Coinbase and Bittrex spoke about Bitcoin Gold

Two popular cryptocurrency related companies voiced their positions on upcoming Bitcoin hardfork; continue reading to learn more
22 October 2017   3419

Coinbase and the Bittrex exchange statements that speak about their positions on upcoming Bitcoin Gold hardfork.

The Bitcoin Gold development team is headed by the CEO of LightningASIC (Hong Kong mining firm) Jack Liao, and it is expected that the separation of BTG from the original bitcoin chain will occur on October 25. However, as said in the Coinbase' statement, privat fork has already occurred, while only the Bitcoin Gold team knows when exactly this happened.

The California company emphasizes that in the first place are the interests of customers and the safety of their funds.

At this time, Coinbase cannot support Bitcoin Gold because its developers have not made the code available to the public for review. This is a major security risk.
 

Coinbase statement

The company also says that its priority at the moment is the addition of support for Segwit2x. At the same time, it will continue to monitor the developments around Bitcoin Gold, and if this chain turns out to be safe and valuable, the company may reconsider its decision in the future.

As for the coins that will appear as a result of the hardfork, Coinbase, as well as the GDAX exchange in its structure, all of them will be saved, but users will be able to access them only if appropriate support is added.

What about Bittrex?

In the meantime, the Bittrex administration also made a statement regarding Bitcoin Gold, while it was more stringent.

At this time, the information and codebase presented by the Bitcoin Gold team is not in a functional state and Bittrex will not commit to opening a Bitcoin Gold trading market.
Bitcoin Gold intends to perform a wallet balance snapshot at Bitcoin block 491,407 but the actual Bitcoin Gold network will launch publicly at a later undetermined date and time (the only guidance is the statement "after the launch on Nov 1").
 

Bittrex statement

Also, Bittrex stressed out that at the moment, Bitcoin Gold doesn't have:

  • Fully formed consensus code
  • Implemented replay protection
  • Adequate code for testing and auditing
  • Publicly known code developers

Thus, the exchange notes, Bitcoin Gold does not meet the established safety criteria, while the removal of a copy of the users' balances at the time of the fork requires more than 24 hours of preparation and implies a stoppage of deposits and withdrawal of funds. The last will be done on Tuesday, October 24 at 10:00 UTC, however, trading on the exchange will continue in normal mode.

Bittrex also plans to "take all reasonable steps" to accrue users of the BTG coin, but until it is a fully supported wallet, it can not guarantee this.

Afterwards, Bittrex released new statement update, were it says that users who have BTC on their balances will receive an equivalent number of BTG coins in a 1: 1 ratio as of 10:00 UTC on October 24 (block 491,407).

US Crypto Companies to Support TON in Case With SEC

The Blockchain Association said Telegram taken sufficient measures to ensure that the Gram token offer met SEC requirements
23 January 2020   122

The Blockchain Association, which combines companies such as Coinbase, Circle, 0x and Ripple, issued an expert opinion as part of the ongoing proceedings of the US Securities and Exchange Commission (SEC) with Telegram.

Previously, the Digital Commerce Chamber launched a similar initiative. The blockchain association, however, was more straightforward and stated that Telegram had taken sufficient measures to ensure that the Gram token offer met SEC requirements. According to members of the organization, the actions of the SEC can damage not only Telegram, but the market as a whole.

The Court should not block a long-planned, highly anticipated product launch by interfering with a contract between sophisticated private parties. Doing so would needlessly harm the investors that securities laws were designed to protect.

 

The Blockchain Association

The Blockchain Association notes that for many years it has not been possible for SEC to obtain clear and unambiguous guidance for conducting activities in the cryptocurrency space, while the claims of the regulator make the current situation even more ambiguous. 

The SEC’s lawsuit also raises novel questions regarding whether companies are forbidden from raising funds from sophisticated U.S. investors, under well-established regulatory provisions, to build blockchain networks.

 

The Blockchain Association

They cite examples of startups TurnKey Jet and Pocketful of Quarters, in respect of which the regulator recommended not to apply legal measures, adding that such litigations inevitably involve high costs and do not guarantee industry participants that they will not be prosecuted in the future.

Telegram discussed its plans with SEC staff for a year and a half, provided copious information and responded to limited feedback by adjusting the design of its transaction. Yet, at the end, the SEC has sued, and the SEC’s briefs thus far say nothing about the substance of those discussions. 

 

The Blockchain Association

In conclusion, the group asks the court to “reject the SEC’s arguments that the not-yet-in-existence Grams were securities at the time of the Purchase Agreements.”