Coinbase Acquires Financial Firms in Move to Become a Regulated Broker-Dealer
The world’s biggest cryptocurrency trading platform is one step closer to becoming a fully compliant broker-dealer under US SEC securities laws. This week, Coinbase announced its acquisition of securities dealer Keystone Capital Corp., Venovate Marketplace, Inc., and Digital Wealth LLC. These buyouts come alongside its acquisition of a broker-dealer license, an alternative trading system license, and a registered investment advisor license. While its status as a broker-dealer is “pending approval by federal authorities,” the company believes it “will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).” In addition to this, Coinbase went on to tweet that if this was to be approved by the SEC and FINRA this will enable Coinbase on a path to offer services like crypto-securities trading, margin and over-the-counter (OTC) trading, and new market data products.
US SEC Chairmans Thoughts on Cryptocurrencies as securities
U.S. Securities and Exchange Commission (SEC) chairman Jay Clayton stated during an interview with CNBC that the SEC wouldn’t be bending the rules anytime soon when it comes to cryptocurrencies and that while bitcoin remains a commodity, all initial coin offering (ICO) tokens or coins offered through a fundraising process classify as securities. Interview found at : https://www.youtube.com/watch?v=wFr1ooaVPjY
EOS Experiences Growing Pains
One of the most highly anticipated currency launches of the year has had some trouble getting off the ground. Following a lengthy ICO, EOS launched earlier this month. In recent days, and with the development team purposely remaining uninvolved, investors in the currency have worked to determine who will manage the code and how the currency’s ecosystem can be taken live. The EOS blockchain launch has been confirmed for launch at 1PM UTC time today (09/06/18) ,with a unanimous decision amongst voters. The Mainnet is now in the process of being launched, with a live feedprovided by EOS Authority counting down the seconds to activation.
Bitcoins price analysis:
Bitcoin moving sideways throughout the week opened @ $7700 had failed to break and close above $7750 on two occasions with a low of $7360. As we know in the crypto world not much movement happens over the weekend. If either key levels $8000 (upside) and $7100 (downside) were to be tested, broken and closed above/below we could potentially see either heavy bullish or bearish momentum on bitcoin. So please keep an eye out for this going into the week ahead.