Arrington XRP Capital Fund received a subpoena

A total of 80 firms have already got SEC subpoenas
03 March 2018   171

It is reported by CNBC that Michael Arrington's $100 mln worth cryptocurrency hedge fund received a subpoena from US SEC on Friday, March 2. This fact is yet another confirmation of the ongoing scrutiny in the cryptocurrency industry. Despite the subpoena nature, this news is not disrupting at all as long with Arrington's fund, other funds receiver the same subpoenas. The regulations are clearly on the way, and TechCrunch founder stressed his willingness to comply to the coming regulations,

That's fine. They [the SEC] just have to figure out what they want. They need to set up rules so we can all follow them, and the market is begging them for that.


Michael Arrington

Founder, XRP Capital Fund

But for the time being the content and the spirit of the regulations are yet to be known. And the stalling is not helping at all. The lack of details on the crypto-specific regulations has led some US based projects to move out of the country elsewhere - a rather unbecoming sign.

It's a shame: the U.S. has just frozen itself.


Michael Arrington

Founder, XRP Capital Fund

To remind the readers, earlier in February SEC has declared all ICOs to be regarded as securities.

Blockchain roundtable organized in Japan

Japan`s regulator, Financial Services Agency (FSA) has opened some details of the closed-doors roundtable
21 March 2018   94

This meeting was arranged for regulators and central banks from many countries and it was connected with a wide multilateral joint research project on blockchain technology. The private conference was held on March 8 and 9, then FSA confirmed its report on Monday.

The financial regulators and central banks from a number of countries met Japanese and foreign academic institutions at the FSA-hosted roundtable. The representatives of the central banks of Singapore, Canada and Japan faced the financial regulators from the UK, France, Abu Dhabi, Hong Kong and the Australian security regulator. They discussed their points of view on the possibilities and disadvantages of the public (open) blockchain technology.

The FSA declared that the roundtable should definitely reveal the blockchain`s peculiar risks and opportunities. Also this financial regulator constantly researches possible weak spots of the public blockchain technology, relevant questions of its security and technical perspectives.

The list of subjects which were discussed at the roundtable includes the “Blockchain innovation and responsible user protection”, “Potential of blockchain”, “Blockchain tests and use cases - jurisdictional Proof of Concept” among others.

The FSA added that despite many details of the closed-door discussion stay under wraps, some common positions and challenges may be shared with the public while agreed upon by all the participants.

The banking market in Japan is aimed to be the largest consumer-end implementation of blockchain tech through a consumer payments application powered by Ripple. Therefore the largest central banks in the world were told cryptocurrencies “do not pose risks to global financial stability” during the ongoing G20 summit in Argentina by the international Financial Stability Board.