TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Bakkt still waiting for CFTC’s approval. Bitmain to open its own mining business. BlockFi is now tiering its interest rates. Bchd adds support for the new May Bitcoin Cash upgrade. Some stablecoins could be securities, according to Valerie Szczepanik, and AriseCoin CEO pleads guilty of securities fraud.
Bakkt Futures Permission Delayed by the CFTC
Bakkt and its promise of physically-settled bitcoin futures is being prevented from starting its work by the CFTC, who has declined to approve the platform to engage in these transactions. It appears there is some kind of disagreement with how Bakkt will be treated by laws and regulations. Slated to open business last December, it still has no date to start operating without the CFTC’s go signal.
Bitmain to Open Giant Mining Business
Bitmain has decided to deploy its own mining business in China to take advantage of a percentage of their mining stock, using China’s cheap hydroelectric power. According to the source, they could deploy up to 200K miners in different places within China, mostly new models like the S11 and S15, investing close to 80 million dollars just in mining equipment. This would be the first diversification attempt from Bitmain during this bear market.
BlockFi Clarifies Interest Rates for Crypto Accounts
BlockFi, the cryptocurrency lending fintech, revealed they will be offering a 6.2% interest rate to just the first 25 bitcoins of every account handled. From these 25 bitcoins and up, they will be only giving 2% interest, effectively creating tiered crypto accounts. They will also implement a withdrawal fee of 0.0025 BTC and 0.0015 ETH, according to a blog post on their official web page.
Bchd Adds Support for the May 15 Bitcoin Cash Update
Adds support for the May 15th network upgrade. The first official non-beta release of bchd! Thanks for all the hard work @ChrisPacia, and the Schnorr code reviews @MarkLundeberg! https://t.co/yZtmV12ak2
— Josh Ellithorpe (@zquestz) March 21, 2019
The new release of the bchd, a full Bitcoin Cash (BCH) node alternative software written in Go, is now out. This new version, identified with the number 0.14.0, added support for the pending BCH scheduled upgrade.
Some Stablecoins Could Be Securities, According to Crypto Czar
Valerie Szczepanik, called the SEC’s crypto czar, said last Friday some stablecoins could be indeed considered securities due to the ways they maintain pegs. There are three different kinds of stablecoins, and the ones that use some kind of algorithmic method to control price are the ones in the sights of the SEC.
AriseCoin CEO Pleads Guilty in Fraud Case
The CEO of AriseCoin, a cryptocurrency token project touted as the “first decentralized world bank,” plead guilty of securities fraud after taking more than $4 million dollars by defrauding and lying to investors. Jared Rice lied to his investors by saying they could offer traditional banking accounts, and also credit cards due to having a partnership with Visa. In reality, he did not fulfill any of these promises, and the invested money was allegedly spent for personal items.
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