US & Canada

Stablecoin Crisis Could Wreck Global Finance, Fed Warns in New Report

The U.S. Federal Reserve Board on Friday warned that a stablecoin crisis could wreak havoc on the global economy and outlined the steps issuers must take to protect the status quo.  The central bank’s prognosis – buried deep in the November edition of its semiannual “Financial Stability Report” – rests on a stablecoin worst case …

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Fintech Arm of Chinese Insurance Giant Files for US IPO After Blockchain Push

OneConnect Financial Technology, the fintech arm of China’s largest insurance company, filed a prospectus on Wednesday for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The firm plans to list its shares on NASDAQ. OneConnect’s filing with the SEC today called for a target raise of $100 million, though that …

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Kik Suffers Setbacks With ‘Void for Vagueness’ Defense in SEC Case

Kik is struggling to mount a strong defense in a case brought by the U.S. Securities and Exchange Commission (SEC) over its $100 million initial coin offering. As reported last month, Toronto-based Kik’s legal team attempted to persuade the district court of the Southern District of New York that the SEC’s case – alleging the 2017 …

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Telegram Refutes All SEC Allegations, Asks Court to Dismiss in New Filing

Messaging app firm Telegram has made a new plea to a U.S. court to drop an action brought by the Securities and Exchange Commission (SEC) alleging its yet-to-be launched token is a security. In a filing to the district court of the Southern District of New York on Tuesday, Telegram broke down and refuted all …

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Despite Denials, Tron Founder Confirms Investment in Poloniex Crypto Exchange

Justin Sun, founder of crypto platform Tron, is part of the investor group that recently acquired Poloniex from payment company Circle, after denying his involvement initially. Speaking at a joint Tron-Poloniex event live-streamed over Twitter on Tuesday, Sun said Tron was among several investors in the exchange, but the exchange is operated independently from his …

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BitGo Says Now Processing 20% of Bitcoin Transactions

BitGo is processing more than 20 percent of bitcoin transactions, the company said at CoinDesk’s Invest: NYC conference today. The announcement by the crypto custodian and issuer of hot and cold storage wallets means that a sizable share of on-chain transactions pass through its services, a sign of consolidation, and power, in the crypto space. …

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BitGo Says It’s Now Processing 20% of Bitcoin Transactions

BitGo is processing more than 20 percent of bitcoin transactions, the company said at CoinDesk’s Invest: NYC conference today. The announcement by the crypto custodian and issuer of hot and cold storage wallets means that a sizable share of on-chain transactions pass through its services, a sign of consolidation, and power, in the crypto space. …

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Bittrex Will Release Frozen Crypto to Former Users in Sanctioned Regimes

Crypto exchange Bittrex is looking to return crypto holdings to customers in sanctioned nations. According to a letter posted on Twitter by ex-user Ziya Sadr, Bittrex is reaching out to former customers who reside in “a country or region” in which the exchange is legally unable to offer services due to the U.S. Treasury’s Office of …

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FBI Director: Cryptocurrency Is ‘Significant Issue’ for Law Enforcement

Federal Bureau of Investigation Director Christopher Wray says cryptocurrency is a “significant issue” that is likely to become a “bigger and bigger” problem for the law enforcement agency. Speaking in front of the U.S. Senate Homeland Security and Governmental Affairs Committee on Tuesday, Wray responded to questions from U.S. Senator Mitt Romney (R-UT) about cryptocurrency, …

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The SEC Has Rejected Every Bitcoin ETF. This Firm Thinks It Has a Solution

One company thinks it knows how to get a bitcoin exchange-traded fund (ETF) approved by U.S. regulators. Wilshire Phoenix, a relatively young financial firm in New York, filed to launch the United States Bitcoin & Treasury Investment Trust ETF in May with NYSE Arca. At that point, a dozen bitcoin ETF proposals had already been swatted …

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