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Crypto Weekly: SEC Rejects Bitwise ETF Halts Telegram ICO, UNICEF Launches Crypto Fund

Key Highlights UNICEF Initiates Crypto Fund, Beginning with Bitcoin and Ethereum Donations CFTC Could Approve Ethereum Derivatives Trading in the Near Future Global Exchanges Urge FCA To Back Down On Its Proposed Ban On Crypto-Linked Derivates BitFinex and Tether Slapped With a Lawsuit Alleging Market Manipulation SEC Rejects Bitwise’s Bitcoin ETF, Bitwise Responds Positively With Future Plan Telegram’s $1.7 Billion ICO Halted by SEC UNICEF Announces Crypto Fund The United Nations’ children welfare agency, UNICEF recently announced the formation of the UNICEF Crypto Fund. The prototype will begin with accepting Bitcoin and Ethereum donations. The proceeds of the donation will be invested in blockchain projects that favor UNICEF’s cause. The contributions in BTC and ETH will not be converted into FIAT or any other investment asset as well; it will be put directly into the development of blockchain. The Crypto Fund will be put into innovation projects on the blockchain. The funds have been limited to no more than 1,000 Bitcoins and 10,000 Ether. The fund has already received its first donation of 1 BTC and 10,000 ETH from the Ethereum Foundation. In total, the existing Innovation Fund has already backed six blockchain companies in a portfolio of 72 companies from 42 nations. Ethereum Derivatives – No Longer a Distant Reality Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert in All Markets Summit by Yahoo Finance spoke about Ether(ETH) being a commodity and thus should fall under the jurisdiction of CFTC. He further hinted on Ether Futures trading in the US markets in the near future. He further mentioned that per his view as the Chairman of the CFTC, Ether is a commodity. Thus, resonating with SEC’s previous ruling that Bitcoin and Ether are not securities. Furthermore, he said that CFTC is working in close cooperation with the SEC to provide clarity on these issues. Long back in 2015 CFTC had said that Bitcoin and other virtual currencies are commodities. This was even before the SEC deemed cryptos as commodities. Interestingly, this is the first time CFTC has spoken any such thing about Ether. Will FCA Ban Crypto Derivatives? Following FCA’s proposed ban on derivatives assets linked to cryptocurrencies such as bitcoin, global exchanges are urging FCA to reconsider its proposed ban on these asset types and continue to allow retail consumers to trade these assets on their platforms. Britain’s financial watchdog, Financial Conduct Authority (FCA) in July reported that crypto assets were ill-suited to retail investors who couldn’t make informed financial decisions. Therefore, the financial authority proposed to ban crypto-linked derivatives next year. The final changes will be announced in early 2020. Are Tether and Bitfinex Manipulating the Market? Crypto Exchange BitFinex and stablecoin Tether (USDT) have found themselves in fresh trouble again. This time, a New York-based law firm, Roche Freedman LLP has slapped a lawsuit against iFinex and associated companies and individuals, accusing them of collectively using cryptocurrency to “defraud investors, manipulate markets, and conceal illicit proceeds”. The plaintiffs – Roche Freedman LLP have alleged that BitFinex and Tether were two enterprises used in “Part Fraud, Part Pump and Dump and Part Money Laundering.” According to the Class Action Complaint lodged with the United States District Court, South District of New York, the two “commingled their corporate identities and customer funds while concealing their extensive cooperation in a way that enabled them to manipulate the cryptocurrency market with unprecedented effectiveness”. The complaint also highlights that the two companies were majorly responsible for the 2017 crypto bull run. According to the Tether minted 2.8 billion USDT from 2017 to 2018 and used the token to “flood the Bitfinex exchange and purchase other cryptocurrencies”. As a result of this, the demand for cryptocurrencies got artificially inflated and caused a massive surge in cryptocurrency prices. No Bitcoin ETF in 2019 The Securities and Exchange Commission has rejected Bitwise’s ETF proposal citing fake volume at cryptocurrency exchanges. This move marks the end of any possible debut of a Bitcoin ETF at any exchange in 2019. The SEC has refused several applications over the years. Subsequently, Bitwise has presented an extensive research piece and made presentations to the SEC staff to convince them of the requirement of an ETF in the crypto market. In its filing, the former presented its case that the spot prices were derived from the ‘real’ Bitcoin market which consisted of 10 cryptocurrency exchanges. They further alleged that these markets were resistant to manipulation. However, per the federal agency’s mandate, the filing stands rejected and it remains unconvinced. Telegram $1.7 Billion ICO halted by SEC The Securities and Exchange Commission (SEC) in a recent has filed an emergency action and obtained a temporary restraining order against two major offshore entities backing Telegram’s TON digital token offering. Per Telegram’s plan of action, it had promised the delivery of Gram tokens to initial purchasers by October 31, 2019. SEC has alleged that the former failed to register the sale and offering of Grams. The reason given for not registering was states as the tokens are securities. The SAFT (Simple Agreement for Future Tokens) sale, which was only sold to accredited investors. The deal brought in about $1.7 billion. Gram tokens were sold at a price of around $1.33 and $0.67 initially in the private ICO. Reportedly, in August reports for a Gram token’s secondary black market started surfacing. There were many over-the-counter (OTC) desks, sales on small cryptocurrency exchanges, and at least one investment fund which were allegedly selling those tokens in the market. The post Crypto Weekly: SEC Rejects Bitwise ETF Halts Telegram ICO, UNICEF Launches Crypto Fund appeared first on Coingape.

UNICEF’s crypto fund shows Bitcoin is accepted as financial asset

Bitcoin, the king coin with a market share of 66.8 percent, continues to be the market mover as it attracts more sectors. This time around, the news broke from UNICEF as the agency announced that it would be accepting the largest cryptocurrency along with Ethereum for donation with the launch of UNICEF Cryptocurrency Fund. Moreover, […] The post UNICEF’s crypto fund shows Bitcoin is accepted as financial asset appeared first on AMBCrypto.

UNICEF to Begin Accepting Donations in Crypto

Charity and cryptocurrency have developed quite a partnership over the years. The latest addition to that mix comes in the form of UNICEF, the United Nations’ organization that seeks to aid starving and impoverished children across the globe. UNICEF Is at the Heart of a Crypto Boost UNICEF has announced that it will begin accepting donations in both ether and bitcoin. It is the first UN-based organization to accept crypto, which could potentially mark a huge point in crypto’s development and push it closer towards mainstream territory. As it stands, UNICEF generally accepts fiat to fund its goals, but fiat typically results in heavy fees that cause much of the money to be eaten up by payment platforms and third-party middlemen. UNICEF says that its utilization of virtual currency will allow it to potentially avoid these fees in the future and concentrate more funds on helping those in need. In addition, it also says that the transparency of blockchain will allow those giving money to see how their funds are being used. Rather than immediately cashing out bitcoin or ether for fiat, UNICEF will instead forward whatever digital tokens it receives to a charitable cause or separate organization. Thus, the person who initially sent the money will be able to see who is receiving the funds in the end. From there, it will be up to the receiving organization to cash out the funds. One problem that stems from crypto is its volatility, however. Despite several notable properties, currencies like bitcoin and Ethereum still remain vulnerable to price swings. To help levy this, UNICEF comments that it will only utilize cryptocurrency payments for “short-term programs,” or rather things that can be purchased quickly, such as mosquito nets to prevent the spread of diseases like malaria. Using the money quickly, it says, is the key to ensuring it cannot fall in price too much. Among UNICEF’s first crypto donators will be the Ethereum Foundation, which says it will provide digital funds to three grantees including GIGA, a group that seeks to provide schools with internet service. Crypto and Charity Have Come a Long Way This isn’t the first time UNICEF has partnered with a cryptocurrency venture. Last August, the organization announced that it would work with the Litecoin Foundation to ensure children in developing regions garnered access to new educational materials. Four years ago, UNICEF also joined hands with H&M Conscious Foundation to launch Unicoin, a new digital currency designed for those looking to “do good” with their funds. Furthermore, 2018 saw a surge in charity groups that said “yes” to cryptocurrency donations. Among them were the Houston Area Women’s Center (HAWC), a non-profit that seeks to aid women who have been the victims of domestic abuse, and Save the Children, a U.K.-based organization that tries to improve children’s lives through better healthcare and education initiatives. The post UNICEF to Begin Accepting Donations in Crypto appeared first on Live Bitcoin News.
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Why Satoshi Nakamoto Created Bitcoin?

Through Innovation, everyone aims at changing the plan of action and making changes in the current condition to conduct better items or services. Productive development ought to be an important piece of one's business technique, where someone can make a culture of innovation and make a way for creative thinking. It can also increase the likelihood of one's business succeeding and can create more efficient processes that can result in better productivity and performance. Innovation and creativity are what should someone have to make a difference in the world. One of the most innovative advancement today is the creation of bitcoin. As said to this article, Bitcoin has been the preeminent cryptocurrency since its inception and continues to lead all others by a significant margin. Let’s look at some of the statistics: There are nearly 18 million BTC in circulation and, with a current price of around $8,300, that puts the market cap at over $150 billion. With a daily volume of over $15 billion, Bitcoin trades more than double the next highest-ranked cryptocurrency. To see just how significant Bitcoin is on the global market, it can be useful to look at the user numbers as well. Even though the bitcoin market already reached a legendary status in the crypto world, The creator of Bitcoin has managed to remain anonymous for over a decade. Just using Satoshi Nakamoto as a pseudonym. But why did he created bitcoin and remain unknown to everyone. One of the reasons is to solve some societal problems easily, Satoshi came up with creative answers to solve certain problems in the business. Many times an individual face problems that don’t seem to go away. The answer is to think outside the box to find an answer one never come up with. This way one can make a product, a creative solution to the problems face in the market and make one's business better. Keep in mind that thinking innovatively is the easiest way to beat competitors in the market. Just like what bitcoin did, it dominates the cryptocurrency transactions and remain the number 1 cryptocurrency on the Coinmarketcap. It seems that perhaps the achievements of bitcoin it's impossible to know the true Satoshi. He has become a larger than life character; people have heaped upon him so much of their ideas about who he should be and how he should act, that no one person can live up to the idea that Satoshi has become.
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