SEC gives OK to social media platform to issue stablecoin without registering as a security

The U.S. Securities and Exchange Commission, or SEC, has issued a rare no-action letter in response to a request from a blockchain-backed platform over the issuance of a digital asset. The SEC letter issued on Nov. 19 says that its Division of Corporation Finance would “not recommend enforcement action” against avatar social platform IMVU issuing its VCOIN digital asset under certain conditions. The commission will allow the firm to offer the token without registering it as a security. Crypto firms issuing their own tokens often have to abide by the…

DeFi Mainstay Aave Launches Money Market With CrescoFin

Key Takeaways Aave is partnering with CrescoFin, with the teams set to launch a decentralized money market. CrescoFin aims to bring the benefits of insured savings onto the blockchain. The development is a possible first step towards institutions turning to DeFi to manage their money. Share this article Aave, one of the most established DeFi protocols, is launching a money market. The development is thanks due to a partnership with CrescoFin, a Swiss banking company advocating for the advent of decentralized finance.  CrescoFin announced the collaboration in a Medium blog…

DeFi tokens make triple-digit gains as Bitcoin price searches for support

Since topping out at $18,476 on Nov. 17, Bitcoin price has been flirting with the $18,000 level as bulls fight to flip the level to support and chase after the all-time high at $19,789.  While this battle takes place and the bulk of crypto and mainstream finance outlets focus on Bitcoin price, a number of less-loved crypto assets are producing generous returns for investors. DeFi Assets Index. Source: Messari As shown by Messari’s DeFi assets index, many of the top tokens are providing hefty double-digit gains. Within the last 7…

Ripple’s Brad Garlinghouse wants bitcoin to succeed after all

Ripple CEO Brad Garlinghouse may be a critic of Bitcoin (BTC), but he still wants the original cryptocurrency to succeed in the long run.  Appearing on a Nov. 19 episode of Fortune’s “Brainstorm” podcast, Garlinghouse reportedly said Bitcoin is not competing with Ripple and that he continues to hold the number one cryptocurrency: “I don’t view what Ripple is doing as somehow competitive with Bitcoin. I want Bitcoin to be successful.” He implied that, during the next bull market, a bitcoin rally bodes well for other cryptocurrencies. Bitcoin has a…

MyEtherWallet founder weighs in on the most crypto-friendly country

With nations around the world each holding significantly different regulations, what is the most crypto-friendly country? Kosala Hemachandra, CEO and founder of MyEtherWallet, labeled the query as a tough one.  “First we have to define what crypto-friendly means,” Hemachandra told Cointelegraph. “Some countries, like China, are looking at issuing government digital currencies, which would encourage swift adoption, but is not faithful to the decentralized spirit of crypto.” China has proven itself as one of the less-crypto-friendly countries throughout the years, seen in various restrictions and bans. Throughout 2020, China has…

yEarn.Finance Ready to Pullback Following 240% Bull Rally

Key Takeaways yEarn.Finance recently hit a critical resistance barrier that may have the strength to trigger a steep correction. The TD sequential indicator adds credence to the bearish outlook after it presented a sell signal on the 3-hour chart. An increase in downward pressure around the current price levels may see YFI retrace towards $25,000. Share this article yEarn.Finance has seen its price rise over 25% in the past 24 hours. The bullish momentum looks capped at $30,100, however, as multiple sell signals begin to develop. Steep Correction Ahead for…

Binance Controls the Only Major Pool Rejecting Bitcoin’s Taproot Update

Key Takeaways Taproot is a major update that will allow Bitcoin users to send smart contracts disguised as transactions. Most major mining pools have accepted the update, with hashrate support now at 56%. With or without Binance support, the update looks set to activate in the first half of 2021. Share this article Bitcoin’s Taproot update looks set for activation, with over 56% of the hashrate now showing support. Taproot will upgrade Bitcoin’s smart contract capabilities, allowing users to send smart contracts disguised as regular transactions on the network. Bitcoin…

Bitcoin rally set to continue after BTC whales build buy walls near $17.2K

According to analysis from Edward Morra, a popular Bitcoin trader, Coinbase and Bitfinex exchange now have major buy orders above $17,200. The emergence of major buy walls is important because on Nov. 18, BTC flash crashed to around $17,222. This shows that whales are using large buy orders to defend the $17,200 support area with strength. Bitcoin buy wall on Bitfinex. Source: Edward Morra, TradingLite How strong is the $17K support?  Both whale clusters and exchange order books show that the $17,000 level is turning into a major support area.…

Blockchain’s Role in Empowering Survivors – Cointelegraph Magazine

On a typically brisk winter evening in Saket, South Delhi, Jyoti Singh and a male friend enjoyed a trip to the movies to watch Ang Lee’s Life of Pi.  Heading home afterwards they waited at a bus stop, and then boarded a private bus bound for Dwarka at around 9.30pm. But Jyoti didn’t make it home. Six men brutally gang-raped and tortured her while her friend was beaten. On December 29 2012, after fighting for her life for 13 days, Jyoti Singh died. The savage murder of this young woman…

Who watches the watchmen? Crypto may not be as trustless as it seems

Blockchain technology is great because it cuts out the middleman, removes the need to trust third parties, and gives users full agency over their finances, or true ownership of their wealth. From Bitcoin (BTC) to decentralized finance, blockchain technology has been delivering on this promise for quite some time now — but just how trustless is crypto really? Cryptocurrencies were created as a result of a lack of trust in the legacy financial system, but as crypto continues to evolve and change, more trust is required: in the developers, miners,…