5 Highlights from Bitcoin-Bashing NYU Economist’s Senate Testimony

nouriel roubini bitcoinThis morning, the U.S. Senate Committee on Banking, Housing, and Urban Affairs is holding a hearing on cryptocurrency and blockchain technology, featuring testimony from New York University economist Nouriel Roubini. Roubini, as CCN reported, has been bashing bitcoin since before most of the mainstream public had become familiar with the terms “cryptocurrency” and “blockchain,” and … Continued

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Cryptocurrency ‘More Centralized than North Korea’: NYU Economist

Nouriel Roubini bitcoin cryptocurrencyNew York University (NYU) economist Nouriel Roubini is scheduled to testify later this week during a U.S. Senate hearing on blockchain and cryptocurrency technology, and the noted bitcoin basher appears to be preparing for his testimony by trying out some new criticisms of the nascent asset class. Ethereum Co-Creator a ‘Dictator for Life’ Writing on … Continued

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U.S. Will See Blockchain Exodus if Congress Doesn’t Figure out Cryptocurrency Regulation

More than 50 stakeholders from the cryptocurrency and finance industries this week met with U.S. lawmakers in Washington to discuss the future of blockchain regulations in the country. The roundtable, which took place at Capitol Hill at the behest of Rep. Warren Davidson (R-OH), saw attendance from the representatives of industry heavyweights including Coinbase, Kraken,

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North Korea is Using Cryptocurrency to Evade U.S. Sanctions: Experts

Two Washington-based financial experts say that North Korea is increasingly using cryptocurrency to evade U.S. Sanctions. According to Lourdes Miranda, a financial crimes investigator specialized in intelligence collection and analysis, and Ross Delston, an expert witness who specializes in anti-money laundering and combating the financing of terrorism, Pyongyang is creating its own cryptocurrency and is likely also using popular

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5 Members of Congress ‘Strongly Urge’ IRS to Update Bitcoin Tax Guidelines

A group of U.S. legislators has asked the Internal Revenue Service (IRS) to provide updated guidelines on how taxpayers should report profits associated with investing in bitcoin and other cryptocurrency assets. Republicans Criticize IRS for Enforcing Tax Law without Clear Guidance In a letter dated Sept. 19 and published on the House Ways and Means … Continued

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Is Bitcoin Basher Jamie Dimon Floating a Presidential Run?

JPMorgan CEO and noted bitcoin basher Jamie Dimon says he’s not running for president, but he wants everyone to know that, if he did, he could defeat incumbent President Donald Trump. “I think I could beat Trump” in an election, the Wall Street icon said Wednesday morning, according to a Bloomberg report. “I’m as tough

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Bitcoin Not Useful for Terrorists, Expert Tells US Congress

Despite scattered reports and fears about crypto’s potential use in facilitating terror activities, multiple bitcoin fundraising attempts have failed and cash remains substantially more useful to terrorists. This was the message delivered by Yaya Fanusie, director of analysis for the Foundation For Defense of Democracies Center on Sanctions and Illicit Finance in a prepared testimony delivered … Continued

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Crypto Rollercoaster: Explaining the Recent Market Performance

Just when it appeared that the cryptocurrency market was about to bottom out just a fortnight ago (with Bitcoin reaching a reported 14-month volatility low), the market subsequently started displaying indicators of a directional shift. Last week however, we saw a short-term appreciation in value. In typical crypto fashion it was just as rapid if

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Bitcoin-Friendly U.S. Senate Candidate Austin Petersen Loses Republican Primary

Pro-bitcoin U.S. Senate candidate Austin Petersen has lost his Republican primary bid to challenge incumbent Missouri Sen. Claire McCaskill in the upcoming mid-term election. Petersen, who accepted the largest single bitcoin donation in federal election history and was also forced to return several six-figure cryptocurrency contributions due to campaign finance regulations, was soundly defeated by … Continued

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West Virginia to Offer Blockchain Voting for This Year’s Midterm Elections

West Virginia is rolling out a blockchain based mobile voting app so American troops overseas can cast their votes in the upcoming elections, CNN reports. The state had previously used the mobile voting platform, called Voatz app, in a pilot for deployed troops and their dependents in two counties for the state’s primary elections. Secretary … Continued

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‘New Things Are Scary to People,’ Says NC Politician Told He Can’t Accept Bitcoin Donations

A few days ago, CCN reported that the North Carolina State Board of Elections Campaign Finance Office rejected an application to permit candidates accept campaign donation in bitcoin. Emmanuel Wilder, the Republican state legislature candidate and Systems Analyst who submitted the unsuccessful application sat down with CCN to give his opinion about the decision and share

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House Judiciary Chair Bob Goodlatte Owns as Much as $80,000 in Bitcoin: Report

Rep. Bob Goodlatte (R-VA), the chair of the House Judiciary Committee is set to become the first member of Congress to disclose his bitcoin holdings, Sludge reports. According to a June 18 memo issued by the House Ethics Committee, lawmakers were required to reveal any digital token holdings above $1,000 publicly. The lawmakers were instructed … Continued

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No Coins for You! North Carolina Rejects Bitcoin Campaign Donations

North Carolina has barred electoral candidates in the state from accepting campaign donations made in bitcoin and other cryptocurrencies. This declaration is contained in a response from the North Carolina State Board of Elections Campaign Finance Office to Emmanuel Wilder, a Republican candidate running for a seat in the state’s legislature. Regulatory Snafu Earlier in

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BitGo’s Lopp Offers $100,000 Reward to Catch Person Who ‘SWATed’ Him

Jameson Lopp, a SegWit2x opponent, BitGo engineer, and the creator of statoshi.info, has offered a $100,000 reward to anyone who provides information leading to the arrest and conviction of the person who made a fraudulent police report in October claiming he had killed someone at Lopp’s house in Durham, NC and was holding people hostage, … Continued

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CFTC Does Not Regulate Retail Crypto Markets: Chairman Chris Giancarlo

The United States Commodity Futures Trading Commission (CFTC) Commissioner J. Christopher Giancarlo has stated that the agency’s primary remit is not to exercise regulatory jurisdiction over cryptocurrency trading markets and other cash markets, but to deal with fraud and compliance in large futures markets. He made this comment while responding to a question from Rep. … Continued

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The Weekly: New Regulations, Blackrock Probes Market, Coinbase Gets Into Politics

The Weekly: New Regulations, Blackrock Probes Market, Coinbase Gets Into Politics

In this week’s daily editions of Bitcoin in Brief, we showcased stories about politicians trying to enforce their will on the cryptocurrency ecosystem around the world, thus pushing companies that are big enough to join the money-in-politics game.

Also Read: Malta Stock Exchange to Develop Two New Platforms for Security Tokens

Bitmain Expands R&D in Israel

On Monday, we reported that Bitmain Technologies Ltd., the Beijing-headquartered bitcoin mining hardware (ASIC chips) producer, plans to expand its research and development center in Israel and expects to triple its workforce in the country. Bitmain explained that it would recruit more than 40 researchers, programmers, engineers and marketing personnel to its development center in Ra’anana, to be added to the 15 employees there today. And in exchange-related news, we reported that Poloniex launched an official mobile app and Cobinhood added USD fiat trading.

Blackrock Probes Market

The Weekly: New Regulations, Blackrock Probes Market, Coinbase Gets Into PoliticsBlackrock, the world’s largest asset manager with over $6 trillion in assets under management, made headlines on Tuesday by probing the crypto market. Reports have popped up the day before that the company has created a ‘working group’ to explore how it can take advantage of the hot new alternative investment instruments. CEO denied that Blackrock is setting up any crypto trading capabilities or received demand for it from its clients. However, he did confirm that the company is studying the performance of cryptocurrencies to be prepared for the eventuality in the future. In other interesting news, Bitpay was granted a New York Bitlicense and Coinbase claimed to get an approval from SEC and FINRA for its securities license acquisition – a claim it later walked back from.

Jersey Introduces Requirements for ICO Projects

On Wednesday, we reported that the Financial regulator of Jersey, the UK self-governing dependency, has introduced requirements for Initial Coin Offerings (ICOs). A new ‘guidance note’ document listed a number of requirements that apply to ICO issuers and described certain procedures and processes that should be followed in order to mitigate and manage the risks for retail investors. Projects are expected to apply anti-money laundering and counter-terrorism financing measures as well as inform investors about the risks.

Anti-Crypto Politician Backed by Payments Firm

The Weekly: New Regulations, Blackrock Probes Market, Coinbase Gets Into PoliticsOn Thursday, we reported about US Representative Brad Sherman (Democrat-California) who blasted cryptocurrencies at a House Financial Services Committee hearing entitled “The Future of Money: Digital Currency”. Members of the community were quick to point out that his top financial contributor for 2017-2018 is Allied Wallet – a payments processor offering credit card, ACH and other services that stand to lose out from wider cryptocurrency adoption.

“We should prohibit U.S. persons from buying or mining cryptocurrencies,” Rep. Sherman proclaimed. “Mining alone uses electricity which takes away from other needs and-or adds to the carbon footprint. As a store [of value], as a medium of exchange, cryptocurrency accomplishes nothing except facilitating narcotics trafficking, terrorism, and tax evasion.”

Belarus’ New Standards for Crypto Exchanges

On Friday, we reported that, having legalized crypto-related activities earlier this year, Belarus is now fine-tuning and expanding the regulatory framework. The Hi-Tech Park in Minsk (HTP) is currently developing standards for companies operating crypto exchanges and providers of services related to issuing and placement of tokens. According to local media reports, state bodies and representatives of the legal and tech communities in the country are involved in the process. The new set of rules and regulations is intended to supplement the basic framework outlined in the presidential decree. A legal expert added that entities in the field will be obliged to prove charter capital of at least $500,000.

Coinbase Dives Into Swamp

The Weekly: New Regulations, Blackrock Probes Market, Coinbase Gets Into PoliticsThe big news on Saturday was that Coinbase has formed its own political action committee in order to raise money that can be spent on American elections. The company needs to keep US regulators off its back so it can continue to operate as a crypto exchange in the land of the free, and one day soon list securities as well. Having a political lobby that promotes its interests is an obvious move for a company that makes as much money as Coinbase, but one that smaller ventures won’t be able to match.

Peter Schiff: BTC Will Plummet

The most commented-on article during the week covered the recent appearance by the noted gold bug and bitcoin skeptic Peter Schiff on The Joe Rogan Experience podcast. Schiff blasted the world’s most popular decentralized money, insisted that a recent debate between him and the CEO of Shapeshift on the subject was rigged, and explained why he believes BTC’s price will crash further to $1,000 and lower. Join the discussion.

This Week in Bitcoin Podcast

Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron.

What other stories in the Bitcoin world caught your attention this week? Share your thoughts in the comments section below.

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Bitcoin Poses Danger to U.S. Elections, Researcher Tells Congress

For a significant part of 2017 and even this year, social media platforms have taken a lot of heat over their alleged role in influencing the 2016 U.S. presidential election. And for a period of time on Tuesday during a congressional hearing, cryptocurrencies were put in the same spot — at least with regards to … Continued

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Congress Should Take Action Against Privacy Coins: Secret Service Official

A top official in the US Secret Service has asked Congress to take action against privacy-centric cryptocurrencies like zcash and monero, which include features designed to help users make anonymous transactions. In prepared testimony given on Wednesday before the House of Representatives Committee on Financial Services Subcommittee on Terrorism and Illicit Finance, Robert Novy —

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Crypto-Loving US Senate Candidate Forced to Return $130,000 Bitcoin Donation

US Senate candidate Austin Petersen received a $130,000 bitcoin donation but was forced to return it due to federal regulations governing campaign contributions. Petersen, a Republican who is hoping to unseat incumbent Missouri Sen. Claire McCaskill during the mid-term election in November, said that an enthusiastic supporter attempted to donate $130,276 worth of bitcoins (~20 … Continued

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Bitcoin.org Redesign Goes Live, Removes References to Pro-SegWit2x Companies

Bitcoin.org launched a new website design on and has removed references and links to certain partners, including BitPay, Coinbase, and Blockchain.   The removal of the companies occurred most on the resources pages, namely the exchanges page. The argument for removing these large players, who have helped with increasing adoption for new users, is that … Continued

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