US Congressman to Call for Crypto Ban

As reported, Brad Sherman has called for a blanket ban on cryptocurrency buying
19 July 2018   411

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.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   120

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.
 

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.