I. Commentary of the Week
BTC and ETH aren’t securities. William Hinman, an official at the American Security Exchange Commission (SEC) responsible for cryptocurrency policy, stated today at an industry summit hosted by Yahoo that BTC and ETC aren’t securities, but that many (though not all) ICOs are. As such, they will be subject to legal supervision along with other relevant securities. Hinman expressed that the main factor influencing the decision regarding cryptocurrencies and ICOs is whether the third party expects a return. Especially if there is a person or group of people sponsoring the creation and sale of this asset and playing an important role in its development and maintenance.
In regards to those who buy assets, what’s essential is whether or not they are expecting a return. Hinman expressly pointed out that BTC is not a security, because it’s decentralized; and ETC isn’t because the Ethereum network is also decentralized.
Regarding ICOs, Hinman also said that a few digital assets may be more similar to consumer goods, especially if it isn’t for investment, but rather bought for personal use. Comment: BTC and ETC are currently not securities, so the criterion for judging whether a new token is a security or not may be whether the lower level consensus system is POW. If a token is judged to be a security, then the token’s market value will largely reflect the future projected value of the project.
Ⅱ. International Trends
(1) Europe and America
1.
Chairman of the SEC: Most of the ICOs I’ve seen are issuing securities.
June 14: Jay Clayton, Chairman of the SEC, reaffirmed that the SEC won’t change its position towards digital assets. He asserted that blockchain technology has already been used to fundraise. “Most of the ICOs I’ve seen are securities. It’s raising funds for a project, so if I give you my capital, and you give me the rights to some of the income from that project in return, that’s a security.”He also stated that blockchain technology has incredible potential in the securities industry as well as others. Blockchain technology drastically lowers transaction costs, including verification costs. It is a powerful technology.
2.
Michigan: The state of Michigan has submitted a new bill stating that falsifying blockchain data is punishable by up to 14 years in prison.
June 14: The U.S. state legislature in Michigan submitted two new bills. HB6257 and HB6258 detail that any act of tampering with blockchain data will constitute a crime. HB6257 points out that any act of falsifying public records with the intent to harm or deceive other constitutes a crime, and is subject to a 14 year maximum sentence. HB6258 revises the relevant regulations within Michigan state criminal law to include cryptocurrency and distributed ledger technology (DLT).
(2) China
1.
Jingdong: Jingdong’s Baitiao ABS payment plan implements blockchain technology for the first time.
June 13: The “Jingdong Finance-Huatai Asset Management Co.’s №19 Jingdong Debt Asset Special Support Plan” has been successfully established and will be listed on the Shenzhen Stock Exchange. The implementation of this project has established an alliance of multiple independently deployed chains for the first time, upgrading the lower level blockchain technology of the Jingdong Financial ABS Cloud Platform.
Hao Yanshan, the director of Jingdong Financial’s marketing department, stated: In order to fully reflect the application value of blockchain technology, the alliance chain must meet the actual needs of all participants in the asset securitization business.
2.
Zhejiang University: Zhejiang University has established a research center to promote technology research and personnel training in blockchain technology and other areas.
June 13: The World Future Foundation made a donation to the Zhejiang University Education Foundation at the unveiling ceremony of the Future Information Technology Research Center at Zhejiang University’s School of Computer Science and Technology.
The World Future Foundation’s donation was for establishing the “Zhejiang University School of Computer Science and Technology Future Information Technology Research Center,” promoting Zhejiang University to carry out basic research on future emerging technologies such as blockchain, big data, cloud computing, and personnel training in new information technology fields.
Ⅲ. Voice
1.
Zhou Hongyi: Blockchain products are still subject to the same nature and methodology as all other products.
June 11: Zhou Hongyi, the founder of 360 Total Security, stated that blockchain is still in its early development stage, and that blockchain products are still subject to the same nature and methodology as all other products. For instance, there is a high demand for advanced products like wallets. Rapid iterations and user-focused product ideas will always be the most important.
2.
CITIC Construction Investment: The gap between currency and blockchain is narrowing, and capital is flowing into the industry.
June 12: CITIC Construction Investment said in its 2018 mid-term strategy report that the world is currently at the beginning of a new cycle of innovation, and blockchains will have the potential to become a fundamental technology in this new age of innovation and industrial change.
Blockchain technology has been realized in 2018, transforming ‘new technology’ into ‘new products’ and ‘new profits.’ The distance between currency and blockchain is shrinking, and capital is turning its attention to the industry. More and more listed companies are getting involved in blockchain. Its degree of centralization, the demand to be connected, existing trust, low barrier of entry for coding, and low investment cost equals a very high yield. Research on these six aspects of blockchain application in industry discovered that financial and media institutions will probably be the most interested, followed by communications, computer, shipping, retail and commerce, and finally the medical and public service management industries.
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