The second week of November was exciting for the cryptocurrency markets. Perhaps the biggest news is that the US Securities and Exchange Commission (SEC) has charged Zachary Coburn, founder of EtherDelta, with operating an unregistered securities exchange. The platform allows trading of ERC20 crypto tokens. The SEC alleges that EtherDelta traded digital assets that are classified as securities under federal law. The agency added that EtherDelta failed to register as a securities exchange or apply for an exemption. Although Coburn settled the charges for almost $400,000, the SEC is showing its willingness to go after who it deems bad actors in the cryptocurrency sector.
Here's the rest of the week in review:
Women who are victims of sexual harassment and assault are turning to cryptocurrency payment processors to crowdfund anonymously. Some women have used Seeds to crowdfund without providing government identification and bank account information. Seeds has an Ethereum (ETH)-based token that allows people to ask for and receive funds with a decentralized exchange platform. CEO Rachel Cook is a supporter of the #MeToo movement, which aims to help victims, predominantly women, of sexual harassment, sexual assault, and intimate partner violence. Victims use funds raised to pay for legal and mental health costs.
Venezuela hopes that the world will use its controversial state cryptocurrency, the petro. The country's minister of petroleum and president of its state-owned oil company announced on Wednesday that Venezuela will attempt to persuade the Organization of Petroleum Exporting Countries (OPEC) to adopt the petro as the main oil-backed digital currency. Venezuela wants OPEC to adopt the petro to help streamline global oil markets. It also believes that the petro will help grow Venezuela's economy. The country has also invited airline and shipping companies to register to use a digital wallet for the petro.
Crypto prices dipped after Tuesday's US midterm elections, even though pro-crypto Democratic candidates Gavin Newsom and Jared Polis won as new governors of California and Colorado. The market cap rebounded to above $210 billion over the weekend. In the top 100, the biggest losers are Vitae (VITAE), down 21%, TokenPay (TPAY), down 19%, and Ravencoin (RVN), down 19%. The biggest gainers are Nasdacoin (NSD), up 150%, BOScoin (BOS), up 96%, and Peercoin (PPC), up 57%. Bitcoin (BTC) and other majors remained relatively stable between $6,200 and $6,500. Bitcoin's volatility has dropped to its lowest level since December 2016, as investors continue waiting for a big move amidst calm price action.
The author owns a small amount of BTC.
- 1. https://www.coindesk.com/sec-charges-etherdelta-founder-with-running-unregistered-securities-exchange/
- 2. https://www.coindesk.com/sexual-assault-survivor-crypto-women-bitcoin/
- 3. https://www.coindesk.com/venezuela-to-present-petro-at-opec-as-the-digital-currency-for-oil/
- 4. https://www.wsj.com/articles/the-calm-crypto-market-bitcoin-volatility-drops-despite-turmoil-elsewhere-1541764803