Bits of Gold has won a notable legal victory over an Israeli bank in its bid to keep access to banking services. On Monday, the Israeli Supreme Court ordered Bank Leumi to allow the exchange ongoing access its bank account, according to Finance Magnates. Bank Leumi had earlier moved to bar Bits of Gold after the bank classified crypto firms as gambling companies. While the bank has apparently objected to the ruling, the court’s decision looks likely to pave the way for cryptocurrency exchanges in Israel to keep their access to traditional finance. Full story |
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BITCOIN BOUNCE? Bitcoin pulled back below $8,000 as expected in the last 24 hours and came close to testing the historically strong support of the 30-day moving average, currently at $7,710. So far, the support has held ground, but the probability of the average fueling a price bounce all the way back to $9,000 appears low, as the daily and weekly technical indicators are aligned in favor of deeper correction. Full story |
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| BEST OF THE BEST
POWER UP: South Korea’s largest power utility, Korea Electric Power Corporation (KEPCO), is turning to blockchain tech to more efficiently exchange renewable energy supply certificates, reports local news source Energy Daily. For the pilot effort, the firm – which is majority owned by the country’s government – is teaming up with two other power providers to use a blockchain platform to transact certificates on the same day. The pilot is being supervised by the Ministry of Science. The firm says adoption of blockchain tech is expected to boost transparency and public convenience, as well as bring a boost to the entire industry. |
WHO WON #CRYPTOTWITTER  |
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