Krypto waluta bitcoin miner
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- Cryptocurrencies and US securities laws: beyond bitcoin and ether
- Cryptocurrency and Blockchain
- Goldman Sachs says bitcoin will compete with gold as "store of value"
- Shiba Inu osiąga ogromne wyniki. Właściciele kryptowaluty stali się milionerami
- Dzisiejsze ceny kryptowalut według kapitalizacji rynkowej
Cryptocurrencies and US securities laws: beyond bitcoin and ether
June 17 Over the past decade, cryptocurrency has evolved from an anonymous white paper circulated among a small group of cryptography enthusiasts into a several-hundred billion dollar industry. With limited congressional direction thus far, state and federal regulators are faced with the daunting task of navigating through the complex legal and policy issues posed by this novel technology, including fundamental questions of jurisdiction and the applicability, and appropriateness, of existing regulatory frameworks.
Prominent among the federal cryptocurrency regulators is the US Securities and Exchange Commission SEC , which has become active in the space in recent years as the flood of retail investors into the cryptocurrency markets and the proliferation of initial coin offerings ICOs have prompted concerns of fraud, market manipulation and a lack of prudential oversight. While other agencies have asserted overlapping jurisdictional claims , the SEC has taken the position that some cryptocurrencies are securities and thus fall within its regulatory purview.
However, the SEC has prudently recognised that the application of the securities laws to cryptocurrencies may not be warranted in every instance. Senior SEC officials have made public statements that bitcoin and ether, the two largest cryptocurrencies by market capitalisation, are not securities. Much like bitcoin and ether, XRP is a digital currency supported by a distributed ledger that uses cryptography to store and transfer assets. Ripple today utilises XRP to address liquidity challenges faced by financial institutions, including high transaction fees, long processing times and the need for third-party monitoring interposed by traditional clearinghouses and settlement mechanisms.
Unlike the blockchain protocols that support many other popular cryptocurrencies, the XRP Ledger does not reward network participants for validating transactions on the ledger with coins a process known as mining. In the absence of mining, XRP cannot be generated by third parties. While these differences enable XRP to better serve its intended purpose as a liquidity tool and settlement mechanism, they do not fundamentally set XRP apart from its peers from a legal and regulatory perspective.
The SEC has taken the position that certain cryptocurrencies are 'investment contracts' within the definition of 'security' under the Securities Act of and the Securities Exchange Act of In the landmark SEC v.
Howey Co. In addition, while not dispositive from a legal perspective, the SEC has issued guidance building upon the Howey framework in the context of digital assets i. Even if XRP were to satisfy one or two of the prongs of the Howey test, it does not satisfy all the factors such that XRP is an investment contract subject to regulation as a security. The first prong of the Howey test an investment of money has received little attention.
This is unfortunate because it has particular relevance. The Supreme Court chose the specific word 'investment' over alternatives such as 'expenditure'. While one could argue that many outlays of money constitute an 'investment', the common understanding of the term 'investment' is the transfer of something of value in exchange for a future return rather than a present one.
Yet, XRP cannot be an investment contract as there is no contract or arrangement to speak of between Ripple and the overwhelming majority of XRP holders. To the contrary, the contracts that Ripple has entered into explicitly exclude general XRP holders as third-party beneficiaries. While the Supreme Court has never held that an investment contract requires a formal agreement, case law and the economic reality of these transactions do not support the assertion that there is somehow a contractual or other relationship between Ripple and members of the general public that acquire XRP on the secondary market.
The mere fact that an individual holds XRP does not create any relationship, rights or privileges with respect to Ripple any more than owning ether would create a contract with the Ethereum Foundation, the organisation that oversees the Ethereum architecture.
However, even if a relationship were to exist between XRP holders and Ripple and the purchase of XRP were to constitute an investment, XRP still cannot be considered an investment contract as it does not satisfy the remaining prongs of the Howey test.
See also: Banks are slow to embrace crypto and blockchain. In determining whether there is a common enterprise under the Howey test, federal courts have required there to be horizontal or vertical commonality between the parties. Horizontal commonality focuses on the relationship between investors in an economic venture. Though broad price fluctuations uniformly affect those who hold XRP, the currency is not pooled in any sense, much less by Ripple or another central party.
Further, as discussed above, ownership of XRP does not, and does not purport to, give the holder any rights with respect to Ripple and a holder of XRP is not entitled to share in the profits and losses of Ripple.
See also: Crypto community has questions for SEC's 'safe harbor'. Vertical commonality examines the relationship between the investor and the promoter. While circuit courts are split between broad and narrow approaches, vertical commonality generally requires the fortunes of the investor to be linked with those of the success of the promoter.
Unlike equities and other traditional securities, XRP does not represent an interest in Ripple and the performance of Ripple has no bearing on the price of XRP. This separation can be observed in the price of XRP, which historically has been unresponsive to Ripple developments and instead generally has tracked broad movements of other cryptocurrencies like bitcoin and ether. If there is neither horizontal nor vertical commonality, XRP cannot be a common enterprise and therefore cannot be a security under Howey.
The expectation of profits derived from the efforts of others must be reasonable. Ripple has not marketed XRP as an investment product, nor has it promised XRP holders any sort of profit or return on investment.
To the contrary, Ripple has repeatedly emphasised the functionality of XRP as a liquidity tool and a settlement mechanism. The fact that certain parties may acquire XRP with the hope that it may appreciate in value cannot be dispositive as the same is equally true of the large number of bitcoin and ether speculators. With respect to XRP, purchasers cannot reasonably rely on the efforts of Ripple as the XRP architecture is fully autonomous and exists entirely independently of Ripple.
That market participants recognise the separation between XRP and Ripple is evidenced by the fact that the price of XRP is generally unresponsive to developments regarding Ripple and instead follows the movements of other cryptocurrencies. Though Ripple maintains a sizable stake of the XRP supply and certainly has a pecuniary interest in the value of its holdings, it is not enough to suggest that a mutual interest in the value of an asset gives rise to an expectation of profits as contemplated by Howey.
In light of Ripple not marketing XRP as an investment and the autonomy and relative immutability of the XRP Ledger, there is no reasonable basis for purchasers to expect profits derived from the efforts of Ripple, and thus XRP does not meet each of the prongs of the Howey test. If bitcoin and ether are sufficiently decentralised, the case for decentralisation of XRP is even stronger. While decentralisation is an inherently difficult concept to quantify, director Hinman cited a number of factors that the SEC may consider in making this determination, including several analogous to the Howey elements already discussed above.
However, even though Ripple holds a large stake of XRP in escrow and funds its operations through the sale of XRP as well as the sale and licensing of software , this is no different than bitcoin or ether miners selling mined tokens or the Ethereum Foundation using its ether holdings to develop and support the Ethereum architecture.
See also: Why capital markets should embrace blockchain. The third and final consideration is whether there are persons or entities other than the promoter that exercise governance rights or meaningful influence. There are no third parties that exercise governance rights or meaningful influence over XRP. In recent years , the SEC has begun to explore the concept of 'utility tokens', digital assets that represent a right to a product or service offered by the issuer.
In certain circumstances, the agency has taken the view that utility tokens do not represent an investment contract and has allowed ICOs of utility tokens to proceed without registration under the Securities Act.
In concluding that the utility tokens were not securities, the SEC cited the following factors in both no-action letters: i the network, platform and applications on which the tokens exist were fully developed and operational at the time of issuance and funds from the sale of tokens would not be used for development of the foregoing; ii the tokens were immediately useable at the time of sale; iii the tokens were restricted to the network and could not be transferred to external wallets; iv the value of the tokens was fixed at a pre-determined rate and represented a corresponding obligation by the issuer or other parties on the platform to provide services in the value of such amount; v tokens could only be repurchased by the issuer at face value, and vi the tokens were marketed in a manner that emphasised their functionality and not the potential for appreciation in value.
In addition, the no-action letter issued to Pocketful of Quarters specifically noted that service providers were subject to initial and ongoing anti-money laundering AML and know your customer KYC checks and that service providers were able to liquidate the tokens for ether at a predetermined exchange rate. ODL enables banks, financial institutions and payment providers to utilise XRP as a bridge-asset for fiat transactions by providing near-instantaneous liquidity. Instead of transacting through a currency exchange, clearinghouse or other financial intermediary, the sender converts the payment into XRP and transfers the XRP across the XRP Ledger to the receiver, who can then liquidate the XRP on an exchange for local currency.
See also: Uncertainty hangs over Indian crypto community. Both the network XRP Ledger and the platform ODL are currently fully functional and developed such that Ripple does not need to use the sale of XRP for further development and accordingly, the tokens XRP are immediately useable at the time of acquisition. Throughout the transaction, the value of XRP is essentially fixed, though it is possible that there may be price fluctuations during the few seconds that it takes for the transaction to complete.
Ripple has also marketed XRP with respect to ODL in a manner that emphasises its functionality secure and near-instantaneous liquidity without the transaction fees or delays imposed by traditional financial intermediaries and has not marketed XRP as an asset that may appreciate in value, though the latter half of this factor is moot given the limited time during which the counterparties hold XRP by design.
In addition, Ripple also conducts due diligence on its customers. As discussed above, XRP fundamentally falls outside of the definition of an investment contract under the Howey test. Moreover, there is strong evidence that the specific use of XRP for ODL constitutes a utility token and, in this capacity, should not be subject to regulation as a security.
This is no less true for XRP as it is for bitcoin or ether, which the SEC has explicitly stated fall outside the definition of a security. The increased adoption of XRP as a medium of exchange and a form of payment in recent years, both by consumers and in the business-to-business setting, further underscores the utility of XRP as a bona fide fiat substitute. For help please see our FAQs. Instant access to all of our content. Membership Options 30 Day Trial. No investment of money The first prong of the Howey test an investment of money has received little attention.
See also: Banks are slow to embrace crypto and blockchain No common enterprise In determining whether there is a common enterprise under the Howey test, federal courts have required there to be horizontal or vertical commonality between the parties. See also: Crypto community has questions for SEC's 'safe harbor' Vertical commonality examines the relationship between the investor and the promoter. See also: Why capital markets should embrace blockchain The third and final consideration is whether there are persons or entities other than the promoter that exercise governance rights or meaningful influence.
A utility token for liquidity In recent years , the SEC has begun to explore the concept of 'utility tokens', digital assets that represent a right to a product or service offered by the issuer. If not a security, then what? Willkie is counsel to Ripple on certain matters and relied on certain factual information provided by Ripple in the preparation of this article.
Cryptocurrency and Blockchain
Dominacja Bitcoina wynosi obecnie Ninja Fantasy Token. Witamy na CoinMarketCap. Nie, nie podajemy listy wszystkich kryptowalut na CoinMarketCap. Initial Coin Offering. Biggest Gainers.
China has been a dominant power in cryptocurrency mining. Comprised of decentralized networks, blockchain technology is not overseen by a central authority. Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology. These then must be approved by a disparate network of individual nodes computers that maintain a copy of the ledger. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years. Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another.
Goldman Sachs says bitcoin will compete with gold as "store of value"
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Shiba Inu osiąga ogromne wyniki. Właściciele kryptowaluty stali się milionerami
El Salvador plans to construct a "Bitcoin City" near a volcano that will be funded by the cryptocurrency, the country's President Nayib Bukele announced Saturday. The city will have residential and commercial areas, services, entertainment, restaurants and an airport and will be built near Conchagua volcano in south eastern El Salvador. Construction will begin in and the city will have no taxes except from value added tax VAT. In June, El Salvador passed a law making it the first country in the world to accept bitcoin as legal tender. But not all of its population is on board with the move.
Dzisiejsze ceny kryptowalut według kapitalizacji rynkowej
An award-winning team of journalists, designers, and videographers who tell brand stories through Fast Company's distinctive lens. The future of innovation and technology in government for the greater good. Leaders who are shaping the future of business in creative ways. New workplaces, new food sources, new medicine--even an entirely new economic system. Bitcoin—and the cryptocurrency industry as a whole—plunged this year, after a gravity-defying surge in recent years. And then in early , it began to fall. So what happened?
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Konstantin Anissimov, dyrektor wykonawczy w CEX. Wysoce oczekiwana aktualizacja Ethereum 2. ETH 2. Bitcoin has shown a significant upward trend lately. In mathematical terms, Bitcoin has a higher return than stocks and gold. All Bitcoin Hodlers will be happy right now, because the king of cryptocurrencies is rising and rising.
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