Nasdaq to Delist Long Blockchain Stock

The firm announced the exchange's decision on Tuesday, sending the stock price down more than 37.14%
12 April 2018   448

Shares of Long Island Iced Tea, whose price jumped in December after the company's renaming to Long Blockchain, is waiting for Nasdaq delisting this Thursday. This is reported by CoinDesk.

The company unveiled the decision of the stock exchange on Tuesday, along with the price of its shares fell by 37% and reached $ 1.10. Long Blockchain shares were traded just below $ 10 in December.

In February, Long Blockchain announced its intention to challenge the decision shares delisting, but its efforts were not successful.

The Company appealed this determination and a hearing was held on March 22, 2018. Following this appeal, the Hearings Panel determined to uphold the Staff's decision. Accordingly, trading of the Company's shares will be suspended on the Nasdaq Capital Market at the opening of business on April 12, 2018.
 

Long Blockchain Statement

The possible delisting of Long Blockchain became known in October last year. According to the requirements of the trading platform, the market capitalization of the company's shares should stay above the level of $ 35 for 10 consecutive working days. At the time of publication, the capitalization of LBCC is about $ 11 million.

In February, Nasdaq issued a repeated warning, simultaneously suggesting that Long Blockchain was not completely honest with its investors.

The notification letter stated that the staff believed that the Company made a series of public statements designed to mislead investors and to take advantage of general investor interest in bitcoin and blockchain technology, thereby raising concerns about the company's suitability for exchange listing. The company strongly disagrees with the staff's determination and, accordingly, has appealed to a Hearings Panel.
 

Nasdaq Statement

According to the latest announcement, Long Blockchain is not going to give up its plans, including the purchase of a British company.

US Congressman to Call for Crypto Ban

As reported, Brad Sherman has called for a blanket ban on cryptocurrency buying
19 July 2018   77

American authorities should ban cryptocurrencies and mining. Such a statement on was made by Congressman Brad Sherman during the hearings of the Committee on Financial Services at the US House of Representatives, CoinDesk reports.

According to Sherman, in the future, cryptocurrencies may become a form of money, but at the moment they are used either by rogue states to bypass American sanctions or by individuals to evade taxes.

We should prohibit U.S. persons from buying or mining cryptocurrencies.
 

Brad Sherman

Congressman, US

At the same time, Norbert Mitchel, director of the Data Analysis Center of the Heritage Foundation, noted that the possible use of crypto-currency for criminal purposes should not stain other possibilities of digital currencies.

Yes it is true that criminals have used bitcoin, but it's also true that criminals have used airplanes, computers and automobiles. We shouldn't criminalize any of those instruments simply because criminals used them. Those components I believe are the main barriers to widespread adoption in the U.S.
 

Norbert Mitchel

Director of the Data Analysis Center, Heritage Foundation

As Eswar Prasad, senior professor at Cornell University, said, the existence of cryptocurrencies had the potential to impact the financial services system, particularly the payments system, in positive ways.