Bitmain To Start Operations In Texas USA

Bitmain, the world’s largest Bitcoin (BTC) miner have set its sights in the US to expand its operations.

The Chinese equipment and mining juggernaut will establish a mining facility as well as a blockchain data center in the state of Texas.

It plans to start its operations in the near future targeting the early part of 2019.

This will serve as the entry point of the company in its plan to expand in North America.

The city of Rockdale will be the exact location of its US offices and constructions has already begun.

Bitmain is said to invest around $500 million in the next 7 years and hire around 400 people in the first two years of the project.

The company also plans to work with local schools and other educational institution to provide training programs.

Crypto Custody From Goldman Sachs A Possibility

One most well respected financial institution of Wall Street, Goldman Sachs is said to be exploring the possibility of offering Cryptocurrency Custody services for its clients. This was revealed by an insider who has knowledge about the matter.

However, a Goldman Sachs representative did not confirm nor deny the existence of the custody initiative.

A successful custody offering by the Wall Street giant may lead to other cryptocurrency-centric ventures such as brokerage and other related services.

The services is said to be aimed at clients looking to store and secure their valuable digital assets from cyber attack attempts.

It must be noted though that there is no exact time frame for the development of the said service nor its target release dad.

SEC Commissioner Admits U.S. SEC No Jurisdiction On ETF Decision

One of the commissioners of the U.S. Securities and Exchange Commission (SEC) have revealed that the agency might have erroneously rejected a Bitcoin ETF on the grounds of its underlying asset, Bitcoin.

Commissioner, Hester Peirce states that the role of SEC is to consider the market for the ETF and not the underlying asset itself.

She elaborated that the review should be focused on the market that’s trading the security, the exchange-trade product and not the underlying asset which in this case is Bitcoin.

Despite the disapproval of Bitcoin ETF application it must be noted that there are also other Bitcoin-ETF being reviewed in which they have 45 days to review.

After 45 days, the SEC has the right to ask for another 45 days to review the application, however if no decision has been made by the agency 240 days after the proposal, then it will be deemed as approved.

Cryptocurrency Ownership Transparency In The U.S. Congress

The Chair of the Judiciary Committee of the U.S. House of Representatives might be the first member of Congress to have disclosed his cryptocurrency assets.

Congressman Bob Goodlatte said that he holds around $17,000 and $80,000 in digital assets in his Financial Disclosure Statement which he filed on May 10.

This is a month before the U.S. Ethics Committee issued new rules about disclosing digital currency holdings.

This new rule will require House Members to disclose their ownership of digital assets, as well as their immediate family's, if it amounts over $1000, and should report within 45 days.

Coinbase Is Back In Wyoming

One of the U.S. largest cryptocurrency exchange and brokerage, Coinbase have reinstated their services in Wyoming after it renewed its Wyoming money transmitter license.

Coinbase was forced to suspend its services back in June 2015 when the Money Transmitter Act was iterated, which required them to maintain fiat reserves equal in value of all the funds held on behalf of customers.

However when the double reserve aspect of the law no longer applies to cryptocurrency companies, it was then that Coinbase re-activated its service offering in the state.

This comes after several acts being enacted by the state official that are deemed cryptocurrency friendly, which include exemption of digital assets to securities laws and exemption from state property taxes.

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