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The SEC began investigating last year whether Tesla misled investors about its Model 3 car production problems and subpoenaed a parts supplier.
WSJ.com: US Business
Look out Donald Trump, while you’re not watching, China is quietly stealing a continent from you. And India may not be far behind.
CNN.com – RSS Channel – World
Tension was building Sunday afternoon in Washington, D.C., as a group of far-right demonstrators gathered for the so-called “Unite the Right II” march toward the White House and were met by dozens of law enforcement officers and hundreds of counterprotesters.
The rape allegation leveled against Backstreet Boys singer Nick Carter earlier this year has now hit the desk of the L.A. County D.A. … and they’re considering whether to file charges. Law enforcement sources tell us the case was submitted…
It’s out. The expected exposé from the New Yorker about CBS CEO Leslie Moonves has landed, and it could be big trouble for the Hollywood giant. In the lengthy story by Ronan Farrow, six women accuse the 68-year-old of sexual misconduct that stretches from the 1980s to more recent years….
Fortune magazine’s annual 40 Under 40 is out, recently published in print and online, highlighting leaders under forty years of age. This year, the cryptosphere is well represented by Ethereum’s Vitalik Buterin, Coinbase’s Brian Armstrong, and Robinhood’s Vlad Tenev. Wielding billions and billions in valuations, their average age is just a tender 30 years old. Slowly and methodically, crypto is making its way into the mainstream, coming of age.
Fortune’s 40 Under 40 Include Ecosystem Heavy Hitters
Fortune magazine’s 40 Under 40 list contains forty of the world’s most productive, interesting leaders under forty years old. “Whether they’re building companies worth billions of dollars,” the magazine explains, “carving a prominent niche in a Fortune 500 business, leading governments or winning Academy Awards, these listers are running fast and winning big.”
The 2018 iteration includes cryptocurrency heavies such as Ethereum’s Vitalik Buterin (24), Coinbase’s Brian Armstrong (35), and Robinhood’s Vlad Tenev (31). On making the cut, some were asked about keys to their success. Mr. Tenev of Robinhood, the free stock trading application which recently allowed users to trade crypto, emphasized writing things down.
“I write everything down: important decisions,” Mr. Tenev revealed, “my number-one goal for the day, to-dos, and miscellaneous thoughts. It helps me focus on what’s most important each day, not forget anything, and provides a nice look back at key moments and inflection points that can be good teaching moments for new employees down the road.” In only five years, Robinhood reached a reported $ 5.6 billion valuation.
Crypto is Coming of Age
Making Fortune’s list marks something of a crypto coming of age. The broader, mainstream financial community appears to be taking more notice of decentralized digital currency. It has taken nearly a decade, but with revelations about patent-seeking legacy corporations, futures markets, more talk of ETFs on the horizon, crypto has arrived.
Indeed, famed crypto bank and quasi-exchange, Coinbase has at its head a 35-year-old who believes in motivational language. CEO Brian Armstrong explains, “Everyday, I write down affirmations (what I aspire to be in the world) and my goals (if I only got three things done today, what would they be). Then I start on those three things, before looking at anything else like my inbox.” Coinbase has grown so fast; rumors are that it aims to be the ecosystem’s Google in terms of stature.
Vitalik Buterin, 24, a founder and the face of Ethereum, describes “his open-source blockchain platform Ethereum as a ‘world computer,’” Fortune notes. “The skinny visionary’s experiment, which began as a white paper, now has a market valuation of $ 48 billion, making it the second-most-valuable crypto network next to Bitcoin. Ethereum caught a lucky break this year when the SEC said it would not regulate ether, the network’s native coin, as a security. Rumor has it Google recently tried to hire Buterin to lead its own whispered crypto endeavors, but he declined.”
Has crypto arrived in the mainstream sense? Let us know in the comments section below.
Images via the Pixabay.
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Seiko Noda, Japan’s Minister for Internal Affairs & Communications, and Minister in charge of Women’s Empowerment, was questioned by the Japanese press on Thursday over her involvement with an unregistered cryptocurrency exchange, which was allegedly violating the Japanese fund settlement law.
It was revealed on Thursday that, on January 30, Noda’s secretary and aide allegedly invited an agent of the FSA and the representative of an unnamed unregistered cryptocurrency exchange operator to her parliamentary office. The said exchange operator was under investigation by the FSA for operating without registration, Jiji Press reported. The FSA had slapped the Tokyo-based company with a warning on January 12, saying it was suspected of violating the law.
Given Her Position as a Cabinet Minister, Noda Risked Being Accused of Exerting Pressure on a Government Investigation
“Because there has never been any administrative ties between this company and my office, I believe there is no exerting pressure on the front of this government investigation.” Noda told the press at the Ministry of Internal Affairs, on Thursday.
According to Noda, her secretary and aide solicited an FSA agent for general background briefing regarding crypto exchanges’ legal framework and organized a meeting at her parliamentary office with an acquaintance who represented the company. Noda said she was not present at the meeting. The unnamed company was under government investigation on suspicion of violating the fund settlement law at the time, but Noda’s team claims it was not aware of that fact. An FSA official visited Noda’s office at the Diet members’ building on January 30 to explain Noda’s aide and the representative of the company under investigation the FSA’s positioning on regulations concerning funds raising by issuing cryptocurrency and other matters.
A senior agency official noted that the request from Noda’s office for a briefing could be interpreted as pressure. “A public servant will likely take it as pressure if an aide to a sitting Cabinet member calls for a meeting in which an employee of a company the agency is looking into is also present,” the official was quoted saying to Asahi newspaper.
Noda told reporters that she hasn’t received any political contribution, nor had she made any investment with the company. “I promise I will take more prudent responses in the future.” She added.
The company, which began dealing in its own cryptocurrency in October 2017, received administrative guidance in February 2018 not to continue selling cryptocurrencies.
The Amended Settlement Act
Japanese lawmakers amended the Act on Settlement of Funds in May 2016 to regulate businesses handling virtual currencies. This law was amended after Mt. Gox went bankrupt in Japan in February of 2014 due to the misappropriation of customers’ assets by its operator.
In response to these background events, Japanese lawmakers enacted the Amended Settlement Act with three pillars of regulation as follows:
- Registration requirements on virtual currency exchange business in Japan;
- Regulation against money laundering and terrorist financing; and
- Introduction of rules to ensure customer protection.
What do you think of this Minister’s implication in government investigation into the crypto exchange operator? Share your thoughts in the comments section below!
Images courtesy of Jiji Press and Japan Times.
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The post Japanese Minister Denies Ties to Unregistered Crypto Exchange Under Investigation appeared first on Bitcoin News.
The self-regulatory inspection of South Korean cryptocurrency exchanges is complete. Fourteen out of 23 exchanges agreed to be inspected. Twelve met the self-regulatory standards despite security flaws, raising questions of how effective the inspection is.
12 Exchanges Pass Security Checks
The Korea Blockchain Association (KBA) held a press conference Wednesday to announce the results of its inspection of cryptocurrency exchanges operating in the country. The Association “gave a nod to the cybersecurity standards of 12 cryptocurrency exchanges,” the Korea Herald reported.
The KBA has been heavily promoting self-regulation since its establishment last year. Out of 23 members that are crypto exchanges, 14 of them voluntarily agreed to be inspected. According to the news outlet:
Exchanges that gained self-regulatory affirmation were 12 out of 14: Dexko, Hanbitco, Okcoin Korea, Huobi Korea, Bithumb, Upbit, Neoframe, Gopax, Cpdax, Coinzest, Korbit and Coinone. Operators of the other two — Sunny7 and Komid — withdrew from the KBA-led inspection.
The inspection was conducted “through interviews by third-party experts authorized by KBA in June and July,” the publication noted, emphasizing that a “hacking simulation on the exchanges did not take place.”
Nonetheless, the association said the 12 exchanges met “general standards” such as “minimum total assets, adoption of a cold wallet, anti-money laundering requirements and dozens more.” They also met “the criteria for cybersecurity standards, which the association referred to as minimum requirements.”
Association Criticized for Poor Screening
Following the KBA’s announcement, some industry participants pointed out major flaws in the inspection.
The association has come “under fire for poor screening of cryptocurrency exchanges,” the Korea Times wrote, emphasizing that “the KBA even extended its one-month inspection to two months to allow sufficient time for underprepared exchanges, inviting criticism for carrying out an inspection in name only.”
Furthermore, “It is pointed out that even though hacking incidents at virtual currency trading sites have occurred recently, all trading sites have passed the screening,” Money Today wrote, suggesting that the inspection was ineffective. Last month, Coinrail and Bithumb were hacked.
The news outlet quoted an industry source asserting, “it is doubtful that all of them have passed [the inspection],” noting that “the fact that the scores of the detailed evaluation items are not disclosed for each trading site is also a cause of doubt in the examination results.” The Korea Times elaborated:
The KBA did not disclose a detailed score or security rating of each cryptocurrency exchange, casting doubt about the fairness of the inspection. The KBA said the disclosure could trigger another cyberattack on domestic exchanges with weaker security firewalls.
The chairman of the association, Jeon Ha-jin, even “indirectly admitted the group’s inspection may have loopholes,” according to the news outlet.
He was quoted explaining, “This inspection does not guarantee the absolute safety of the 12 exchanges,” noting that “The result indicates the 12 exchanges satisfy the minimum requirement for their operations. It is like a driver’s license. It is hard to tell whether they are good drivers or not.”
The chairman also declined to elaborate on a “huge gap in the level of handling cybersecurity risks between the 12 exchanges,” the Korea Herald conveyed.
The announcement by KBA came just days after the Korean government revealed its analysis of hacking incidents in the country. The government has been criticized for not doing enough to prevent hacking damages since three of the 31 exchanges it inspected were hacked, causing damages of about 110 billion won (~US$ 98 million).
What do you think of this self-regulatory inspection and standards? Let us know in the comments section below.
Images courtesy of Shutterstock.
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The post Only 12 out of 23 Korean Crypto Exchanges Pass Probe – Inspector Under Fire appeared first on Bitcoin News.
A 4-year-old Georgia boy found a gun hidden inside his house and shot himself in the head with it, according to a newly released sheriff’s report, per the AP . Justin Foss Jr. was pronounced dead Saturday morning after the shooting at his Augusta residence, Richmond County Chief Deputy Coroner Kenneth…