Stellar Lumens goes down

Despite its recent optimistic developmet, Stellar Lumens fell 20% down during last week
31 October 2017   4167

Stellar Lumens tracked back by around 20% in the past 7 days reaching the price of $0,03 and market capitalisation of $488 million in comparison with $711 million marketcap on October 24.

Stellar Lumens Charts October 2017
Stellar Lumens Charts

Only two weeks ago the cryptocurrency saw 110% price jump which was linked to cooperation of IBM, and a number of banking partners announced on October 16. The cooperation aimed at cross border payments possible on the blockchain.

Within two weeks after the announcement it seems like the market euphoria in response to the news is calming, and the price of Lumens is going down.

Its price is expected to keep decreasing until the new Bitcoin fork Segwit2x which will be implemented in November 2017.

The coin price is currently remaining at the point of $0.029, which is far from the highest price it had in May 2017 costing $0.06, and it’s hard to predict if it will rise back or not in the nearest future.

New York State to Revise BitLicense Granting Terms

At the moment, BitLicense is the most stringent legal framework for the cryptocurrency industry
23 October 2019   6

The terms for granting the so-called BitLicense, the license required for cryptocurrency companies to work in New York State, will be reviewed. This was stated by the superintendent of the New York Department of Financial Services (NYDFS) Linda Lacewell, reports CoinDesk.

BitLicense is considered the most stringent legal framework for the cryptocurrency industry at the state level. In particular, companies are required to receive it for cryptocurrency transactions of New Yorkers, even if they themselves are based in other jurisdictions.

Last year, Kraken, a San Francisco-based exchange, chose not to receive BitLicense, but to completely leave New York. Earlier this year, the Bittrex exchange (Seattle) also left the state without licensing.

This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do].

Linda Lacewell

Superintendent, New York Department of Financial Services

At the same time, she called not to “be too happy” about possible changes in the rules for the cryptocurrency industry.

According to her, the current regulatory regime “works well,” but the industry has changed since 2015, when BitLicense was introduced.

How has the industry grown? Has it matured in any way? And I don’t want to get too specific, but you know, it’s a good time for a second look.

Linda Lacewell

Superintendent, New York Department of Financial Services

 Lacewell did not specify when the revision of licensing terms will be completed and what exactly industry participants can expect in the end.

Since the introduction of the license until June 2018, only 6 companies have received BitLicense, but over the past 20 months, after the regulator has softened its position, 16 more companies have been added to their number.