Monthly Archives: August 2017

When it comes to regulation, what exactly is a cryptocurrency?

Is it a currency? Is it a piece of software? Is it more like an equity? And if it is an equity, does that mean it should be regulated like any other security?

The U.S. Securities and Exchange Commission (SEC) recently weighed in

How regulators like the SEC define and treat cryptocurrencies is important because it affects both the value of cryptocurrencies, and how likely it is that blockchain technology will thrive in a particular jurisdiction.

For example, if a countrys regulatory body decides that cryptocurrencies should be banned, then this will drag down prices (depending on the size of the country) and blockchain technology companies will avoid setting up shop or investing there they wont feel welcome.

The SEC has been notably quiet on the subject of cryptocurrencies. Other regulatory bodies and governments, primarily in Asia, have been extremely proactive in outlining how they will treat and regulate bitcoin and cryptocurrencies as an asset class.

In May, I told you that the SEC would eventually step into this market. Especially as the financial stakes increase.

Now, it looks like the SEC is on the ball.

Earlier this week, the SEC issued the results of an investigative report into the details surrounding a cryptocurrency initial coin offering (ICO) called the DAO in the first half of 2016.

An ICO is when a new cryptocurrency token is offered for sale to the public, similar to an initial public offering (IPO) in the stock market.

The DAO intended to be a fully decentralised cryptocurrency venture capital fund. It would raise money (in the form of a cryptocurrency called ether), issuing DAO tokens in return. It would then allocate those raised ether funds to various business ventures by way of voting amongst the DAO token holders.

The DAO raised US$150 million worth of ether from some 11,000 investors. But then disaster struck. Despite assertions that the DAOs code had been analysed by one of the worlds leading security audit companies and that no stone was left unturned during those five whole days of security analysis, DAO was hacked. US$50 million of ether was stolen.

The SECs investigative report wasnt about trying to identify the culprit behind the attack. Instead, it was focused on whether or not DAO tokens constituted a security (that is, a stock) and should therefore be regulated under existing securities laws.

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The straightforward answer is maybe. The fact is, every cryptocurrency token has its own attributes.

As the SEC report put it;

U.S. federal securities law may apply to various activities, including distributed ledger technology, depending on the particular facts and circumstances, without regard to the form of the organization or technology used to effectuate a particular [cryptocurrency] offer or sale.

In other words, it just depends. But on what?

To answer that, we turn to the Howey Test, which was created by the Supreme Court as a means of determining whether certain transactions qualify as investment contracts.

[The test refers to a precedent from a case the SEC levied against Florida companies W. J. Howey Co. and Howey-in-the-Hills Service, Inc. that sought to determine whether or not a particular land-related deal constituted an investment contract under the Securities Act of 1933.]

If certain transactions meet the criteria, then they are deemed securities and subject to a raft of regulatory requirements.

Without going through all the checks, Ill just include some of the pertinent ones that the SEC included in its report.

So, investing money (cryptocurrencies included) in a token with an expectation of profit (dividend or simple value increase) derived from the managerial efforts of other people points to a cryptocurrency being a security, and that its required to be regulated as such.

The report was a warning. The SEC stated that charges would not be brought against anybody involved with the DAO. But that the report serves to caution the industry and market participants.

Given that there are no charges to be brought against the DAO, its likely that existing cryptocurrencies are safe from securities regulation for now, although that wont be the case for long. The primary focus of the SEC will be newcomers to the market, with the starting point being the Howey Test criteria, some of which are listed above.

There has been little to no impact on the broader cryptocurrency market from this report from the SEC. As someone whos personally been involved in the cryptocurrency token distribution process, the Howey Test is already a key component of any legal diligence on a cryptocurrency.

However, some cryptocurrencies are flying a little too close to the sun, especially those that specify dividend-style payouts for token holders. The SEC is very clear that just because something is virtual, it doesnt exempt it from being a security.

And when cryptocurrencies inevitably start falling under SEC jurisdiction, investors (particularly U.S. investors) will need to ensure that whatever they are buying is compliant with U.S. securities laws.

So you shouldnt invest in cyrptocurrencies on the assumption that they arent (or wont ever) be deemed securities. And when you evaluate different blockchain companies that issue their own cryptocurrencies, check the characteristics against those Howey Test criteria.

SEC regulation was always expected to occur sooner or later, and this SEC report didnt contain anything out of the ordinary it really just reiterated the criteria with which cyrptocurrencies will be measured with when it comes to regulation.

But I suspect we will start to see more global cryptocurrency offerings that specifically prohibit U.S. investors because nobody likes having to deal with U.S. regulations if they can avoid it.

Still, I dont envision this having any big impacts on general cryptocurrency prices in the immediate future.

Good investing,

Tama

P.S.We recently put together a free report on cryptocurrencies. Inside, youll learn why we still think you should buy bitcoin today and exactly how to buy it, move it and store it. You can download it at absolutely no chargeby clicking here.

Tama Churchouse spent nearly a decade creating and selling financial derivatives for a global investment bank in Hong Kong. As Lead Analyst he brings technical expertise across the entire asset class spectrum, from equities and index products, to interest rates and credit.

Originally posted here:
Is a cryptocurrency like a stock? This is what the SEC says ...

A little after 8AM ET today, Bitcoin was split into Bitcoin Cash, an alternative cryptocurrency, in a chain split that had been anticipated for months. The split, called a hard fork, comes out of a bitcoin groups desire to combat high transaction fees and a bitcoin size limit that made mining larger blocks invalid.

This has a nuanced implication for Bitcoin owners. If you own Bitcoin and control your private keys, the same private keys can be used to spend your newly minted Bitcoin Cash.

If you own Bitcoin but dont control the keys, then it depends on whether youve chosen to keep your bitcoins on a Bitcoin Cash-friendly platform or digital wallet. Each platform is treating the new Bitcoin Cash differently. To enjoy this extra currency, you should check with your platform and wallet to see what the company policy is.

the worlds most popular cryptocurrency exchange has rejected the new Bitcoin Cash

As a prelude to the split, Bitcoin trading platforms like CEX.io suspended Bitcoin withdrawals beforehand. CEX.io will allow both cryptocurrencies and split the coins for its customers. CEX.io chief marketing officer Eugene Kovalyk says, Whether we will list Bitcoin Cash as a new trading pair depends on the demand. If demand is big we should consider adding it definitely...No one should lose Bitcoin Cash on our platform.

Meanwhile, the worlds most popular cryptocurrency exchange, Coinbase, has rejected the new Bitcoin Cash to some customers chagrin. It argues that their systems cant support Bitcoin Cash without a major system rework that is currently not worth the unknown value of Bitcoin Cash. A spokeswoman for CoinBase says, If this decision were to change in the future and Coinbase was to access Bitcoin Cash, we would distribute Bitcoin Cash to customers associated with Bitcoin balances at the time of the fork. Coinbase would not keep the Bitcoin Cash associated with customer Bitcoin balances. The exchange allowed a brief window of time before August 1st for users who wished to access Bitcoin cash to withdraw their funds from Coinbase.

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Bitcoin has split in two, so you can have double the cryptocurrency - The Verge

Theres no shortage of bitcoin in Philadelphia.

In Northern Liberties, the red-hot digital currencycan be bought ata shipping services storefront. In West Philadelphia, customers can fill their virtual wallets after toppingoff theirtanks at a Citgo gas station. And in Cheltenham Township, a bitcoin ATM will convert your cash to cryptocurrency at a Dollar Plus variety store, conveniently sandwiched between an Aldi supermarket and a pawn shop.

About two dozen machines or shops in the region will take regular cash and credit private bitcoin accounts, according to the website CoinATMRadar.com, which locates and maps bitcoin ATMs.Those accounts can then be used to pay for goods online without a credit card, remit payments quickly to family overseas, or cover bets placed on online gambling sites.

Sam Wood

A bitcoin ATM at the Dollar Plus variety store on Ogontz Avenue in Cheltenham Township.

They can also be used to buyillicit drugs over the Internet, according to federal agents with Homeland Security Investigations.

And the number of those bitcoin outlets appears to be growing. That should come as no surprise becausethe value of bitcoin has skyrocketed. In January 2015, the value of a single coin was about $220. In mid-May it spiked to more than$3,000. On Monday evening, one bitcoinwas trading comfortably at about $2,860.

Hedge funds have swept in to gamble on the digital currency. Celebrities and athletes, from Bollywood movie stars to boxer Floyd Mayweather Jr., have promoted cryptocurrency, pumping up popular interest across the globe.

Theres a lot of excitement about it, said Kevin Werbach, a Wharton School professor whostudies bitcoin and its underlying technology, called blockchain. Its a commodity, and demand is exceeding supply.

The magnitude of the rise this year has been a speculative bubble which will in time deflate, Werbach said. but how fast and how far we dont know.

The worlds dominant digital currency (there are more than 700), bitcoin operates independently of any government or bank. Transactions are recorded and verified on the blockchain database that is instantly shared on a worldwide network of computers. Industry analysts say that the technology underlyingthose transactions makes bitcoin more secure than using a credit card.

At Liberty Parcel, on the 800 block of North Second Street, a bitcoin ATM has been sittinginside the shops entrance for more than a year, where it simply occupies space. Its like a gumball machine in front of a pizza shop, said a clerk who did not want to be identified by name.

An average machine might exchange between $25,000 and $30,000 a month, said Neil Conner, a spokesman for Lamassu, a New Hampshire-based producerof bitcoin machines. Typically, stores where they are placed collect about $100 a month in rent.

Legitimate businesses accept bitcoin, most famously Microsoft (though only for games, movies, and apps in the Windows and Xbox stores) along with merchants on Etsy (an online marketplace for crafts) and Overstock.com. Some political action committees will accept donations in bitcoin.

Most bitcoin is traded on exchanges such as Coinbase and Poloniex, online operations thatmatch buyers and sellers. The exchanges, which typically charge a 2 percent fee, arestrictly regulated by federal and state agencies and follow the same rules as banks. Their clients include high-end investors, financial institutions, and speculators and have caught the attention of the U.S. Securities & Exchange Commission, which last week announced it wants to regulate some transactions.

Bitcoin ATMs generally serve a less sophisticated clientele, according to industry experts. The machines charge steep fees up to 12 percent and rarely require more than a cellphone number to establish an identity. Bitcoin ATM companies have moved aggressively into areas that are underserved by banks.

Because they require so little identification, the ATMs frequently are used to buy bitcoin for nefarious reasons, according to federal agents. Most notoriously, bitcoin is the currency of choiceon the dark web, where its used to buy illicit narcotics. Its also used to extract payments from ransomware victims.

Because this is a private, decentralized currency, bitcoin itself has no way of telling if youre buying a bag of potato chips with it or a kilo of drugs, said Werbach, the Wharton professor.

Lamassus Conner said the bitcoin ATM machines allow new customers an easy way to experience the digital currency.

If youre looking to get your feet wet in cryptocurrency, bitcoin ATMsare the easiest on-ramp, Conner said. Whether its $5 or $100, its the least confusing way ofgetting involved.

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Published: August 1, 2017 3:01 AM EDT | Updated: August 1, 2017 5:31 AM EDT

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Bitcoin ATMs invade Philly, taking cryptocurrency to the masses - Philly.com

When it comes to regulation, what exactly is a cryptocurrency? Is it a currency? Is it a piece of software? Is it more like an equity? And if it is an equity, does that mean it should be regulated like any other security?

The U.S. Securities and Exchange Commission (SEC) recently weighed in. How regulators like the SEC define and treat cryptocurrencies is important because it affects both the value of cryptocurrencies, and how likely it is that blockchain technology will thrive in a particular jurisdiction. For example, if a countrys regulatory body decides that cryptocurrencies should be banned, then this will drag down prices (depending on the size of the country) and blockchain technology companies will avoid setting up shop or investing there they wont feel welcome.

The SEC has been notably quiet on the subject of cryptocurrencies. Other regulatory bodies and governments, primarily in Asia, have been extremely proactive in outlining how they will treat and regulate bitcoin and cryptocurrencies as an asset class. In May, I told you that the SEC would eventually step into this market, "especially as the financial stakes increase". Now, it looks like the SEC is on the ball.

Earlier this week, the SEC issued the results of an investigative report into the details surrounding a cryptocurrency initial coin offering ("ICO") called the DAO in the first half of 2016. An ICO is when a new cryptocurrency token is offered for sale to the public, similar to an initial public offering ("IPO") in the stock market.

The DAO intended to be a fully decentralized cryptocurrency venture capital fund. It would raise money (in the form of a cryptocurrency called ether), issuing DAO tokens in return. It would then allocate those raised ether funds to various business ventures by way of voting amongst the DAO token holders.

The DAO raised US$150 million worth of ether from some 11,000 investors. But then disaster struck. Despite assertions that the DAOs code had been analyzed by one of the worlds leading security audit companies and that no stone was left unturned during those five whole days of security analysis, DAO was hacked. US$50 million of ether was stolen.

The SECs investigative report wasnt about trying to identify the culprit behind the attack. Instead, it was focused on whether or not DAO tokens constituted a security (that is, a stock) and should therefore be regulated under existing securities laws.

The straightforward answer is maybe. The fact is, every cryptocurrency token has its own attributes. As the SEC report put it;

U.S. federal securities law may apply to various activities, including distributed ledger technology, depending on the particular facts and circumstances, without regard to the form of the organization or technology used to effectuate a particular [cryptocurrency] offer or sale.

In other words, it just depends. But on what?

To answer that, we turn to the Howey Test, which was created by the Supreme Court as a means of determining whether certain transactions qualify as investment contracts.

[The test refers to a precedent from a case the SEC levied against Florida companies W. J. Howey Co. and Howey-in-the-Hills Service, Inc. that sought to determine whether or not a particular land-related deal constituted an investment contract under the Securities Act of 1933.]

If certain transactions meet the criteria, then they are deemed securities and subject to a raft of regulatory requirements. Without going through all the checks, Ill just include some of the pertinent ones that the SEC included in its report.

So, investing money (cryptocurrencies included) in a token with an expectation of profit (dividend or simple value increase) derived from the managerial efforts of other people points to a cryptocurrency being a security, and that its required to be regulated as such.

The report was a warning. The SEC stated that charges would not be brought against anybody involved with the DAO. But that the report serves to caution the industry and market participants.

Given that there are no charges to be brought against the DAO, its likely that existing cryptocurrencies are safe from securities regulation for now, although that wont be the case for long. The primary focus of the SEC will be newcomers to the market, with the starting point being the Howey Test criteria, some of which are listed above.

There has been little to no impact on the broader cryptocurrency market from this report from the SEC. As someone whos personally been involved in the cryptocurrency token distribution process, the Howey Test is already a key component of any legal diligence on a cryptocurrency.

However, some cryptocurrencies are flying a little too close to the sun, especially those that specify dividend-style payouts for token holders. The SEC is very clear that just because something is virtual, it doesnt exempt it from being a security. And when cryptocurrencies inevitably start falling under SEC jurisdiction, investors (particularly U.S. investors) will need to ensure that whatever they are buying is compliant with U.S. securities laws.

So you shouldnt invest in cyrptocurrencies on the assumption that they arent (or wont ever) be deemed securities. And when you evaluate different blockchain companies that issue their own cryptocurrencies, check the characteristics against those Howey Test criteria. SEC regulation was always expected to occur sooner or later, and this SEC report didnt contain anything out of the ordinary it really just reiterated the criteria with which cyrptocurrencies will be measured with when it comes to regulation.

But I suspect we will start to see more global cryptocurrency offerings that specifically prohibit U.S. investors because nobody likes having to deal with U.S. regulations if they can avoid it. Still, I dont envision this having any big impacts on general cryptocurrency prices in the immediate future.

Disclosure: I am/we are long BITCOIN.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Read the rest here:
Is A Cryptocurrency Like A Stock? The SEC Weighs In - Seeking Alpha

A disappointed Pokmon GO Fest attendee has proposed class-action lawsuit againstNiantic

Elad Gil is running around the Color Genomics office when I come to meet him for a little sit-down. The place is full for a Friday afternoon. Theres a worker taking calls on the couch in the front and plenty of others pacing about in the background.

The office is tucked away in an unassuming industrial area of Burlingame, California, in a building that reminds me of some 60s-style government structure. Color is easy to spot: First suite on the first floor and the only one with, well, bright color.

Gil offers me a water and we sit down in a little conference room. Jokingly, he says maybe he can do something funny for the featured image for my article like pretend to hold up the color wheel logo. Katie would never let me do that, he says, referring to his chief marketing officer and ex-Twitter employee Katie Jacobs Stanton. Hes nerdy funny. I like that.

Gil came to Silicon Valley with impressive academic credentials, including a degree in mathematics, another in molecular biology and a PhD in biology from MIT. It was 2001, and he had hoped to make a dent in the universe. But the timing was off. The country was already headed toward an economic downturn, then 9-11 happened.

He was at a telecom company that quickly grew to 150 people and shortly after shrank to a tenth of the size in five rounds of layoffs. Gil was cut in the third round.

That was a turning point for him.

All these people helped, he said. Like big brand-name VCs were referring me to companies just to help. They were like, Everythings collapsing. Youre some random person who showed up with a PhD in biology. You have no job prospects.

He went on to hold prominent positions at Google and Twitter and now as a co-founder in Color Genomics. Hes also an investor in several well-known startups, including Airbnb, Square, Stripe and Pinterest, and is in a position, which hes known to readily use, to give back to Silicon Valley in much the same way.

But, a dark cloud has been hanging over the Valley lately. News of several incidents of sexual harassment and sex discrimination of female founders have toppled VCs once seen as demigods and caused some to lose hope in the dream.

SB: Ive heard people say Silicon Valley is over. Theyve kind of almost lost faith in their heroes, and then theres all these other little pop-up satellite Silicon Valley-esque cities starting to come up. Do you think Silicon Valley is over?

EG: Oh God, no. I think its best days are ahead of it Do you know the last time they said that Silicon Valley was over?

SB: When?

EG: Theres two times.One was in the early 90s where they were like Its over. Theres nothing left to be done.

SB: At the height of the semiconductors.

EG: Yeah, because all the semiconductor stuff was really sort of like 70s and 80s. And then in the early 90s 91, 92, 93 theres the internet. And I was talking to somebody who was really prominent in the internet wave, and he was like I moved out here in like 93 and everybody thought it was over.

Literally, that was the thing. They were like The best times are behind us. All the stuff that could be done has been done. Its over. And then a small group of people were like, Lets do stuff on the internet. Others were like Thats insanity. Like the internets a stupid toy thing that connects five universities. Who cares? Then of course, Netscape happened, and then theres a wave of innovations, and then in the bubble that I moved into with my perfect bad timing, the collapse I moved into. In that period, everybodys like Oh, theres nothing interesting on the internet, and we have to go back to hard tech. And Kleiner Perkins got into clean tech, and all these people were talking about nano tech, and it was like Silicon Valley is over, and theres nothing to do. We need to find new industries. Thats literally what happened.

Then all the social waves happened, and the mobile waves happened Just like theres a business cycle, theres a venture cycle, and innovation cycle. You end up with these gaps, and I think were just going through a period where theres less obvious things.

Interjection: We started talking about cryptocurrencies, ice cream, health tech and whats next in Silicon Valley. Ive cut a bunch of this short for brevity.

EG:I basically think the last six months have been cryptocurrencys Netscape moment, and I think were still trying to figure out whats Google, and whats PayPal, and Yahoo, and what to keep in with this first wave.

SB: [Cryptocurrency] scares people, especially when its very new.

EG:Totally. You remember the first internet. People were like Oh, nobodys going to buy anything on that. Theyre not going to put a credit into a website. Thats madness.Now weve got Instacart, Amazon

Can I say something, and then argue that I never said it when you have a tape? Can I do that purposefully?

SB: Okay. What do you want to argue?

EG: I never said I like chocolate ice cream. I like chocolate chip, or something like that.

SB: And Ill be like No, on the record. This is where he said it.

Okay, so kind of wrapping this up. Where do you see Color fitting in all of this?

EG: Yeah. I think Color was sort of part of a very early first wave of the visual data area So really our focus is on how do you unlock information thats sort of locked up for people, make it something they can actually use to help manage their own health.

SB: People might say it makes it a lot harder if you have to go through your physician first to get this information. I think thats kind of the allure of these at-home health tests a lot of the time.

EG: I think it depends on how much friction you can take out of the physician process, but also the flip side of it is, if physicians are telling people that they should consider it, thats actually a really powerful way, as well, for people to participate. So I think there are sort of two sides of the same coin.

As an Ashkenazi Jew, I remember going to my doctor and like Hey, should I be taking these genetic tests for cystic fibrosis and Tay-Sachs and all this other stuff as a carrier? And he was like, Oh yeah. Youre Jewish. Sure. You should do it.

SB: Sure. Gotta be proactive.

EG: But I had to bring it up, right? Its something thats often recommended for Ashkenazi Jews to do. So, were basically trying to create an online version of that, where youre still working with the physician but theres different ways for you to work with him.

SB:Where do you think people can innovate further in the health tech space right now? What would you like to see?

EG: Yeah. Um, thats a great question. I think ultimately, theres so much data available ambiently through peoples bodies This company Cardiogram that I mentioned. Im a small investor there, from a disclosure perspective. Thats a good example of where youre just ambiently recording and then telling people that they may have had a heart attack. I think that those are some themes that are really intriguing.

I think the top part in healthcare is that the people who are often benefiting the most from things arent necessarily the people making the buying decisions. There are some things at a low enough price-point, so that really changes the adoption rates of different tested products. Thats one obstacle, in terms of larger-scale adoptions.

SB: Okay. I think well end it on that.

See the article here:
Elad Gil and Silicon Valley's bright future in cryptocurrency, genetics ... - TechCrunch

This is a sponsored piece.We encourage thorough due diligencefrom our readers before acting on any given information.

investFeed is a New York based community powered social trading network making the switch from US equities to cryptocurrency. Marketing itself as the worlds first social investment network for the cryptocurrency community, investFeed aims to develop cryptocurrency infrastructure for the industry. This is establishing a much-needed framework ready for the mainstream adoption of cryptocurrency.

Their pivot to digital currencies is described as a key move to cater to an exponentially growing industry, Weve been a social investment platform since 2014 and over the last few months weve had a huge demand from our user-base to integrate cryptocurrencies onto our platform We really see that [cryptocurrencies] are the future going forward, said Ron Chernesky, investFeed CEO on the live Post-Cable Network, Cheddar. Keeping the momentum and buzz around the token sale up, last week the investFeed team announced that they brought on ex-NFL football player, Jovan Haye, as an investor as well as emerging technologies and blockchain-focused VC entrepreneur, Steven Neryaoff, as an advisor.

On the point of corporate interest, one of Crypto Insiders recent pieces noted that there was huge increase in cryptocurrency attention from the Big Four accounting firms. Deloitte, EY, KPMG and PwC reps all stated that both existing and prospective clients are beginning to ask questions about initial coin offerings (ICOs), the process by which public blockchain technologies can be leveraged to create custom cryptocurrencies that are subsequently sold to fund projects. With investFeeds platform supporting cryptocurrency trading infrastructure, it has the potential to appeal to big enterprise looking to jump into the market.

CTO Drew Freeman was quoted on Finextra to have said, The switch from equities to cryptocurrencies will also target a millennial user base that has shown disinterest in traditional investments. So while the big movers of the corporate world are turning their focus to the crypto market and enterprise-facing players, investFeed has the potential to also capture the attention of the sizable youth demographic, empowering them through the decentralization featured in blockchain technology capitalizing on the best of both worlds in the process.

Having been involved in US equities trading since 2008, one thing that can be said for investFeed is that their team has a track record of operating as a cohesive unit which is in sharp contrast to the majority of token sale groups capitalizing on the ICO bandwagon. The platform will introduce old-school and traditional stock traders to the fast-paced world of cryptocurrency market investment in a familiar way through the investFeed skin and tools. Despite the ICO craze slowing down, investFeed has a high possibility of reaching its target they have a solid track record, a detailed whitepaper and a reasonable hard cap at 28,000 ETH. At the time of publishing, investfeed has raised 35% of its limit, and has until August 7th, 2017 when the sale closes out.

Featured image sourced from Wikimedia commons

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investFeed switch to cryptocurrency token sale brings mainstream demographics on board - Crypto Insider (press release) (blog)