Coinbase To Receive SEC Registration

With US SEC finally classifying ICO as securities, thus falling under its oversight and looming regulatory changes just around the corner, Coinbase, has been preparing to position itself as the most trusted way to buy, sell and use different types of crypto assets by gradually acquiring the proper licenses and registrations.

It has been revealed that it is in the process of receiving registration with the US Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (ATS) as a broker-dealer capable of offering Blockchain-based securities.

In line with this Coinbase has acquired three companies- Keystore Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC in their bid to secure an alternative trading system (ATS) and a registered investment advisor (RIA) license.

When approved they envision to offer future services that include crypto securities trading, margin and over-the-counter (OTC) trading and new market data products.

Fidelity Investments Is Building A Cryptocurrency Exchange

The multi-trillion dollar asset manger Fidelity Investments is said to be clandestinely building a cryptocurrency exchange.

This came to light when it advertised internally for a DevOps System Engineer to help to engineer, create and deploy a Digital Asset Exchange which si bolstered by an anonymous source with knowledge of the matter.

It was also revealed by an insider that the company has been planning the initiative for almost a year now.

Aside from System Developer Engineer, the company is also seeking for first-in-class custodian services for bitcoin other cryptocurrency that will work with Fidelity’s Digital Asset Service Division which handles the firm’s limited cryptocurrency-related services.

SEC Chairman Says Most ICOs Are Securities But Not Bitcoin

The Chairman of US Securities and Exchange Commission (SEC), Jay Clayton, has stated that ICO are most likely to be classified as Securities but has labeled Bitcoin as not a security as it serves and functions as a replacement for sovereign currency.

He also added that SEC won’t support changing the definition of a security to support the ICO community which is said to have worked well for a long time.

Altcoins Ethereum and Ripple have been questioned if they are securities with both organizations denying they are securities.

On a side note Ripple is facing a class action lawsuit from a disgruntled investor claiming that the XRP sale is an unregistered security which Ripple naturally denies.

It has acquired the of the former SEC chairman to represent them (Ripple).

Law That Enables Local Cryptocurrencies in New York

A new bill in New York seeks to create a local law that will enable up to ten communities in New York State.

It has been said that this initiative is a effort to keep money from leaving local economies.

The proposed law is called Assembly Bill 11018.

New local cryptocurrency made under this program will have to be approved by the Department of Financial Services and shall be issued and registered at the municipal level for use at the local participating businesses for goods and services.

The new bill is said to be addressing the problem of revenues draining from local communities and going into corporate chain stores, leaving a lot of neighborhood-based small business to shut down.

These new local cryptocurrencies are said to be complementary currencies and not intended to replace the national fiat but resembles more of a discount program than an actual money.

New York State Department Of Financial Services Approves Trading Of Privacy Coins

The New York State Department of Financial Services approved the trading of privacy-protecting cryptocurrency with Gemini become the first BitLicensed exchange to offer trading in Zcash.

The said agency recognizes that Zcash supports two kinds of transaction one is transparent and one private.

This is a surprising development as other Financial Services Agency in the world, particularly in Japan where it sought to ban all privacy related cryptocurrency coins as they are seen mostly being used in illicit activities.

Indeed it has stand by its commitment of being a supporter of innovation and a leader in the global marketplace.

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