SEC Targets Crypto Investment Fund, Alleges Pennsylvania Brothers Sent Millions to Personal Bank Accounts

The US Securities and Exchange Commission (SEC) is accusing two brothers based in Pittsburgh, Pennsylvania of running a fraudulent crypto investment scheme and stealing millions of dollars in the process. A complaint filed by the SEC alleges that Sean and Shane Hvizdzak lied to investors by claiming their money would be invested in a fund that had essentially doubled in value in the third and fourth quarters of last year. “On or around March 13, 2020, Shane sent Investment Adviser A an investor ‘pitch’ presentation, which, among other things, claimed that, for the…

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Estonian Crypto Purge; BitPay Card; Three Arrows Hit Grayscale + More News

Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. Regulation news Estonian regulators worried that crypto-related firms are using their local credentials to help commit fraud elsewhere have stripped more than 500 — around a third of total — of their permits this year, Bloomberg reported. More than a half of the remaining 900 crypto companies may lose their licenses as they have no operations in Estonia and their managers are outside the country, it added.…

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Regulating & Enabling Innovation: A Policymaker’s Perspective

Greg Medcraft is the Director of the Directorate for Financial and Enterprise Affairs of the Organisation for Economic Co-operation and Development (OECD).______ The past twelve months have served to illustrate the rate at which blockchain and other distributed ledgers technologies (DLTs) are maturing and integrating into mainstream financial products and market infrastructures. The decentralized systems set up by a multitude of banks, insurers and major exchanges are fast moving from experimental to operational. Few shifts have been more significant than the development and expanding adoption of stablecoins (a name, it must be…

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Trump vs. Twitter Fight Reignites Social Media Decentralization Vision

Blockchain has been hailed as the silver bullet for social media, which has long suffered from censorship, data mining, and surveillance capitalism. In the last few years, innovators have created several blockchain-powered social media platforms to combat the challenges found in “traditional” social media. However, none of these “decentralized” social networks has managed to succeed in taking a substantial part of the social media market pie. This week, Twitter‘s decision to fact-check and censor President Donald Trump’s tweets has once again prompted discussions about decentralized social networks. ____Su Zhu@zhusu · May 29, 2020…

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Russia Doesn’t Want to Ban Bitcoin – Leading Parliamentarian

The head of Russia’s parliamentary finance commission head has spoken out about new proposed legal amendments, details of which were released in the press – claiming that the measures will not criminalize cryptocurrency, such as bitcoin (BTC), purchases, and could even provide Russian crypto owners with limited property rights. Subsequent media reports in Russia and elsewhere had claimed that the Duma was considering issuing an outright ban on crypto transactions. In an interview with YouTube channel Prekrasnaya Rossiya, Anatoly Aksakov, the head of the State Duma Committee on Financial Markets, admitted that the Central Bank still remains…

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Washington Warned: Launch Digital Fiat or Say Goodbye to USD Dominance

A group pushing for the United States to adopt a digital dollar has warned that failure to launch a central bank digital currency (CBDC) could cost the country dear – and could see the USD lose its status as the world’s reserve currency. In its first white paper, the Digital Dollar Project wrote, “If the USD is to remain the world’s primary reserve currency in the unfolding century, it cannot remain an analog instrument and unit of account for things increasingly denominated as digital tokens. It must itself become a digital tokenized currency…

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Coinbase Acquires a New Tool For Buyers of ‘USD 100M of Bitcoin’

In an attempt to attract more institutional traders, major crypto exchange Coinbase agreed to acquire another major player in the crypto industry, Tagomi, a New York-based crypto brokerage. Terms of the acquisition, that is pending regulatory approval, weren’t disclosed. Tagomi was launched 18 months ago and was backed by Peter Thiel, Co-founder of PayPal. NXC, the South Korean operator of the Bitstamp and Korbit crypto exchanges, also invested in the brokerage. “The acquisition will bolster our offerings for advanced traders and the most sophisticated crypto investors,” Coinbase said, adding that they’ve seen “a swell in demand from institutional investors over…

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Use Bitcoin, Gold, and Bonds as a Hedge Against Inflation – BitMEX

With central banks and governments around the world injecting massive amounts of liquidity into financial markets, the threat of future consequences in the form of inflation is keeping many in the crypto community up at night, with major crypto derivatives exchange BitMEX now advising clients to seek protection for their portfolios. BitMEX Research said that they no longer view “volatility-related bets” – as recommended by the same team back in 2019 – as the most effective way to protect an investment portfolio against financial market risks and inflation. The “volatility related bets” recommended in…

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Satoshi-era Bitcoin Miner Calls Craig Wright a Fraud Using “His” BTC Addresses

It looks like, someone just signed a message calling Craig Wright a fraud by using 145 addresses the controversial Australian computer scientist Craig Wright claimed were his in the Tulip Trust, an anonymous Twitter user Zectro discovered. However, it seems that it’s not Satoshi Nakamoto, who sent the message. “Craig Steven Wright is a liar and a fraud. He doesn’t have the keys used to sign this message.The Lightning Network is a significant achievement. However, we need to continue work on improving on-chain capacity.Unfortunately, the solution is not to just change a constant in…

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Crypto Is Likely Winner as Recession to Force Rethink Money – Gemini Exec

Recession, a more favorable regulatory view, a better understanding of the technology, and traditional investors turning to crypto – are all aspects that are bringing adoption to crypto, according to Julian Sawyer, Gemini’s Managing Director (MD) for Europe. Unlike previous recessions, this one has had an impact across the whole ecosystem of the economy – across generations, jobs, classes, skill levels – even the ‘jobs for life’ have been affected, the MD of the crypto exchange told Cryptonews.com. Yet, it may potentially benefit crypto. Sawyer gave two possible scenarios that are going to play out…

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