This Month in Crypto — October 2018
2018 has not been kind to crypto investors the world over. The total market cap has been in a decline since January and the majority of altcoins gaining traction are proving to be vaporware or incredibly overvalued. Speculators are also growing tired of false bull flags and of rumors of mainstream adoption via traditional financial institutions. So some of us may be thinking , was the cryptop boom simply a short-lived fad? We certainly don’t think so. The crypto ecosystem is just starting to develop, and this round-up of news gets us excited for what’s to come .
BancorX — The Bancor team, in partnership with LiquidEOS (an EOS block producer), is once again pushing the boundaries of liquidity. BancorX enables users to convert EOS tokens directly on the blockchain using the Bancor protocol, and it allows for cross blockchain interoperability with constant liquditiy and no fees Since Bancor does not hold user funds, all users will still be subject to receiving airdrops. BancorX is currently live on the Testnet and will go live on the mainnet shortly.
Ledger Nano S Adds New Coins — If 2017 was the year of innovation, 2018 is the year of integration. The popular hardware wallet Ledger has added 7 new tokens (EOS, WAVES, HYC, RISE, PIRL, FIC, and AKA) and will continue to add more tokens in the coming months. Ledger is currently holding a vote every first Tuesday of the month asking the community which coins should be listed next. As of now, Ledger supports 711 crypto assets while its main competitor, Trezor, is compatible with 689 (not including EOS).
PNC Bank Joins Ripplenet — Ripple(XRP) has announced their partnership with PNC. Ripplenet connects banks and other traditional money lenders s to provide friction-less transfers using the XRP token. Although Ripple aims to solve transactional friction between parties, it is not technically a cryptocurrency because the network it operates on (Ripplenet) is not a blockchain. Ripplenet is currently active in 40 countries and 6 continents. Following the news, XRP saw its largest run of the year in the third week of September gaining more than 111% in three days.
United States Securities and Exchange Commissioner Hester M. Pierce Calls For Light Regulations— In a statement at Cato Institute’s FinTech Unbound Conference Piece stated,
"What authority do we have to require that assets underlying securities be regulated as if they were securities? Even if we had this authority, private markets can and do regulate themselves. The crypto community includes lots of people who are very willing to speak up, criticize one another, and bring to light technological, corporate governance, and other perceived weaknesses in cryptocurrencies.”
In July, Pierce denounced the Commission’s proclamation blocking the listing and trading of shares of the Winklevoss Bitcoin Trust on Bats BZX Exchange, Inc. (“BZX”)
As cryptocurrencies become a more frequent topic of discussion for SEC officials, we may see Exchange Traded Funds approved by the end of the year.
Continued Blockchain Support in Congress — U.S. House of Representatives member Tom Emmer (R-MN) plans to introduce three new pro-crypto bills in the coming weeks. The “Resolution Supporting Digital Currencies and Blockchain Technology,” the “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act.”
- The Resolution Supporting Digital Currencies and Blockchain Technology calls for Congress to put forth a clear regulatory stance on cryptocurrencies that creates a concise legal framework for investors and financial institutions.
- The Blockchain Regulatory Certainty Act states that decentralized entities that do not hold consumer funds do not need to be registered under government regulation.
- Safe Harbor for Taxpayers with Forked Assets Act provides people who have made capital gains on digital currency forks with clarity in regards to tax reporting.
Emmer, the co-chair of the Congressional Blockchain Caucus, stated that, “The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills.”
Coinbase Announces New Listing Process — In a series of tweets, Coinbase said that providing access to a multitude of digital assets in a compliant and secure way has been an objective of theirs since day one. This was followed by the announcement of a new listing process. The listing process allows users to apply to get a token listed through an application form which will be reviewed internally. Although the application process is free, Coinbase reserves the right to charge in the future claiming that:
“…we [Coinbase] reserve the right to impose an application fee in the future to defray the legal and operational costs associated with evaluating and listing new assets”
Coinbase is currently exploring several new tokens including Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x. 0x has been listed as of the 11th of October.
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