SEC Chairman On What Drives Bitcoin, Poker Players Cry For BTC + More News

SEC chairman Jay Clayton. Source: Twitter, @SEC_News

Get your daily bite-sized overview of Cryptoasset and Blockchain-related news – investigate the stories flying under the radar of today’s crypto news.

Crypto Adoption News

  • Currently inefficient payment mechanisms are driving the rise of Bitcoin (BTC), Jay Clayton, the outgoing chairman of the US Security and Exchange Commissionsaid CNBC. According to him, BTC is not a security, “it was much more of a payment mechanism and stored value.”

  • Winning Poker Networkwho operates websites including AmericasCardRoom.eu, has had to buy millions of dollars in BTC every day at over-the-counter trading counters for the past few weeks to meet demand from outgoing Bloomberg players reportedciting CEO Phil Nagy. The company makes more than 60% of its transaction volume in BTC, which equates to around $ 100 million per month.
  • Travala.com, a blockchain-based travel booking service, said it worked with BitPay, a major provider of crypto payment services, to power the new Travala.com travel gift cards. The partnership enables cryptocurrency holders to purchase gift cards that are redeemable for over 3 million travel products on Travala.com.

CBDCs news

  • Anatoly Aksakov, chairman of the State Duma committee of the Federal Assembly of the Russian Federation on financial markets and chief architect of the Russian legislation on crypto and blockchain, has said that the pilot projects for the upcoming digital ruble will start as early as next year. In one (n interview Aksakov told the media channel Finversia that the token was compatible with Central bank– Wallets issued and would be made available to “all economic entities” including “individuals, corporations, financial market participants and the state” for “payment and settlement” purposes.
  • The central one Bank of Japan (BoJ) is ready to begin trials with digital yen in preparation for the tentative launch of its own central bank digital currency (CBDC). According to Reuters, the BoJ, will team up with around 30 companies, including financial and banking giants Mitsubishi UFJ Financial Group, the Mizuho Financial Group and Sumitomo Mitsui – in addition to a number of brokers. Reuters reports that the digital yen pilot group will also include a number of telecommunications companies, utilities and retailers.

Exchange messages

  • Binance hired the legal team that successfully deployed the media Gawker out of business to fight a lawsuit Forbes. The latter published an article in October claiming that Binance had created a master plan that would allow it to “deliberately deceive [American] Regulators. “The exchange said in one legal filing that it was calling for a lawsuit after suffering serious damage. The company hired Charles Harder, who successfully helped ex-pro wrestler Hulk Hogan sue Gawker for $ 140 million in 2016 – and later helped President Donald Trump win his trial against actress Stormy Daniels.

Regulatory News

  • The Securities and Exchange Commission of Thailand has revised its net capital rules to strengthen the liquidity management of investment firms and derivatives brokers, support the fast-paced trading of Thai exchanges, and enable trading of digital assets, the Bangkok Post reported. The revised rules are designed to help free up liquidity for investment firms looking to do new business such as open digital exchanges or cryptocurrency exchanges.

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