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Systems

New Jersey Attorney General Issues Cease And Desist Order Against Multi-Billion Dollar Bitcoin Financial Services Platform

July 20 2021

“According to a draft press release from the New Jersey Office of the Attorney General, the Bureau of Securities is planning to issue a Summary Cease and Desist Order to New Jersey-based multi-billion dollar bitcoin financial services platform BlockFi to stop offering interest-bearing accounts.  If signed, this action could be the first of its kind […]
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Global

After El Salvador, India May Move to Classify Bitcoin As an Asset Class

July 13 2021

“After El Salvador’s historic move to adopt Bitcoin as legal tender (rendering it full currency status), things are looking brighter back home in India for crypto-enthusiasts. Top sources tracking the industry told this publication that the government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify Bitcoin as […]
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Systems

El Salvador Move Could Strain Bitcoin Blockchain, JPMorgan Says

July 12 2021

“El Salvador’s declaration of Bitcoin as legal tender could create challenges for both the country and the cryptocurrency, according to a team from JPMorgan Chase & Co. Bitcoin trading volumes commonly exceed $40 billion to $50 billion per day, but most of that is internalized by major exchanges, said a group from JPMorgan including Steve […]
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Companies

Square Plans to Make Hardware Wallet for Bitcoin

July 9 2021

“Square Inc (SQ.N) will make a hardware wallet for bitcoin, the payments company confirmed in a tweet on Thursday shortly before U.S. Senator Elizabeth Warren flagged growing risks posed to consumers and financial markets by the cryptocurrency market. Bitcoin wallets can be stored offline or online at cryptocurrency exchanges, venues where bitcoin can be bought […]
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Systems

Bitcoin Tumbles 10% in Wake of Deepening China Crackdown

June 21 2021

“Bitcoin tumbled almost 10% on Monday as recent volatility in the cryptocurrency market showed no signs of dampening down, with market players citing jitters over China’s expanding crackdown on bitcoin mining in thin liquidity for the losses. Bitcoin fell as low as $32,094 to its lowest in 12 days, dragging smaller coins down. It was […]
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Systems

Bank Regulators Plan ‘Conservative’ Capital Rule for Bitcoin

June 10 2021

“Banks must set aside enough capital to cover losses on any bitcoin holdings in full, global banking regulators proposed on Thursday, in a “conservative” step that could prevent widescale use of the cryptocurrency by major lenders. The Basel Committee on Banking Supervision, made up of regulators from the world’s leading financial centres, proposed a twin […]

On The Wires

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Systems

Financial Institutions Can Now Provide Consumers Easy Access to Bitcoin Via Fiserv and NYDIG

June 23 2021

“Financial institutions of all sizes now can enable consumers to buy, sell and hold bitcoin through their bank accounts via an integration between Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, and NYDIG, a leading bitcoin technology and financial services company. This will enable banks and credit unions […]