Hey everyone,
In my Weekly Crypto Overview, I will assemble the important news of the last week and make a summary of it. This way you will have one place to go for all the significant events that happened the week before in crypto. I hope you enjoy it and that it saves you a lot of time searching for all the news. I know not everyone has the privilege to be full-time in crypto, so I hope this is a solution for many of you.
- Samsung Unveils Cryptocurrency Wallet
- SEC Ethereum Not A Security
- Tether Not Backed By Fiat Alone
- Cboe Exchange Stops Bitcoin Futures
Samsung Unveils Cryptocurrency Wallet
Last week Samsung Electronics revealed the cryptocurrency wallet for the Galaxy S10. According to a report from CoinDesk Korea, the Samsung Blockchain Wallet is currently compatible only with ether (ETH) and ethereum-based ERC20 tokens. Bitcoin is not yet supported, despite the logo appearing on earlier pre-release presentation images.
The wallet also supports four decentralized apps (dapps) at launch: crypto gaming platform Enjin, beauty community Cosmee, crypto collectibles platform CryptoKitties and merchant payments service CoinDuck.
Read Coindesk’s full article here.
Ethereum Not A Security
Last year, SEC Director of Corporation Finance William Hinman said during a speech that ethereum, did not exhibit the properties of a security. At the time, he explained that he did not see a central group as being responsible for the cryptocurrency.
Congressman Ted Budd asked for clarification on whether the SEC Chairman agreed with Hinman’s remarks. SEC Chairman Jay Clayton wrote the following in a letter (which didn’t mention Ethereum by name).
I agree with Director Hinman’s explanation of how a digital asset transaction may no longer represent an investment contract if, for example, purchasers would no longer reasonably expect a person or group to carry out the essential managerial or entrepreneurial efforts. Under those circumstances, the digital asset may not represent an investment contract under the Howey framework.
Tether Not Backed By Fiat Alone
Tether has updated the terms on its website, saying that its dollar-pegged USDT stablecoin may not be backed 100 percent by fiat reserves.
Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”).
Previous terms stated the following.
Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD.
Cboe Exchange Stops Bitcoin Futures
Cboe Futures Exchange (CFE) is putting its bitcoin futures market on hold. CFE is not adding a Cboe Bitcoin (USD) (“XBT”) futures contract for trading in March 2019,” the futures exchange said in a notice to traders.
CFE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading. While it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading
Cboe states that currently listed bitcoin futures contracts will remain available for trading. That means the last contracts listed, XBTM19, will expire in June.
An interesting fact is that the Cboe bitcoin futures trading volumes have been getting crushed by CME.
That’s it for now. All the best to everyone!
Khilone
The material contained in this article is not to be regarded as an recommendation to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information on this document does not constitute legal, tax, or investment advice. You must not, therefore, rely on the content of this document when making any investment decisions.
