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PayPal (PYPL) CEO Dan Schulman said bitcoin’s usefulness as a currency will ultimately prevail over the buy-and-hold ethos, in an interview with CNBC Squawk Box on Monday. "I think that there'll be more and more use cases for cryptocurrencies," that make bitcoin (BTC, -0.77%) more widely accepted, more stable and probably "more valuable" over time. PayPal will begin allowing users...
The U.S. Securities and Exchange Commission (SEC) has granted another crypto firm permission to sell its native cryptocurrency. The SEC published a “no-action letter” on Thursday (dated Nov. 17) to IMVU, a digital avatar company, allowing the firm to sell its VCOIN digital tokens to users, albeit with strict restrictions on how these tokens can be sold. The securities regulator...
Outgoing U.S. President Donald Trump has nominated Acting Comptroller of the Currency Brian Brooks, an advocate for crypto-friendly reforms, to lead the national bank regulator on a more official basis. Brooks, a former bank executive who joined the Office of the Comptroller of the Currency in March after a stint as general counsel at Coinbase, has headed the federal agency...
The U.S. Securities and Exchange Commission (SEC) is once again asking about qualified custodians and how crypto custody fits into this regulatory framework. Last month, the Wyoming Division of Banking granted a no-action letter to Two Ocean, a wealth management firm hoping to offer custodial services for digital assets (which include virtual currencies) and call itself a qualified custodian. In...
Ant Group’s suspended initial public offering (IPO) has shed further light on a possible motivation behind China’s digital yuan. The Chinese government appears to view the payments giant as a destabilizing force to China’s economy, and the digital yuan is a way to keep companies like this in check. Industry watchers say the People’s Bank of China (PBoC) might use...
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Gary Gensler, a Washington and Wall Street veteran who has closely studied the budding cryptocurrency field, will lead the financial policy transition team for projected U.S. President-elect Joe Biden. A former chairman of the Commodity Futures Trading Commission (CFTC), Gensler was tapped to lead the agency review team for the Federal Reserve, banking and securities regulators, the Biden campaign formally...
The GrayScale Bitcoin Trust is outperforming gold exchange-traded funds, a trend perhaps driven by institutional investors like family offices, according to a report by JPMorgan analysts that CoinDesk obtained. “This contract lends support to the idea that some investors that previously invested in gold ETFs such as family offices, may be looking at bitcoin (BTC, +2.54%) as an alternative to...
The United States Department of Justice (DOJ) filed a lawsuit Thursday to stop Visa’s planned $5.3 billion acquisition of fintech firm Plaid, saying it violates antitrust laws and would eliminate competition in the online debit market. Filed in a Northern California federal court, the lawsuit described Visa as a “monopolist” in online debit transactions and noted its proposed acquisition of...
A wallet possibly belonging to early dark net market Silk Road moved almost $1 billion worth of bitcoin early on Wednesday, according to blockchain intelligence firm Elliptic. Bitcoin address "1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx" transferred 69,369 BTC to an unknown wallet. The transaction was also noted by Twitter bot @Whale_alert 11 hours ago. "These funds likely originated from the Silk Road," Tom Robinson, co-founder...
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