Featured Image Source: Pixabay
Today, a new bill relating to sex trafficking and cryptocurrency is to be introduced to Congress. Introduced by U.S. Congressman Juan Vargas through the House of Representatives Financial Services Committee, the Fight Illicit Network and Detect (FIND) Trafficking Act aims to “improve the efforts of Federal agencies to impede the use of virtual currencies and online marketplaces in facilitating sex and drug trafficking.”
Cryptocurrency related apps on Apple’s App Store now have revised rules they must adhere to. They include only apps owned by organizations are allowed and apps must not offer cryptocurrency as rewards for completing tasks. Also, mining is not allowed.
While we are yet to wrap our heads around smart contracts, some blockchain company, Apla says we can ditch smart contracts and go Smart Law. Basically, Smart Law solves all the problems inherent in smart contracts, especially that of reversing smart contracts.
Fifty year old Theresa Tetley “Bitcoin Maven” faces 30 months in jail for trading in large amounts of crypto without a license. She is just one of the several people who have been convicted since last year for illegal money transmitting business.
Perhaps, US SEC has initiated a domino effect after its declaration that ICO tokens are securities. Lithuania has followed suit, calling all ICO tokens security. The proposed ICO guidelines released by the country’s Ministry of Finance will determine if tokens are securities by considering whether the tokens “grants profits or governance rights”. Although no formal regulations yet, the aim of the guideline is to create “a transparent and orderly legal environment” for ICOs in Lithuania.
By the end of June, seven cryptocurrencies will be officially recognized by the government of Thailand. The country’s SEC made the bold announcement last week, legalizing Bitcoin, Ether, Ethereum Classic, Bitcoin Cash, Stellar, Litecoin and Ripple. Once the regulation goes into effect, a business will require a license before it can deal with cryptocurrencies. SEC is expecting at least 5 crypto exchanges and 5 brokers/dealers to apply for the license before the August 14 deadline.
Columbia crypto exchange, Buda.com to sue three banks for closing its bank accounts without notice. The three banks, Banco Bilbao Vizcaya Argentaria, Davivienda and Bancolombia, are probably worried about being on the wrong side of the law, even though crypto are currently not regulated in Columbia.
The City of Plattsburgh plans to rescind its 18-month moratorium on new commercial cryptocurrency mining activities, just after four months. Rather than going on with the moratorium, more efforts will be geared towards reviewing the city’s codes and strengthening safety guidelines that would prevent fire outbreaks and protect residents.
Meanwhile, potential 2020 US Presidential Candidate, John McAfee has challenged the US SEC chairman Jay Clayton to a live debate on CNN. While the crypto community is highly anticipating the debate, a date is yet to be fixed.