Break it down

Your daily newsletter for July 29, 2019
Goals
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.”
- Pablo Picasso
Welcome back, fam! It's a new week and soon-to-be new month! As the month of July comes to an end, let's take a moment to feel sad about our failed 2019 resolutions. 😂 On a more serious note though, take this opportunity to recalibrate your goals for the remainder of the year! 😬

Today in history (2015), Microsoft launched Windows 10. 🤖

In today's newsletter, we will be covering Abra having to change its services offered to U.S. customers to remain compliant under U.S. regulations, the Ontario Securities Commission (OSC) settling with CoinLaunch for $50,000 and Monex Group applying to join Facebook’s Libra stablecoin project.

Please do not forget to answer the polls down below too! It's a great way to interact with you and hear what you have to say. 💭 Happy reading! 📚

Lull weekend 😴
Over the weekend, total market capitalization bounced within a range of ~$280.2 billion and ~$256.7 billion, with 24-hour volume staying in the ~$50 billion range. Total market capitalization currently stands at ~$263.2 billion. Overall, as with most weekends in the crypto space, it was a pretty uneventful weekend. 😴

BTC is currently trading at ~$9,530, with BTC dominance dropping ~1% to ~64.5%. On the daily chart, BTC is trading between its 50 and 100-day EMA line. On the weekly chart, the MACD line is about to cross to the downside of the signal line, so we could see some downward pressure in the coming weeks. 

Compliance 👌🏻
According to a recent blog post, crypto investment app Abra said it had to make changes to the services offered to U.S. customers to "continue to be compliant and cooperative with US regulations". 🤝

Specifically, Abra has to "make some system modifications around our [their] smart contract based synthetic assets" and has to migrate them a native hosted wallet solution. These smart contract based synthetic assets refer to anything other than "Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).”

From 29 Aug, U.S. users will no longer be able to hold Qtum (QTUM), Bitcoin Gold (BTG), EOS (EOS), OmiseGo (OMG), and Status (SNT) and will have to exchange or withdraw any holdings of those assets from the app. Should users fail to do so by the deadline," the assets will automatically be converted to BTC." Users will also "no longer be able to use bank ACH or wire transfers, or American Express cards for deposits and withdrawals" after the date. 😔

Users outside the U.S. will not be affected by the changes. 
👍

Tread lightly 🛑
According to recently published documents by the Ontario Securities Commission (OSC), initial coin offering (ICO) consultant CoinLaunch agreed to pay them a $50,000 fine for a settlement. 💸

According to commercial litigator, Evan Thomas, CoinLaunch provided consulting services to 2 ICOs found to be securities, Buggyra Coin Zero (BCZERO) and Ecoreal Estate (ECOREAL). CoinLaunch produced their tokens, white papers and websites, advised them on the sale structure, and introduced them to crypto exchanges for listings.

The OSC noted that the imposed penalty was modest but appropriate as CoinLaunch as it cooperated with the regulator and took remedial steps. CoinLaunch also deleted the private keys to the tokens it received as compensation. 

According to Thomas, although regulators are known to crack down on ICO issuers, "the big lesson here is that securities laws can apply to activities beyond issuing tokens, including activities that don’t involve buying or selling tokens.” 😲

Expressing interest 😀
According to CoinDesk Japan, Japanese financial services company that's parent to crypto exchange Coincheck, Monex Group, has applied to join Facebook’s Libra stablecoin project. It seeks to join the ranks of tentative partners such as Visa, Mastercard, Uber and eBay. 👀

Companies are reportedly have to pay $10 million to join the consortium governing Libra. According to Visa CEO, Alfred F. Kelly, Jr., there are currently 28 members who have already signed non-binding letters of agreement.

According to Monex president, Oki Matsumoto, its application will undergo a primary review at the end of the summer, and Monex will make a final decision on whether or not to join the Libra after that. He believes that Libra has great potential as it offers “various possibilities” such as financial inclusion and international product sales, and could provide financial services such as loans to the unbanked.

Blockchain term of the day 🤓 - Digital signature
A digital code generated by key encryption that is attached to an electronically transmitted document to verify its contents and the sender’s identity.

Special announcement 📢 - CoinMarketCap Global Unconference
Everybody! Stop what you're doing and take notice! 🛑

Come 13 Nov this year, CoinMarketCap will be hosting our first ever "CoinMarketCap Global Unconference" in Singapore! Come take part in this historic event. 

Quick, join the waitlist now! Can't wait to see ya! 😀

Other news 📰
  • The U.S. Internal Revenue Service (IRS) recently announced that it has begun sending “educational letters” to taxpayers who own cryptocurrency, advising them to pay any back taxes they may owe or to file amended tax returns regarding their holdings. It will reportedly be sending such letters to “more than 10,000 taxpayers” by the end of this month”.  💪
  • Lightning Labs has released a new network analysis tool dubbed “Lndmon” that allows Bitcoin lightning network users to pull up data about the state of their node and the rest of the network.
  • Greek billionaire Alki David and his Swiss consortium has launched cannabis-backed token SWX Coin.
Crypto calendar 📅

16 May - U.S. SEC's decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application (decision has been delayed)
19 Aug - U.S. SEC's initial decision on the VanEck, SolidX and the Cboe BZX Exchange Bitcoin ETF application
TBA      - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline
TBA      - Justin Sun's lunch with Warren Buffett

Catch the CoinMarketCap team at these community events! 🤝

13 Nov - CoinMarketCap Global Unconference (Singapore, Singapore)
Poll of the Day
How much do you agree with this statement: "I believe that I can avoid paying crypto taxes." 💭
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Why or why not? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "I am a supporter of U.S. democratic presidential candidate Andrew Yang and his policies.""

The average vote was a 4.9

"Why or why not?"

His policies are very socialistic. - The $1,000 universal stipend (freedom dividend) he proposed def seems interesting. Not sure if it's sustainable though. It could cost up to 4 trillion $ each year, representing about a fifth of the U.S's economy - that's a pretty big burden. On the other hand, I wanna see it happen and see how it plays out hahaha. 😂

Andrew is way better for BTC than Pres Lumpp! - Yang is v forward thinking. Pretty refreshing to see. 😋

Just because he seams to have a positive view of crupto i cannot support his other policy ideas - Understandable, it's pretty progressive. 😀

Well, even tho Trump voiced his disdain for crypto (sometimes he says stupid stuff), I will still vote for him in 2020. Maybe, just maybe all of our branches of government can come together and get a few things done after he is re-elected. 🤞 or 😂 pick one. - I think Trump did a good job with propping up the economy, but I don't think he can prop it up much further. I also don't think he did much for the income gap and to improve wage levels. 🤨

Let's put it this way. I need to know a lot more about him and how closely his policies align with my core values before making such an important decision. Thus far, if it came down to just him and Trump. He would have my vote undeniably. - #YangGang

The guy sees the economic future - Bright lad no doubt. 🤓

i am not an American citizen. Trumps policy are not friendly for the country i live in. but i still think Trump is good for America. He is working to better the lives of Americans.. if i was an American I will vote for Trump. - I believe you are referring to the stock market when you say he is working to better the lives of Americans. I don't think he's done much for the income gap though. 

While I appreciate his effort to bring crypto into the conversation, he doesn't have a snowballs chance in hell of winning the Democratic ticket. - Yeah I think so too. Yang has a strong online following though. 

10. He's my favorite candidate right now. He's one of the only candidates that's said anything about Bitcion/crypto and AI, both are going to be huge disruptive forces that our politicians NEED to be aware of! #YangGang (oh, and secure that bag of course 💰💰💰! Gimme dat $1k per month! haha) - Secure that bag Yang! He's really refreshing. 👶

No more democrats ever! - Lmao why! 😲

He's definitely smarter than Trump - Trump is a smart dude too. 

All the other democratic candidates are all utter and utter clowns. It seems like the only that is down on earth is Andrew Yang. I really like the guy. I mean you have Harris that only can talk about race en Warren who is an 'indian' (ofcourse she isn't), and Beto who all of a sudden speaks spanish (wasn't even good spanish) . Nope I really hope Yang is going to be the one that will compete against Trump. His plan is solid and well planned with all the accurate numbers. And I can't say that of the other candidates! - He needs more air time, they asked him so little questions during the debate it was frustrating. 😠

I'm a fan of anything pro crypto, that also has long term growth and sustainability covered. And from interviews he looks like a clever guy. - Yeah, he's a cool chap. I'd vote for him. 😂

I support him totally ... his forward thinking on the crypto shows that they are prepared to provide inclusion , at a time that America needs it the most . Been left behind the curve will create another scenario of the eastern countries taking over another successful initiative . - Yeah I agree. 

Yeah finally an Asian candidate and someone with the right values. But the Libra hearing can go both ways for him: he's not the only politician who can make sense of crypto anymore. So that might weaken his position. Or, he capitalizes on the current hype. - Azn pride! ✊

"What are your plans for the weekend?"

Go to church and go hiking - Hiking is always a good idea to me. 😀

Chill mostly. I’m retired so... - The good life. Can't wait to get there. 

This weekend is the anniversary of my wife and me. We plan on celebrating as if it was our first date. - Congratulations! That's really sweet... I hope it went fantastic. 😬

Nothing unusual - Just how I like it sometimes. 👍

we are planning a big family get together. it is fun to meet everyone. - Lovely. I hope you all had blast. 

chill!!! - I feel ya. 😬

Gardening, enjoying the sun, reading, etc. 😀 - That sounds like the perfect weekend to me. Wish I could've joined ya. 😊

Check my exchanges and try to make some money! - Hope you killed it! 💰

Meet up with a friend coming into town. - Hope you managed to be a good host and show him/ her a good time! 💪

None. Staying at home! - Everyone needs this every once in awhile. 

Working on school assignments. - Stay on that grind! It's gonna pay off, but don't forget to take a break every now and then! 🤜🤛

epic debauchery and maybe some fishing. - A rather peculiar pairing, I must say. I guess it was a degen phase followed by a regen phase? 🤔

Its 40 degrees celcius in Europa. FML. - Jesus H Christ! That's brutal! I hope no one's AC broke down. 😅

Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
See you again tomorrow!
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