Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.
Top Stories This Week
US SEC Releases Memorandum From Meeting Over Bitcoin ETF Proposal
The U.S. Securities and Exchange Commission has published a memorandum from a meeting about the Bitcoin exchange-traded-fund (ETF) proposal from VanEck and SolidX that included EC Commissioner Elad L. Roisman and his counsels Dean Conway, Matthew Estabrook, and Christina Thomas, along with representatives from SolidX, VanEck, and the Chicago Board Options Exchange (CBOE). The memorandum outlines the parties’ arguments over the regulators decision to disapprove SolidX’s previous ETF application, specifically the failure to comply the section of the Securities Exchange Act over the prevention of fraud and manipulation.
Crypto Exchange Coinbase And Circle Launch USD Stablecoin
Cryptocurrency exchange and wallet Coinbase has now launched the USD Coin (USDC) stablecoin, which was developed in collaboration with Coinbase and blockchain-powered payments tech company Circle. Coinbase users in the supported jurisdictions can now trade in USDC at Coinbase.com, as well as the iOS and Android apps. According to Coinbase, USDC will soon be supported on Coinbase Pro. The coin is reportedly 100 percent collateralized with U.S. dollars.
New York Regulators Approves Coinbase’s Crypto Custody Offering
The New York State Department of Financial Services authorized Coinbase’s wholly-owned subsidiary Coinbase Custody Trust Company LLC to add a range of custody services for virtual currencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, and Litecoin. Coinbase had launched its custody services in July, with the aim to bring in institutional customers and able to store large amounts of digital currency.
NYSE Parent Company Announces BTC Futures Launch Date On Bakkt Platform
The Intercontinental Exchange, the parent company of the New York Stock Exchange, announced a Dec. 12, 2018 launch date for Bitcoin futures on its Bakkt platform this week. According to the release, ICE will list Bakkt Bitcoin (USD) Daily Futures Contracts for trading starting in December, and the product will be physically-settled and cleared by ICE Clear U.S., Inc. Also this week, an unnamed source told a tech outlet that ICE’s Bakkt crypto platform could get approval as soon as the first week of November.
Indian Crypto Exchange Detained For Unregistered Bitcoin ATM
Harish BV, the co-founder of Indian cryptocurrency exchange Unocoin, was held in custody this week shortly after setting up an allegedly unregistered Bitcoin ATM in Bangalore. Harish BV reportedly installed the ATM kiosk at a mall together with fellow Unocoin co-founder Sathvik Viswanath. According to local Indian media reports, Harish BV was detained because the ATM did not receive permission from the state, and was dealing with crypto outside of regulations.
Most Memorable Quotations
“I look forward to delivering even more music that would make Dad proud,” — Young Dirty Bastard, speaking about the Ol’ Dirty Bastard’s estate’s upcoming release of O.D.B. Coin
“The minister’s statement was clear: Cryptocurrencies are not legal tender in India. He did not say ‘illegal tender.’ There’s a huge difference. It means you bear the risk of your investment and there’s no regulation for the industry,” — Sathvik Viswanath, co-founder of Indian crypto exchange Unocoin
Laws And Taxes
Spanish Crypto Investors Could Face Mandatory Reporting Of Crypto Holdings For Taxes
Spain this week approved a new draft law that could require cryptocurrency investors to report their crypto holdings for tax purposes. Finance minister María Jesús Montero said that the new measures would apply to all Spanish citizens, even if they are currently living overseas. The draft bill specifically would requires both the identification and the balances of each investor’s virtual currencies. If the latest draft becomes approved as law, virtual currency holdings would need to be included in Spain’s “notorious” tax reporting structure known as the 720 form.
Taiwan Plans Initial Coin Offering Regulation To Be Issued By June 2019
The current chairman of Taiwanese finance regulator, speaking at a meeting of the Legislative Yuan Finance Committee, said that the country plans to release ICO regulation by June 2019. According to the chairman, “the more we regulator, the more this new economic behavior wanes.” Despite the chairman’s statement on ICO regulation, Taiwan does not have any plans on “curbing the creativity and productivity associated with cryptocurrencies” provided they do not constitute securities.
New York Judges Throw Out Class Action Lawsuit Against Nano Developers
A class action lawsuit brought on by a crypto…