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The governor of New Jersey signed a bill to create a governmental task force for researching state-beneficial blockchain technology. Governor of New Jersey Phil Murphy recently signed bill S2297, which is an act to create a so-dubbed New Jersey Blockchain Initiative Task Force. The purpose of the task force is purportedly to study blockchain solutions for the benefit of the state. The news that Murphy passed this bill comes by way of an announcement on the official site of the state of New Jersey on Aug. 8. According to the press release, the taskforce will study the risks and rewards related to blockchain and distributed ledger technology; public blockchains, private blockchains and consensus algorithms; current projects and use cases around the world and their potential within the state; and what laws could be changed for secure and paperless recordkeeping. Task force will compile six-month reportThe task force will contain 14 members who are appointed by officials in various positi..
The New York State Assembly appointed six members to its Digital Currency Task Force. Joseph Lubin and a Microsoft rep. are just some of those on the list... In late July of 2019, the New York State Assembly appointed six members to its Digital Currency Task Force, claiming to be the first state-drafted crew across the United States to deal with cryptocurrencies and blockchain. While it is unclear if the influx from Facebook's Libra has hastened the NY legislators to assemble the team, the first reports from the Digital Currency Task Force are expected to arrive not sooner than the very end of 2020. The Digital Currency Task Force’s initial lineup, goals and deadlinesDespite the recent appointments, the crypto task force isn’t fully formed yet. It will consist of 13 members, six of whom have been appointed by the Assembly, while the remaining seven will be selected by Gov. Andrew Cuomo. Previously, it was announced that the Assembly would appoint just three instead of six members..
New York state lawmakers have appointed six experts from various fields to the New York State Digital Currency Task Force, which was created to provide regulatory insight. Legislators from the New York State Assembly have appointed six members to the New York State Digital Currency Task Force. In a video announcement on July 22, Assembly member Clyde Vanel announced six appointments to the group, which is tasked with investigating and making regulatory recommendations regarding digital currencies and blockchain technology. The task force will consist of 13 members, six of whom are appointed by the Assembly, while the remaining seven will be appointed by the governor. The six appointed on July 22 include Ethereum co-founder Joseph Lubin, the CEO of the Global Blockchain Business Council, Sandra Ro; Yaya Fanusie, an adjunct fellow at the Foundation for Defense of Democracies; co-founder of Blockchain @ Microsoft Yorke Rhodes; Ryan Zagonne, the director of regulatory relations at Ripple..
Patrick McHenry warned lawmakers that they would ultimately fail if they attempted to control decentralized cryptocurrencies. Bitcoin’s (BTC) plight in Congress has seen attention focus mainly on naysayers, but this week’s hearing also saw United States politicians accept it was always beyond their control. ‘Governments cannot stop this innovation’During testimony on July 17, U.S. Congressman Patrick McHenry, who represents North Carolina’s 10th District, told lawmakers directly that attempts to stop Bitcoin were futile. “The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force,” he said. McHenry runs in sharp contrast to other Congressmen making the headlines over Bitcoin, with Brad Sherman again gaining the spotlight after making dubious claims about cryptocurrency’s role in crime. Others broadly failed to draw a distinction between Bitcoin and permissioned digital currencies, specifically Facebook’s Libra project..
While some trading bots have gained popularity among crypto enthusiasts, others have been used by unregulated exchanges for nefarious means. Trading bots have become a staple of today’s markets — especially in the 24-hour cryptocurrency industry. But while some have gained popularity by enabling enthusiasts to execute their strategies automatically and keep on top of the latest trends, others have caused controversy by manipulating prices using methods that would break the law on regulated exchanges. For everyday crypto consumers, knowing the difference can be crucial. Bad bots are often involved in a practice known as “wash trading,” which sees buy and sell orders being placed simultaneously in order to distort true levels of activity in the market. As reported by Cointelegraph in March, one alarming study by Bitwise Asset Management suggested that 95% of reported volumes on unregulated exchanges appears to be fake or noneconomic in nature. Wash trading is the type of unethical behav..
The U.S. House Financial Services Committee has passed a resolution to form the Task Force on Financial Technology. The United States House of Representatives Financial Services Committee has passed a resolution to form the Task Force on Financial Technology, according to a press release by the committee on May 9. The new task force purports to “examine the current legal framework for fintech, how fintech is used in lending and how consumers engage with fintech.” Congressman Stephen Lynch (D), the newly appointed chair of the Task Force on Financial Technology, commented in a press release on the need for the committee to reevaluate how to best protect consumers using new fintech: “The lives of consumers are changing with user-friendly financial service apps but these emerging technologies come with vulnerabilities and the need to reevaluate our consumer protection standards.” Some noted crypto-friendly representatives such as Warren Davidson (R) and Tom Emmer (R) will be joining the ..
The South Korean Supreme Prosecutors' Office has announced the establishment of a task force to fight crypto-related crimes. The South Korean Supreme Prosecutors' Office (SPO) has announced the establishment of a task force to fight cryptocurrency-related fraud and crimes. The development was reported by the Korean Broadcasting System (KBS), one of the largest national public broadcasters, in an article published on Tuesday, March 5. The new task force will be responsible for the investigation — under the SPO’s authority — of fraud, illegal money laundering, crimes and other illegal activities within the fields of fintech and cryptocurrency. The decision to create a special task force is a response to the significantly increasing number of fraud cases and crimes related to the cryptocurrency industry, KBS reports. According to the country’s Financial Supervisory Service, the number of reported fraud cases and counterclaims related to cryptocurrency investments has increased ..
State senators have the option to remove some blockchain businesses from money transmitter requirements. Utah became the latest United States state to consider special treatment for blockchain in a bill set to be heard today, March 4, concerning the definition of the technology. First presented by Republican senator Daniel Hemmert on Feb. 25, the “Blockchain Technology Act,” also known as Bill 0213, aims to exclude blockchain businesses from money transmitter compliance obligations. “This bill […] defines and clarifies terms related to blockchain technology [and] exempts a person who facilitates the creation, exchange, or sale of certain blockchain technology-related products from Title 7, Chapter 25, [of the] Money Transmitter Act,” the text of the bill reads. The plans are currently before the Senate Transportation, Public Utilities, Energy, and Technology Committee. In addition to altering the law regarding blockchain firms, Hemmert also wishes to create a dedicated task force focu..
The Enterprise Ethereum Alliance will form a “token task force” in the first half of 2019 to contribute to entreprise tokenization. The Enterprise Ethereum Alliance (EEA), global blockchain community with over 500 members, will launch a “token task force” in 2019, EEA confirmed to Cointelegraph in correspondence on Feb. 13. The executive director of the EEA, Ron Resnick, said that the task force is still at the design stage and is scheduled to launch in the first half of this year. “We are creating a token task force; we will do that first half of this year,” Resnick stated, adding: “It’s going to be focused on support for fungible ERC-20 and non-fungible, ERC-721 tokens.” Resnick hopes that the new initiative will contribute to entreprise tokenization and build public confidence in crypto. Moreover, the group will reportedly focus on the issue of interoperability between different blockchains. The EEA, according to its website, is a organization focused on creating standards to help ..
Venezuela releases new rules on crypto assets, which include obligatory registration for all crypto exchanges and miners. Venezuela’s new crypto bill, which establishes а legal framework for the industry, officially came into force on Jan. 31. The decree was published in the government’s official media outlet, Gaceta Oficial. The set of rules for miners, crypto entrepreneurs and regular traders was initially approved by Constituent National Assembly — an alternative to the country’s Parliament, created in 2017 — in November, 2018. The document titled “Constituent Decree on the Integral System of Crypto Assets” contains 63 articles. It gives short definitions of key crypto terms, such as crypto assets, blockchain, mining, cryptography, etc. It introduces the concept of a sovereign crypto asset — any currency issued in Venezuela and authorized by the government. The decree also establishes obligatory licenses for mining entities and crypto exchanges, and introduces fines for unlicensed ..
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