TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Bitwise updates its Bitcoin ETF pitch to the SEC. New York’s BitLicense taken to court. Verizon receives blockchain SIM patent. UPbit delists privacy coins. Devcon5 after party is a BCH-ETH meetup to happen in Osaka. Cryptophyl releases HonestCoin (USDH) transparency report.
Bitwise Updates Bitcoin ETF Pitch for the SEC
Bitwise, the cryptocurrency index, decided to update its pitch to show the US SEC why their Bitcoin ETF proposal should be approved. In their new pitch, Bitwise explained cryptocurrency markets have improved vastly and are more efficient now than two years ago. Regulated futures markets have also grown exponentially since last August, with custody solutions being institutionalized. However, Bitwise will have to wait SEC’s final decision scheduled for October 13.
New York’s BitLicense Sued
The New York cryptocurrency and digital asset legal framework, the BitLicense, is going to the New York court of appeals due to its supposed illegality. Theo Chino and his lawyer Pierre Ciric believe the creation of such a framework was an overreach by the New York State Department of Financial Services. According to Ciric, regulators should concentrate on applying laws, not creating them, like the New York State Department of Financial Services did it with the BitLicense.
Verizon Receives Blockchain-Based SIM Patent
Verizon, one of the most important mobile carriers in the US, has been awarded a patent for using blockchain to create virtual SIMs. The patent would let Verizon use an original blockchain to activate and associate a device with a virtual SIM. The users would have to log in to their accounts to use their virtual SIMs on each network. The blockchain component would ensure the system is secure, and that only one vSIM is used in each device at a time, helping companies save costs in physical SIM production.
Korean Exchange Upbit Will Delist Privacy Coins
The South Korea-based cryptocurrency exchange UPbit announced it will delist six privacy coins on their platform. Customers who hold Monero, Dash, ZCASH, Haven, BitTube, or PIVX will have to withdraw their funds before next September 30. According to the notice, “the decision to end trading support for the crypto-asset was also made to block the possibility of money laundering and inflow from external networks.” OKEx, another Korean exchange also delisted privacy coins recently in response to new FATF regulations.
Cross BCH-ETH DEVCON 5 Meetup to Happen in Osaka
— Cheap Lightning (@CheapLightning) September 22, 2019
Meetups happen everywhere, and while they are quite fun, they mostly just concentrate people from a single cryptocurrency. However, the Devcon 5 conference after-party, partly sponsored by CoinSpice, will perhaps be the first dual cryptocurrency meetup of its kind. The event will happen in Osaka, Japan, and will have attendees from the local Bitcoin Cash scene and also programmers and assistants from the Ethereum Devcon 5 conference.
Cryptophyl Releases HonestCoin (USDH) Transparency Report
We are pleased to publish our Transparency Report, which outlines the steps we have taken to conduct due diligence on HonestNode, the company behind USDH. Read here: https://t.co/LoqnZBtOEU
— Cryptophyl (@cryptophyl) September 17, 2019
Cryptophyl, an SLP token exchange, released a transparency report for their latest listing, the USDH stablecoin, HonestCoin. The report collected information about the company behind HonestCoin, HonestNode, and concluded the company had the commercial relationships and solidity to support such a token, and it was transparent enough to be listed. According to their report, “this report summarizes the high standards that we will continue to uphold,” suggesting each currency on the platform will have to pass a similar scrutiny in the future.
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