US Treasury Secretary: Regulatory Fears Forced Libra Exodus

US Treasury Secretary: Regulatory Fears Forced Libra Exodus

U.S. Treasury Secretary Steven Mnuchin said backers of Facebook’s cryptocurrency Libra dropped out of the project over concerns that the stablecoin project would not meet regulatory standards. Speaking on CNBC, Mnuchin said that if Libra wouldn’t meet US money-laundering standards via the Financial Crimes Enforcement Network, it could open them up to enforcement actions. “I […]

The IRS Will Now Ask If You Own Crypto in the Most Widely Used US Tax Form

The IRS Will Now Ask If You Own Crypto in the Most Widely Used US Tax Form

The Internal Revenue Service (IRS) has updated the main form individual U.S. taxpayers use to report their income to include a question about cryptocurrencies. Following the release earlier this week of the IRS’s long-awaited guidance for reporting crypto-related income, the IRS on Friday circulated a draft of the new Form 1040, Schedule 1, Additional Income and Adjustments to […]

Ripple Invests $750,000 to Bring XRP to Crypto Wallet BRD

Ripple Invests $750,000 to Bring XRP to Crypto Wallet BRD

Mobile wallet provider BRD is partnering with Ripple’s Xpring to boost XRP adoption. The companies announced Friday that Xpring would invest some $750,000 into BRD as part of its efforts to “build the internet of value.” As part of this new “strategic partnership,” BRD will integrate XRP and begin building on Xpring’s developer platform. “The […]

Bank of England Sets Out Rules for Libra Launch in the UK

Bank of England Sets Out Rules for Libra Launch in the UK

The Bank of England has finalized a set of principles the Facebook-led Libra cryptocurrency project must adopt before going live in the UK. Calling the payment network a potentially “systemically important payment system,” the BoE’s Financial Policy Committee released the October Financial Policy and Summary report this week. “The FPC judges that such a system would need […]

Bitcoin Startup Casa Updates Lightning Nodes After Shipping 2,000 in Year 1

Bitcoin Startup Casa Updates Lightning Nodes After Shipping 2,000 in Year 1

Casa, a bitcoin custody provider and manufacturer of hardware nodes for lightning, bitcoin’s scaling layer, is launching a new version of its flagship device. The new node will process transactions faster because of its larger memory unit (4 GB versus the current node’s 1 GB), better processor and new software, Casa CEO Jeremy Welch told […]

It’s Too Soon to Write Off Bakkt, Wall Street Analyst Tells ICE Investors

It’s Too Soon to Write Off Bakkt, Wall Street Analyst Tells ICE Investors

It’s too soon to write off Bakkt, despite the bitcoin futures market’s disappointingly slow start, analysts at Oppenheimer & Co. said. In an Oct. 1 research note, the equity research firm encourages investors to “not get upset” about the lackluster trading volume of Bakkt. For one thing, its parent company, Intercontinental Exchange, has plenty of other […]

Bitcoin Price Sheds $500 Over Day, Drops Below $8,000

Bitcoin Price Sheds $500 Over Day, Drops Below $8,000

Bitcoin bears continue to be firmly in control as the first cryptocurrency’s price tumbled below $8,000 per coin for the second time this week. Beginning at 15:50 UTC, the Bitcoin Price Index capitulated at $8,095, shedding near $200 within a few minutes. Support at $7,900 lasted about one-half-hour before another downward price action sent the BPI around […]

Bakkt’s Slow Start Doesn’t Mean Bitcoin Futures Have Flopped

Bakkt’s Slow Start Doesn’t Mean Bitcoin Futures Have Flopped

It’s a lively time for bitcoin derivatives – or at least for those writing about them. For those trading them, it may be business as usual. The Chicago Mercantile Exchange (CME) announced Friday it is preparing to offer options trades on its bitcoin futures contract. It’s a surprising move, because options volume to date rounds […]

US House Passes Bill for FinCEN to Study Blockchain Use

US House Passes Bill for FinCEN to Study Blockchain Use

Congress wants the Financial Crimes Enforcement Network (FinCEN) to up its internal blockchain game with a new bill to study how the technology could be adapted for law enforcement. On Sept. 19, the House of Representatives passed legislation calling for the financial crimes regulator to study its use of “innovative technologies” — including blockchain. The bill […]