WHAT A GREAT DAY!! SEC Got Softer On Crypto! + VeChain to Revolutionize Clothing Consumption
Today we have a Daily Token Review and three really awesome cryptocurrency news segments to share with you. Just before I start, if you guys like our content and want to keep updated with the crypto space, please make sure you hit the like and subscribe button!
Now on CoinMarketCap, it looks like the prices are stabilizing much more now, but there are still many highs and gains across the board. As you can see in the top 10, we’ve got a mix of reds and greens.
Now in terms of our top three, Bitcoin, Ethereum, and XRP, Bitcoin has increased by 1.68 percent, but Ethereum and XRP have decreased by 2.52 and 4.34 percent. It looks like that after the bullish rally, the market is slowing down and coming back to a more stable state. In saying that, here’s Bitcoin Cash with a 19 percent increase and Litecoin still soaring at 8.49 percent. Now, if I scroll down to the Top 20, as you can see here, there are a lot of reds from TRON, Monero, IOTA, Maker, and Tezos falling 5.13 percent, 4.47, 4.95, 5.08, and 7.09 percent.
As I’ve mentioned in the earlier videos, generally after tokens surge for a while, their prices then seem to decline a bit afterwards. While some believe that the rally has stalled, here’s hoping that in the next few days, bitcoin can push through the $5k mark and remain there.
Now onto the first news of the day. The US Securities and Exchange Commission has published a new regulatory guideline for token issuers. According to CoinDesk, the guidance focuses on tokens and outlines how and when cryptocurrencies may be classified as a security.
William Hinman, the SEC Director of Corporation Finance, first mentioned that the regulator was developing a new guidance system for cryptocurrency tokens in November 2018 and other members such as FinHub head Valerie Szczepanik, and commissioner Hester Peirce repeatedly mentioned that SEC staff were working on the Document. It looks like this document is half a year in the making. I’m glad that the SEC has seen the value and importance of cryptocurrencies, to make an in-depth guide that includes examples of both networks and tokens that fall under securities laws as well as those that don’t.
So what does the DLT Framework look like? The framework outlines a number of factors that token issuers need to consider whether or not their offerings qualify as securities. These factors include: the expectation of profit, a single or group of entities are responsible for certain tasks within the network and whether a group is creating or supporting a market for a digital asset. Essentially, it needs to show there is a reliance on the efforts of others so how developed the network is, what the tokens’ use cases may be, is there a correlation between a token’s purchase price and its market price. The framework also suggests looking at tokens previously sold and evaluating whether they should have been registered as securities. While it did take a long time for the guidance, it does help provide more legal clarity for token issuers. Token issuers should, however, see it more as a guideline as it is not a legally binding document.
Now moving on. Ripple has just announced that they are a founding member of the European Commission’s Association for Blockchain (INATBA) Now according to InvestInBlockchain the association also has a number of other key players in the crypto sector.
These include IOTA, Cardano, Lisk, Consensys, Ledger and R3. It also includes the SWIFT Banking network, Accenture and British Bank Barclays. The idea and objective of INATBA is to encourage discussion among members with regulators, so there is a global model of Governance for blockchain technology, to develop interoperability standards and industry-specific guidelines. It looks both Brad Garlinghouse, the CEO of Ripple, and Joseph Lubin from ConSensys are both keen to be members and to be a leading participant in the industry.
And finally, the last news of the day, VeChain COSMOPlat brings Transparency to the Fashion Industry. According to CryptoBriefing Haier, a Chinese electronics and home appliance company, has entered in a partnership with VeChain, and tech consulting company DNV GL on Haier’s newly launched Internet of Clothing Platform COSMOPlat.
The goal is to implement the VeChain Thor blockchain protocol to the clothing industry. COSMOPlat’s goal is to open the channels of information flow between farmlands, factories, stores and consumers to build one seamless network. But Following the successful implementation of the project, it will expand blockchain adoption beyond clothing to household textile, laundry, printing, and dyeing. Now, I believe this is really cool. We don’t hear so much about blockchain applications when it comes to the fashion industry. But this is definitely a project that goes beyond this, as its goal is to connect all these sources and intermediaries from the industry onto one whole network.
So what do you think of this situation guys?
Are you glad that the SEC has finally released a cryptocurrency token guidance?
Are you keen to see what will happen to the blockchain regulatory space, with large players like Ripple moving in to take charge?
And do you think blockchain technology will one day, take over this world?
Let me know what you guys think in the comments below!
It’s Cindy with CryptoPig, Catch you guys around.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.