05-07-2018: SEC To Discuss Categorization of Ethereum

A class action lawsuit has been filed against Ripple claiming the blockchain firm has violated federal securities laws. The lawsuit claims Ripple failed to register with the Securities and Exchange Commission (SEC) before offering its digital tokens up for sale. The allegations include the creation of virtual tokens ‘out of thin air’ from which the company profited by selling them to the public in an ‘endless initial coin offering’. The SEC has yet to officially announce whether cryptocurrencies such as XRP are considered securities. Meanwhile, Binance has announced the listing of XRP/USDT trading options which widens the reach of the company’s digital coins (newsbtc).

UPDATE: This news regarding the SEC’s closed door meeting on discussing the categorization of Ethereum turned out to be fake news in which the initial article was reported by Wall Street Journal. Luckily the FUD has not shaken the price of Ethereum (twitter).

Big day today for Ethereum as the Securities and Exchange Commission will convene together to discuss the categorization of the Ethereum token. The discussion will be to decide whether the Ethereum token (ETH) will be classified as a security or not. The classification will have huge impacts on the markets as it will decide what types of U.S laws will then apply to Ethereum. More on this tomorrow when the report is released (sec).

In a seemingly desperate attempt, The CEO of TenX (PAY), Julian Hosp, has tweeted out that he will bribe people to get PAY listed on Binance. The tweet reads “I am going to personally give 10,000 $PAY tokens to the person who gets @tenxwallet listed on @binance – we have been in lots of talks and I want it to happen. Drop me a Twitter DM or write [me] with valuable connections, knowledge, etc!” The tweet has since been removed from Julian’s account, but has been captured by many readers and redditors (livebtcnews)(Reddit).

CoinMarketCap has weighed in on the debate regarding which coin is the real bitcoin, removing the secondary link, which links to bitcoin.com, from the BTC listing on CoinMarketCap (LiveBTCnews).

BitGrail has shut down its service, pending further notice, after being open for only 3 hours. The Italian based exchange finally re-opened its services since the nano hack, which saw $500 million worth of nano taken from the exchange, but shortly after announced that it had to temporarily disable its services again. This has been due to a cease and desist order being filed, and a deed issued by the court to close the exchange down until a decision has been made by the courts. BitGrail stated “This morning, following the re-opening, we were notified of a deed by the court of Florence requesting the immediate closure of BitGrail and this situation will persist until a decision is made by the courts, about the precautionary suspension request made by the Bonelli law office on behalf of a client” (livebtcnews)(coingeek).

JP Morgan Chase is looking into the world of blockchain as a patent has been spotted at the US Patent Office submitted by Chase, looking to cover both on-chain and off-chain payment processing (Ethereum World News).

And lastly, Vaultoro, the world’s first crypto-to-gold exchange, is now the first exchange that has implemented the Lightning Network. CEO of Vaultoro, Joshua Scigala stated “Lightning makes Bitcoin so fast that if you want to buy an order out of Vaultoro’s order book, you can hold the Bitcoin in a wallet on your phone, set the order on Vaultoro, get a QR code and send the Bitcoins through the Lightning Network, directly purchasing the order.” Vaultoro allows customers to trade physical gold with Bitcoin directly, all the way down to .1g. Customers can hold the gold for as longs as they want, with ownership being securely stored on the blockchain (Bitcoin Magazine).

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