Siacoin Company Settles With SEC, Morningstar to Rate Blockchain Assets, Tether Volume #1

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Siacoin creator Nebulous settled with the SEC for selling unregistered securities. Morningstar to bridge blockchain with debt securities. Mark Zuckerberg anticipated the rocky reception Libra would have, while the EU’s antitrust chief scrutinizes the project. Tether is the most traded coin on the cryptocurrency market, and Bakkt low daily trading volumes continue.

Siacoin Creator Nebulous Settled With the SEC for Selling Unregistered Securities


Nebulous, the company behind Siacoin, the decentralized storage network, reported a settlement with the US SEC due to issuing unregistered securities as part of their initial coin offering during 2014. The company agreed to pay a fine of $225K, almost double of the funds the company raised. However, declarations from Nebulous conveyed a kind of relief about how this all transpired, “The SEC did not take any enforcement action with respect to the Siacoin token… and the order does not require Nebulous to register the Siacoin token as a security with the SEC.”

Morningstar to Link Blockchain With Securities


Morningstar, a legacy asset rating agency, is planning to link the world of blockchain and securities by rating a number of instruments issued on blockchains for investments. “We’re working very closely with a number of blockchain-oriented firms who are looking to issue debt instruments on a blockchain,” said Morningstar Credit Ratings COO Michael Brawe, hoping to carry these DLT-based investment opportunities to the light.

Mark Zuckerberg Anticipated Libra Negative Reaction


While for some the negative reaction to Facebook’s Libra was a surprise, Facebook founder and CEO Mark Zuckerberg knew this was not going to be an easy task. According to leaked memos, Zuckerberg told employees in a meeting during July, “This is going to be a long road. We kind of expected this. This is what big engagement looks like.” This seems consistent with statements Zuckerberg gave recently to Nikkei, where he said they were now focused on doing things the right way, instead of going for a fast launch.

Tether Takes Trading Volume Crown From Bitcoin

Tether, the most popular stablecoin, is now also the most traded cryptocurrency in all of the cryptomarket, even over BTC. Tether trading volumes are 18% higher than BTC, according to CoinMarketCap, and they will keep growing, according to reports. Many cryptocurrency exchanges use Tether as real dollars without even telling customers, and they are using it without even knowing, according to Bloomberg. However, the company has not released a real audit in more than a year.

EU Antitrust Chief Reviewing Libra

Margrethe Vestager, the EU antitrust chief, declared they are scrutinizing Libra in a very profound way due to the power this project has to spawn its own economy. “It’s a new thing that we’ve begun to ask questions about something that doesn’t yet exist,” she declared, implying they are trying to see what kind of issues this could create in the future. Cryptocurrency regulators have been opposed to the launch of the project under the premise it could impact how banks use local currencies to enforce economic policies.

Bakkt Daily Volumes Reach 17 Bitcoins

Bakkt, the uber hyped physically-settled bitcoin futures platform, seems to have problems getting to its intended institutional audience. The daily volume traded recently was less than 20 bitcoins, a very low amount for an institutional bet of this kind. During its first week, Bakkt traded a little more than 600 Bitcoins, a very disappointing start that was blamed by JPMorgan for the cryptocurrency market dump.

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