US Congress Considers a Draft Bill Claiming Stablecoins Are Securities
United States Congress is considering a draft bill that claims all managed stablecoins must be seen as investment contracts and therefore as securities.
The U.S. Representative for Texas’s 29th congressional district, Sylvia Garcia, introduced a draft bill to the House Financial Services Committee on Oct. 18. The draft bill, called the ‘‘Stablecoins are Securities Act of 2019,” seeks to regulate stablecoins under the Securities Act of 1933. This entails “amending statutory definitions of the term security” to include the term “managed stablecoins.”
The proposed bill seems to be directed at Facebook’s Libra stablecoin, which is planned to launch in 2020. Lawmakers across the globe weigh in on the discussion in regards to stablecoins, such as Libra, and its perceived threat to the global financial system.
Cointelegraph reported today that Facebook founder Mark Zuckerberg, scheduled to testify before the U.S. Congress on Wednesday, plans to say that Libra will not launch anywhere in the world until U.S. regulators approve it. (Neutral)
The Number of Bitcoin ATMs Has Increased by 50% in the Past Year
According to data from Coin ATM Radar, the number of Bitcoin ATMs worldwide has continued to grow at a blazing pace. In the past year, 1,900 Bitcoin ATMs have been installed worldwide, which is a jump of 50%. This rate is equivalent to 5 Bitcoin ATMs being installed every single day. This data suggests that the Bitcoin ATM industry continues to flourish.
This year’s surge in ATM installations is being led by the top Bitcoin ATM manufacturers including CoinCloud with 374 ATMs, CoinFlip with 348 ATMs, Bitcoin Depot with 312 ATMs, Coinsource with 277 ATMs, Rockitcoin with 207 ATMs, and Bitcoin of America with 204 ATMs.
At this time North America leads the world with 76.3% of all global Bitcoin ATMs. This is mostly concentrated in the United States which has 64.5% of the global total. Europe is in 2nd place with 19.7%, while Asia has 2.3% and South America only 1.1%. This data shows that there is plenty of room for the Bitcoin ATM industry to expand.
The Bitcoin ATM industry is crucial for Bitcoin adoption since it allows users to convert Bitcoin into cash and vice versa within minutes, turning Bitcoin into a currency that can be used in everyday life. Although Bitcoin ATMs often charge fees of 5% to 20%, for many users this fee is worth it to buy/sell Bitcoin instantly instead of waiting for days such as when using a crypto exchange. (Positive)
Bittrex Moving From Malta to Liechtenstein
Cryptocurrency exchange Bittrex has announced it is moving headquarters from Malta to Liechtenstein.
While the reason for the move was not disclosed, the exchange said it will be closing Bittrex International, which operates out of Malta. The new plan for Bittrex is to operate under the brand Bittrex Global, out of Liechtenstein. “Once Bittrex Global launches, eligible Bittrex International customers, including corporate accounts, will be seamlessly redirected to Bittrex Global,” the exchange has stated.
The launch of Bittrex Global was announced earlier this month when the exchange said it will offer trading in cryptocurrencies per Liechtenstein’s Transaction Systems Based on Trustworthy Technologies Act, also known as the Blockchain Act. (Neutral)
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