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The SEC’s 2020 crypto priorities

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Your daily newsletter for 8 January, 2020

“My mother said I must always be intolerant of ignorance but understanding of illiteracy.”

- Maya Angelou

In today's newsletter, we will be covering:

  • $17 million funding round in startup to bring blockchain tech to ETFs

  • major Spanish bank to bring blockchain into European finance

  • the SEC's Office of Compliance Inspections and Examinations' (OCIE) 2020 examination priorities

Daily Market Summary - Bullish 📈

 

Total Market Cap: ~$219.5 billion (~4.5%)                BTC Price: ~$8,350 (~6.0%)

24-Hour Volume: ~$97 billion (~14.1%)                    BTC Dominance: ~69.1% (~1.5%)

Notable movers: Chainlink (LINK) (~15.0%), Quant (QNT) (~16.5%), Horizen (ZEN) (~15.5%)

 

 

BTC is currently trading at ~$8,350, up ~6.0% over the last 24 hours. This is the 6th straight green day for BTC - The last time BTC streaked like this was back in early Aug 2019. On the daily chart, BTC broke to the upside of its 21-day EMA line, a level it has not traded above since early Nov 2019. RSI is currently at ~70, indicative of significant bullish momentum. On the weekly chart, BTC is contesting its 50-EMA resistance line. The MACD line looks to be approaching to cross to the upside of the signal line, something we have not seen since early Feb 2019!

 

 

BTC is still trading within its lower highs and lower lows trading pattern/ channel/ zone it has been trading within since late June this year. It is currently testing the lower bound. 👀

Total Market Capitalizations

Poll of the Day

How much do you agree with this statement: "Most of my friends are against crypto"

1
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5
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10

Why do you think so? Share with me in the polls! 😆 

Unlocking the potential 👐

 

 

According to a recent press release on 7 Jan, leading institutional-grade blockchain builder in the financial and regulatory industries, startup Securrency Inc., raised $17 million in a funding round led by WisdomTree. 

 

 

WisdomTree, an asset manager, exchange-traded fund (ETF) and exchange-traded product (ETP) backer, is seeking to merge blockchain technology into the ETF market.

 

 

It will work with Securrency to widen the availability of ETFs using blockchain technology, and views blockchain as a chance to boost the existing ETF world and bring ETFs to more users. 😀

 

 

WisdomTree CEO and Founder Jonathan Steinberg believes that current blockchain solutions are underperforming, and will use Securrency's blockchain expertise to correctly apply various blockchain technology elements to "bring benefits to investors."

Blockchain-powered

 
 
 

Spain-based CaixaBank added blockchain-powered finance platform We.trade to its list of services on 3 Jan, becoming one of Europe's 1st banks to offer its clients access to blockchain technology. 

 

 

The bank aims to make the world's transactions safer and more trackable by offering real-time transaction monitoring and by increasing transparency throughout the process. 

 

 

As the platform can only be accessed by customers who are authenticated and verified by member banks, there is a high level of trust and security in the transactions. 🔐

Keeping an eye on you 👁️

 

 

The SEC's Office of Compliance Inspections and Examinations (OCIE) recently published its list of 2020 examination priorities, and in it highlighted digital assets and service providers as areas of concern. 📜

 

 

This year, OCIE wants to address investment suitability, trading practices, fund safety, pricing and the effectiveness of compliance programs. It will also examine transfer agents (entities which act as intermediaries in securities transactions) that are “developing blockchain technology” or are providing services to digital asset issuers.

 

 

The OCIE also wrote that “the digital assets market has grown rapidly and presents various risks, including for retail investors who may not adequately understand the differences between these assets and more traditional products”.

Other news 📰

 

  • During the recent Consumer Electronics Show (CES) in Las Vegas, Vice Chairman of the Libra Association Dante Disparte mentioned that "Bitcoin as an asset class has proven that mathematical scarcity can support an incredibly exciting asset".  

  • Enterprise software vendor R3 was awarded a patent for a blockchain-based record system to make corporate information-sharing more efficient. 👏

  • On 7 Jan, a BNN Bloomberg report claimed that 2 Japanese mega-firms, SBI and GMO, have signed a deal with Whinstone Inc. to process cryptocurrency transactions at a new mining facility of unmatched scale. 🤝

Blockchain term of the day 🤓 - Bug bounty

 

A reward offered for finding vulnerabilities and issues in computer code. It is often offered by cryptocurrency companies like protocols, exchanges and wallets to identify potential security breaches or bugs before they are exploited by unfriendly parties.

Crypto calendar 📅

 

11 Jan   - CryptoNight 2020 (Chile)

15 Jan   - Crypto Finance Conference (Switzerland)

15 Jan   - The North American Bitcoin Conference (Miami, U.S.)

20 Jan   - Blockchain Economic Forum (Switzerland)

21 Jan   - CV Summit Davos (Switzerland)

25 Jan   - The Genesis Block Conference 2020 (Bangalore, India)

TBA        - Justin Sun's lunch with Warren Buffet

What you said

 

"How much do you agree with this statement: "I believe that companies who do not embrace blockchain now are making a mistake (similar to how businesses who chose not to embrace the internet back then have suffered)""

 

The average vote was 8.3. 59.7% of y'all voted a '10'!

"Why or why not?"

 

 

Blockchain is obviously the future. It is like any technology evolution, it may not be understood by most, but is definitely a part of their lives. – True. 😄

 

 

Why.. You can prove ownership of a document by incorporating part of the ..doc.. you made into a time stamp manner in a block chain....Why not... Steep learning curve and you must have an interest... also someone show teach you how long corporate this into your business and how it benefits ect. – Def a steep learning curve, but well worth taking the time to understand it. 😄 

 

 

Not yet, practical application is still a few years away from mass adoption. The example of the Internet dot com boom was years earlier than real world application for most businesses. Sure the most savvy could lead with development of innovation now but most attempts at innovation fail and most businesses use the innovation after its already proven to work. – Yeah, you do make a valid point.

 

 

it is about time business start using blockchains in areas where possible like finance, supply chain, inventory etc.. we still need good dapps will business can integrate easily.. for large & mid business they can invest in own development.. as dapps & use case rise small business will join them.. one must at least start identifying areas where blockchain can help improve their business.. – I agree. High time they take a look at enterprise solutions. 🧐

 

 

Definitely, everything is heading to way more of a digital society, and the companies that aren't willing to change over may find themselves fazed out (or will find their doors closed outright). Part of starting any business with a long-time strategy requires accepting change where and when it comes along, that's just elementary. – Gotta embrace change. 🙏🏻

 

 

I think Blockchain will be the backbone of new world era – That sure has a nice ring to it. 😉

 

 

I believe companies will do a disservice to themselves if they ignore the potential of blockchain. Look back on the companies that did not embrace the internet back then. Now is the opportunity to learn from their mistakes, dip your feet in, do your research and realize this is the pinnacle moment to act and not react. – Always gotta roll with the times or face being obsolete.

 

 

Indeed, the blockchain offers all for companies and remember record stores or blockbusters? well those ignoring blockchain will soon be with them. – Ooo, harsh but I agree. 💯

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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