• Fake Tethers under fake bitcoins.
    Bitcoin,  Cryptocurrencies,  Regulation,  United States

    Tether gets lawyers to back up claims, but an interesting fact adds new mystery

    The ‘stable coin’ issuer shows it has reserves, yet…

    Tether, the embattled cryptocurrency outfit with close ties to Bitfinex, is firing back at critics. And now it has a report from a politically connected law firm stating it has the dollars to back up its tokens. On Wednesday morning, Tether published a report from Freeh, Sporkin & Sullivan LLP (FSS). In it, FSS claimed Tether had roughly $2.5 billion in cash to match roughly 2.5 billion tether tokens in circulation as of June 1, 2018. FSS said the figures were backed by sworn and notarized statements from Tether’s banks. The “Freeh” in Freeh, Sporkin & Sullivan is former FBI director Louis Freeh, who served under President Bill Clinton. As…

  • SEC
    Bitcoin,  Ethereum,  Politics,  United States

    Timing of Coinbase move to add Ethereum Classic raises eyebrows

    Token joins coveted shortlist but causes some to wonder about a heads up from SEC

    Holders of Ethereum’s ether token () breathed a sigh of relief last Thursday when William Hinman, the SEC’s director of corporate finance, announced at a Yahoo Finance summit that ether is not a security. Many were not just heartened by the development but surprised, since the currency had clearly been released as a way to fund operations, which those following the developing regulatory picture consider a warning sign. But at least one party with a lot riding on Ethereum’s success doesn’t seem to have been caught off guard. Coinbase, the largest U.S. exchange, appears to have been anticipating the move, leading some industry insiders to wonder just how closely the…

  • Ohio state capitol
    Cryptocurrencies,  Innovators,  Regulation,  United States

    With political chaos behind it, Ohio legislature can now move forward on blockchain bill

    Buckeye State looks to compete with Arizona as one of the most blockchain-friendly places to do business

    Ohio is hoping to redefine itself as being at the vanguard of 21st century technology. But for the past few weeks, there was a problem: 19th century-style politics causing chaos in the state capitol. Now with a new House Speaker, there’s hope the Buckeye State will return to pushing a blockchain-welcoming agenda. Three weeks ago, State Senator Matt Dolan (R-Chagrin Falls) introduced SB 300, otherwise known as “Revise Electronic Transactions Act/blockchain/smart contracts,” to the Ohio state senate. The bill has a very simple but important task: update the state’s electronic signature laws to include letting smart contracts on blockchains serve as legally binding contracts. Doing so would put Ohio up…

  • Mike Butcher
    Cryptocurrencies,  Media

    The blockchain’s biggest problem isn’t technology, it’s trust

    The impersonal technology that powers ICOs has a very human problem

    How well do you know what you’re putting money into when you invest in the latest and greatest ICO? Do you know if it’s a legitimate project backed by knowledgeable people? To hear one pundit explain it, trust is the main ingredient that will carry blockchain technology into the mainstream. TechCrunch star correspondent Mike Butcher was keynote speaker at BlockShow, filling an auditorium of crypto-geeks in Berlin to give a presentation titled “Disinformation Will Kill Crypto.” Clad in his notorious leather jacket, Butcher tackled the gigantic topics of trust and money head-on. “Capitalism requires trust to work, and ICOs are a minefield,” Butcher said. He cited a bleak study by…