WEF Launches Global Consortium for Crypto Governance

WEF Launches Global Consortium for Crypto Governance 1  PASSIVE INCOME CRYPTO BITCOIN AND BLOCKCHAIN

The World Economic Forum has created an international consortium to design a governance framework for cryptocurrencies, including stablecoins. Announced Friday, the consortium seeks to bring together financial institutions, government representatives, developers and other members of the global community to determine what sort of governance around cryptocurrencies can best further the goal of financial inclusion. Digital currencies are “a key area of interest for the Forum,” said WEF Founder and Chairman Klaus Schwab. The area “requires input across sectors, functions and geographies.” “Building on our long history of public-private cooperation, we…

Davos, CBDCs, and the Rise of Bitcoin Art

Davos, CBDCs, and the Rise of Bitcoin Art 2  PASSIVE INCOME CRYPTO BITCOIN AND BLOCKCHAIN

That’s a wrap! The World Economic Forum is over, and the key ideas coming out of Davos for our industry are: 1) a continued “blockchain, not crypto” narrative; 2) a belief in the inevitability of cashless futures (without much concern about the negative implications) and 3) the rise of CBDCs.  On the CBDC front, the WEF put out a toolkit for governments that are considering their own currency, Japan announced a project to explore a digital currency as a counterweight to the influence a digital yuan might bring China and…

Meet the Crypto Angel Investor Running for Congress in Nevada

Meet the Crypto Angel Investor Running for Congress in Nevada 3  PASSIVE INCOME CRYPTO BITCOIN AND BLOCKCHAIN

“I would love to sit down with President Trump and have a discussion around bitcoin and cryptocurrency,” Lisa Song Sutton, an entrepreneur and bitcoin ATM investor in Las Vegas, told CoinDesk. Sutton might have a better shot than most at having such a conversation. She’s running for Congress in the Fourth Congressional District of Nevada, one of nine people currently competing in the June 9 Republican primary to see who will face off against the incumbent, Rep. Steven Horsford, a Democrat, in the general election in November. Were she to…

Paxos Launches Automatic Conversions Between Bank Deposits and Stablecoins

Paxos Launches Automatic Conversions Between Bank Deposits and Stablecoins 5  PASSIVE INCOME CRYPTO BITCOIN AND BLOCKCHAIN

Paxos announced Tuesday a new feature allowing customers to automatically wire transfer funds from their bank accounts into either Paxos Standard or Binance USD stablecoins. Conversely, any PAX or BUSD sent to the designated address will be automatically wired back to the individual’s bank account in USD. Zach Kwartler, senior product manager at Paxos, told CoinDesk this functionality, dubbed Auto-Transfers, should be available with any bank in the U.S. “The blockchain and the real financial world need to be closer together,” he said. “For us, our vision is to use…

Ex-NFL Team Owner Intends to Plead Guilty to Running Unlicensed Money Transmitter

Ex-NFL Team Owner Intends to Plead Guilty to Running Unlicensed Money Transmitter 6  PASSIVE INCOME CRYPTO BITCOIN AND BLOCKCHAIN

Former “shadow banker” Reginald Fowler intends to plead guilty to charges of operating an unlicensed money transmission business during a court hearing Friday. In a hearing before the Southern District of New York, Fowler, a former co-owner of the National Football League’s Minnesota Vikings, changed his original plea from not guilty, essentially admitting to providing exchanges with banking services through his alleged operations with Crypto Capital, a payment processor that served exchanges including Bitfinex, QuadrigaCX and CEX.io.  While Fowler intends to plead guilty, the prosecution and defense must first come…

SEC Charges ICO Operator Who Used Alias After Past Conviction

SEC Charges ICO Operator Who Used Alias After Past Conviction 7  PASSIVE INCOME CRYPTO BITCOIN AND BLOCKCHAIN

The U.S. Securities and Exchange Commission charged CG Blockchain Inc., BCT In. SEZC and their operators Boaz Manor and Edith Pardo with fraud, alleging he raised $30 million through an initial coin offering (ICO). The SEC alleged in a press release Friday that Manor hid a past criminal conviction by working under an assumed name, passing himself off as an employee of Pardo’s to raise funds for BCT. As part of this effort, Manor allegedly “darkened his hair [and] grew a beard” out of concerns his actual identity might be…

Winklevoss-Led Gemini Exchange Now Has Its Own Insurance Company

Winklevoss-Led Gemini Exchange Now Has Its Own Insurance Company 8  PASSIVE INCOME CRYPTO BITCOIN AND BLOCKCHAIN

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has created its own insurance company to protect clients against the potential loss of coins from its offline vaults – with a possibly record-breaking $200 million coverage limit. Announced Thursday, the new “captive” will provide insurance for customers of Gemini Custody, the crypto cold storage service of Gemini Trust Company. Typically, cold storage policies cover losses due to insider thefts and collusion, as well as the destruction of private keys by natural disasters like floods, earthquakes and so on. Cold…

The FBI Is Now Reaching Out to QuadrigaCX Victims

The FBI Is Now Reaching Out to QuadrigaCX Victims 9  PASSIVE INCOME CRYPTO BITCOIN AND BLOCKCHAIN

According to an email sent to multiple users of the exchange and shared with CoinDesk, Valerie Gauthier, a victim specialist with the FBI, has been reaching out to former users of the exchange to alert them of a new portal containing information about the case, confirming that the investigation continues. “A criminal investigation can be a lengthy undertaking, and, for several reasons, we cannot tell you about its progress at its time,” Gauthier wrote. Victims can contact the FBI at quadrigavictims@fbi.gov, though “inquiries about the status of the case will…

Is Bitcoin in 2020 Really Like the Early Internet?

Is Bitcoin in 2020 Really Like the Early Internet? 10  PASSIVE INCOME CRYPTO BITCOIN AND BLOCKCHAIN

It’s a cliche at this point to compare bitcoin to the “early days of the internet,” since they are both examples of emerging technologies. But does the cliche actually hold true? If we work with a vague definition of the World Wide Web going live in 1991, then within the first decade that ecosystem grew faster and had more demand for compliant use cases than bitcoin arguably has today, one decade in. In 1994, the New York Times reported that companies were “rushing” to set up shop via the World…

SEC Seeks $16M From ICOBox for Unregistered Token Sale

SEC Seeks $16M From ICOBox for Unregistered Token Sale 13  PASSIVE INCOME CRYPTO BITCOIN AND BLOCKCHAIN

The U.S. Securities and Exchange Commission (SEC) is seeking more than $16 million in penalties from ICOBox for selling “ICOS” tokens as unregistered securities. According to a filing in the United States District Court for the Central District of California, the SEC seeks a default judgment against Cayman Islands-based ICOBox and founder and CEO Nikolay Evdokimov, asking the judge to approve penalties as well as a lifetime ban from marketing or selling securities in the U.S. The regulator also wants Evdokimov to pay a separate civil penalty of just under…