Ep242: U.S. Senate Crypto Hearing, Samsung Bitcoin Miners
Channel: NeoCash Media
Date: 2018-02-09

The U.S. Senate Banking Committee heard testimony from the heads of the SEC and CTFC regarding cryptocurrencies. The Texas Securities Commission is the ghost busters of vaporware! European Banks may soon have the option to hold bitcoin. The Federal Reserve has a new Governor. Wells Fargo gets punished by Janet Yellen on her way out. China is stopping all exchange based crypto trading. Samsung is going to join the ASIC manufacturer market. Singapore will not ban cryptocurrencies. Greyscale Investments launches more crypto based Funds and Investments. Banks are changing how bitcoin purchases are made with credit cards given the market conditions. Ethereum dApps have to come up with better pseudo-random number generators. The Ethereum Foundation has a new Executive Director. U.S. Based crypto exchange Bittrex is adding U.S. Dollar deposit options to offer an alternative to USDTether.

Big news, the Senate Banking Committee heard testimony from the chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, and the chairman of the Securities and Exchange Commission (SEC), Jay Clayton.

The Texas Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order against BitConnect back on January 4th, 2018 and now he is back with more. This time on February 2nd an Emergency Cease and Desist Order has been entered against Davorcoin -- what was once “the number one lending platform in the world”. 

While delivering the opening statement and closing remarks at a European Parliament meeting this week, European Central Bank president Mario Draghi stated quote …”Recent developments, such as the listing of Bitcoin Futures contracts by US exchanges could lead European banks to hold positions in Bitcoin”.

A story that we can’t let fall through the cracks is the changing of the guard at the Federal Reserve. Janet Yellen is being replaced by Jerome Powell in the top spot of Fed Chair. Before she left Janet slapped Wells Fargo with sanctions given the shady history of the mega-bank. In fact the Federal Reserve has arguably punished Wells Fargo far worse than the government. 

China is seeking to stamp out all cryptocurrency trading in this story from the South China Morning Post. Two weeks ago the People’s Bank of China banned financial institutions from funding cryptocurrency based projects and activities. Now the central bank is looking to ban all access to foreign exchanges and trading websites. China shut down local exchanges in September and has sought to eliminate all trading of cryptocurrencies by Chinese citizens. 

Samsung has partnered with a cryptocurrency mining hardware manufacturer in China to start manufacturing its own ASIC chips.  No specific details have been provided, but a Samsung source confirmed to news agencies that Samsung will be manufacturing ASIC chips.

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