Cryptocurrency exchanges

Bitcoin Addresses Moving BTC to Exchanges Doubled so Far This Year – Markethive News

Bitcoin Addresses Moving BTC to Exchanges Doubled so Far This Year – Markethive News

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Two New Bills In Congress Offer Clarity For Blockchain Tokens And Crypto Exchanges

Two New Bills In Congress Offer Clarity For Blockchain Tokens And Crypto Exchanges

Regulatory clarity is what is cried out for by the crypto industry. In leaving the Securities and Exchange Commission (SEC) a set of arcane laws to create guidance regarding blockchain tokens, the default of ‘regulation by enforcement’ has left many entrepreneurs dissuaded about the ability to create and develop blockchain technology. Worse, the ultimate lack of action by all five SEC Commissioners , save of course the exception of ‘Crypto Mom’ Hester Peirce who is fiery in her dissent and a healthy reminder of the powerful role the late Supreme Court Justice Ruth Bader Ginsburg played, has left Congress no choice but to step in and take control of the train wreck that is the U.S. regulatory landscape for crypto.

Needless to say, it is a huge day in the world of crypto. First, Congressman Tom Emmer (R-NC) introduced the ‘Securities Clarity Act’ that makes a fundamental change to what an investment contract is and whether it can be treated as a security. In a brilliant idea, “The purpose of this Act is to clarify and codify that an asset sold pursuant to an investment contract, whether tangible or intangible (including an asset in digital form), that is not otherwise a security under the Act, does not become a security as a result of being sold or otherwise transferred pursuant to an investment contract”.

For Emmer, the fourth most powerful ranking Republican in the House of Representatives, Co-Chairman of the Congressional Blockchain Caucus, and Ranking Member of the Fintech Task Force, this bill brings with it some serious firepower from its sponsor. “We have seen regulations hinder the progress of blockchain-based technologies. The development of these vital technologies should not be impacted by government’s inability to adjust,” said Congressman Emmer. 

Emmer further exclaimed, “The Securities Clarity Act will allow America to compete in this new advancing space without sacrificing the consumer and investor protections that have made our capital markets the strongest in the world. There are companies that have followed our current rules of the road and managed to navigate our securities regulations. Now, they deserve certainty from our regulators when offering their digital asset to the public.” 

The full text of the Securities Clarity Act is here, and Emmer will certainly cement his legacy in the world of crypto and blockchain law, of which he has been a stalwart leader for some time now. Emmer first discussed the idea for this legislation last year at a hearing with Mark Zuckerberg, CEO of Facebook on the Libra Project.

“That’s why I intend to introduce a bill that will make it clear that as long as you register as a security or comply as an exemption under existing law, you will not continue to have prosecution hang over your head from a regulator when that asset is publicly distributed and in fact is a commodity,” said Emmer at the hearing in October 2019.

House GOP Members Meet to Elect Leadership Positions

WASHINGTON, DC – NOVEMBER 14: Rep. Tom Emmer (R-MN) was elected chair of the National Republican … [+] Congressional Committee for the next Congress during leadership elections in the Longworth House Office Building on Capitol Hill November 14, 2018 in Washington, DC. In the wake of losing more than House 33 seats to Democrats in last week’s midterm elections, Republicans elected House Majority Leader Kevin McCarthy (R-CA) minority leader and Rep. Steve Scalise (R-LA) as minority whip for the 116th Congress. (Photo by Chip Somodevilla/Getty Images)

Lewis Cohen, co-founder of DLX Law, a ‘new type of law firm for a new type of economy’, shared his idea in a PowerPoint deck over a year ago with me after which I had the opportunity to introduce him to Emmer’s office. Landon Zinda, Legislative Director at Emmer’s office, has been entrenched in the policy of crypto and blockchain for a long time now and helped forge the concept into law as well as coordinate the different crypto trade groups in D.C. on their sign-off of the bill.

“This is the smartest approach we have seen to provide clarity about how securities law applies to digital assets. We applaud Rep. Emmer for his continued leadership on policy affecting cryptocurrency.” said Jerry Brito, Executive Director of Coin Center. 

“We are proud to support this important legislation to help clarify the legal status of certain digital tokens, an issue that has significantly impacted the growth of the blockchain ecosystem in the United States. Digital tokens should not be deemed securities solely because they are the object or subject of an investment contract. It is critical that digital tokens have their own legal analysis as to whether they are securities, and we support Congressman Emmer’s effort to make that a reality.” said Amy Davine Kim, Chief Policy Officer for the Chamber of Digital Commerce.

“We’re proud to support the introduction of the Securities Clarity Act and the Digital Commodity Exchange Act. Together, these efforts will help clarify outstanding issues related to when and how securities laws and commodities regulations apply to digital assets. Uncertainty over the application of these rules of the road continues to act as a strong headwind for the crypto ecosystem. These bills would do much to clarify the situation and put into law pro-growth policies for the crypto economy.” said Kristin Smith, Executive Director of the Blockchain Association. 

The Digital Commodity Exchange Act of 2020 is a companion bill to this concept that looks to sort out the crypto exchanges who offer the buying and selling of tokens that would fit into the definition provided by Emmer’s bill. The Digital Commodity Exchange Act of 2020 was sponsored by Congressman Mike Conaway (R-TX) and co-signed by three of the Co-Chairs of the Congressional Blockchain Caucus, including Emmer, Congressman Darren Soto (D-FL) and Congressman David Schweikert (R-AZ), and Congressman Dusty Johnson (R-SD).

Conway noted, “I’m excited by the support this bipartisan legislation has received in Congress and from those in the industry. I look forward to developing a legal framework and providing clarity for fintech innovators and strong protections for users of digital commodities.”

WASHINGTON, DC - JANUARY 30: Rep. Mike Conaway (R-TX) speaks to the media.

WASHINGTON, DC – JANUARY 30: Rep. Mike Conaway (R-TX) speaks to the media after attending a meeting … [+] with House GOP members, on Capitol Hill January 30, 2018 in Washington, DC. (Photo by Mark Wilson/Getty Images)

Conaway is the Ranking Member of the House Agricultural Committee and so is equally well-positioned as is Emmer to look for support to move the bill out of Committee. “The Digital Commodity Exchange Act (DCEA) provides a clear path forward to improve the regulation of digital commodities,” said Rep. Conaway.

Additionally, Conaway stated, “Digital commodity trading platforms are currently required to comply with a complicated labyrinth of 53 state and territory regulatory frameworks, hindering the ability for newcomers to enter the market. The DCEA provides responsible federal oversight of trading platforms and critical consumer protections, while also paving the way for innovators to develop new digital commodity projects.”

The bill would put all crypto exchanges under the purview of the Commodity Futures Trading Commission (CFTC). The bill specifically notes the concept of exclusive jurisdiction that would pre-empt state laws. “Notwithstanding any other provision of law, the Commission shall have exclusive jurisdiction over any agreement, contract, or transaction involving a contract of sale of any digital commodity in interstate commerce which is offered, solicited, traded, executed, or otherwise dealt in on or subject to the rules of a registered entity, including the conduct of any such office or business.”

However, this bill will likely receive pushback from states like New York and Wyoming, who have both carved out their own territory for crypto and blockchain regulation, with New York’s ‘BitLicense’ focused on protections of the consumer and Wyoming’s Special Purpose Depository Institution or ‘SPDI’ charter (pronounced SPDI) empowering crypto firms to become a bank. Neither will likely appreciate the idea of seeing hard work in carving out their own domains and expertise in the space taken away with ‘exclusive jurisdiction’ and just as the OCC’s first Special Purpose FinTech Charter was challenged in court, it is fair to expect potential challenges if this were to become law all the way to the Supreme Court.

This is all an extremely seismic shift in the way crypto exchanges and blockchain tokens will be overseen, should the bills pass. With the recent success of Soto in bringing the foundation for the Federal Trade Commission (FTC) to play the role of policing the frauds that can be perpetuated in token sales, this framework starts to look like regulatory clarity in the U.S. is within reach, even as soon as by the end of the year. Ultimately, the federal and state legislators truly need to find some kind of balance in the ecosystem that everyone can live with, because blockchain technology cannot live more longer in the United States based on the uncertain realm and high level of regulatory risks so many blockchain entrepreneurs face.


Author: News Bureau

Study: Exchanges Accepted $1.3 Billion in Bitcoin Stemming from 'High-Risk Addresses'

Study: Exchanges Accepted $1.3 Billion in Bitcoin Stemming from ‘High-Risk Addresses’

Study: Exchanges Accepted $1.3 Billion in Bitcoin Stemming from 'High-Risk Addresses'

A recently published report from the research and analysis firm Peckshield indicates that during the last two quarters of 2020, cryptocurrency exchanges accepted 147,000 BTC ($1.3 billion) from high-risk addresses.

During the last few years, blockchain research and surveillance firms have been classifying “risk levels” to specific transactions stemming from suspicious addresses and wallets. For instance, certain bitcoin addresses could be on a country’s sanctions list, used on a darknet marketplace, siphoned from an exchange breach, or used in any type of criminal activity.

According to a report from the Chinese crypto analytics company, Peckshield, global exchanges allowed deposits of up to 147,000 BTC ($1.3 billion) from high-risk addresses in the first half of 2020.

The top ten crypto exchanges who accepted funds from suspicious addresses include Huobi, Binance, Okex, Zb exchange,, Bitmex, Luno, Huobtc, Bithumb, and Coinbase. The study indicated that the top three trading platforms represented more than 60% of the aggregate total.

Study: Exchanges Accepted $1.3 Billion in Bitcoin Stemming from 'High-Risk Addresses'

As far as withdrawals to suspicious addresses are concerned Binance, Huobi, Kraken and Luno were the leaders in H1 2020. Peckshield’s high-risk address list included extremely active gambling addresses, darknet use, scams, and exchange thefts.

According to Peckshield it also monitors a number of bitcoin mixing applications and exchanges that allow swaps without know-your-customer (KYC) rules. The report notes that it has monitored roughly $1.59 billion worth of digital assets.

What cryptocurrency will become the main one in a year?

Peckshield notes that some exchanges have “compliance issues” and findings say cryptocurrency tumblers make investigations more difficult. The blockchain research and analysis firm also discusses mixing tools like coinjoin applications.

Study: Exchanges Accepted $1.3 Billion in Bitcoin Stemming from 'High-Risk Addresses'

Peckshield also contributes data to Bituniverse by bolstering the firm’s Exchange Transparent Balance Rank (ETBR). The ETBR data from Bituniverse stems from onchain exchange balances recorded by Etherscan and Peckshield. In the report discussing the 147,000 BTC deposits from suspicious addresses, Peckshield also discusses registration-free digital currency swapping services.

The report’s findings also note that the movement of alleged illicit addresses represented a total of 13,927 transactions. Peckshield is one of many blockchain surveillance companies reporting on these types of high-risk addresses.

On May 15, reported on 20 blockchain surveillance firms that investigate the same types of data Peckshield collects. However, found some significant inaccuracies when our newsdesk leveraged the Bitrank application.

On that day our newsdesk copied and pasted a tainted address, which was flagged by law enforcement and stems from the Plustoken scam and entered it into the Bitrank application. Unfortunately, Bitrank’s platform gave the address a “Risk Score of 52” or “acceptable,” even though it was used in the Plustoken scam.

This means the accuracy of Peckshield’s data and the many other blockchain analysis firms may not be so accurate.

What do you think about the 147,000 BTC ($1.3 billion) allegedly accepted from high-risk addresses? Let us know what you think about this subject in the comments below.

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Binance, Bitcoin Addresses, Bithumb, BitMex, Bitrank, BTC, Coinbase, Cryptocurrency, darknet use, exchange thefts, gambling addresses, H1 2020, high-risk addresses, Huobi, Huobtc, Kraken, KYC rules, luno, Okex, Peckshield, report, Scams, study

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Author: News by Jamie Redman

Congress sees two new bills looking to chart CFTC and SEC regulatory turf in crypto

Congress sees two new bills looking to chart CFTC and SEC regulatory turf in crypto


Two major crypto bills were introduced in the U.S. House of Representatives on Thursday. One aims to establish which cryptocurrencies are securities. The other looks to put regulation of exchanges in the hands of the country’s commodities regulator.

The Securities Clarity Act, from the office of Representative Tom Emmer (R-MN) establishes a new distinction in securities law between an investment contract and the “an asset sold pursuant to an investment 22 contract, whether tangible or intangible (including an 23 asset in digital form).”

The new bill is basically a direct response to recent controversy over the Simple Agreement for Future Tokens framework under which currencies like EOS were distributed and which caused immense controversy in the case of Telegram. If passed, the act would restrict the Securities and Exchange Commission from pursuing digital assets on the basis of the initial contracts under which they were sold.

Representative Mike Conaway (R-TX), with support from a number of co-signers from the Blockchain Caucus, introduced the Digital Commodity Exchange Act to the House Agriculture Committee.

Conaway may be less familiar to Cointelegraph’s readers than Emmer, but his position on the Agriculture Committee is critical. Today’s bill would put crypto exchanges under the jurisdiction of the CFTC, which answers to the Agriculture Committee. That registration would save exchanges from the patchwork of state-by-state licensing required of money service providers.

Though the new bill would seem to put retail crypto under the same rules as commodities exchanges, it is careful to leave space for the SEC for sales involving “a securities offering or transaction associated with a digital commodity presale.”


Author: By TeamMMG

Korean Crypto Exchanges Uncertain Of Their Legal Obligations

Korean Crypto Exchanges Uncertain Of Their Legal Obligations

Posted on September 24, 2020

The latest cryptocurrency news show that major confusion reigns in many South Korean crypto exchanges as to whether they can – or should – collect their customers’ social security numbers under new Know-Your-Customer (KYC) and anti-money laundering (AML) compliance measures which come into force in a matter of months.

According to reports from Digital Today, exchanges are still uncertain of their legal obligations in this field, despite the fact that many of them have built up their compliance infrastructure in preparation for policing from the financial regulators.

Additionally, we can see that virtual asset service providers (VASPs) will be obliged to confirm the actual and real names of their customers under a clause in the new legal amendment, the crypto regulation news show.

Korean exchanges are under scrutiny with the new legislations.

That way, South Korean crypto exchanges are in an uncertain spot. Although the financial regulator that will police exchanges advises firms that the Act on Real Name Financial Transactions and Confidentiality shows that a person’s “real name” should be confirmed by checking against the name and social security number issued on their ID cards – a separate piece of legislation is what apparently contradicts this advice.

On top of that, the Personal Information Protection Act stipulates that firms may not request their clients to divulge social security numbers, except in some exceptional circumstances. The Korean crypto exchanges currently don’t need them, but the numbers are required by major banking-related operations.

As cryptocurrency exchanges have more in common with eCommerce platforms than financial institutions such as banks, legal experts appear to be battled as to whether or not they can or should request customers to provide the form of personal data as part of the brand new KYC and AML compliance protocols. That way, eCommerce platforms are forbidden from making the social security number requests under the aforementioned law.

Finally, the report which centers around Korean crypto exchanges and new legislations concludes that such issues may be well addressed in separate crypto industry specific legislation, but discussion on a proposed Virtual Assets Business Rights Bill have yet to begin in earnest, with only six months to go before the new policing measures come into effect.

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Author: by cryptoregradar

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