Powerful Indian Tech Lobby Urges Central Bank to Favor Bitcoin Startups

By CCN: Dominant Indian tech lobby, NASSCOM, is pushing the Reserve Bank of India to be inclusive with cryptocurrencies like bitcoin in its regulatory sandbox to shape the future of the country’s fintech industry. NASSCOM, which represents the $154 billion Indian IT sector and is a powerful voice in the industry, is calling for the RBI to include crypto in its so-called ‘Draft Enabling Framework for Regulatory Sandbox’ after they shunned its inclusion in the official document on the framework, and excluded cryptocurrency, crypto trading and ICOs from testing. Bitcoin inclusion A NASSCOM spokesperson said including crypto in the framework

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‘Crypto Dad’ Pens Heartfelt Open Letter Ahead of CFTC Exit

By CCN: J. Christopher Giancarlo, Chairman of the US Commodity Futures Trading Commission (CFTC), is preparing to step aside after five years on the job. The regulator, lovingly nicknamed “Crypto Dad,” penned a heartfelt open letter to the blockchain world ahead of his exit from the agency. The CFTC Has Always Been More Crypto-Friendly Than The SEC The CFTC, which regulates commodities and futures, has adopted a more accommodative stance towards crypto than the more guarded SEC. Having approved the launch of bitcoin futures contracts at the Chicago Board Options Exchange (CBOE) and the CME Group in December 2017, it

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Crypto Mom Scolds SEC for ‘No Meaningful Action’ to Spark Crypto Industry

By CCN: ‘Crypto Mom’ and SEC commissioner, Hester Peirce, has extended yet another olive branch to the cryptocurrency community. Speaking at the Securities Enforcement Forum in California on May 9th, Peirce said officials should be wary of stifling creativity with overzealous regulation. However, she also suggested a lack of regulation could have a similarly negative effect on the crypto space. According to Peirce, the responsibility now falls solely on the SEC to apply clear guidelines to the still nascent industry. ‘Crypto Mom’ Hester Peirce: ‘Don’t Smother Crypto In Its Infancy’ Peirce once again exemplified her reputation as the ‘Crypto Mom’,

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Breaking: ISIS Used Bitcoin to Fund Horrific Sri Lanka Easter Bombings, Research Claims

By CCN.com: Bitcoin played a role in staging the Easter Sunday suicide bombing in Sri Lanka that killed 253 civilians, according to Israeli blockchain intelligence firm Whitestream. The agency revealed that the ISIS used Canada-based payment gateway CoinPayments to convert bitcoins to fiat money. The firm identified large scale transactions between the wallets that ISIS used to raise contributions and the bitcoin accounts held by CoinPayments. Whitestream found that the balances in the payment company’s wallets surged from $500,000 to $4.5 million just one day before the Easter attacks. The firm added that the CoinPayments’ balances dropped back to $500,000

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Bitcoin Stock Slapped with Trading Freeze Amid SEC Probe

By CCN: Shares of Bitcoin Generation (BTGN), a little-known Bitcoin stock, last traded at 9 cents. They will remain there until at least May 10 while the Securities and Exchange Commission launches a probe into the Oklahoma-based company’s finances. US Regulators Investigate Public Crypto Exchange The Bartlesville, Oklahoma-headquartered company offers a regulated cryptocurrency exchange that supports Bitcoin, Bitcoin SV, Ethereum, Litecoin, XRP, and Monero. It bills itself as the first “publicly traded cryptocurrency exchange.” This is debatable, of course, based on what one considers “public” trading. Binance, for instance, is a privately-held company. However, Binance Coin – which does not

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Elon Musk’s Deal with Wall Street Watchdog Could Mean Less Tweeting

By CCN: Nobody puts Elon Musk in a corner. Well, maybe the SEC. The Tesla CEO has reached a settlement with the U.S. securities watchdog. According to the court filing, which still requires a judge’s John Hancock, Musk will be tweeting a whole lot less than he’d probably like, certainly less than his 26.1 million followers would like. The deal, which was filed with the U.S. District Court Southern District of New York, means that Musk has agreed not to tweet about financial or production matters related to Tesla without his attorney’s blessing. The restrictive settlement will muzzle an otherwise

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Bitcoin Ban Blues? India Reportedly Weighs Draconian Law to Ban Cryptocurrency

By CCN.com: The Indian government is working on a draft bill that would impose an outright ban on cryptocurrencies such as bitcoin, as reported by The Economic Times, in what would be the final blow to the future of crypto in the country. The government is all set to ban cryptocurrencies The publication reports that a draft of the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″ is currently bouncing between different government departments, all of whom are toeing the government’s line. The “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″ draft has been

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Japan Regulator Surprises Crypto Exchanges with Sudden On-Site Inspections

By CCN.com: Japan’s Financial Services Agency (FSA) has reportedly carried out unscheduled onsite inspections at cryptocurrency exchanges Huobi Japan and Fisco Digital Asset Group(FDAG). According to Reuters, the inspection is taking place so that the regulatory body can find out if the exchanges have been taking adequate steps to protect their customers, as well as to check for legal compliance. The report state that the FSA believes that both exchanges currently are not taking the required actions to adequately protect customers and abide by the regulator’s AML requirements. The inspection could potentially lead to a suspension of their operating licenses

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California Jails Student to 10 Years for $7.5 Million SIM-Swap Bitcoin Hack

By CCN.com: A 21-year-old Boston man has been sentenced to 10 years in jail for stealing $7.5 million in bitcoin and other cryptocurrencies by hacking his victims’ cell phones through a practice called “SIM swapping.” This is the first-ever arrest and conviction in the United States for a SIM swap scam. That’s when the perpetrator clones his victims’ SIM cards in order to hack into their smartphones to gain access to their online accounts. Millions Stolen During CoinDesk Conference Joel Ortiz, 21, a UMass Boston student and his henchmen specifically targeted people in the cryptocurrency industry (which is ironic, since

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Elon Musk, SEC Need More Time to ‘Put on Their Reasonabless Pants’

By CCN: Elon Musk and the SEC are talking, demonstrating progress in a regulatory battle that has been drawn out for months. While the Tesla CEO and the securities regulator have yet to reach an agreement regarding a contempt of court dispute, they could be close. Musk and regulators have requested a one-week extension from a federal judge who recently advised them to “put your reasonableness pants on” and settle the Twitter spat. Trouble in Tesla paradise began for the South African entrepreneur and CEO two months ago when Musk issued tweets that the SEC claims violated an agreement it

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