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Trump Tweeted Crypto / Blockchain Promotion Act / Reg A+ Approval

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Market Watch: The general crypto market has seen generally positive movement over the past 24 hours. Bitcoin is the only asset in the top 10 to have negative movement over the past 24 hours. 

  • Bitcoin: $11,626.09 (⬇️ 0.69%) // $207.11 billion market cap.
  • Ethereum: $274.68 (⬆️ 0.31%) // $29.36 billion market cap.
  • XRP: $0.34 (⬆️4.61%) // $14.74 billion market cap.
  • Litecoin: $105.29 (⬆️ 1.63%) // $6.59 billion market cap.
  • Top 100 Winner:  Dent: $0.001 (⬆️ 12.09%) // $82 million market cap.
  • Top 100 Loser: Bezant: $0.11 (⬇️ 13.59%) // $82 million market cap.

Prices are as of 2:00 pm EDT.

     

1. President Trump tweeted yesterday about cryptocurrency, Bitcoin, and Facebook's Libra. President Trump tweeted that he is not a fan of these alternative asset classes and that the United States Dollar is the most dominant currency in the world. President Trump is taking an anti-crypto stance that has bi-partisan support across Congress.

He tweeted:

  • I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
  • ....Similarly, Facebook Libra's "virtual currency" will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National...
  • ...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!
     

2. From The Forums: Many on Reddit took to the forum to talk about President Trump tweeting about crypto.

Trident1000 posted: 

Meanwhile, Jerome Powell says Bitcoin is a store of value (a speculative gold) and its possible the US could have multiple currencies in the future if crypto really was widespread used for transactions.

Tmfallon responded: 

Crypto is clearly something people want, and it makes sense to have worldwide currencies on a global scale not controlled by any single government. Adoption has been slow but steady, and it's very likely that bitcoin does become a store of value, while either lightning network on BTC or another cryptocurrency(s) becomes more widely accepted as cash.

The rest of the cryptocurrencies will function as assets that fluctuate in value like stocks (for instance, dApp utility tokens) based on usage or fulfill some other purpose in the space.

Trident1000 posted again: 

When the US president is defending the US dollar from cryptocurrencies you know things are getting spicy. Talking heads on Bloomberg were just commenting that the tweets are from global warped monetary policy that have to compete with crypto now in a world of negative interest rates/yields.

     
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3. On Tuesday the Senate Commerce, Science, and Transportation Committee approved the Blockchain Promotion Act.  The legislation directs the Department of Commerce to come up with a standard definition of Blockchain. The BPA created a working group within the Department of Commerce to create and provide recommendations about blockchain technology to other government agencies. The bill received bipartisan support and another bill resembling the BPA is moving through the House of Representatives. Sen. Ed Markey (D-MA) said, "Blockchain is an exciting new technology with great potential and promise. This legislation will help further understand applications for this technology and explore opportunities for its use within the federal government."- CNET

     

4. YouNow Regulation A+ fundraise given approval by the SEC. Live-streaming app YouNow is the second company to receive approval from the SEC regarding the Regulation A+ following Blockstacks' approval yesterday.  YouNow previously raised $21 million by pre-selling tokens to prominent venture investors that include Union Square Ventures, Comcast, and Venrock. The companies Props token was valued at $0.1369 each by the SEC-approved filing. YouNow CEO Adi Sideman said, "Our offering of Props is the first consumer-facing offering of 'Howey tokens' to be qualified by the SEC. It makes it the first offering of consumer-oriented utility tokens that the SEC deems compliant, outside of Bitcoin and Ether. We used Regulation A+ (Reg A) for this qualification, so that Props may be earned by, and provide the functionality to, non-accredited investors, users, apps and validators, in compliance with U.S. regulations." - TECH CRUNCH

     
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5. Fidelity, Deloitte, and Amazon are backing a blockchain accelerator to mentor entrepreneurs building in the space. The accelerator named, Startup Studio, is spun out of IDEO CoLab Ventures. Participants will receive mentorship regarding product design, user testing, hiring, finance, law, and engineering, through one-day workshops. Another backer, Amazon, will help teams launch their blockchain technology on its AWS blockchain architecture. - THE BLOCK

     

6. $32 million was stolen from Japanese exchange, Bitpoint, last night. Bitpoint revealed that it had lost around 3.5 billion yen (~$32 million) — 2.5 billion yen (~$23 million) of which belonged to customers and 1 billion (~$9.2 million) to the exchange. Bitpoint will reimburse all customers who had their funds stolen during the hack. Shares of Remixpoint which owns Bitpoint were down almost 20 percent after the hack was announced. Trading on the exchange was halted as a result. - THE GUARDIAN

     

7. Fed Chairman Jerome Powell said that Bitcoin is like a store of value comparing it to gold. During testimony in front of the Senate Banking Committee, Powell said, "I think things like that the obsolescence of today's reserve currencies are possible but we really haven't seen widespread adoption. Bitcoin is a good example, almost no one uses it for payments it's a speculative store of value like gold." Those who own Bitcoin have been known as 'hodlers' who purchase Bitcoin for price speculation and not for its transactional value. - COIN TELEGRAPH

     

8. TrueDigital wants to offer crypto derivatives in the U.S. TrueDigital acquired designated contract market (DCM) and swaps execution facility (SEF) registrations with the U.S. Commodity Futures Trading Commission (CFTC) from a firm called trueEX. With this acquisition, TrueDigital will become a fully regulated cryptocurrency derivatives exchange. TrueDigital would rival LedgerX which started offering Bitcoin derivative trading in October 2017. - COIN DESK

     

9. Mark Cuban said that Facebook's Libra is a mistake. Cuban believes that Libra could cause unstable or emerging market governments to sputter as they can't control their own currency. Speaking to CNBC, Cuban said, "Globally and in countries where there isn't a lot of rule of law, or a lot of government stability, or currency stability, then it could be dangerous," Cuban said. "There's going to be some despot in some African country that gets really upset that they can't control their currency anymore and that's where the real problems start occurring." - BUSINESS INSIDER

     

10. Litecoin partnered with the Miami Dolphins. The partnership includes in-game branding and advertising placements across Hard Rock Stadium where the Dolphins play. Litecoin will also have product placements across the Dolphins digital media properties. Consumers will be able to purchase 50/50 raffle tickets using Litecoin with half of the proceeds going to the Dolphins and half of the proceeds going to the Litecoin foundation.- CRYPTO BRIEFING

     

Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny.

Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside), David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology), and Bobby Cherry (senior editor at Inside, who's always on social media).

     
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