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Jacob King

An anonymous source has told reporters that the first Diem pilot will focus on transactions between individual consumers.

Facebook-backed digital currency project Diem could launch its first stablecoin in 2021 as a small-scale pilot, according to an anonymous source.

Cited in a CNBC report published on Tuesday, the source claimed that the Switzerland-based nonprofit The Diem Association is still intending to launch its pilot for a United States dollar-backed stablecoin later this year.

Back in November 2020, the association had already announced its plans for a limited launch of a U.S.-dollar …

Discord is not going long on r/wallstreetbets.

The group chat service banned the server associated with the wildly popular WallStreetBets subreddit Wednesday, saying the move had nothing to do with the ongoing GameStop stock drama. Rather, according to a company spokesperson, the server was banned for “continuing to allow hateful and discriminatory content after repeated warnings.”

The spokesperson reiterated, via email, that the decision is unrelated to the coordinated r/wallstreetbets effort to beat back GameStop short sellers that has won over the internet.

“The WallStreetBets server has been on our Trust & Safety team’s radar for some time due to…

Coinbase’s head engineer is warning iOS users to update their mobile devices as soon as possible.

pple has issued new security updates for its mobile operating system after the iPhone maker discovered vulnerabilities that could compromise cryptocurrency wallets.

The security updates, which were released Tuesday, affect iOS 14.4 and iPadOS 14.4. The vulnerabilities reportedly allowed hackers to gain remote access to a target system, thereby exposing the user’s cryptocurrency wallet.

Pete Kim, Coinbase’s head engineer, warned iPhone users to update their operating system immediately.

“If you are using a mobile crypto wallet on an iOS device, be sure to update…

FEDERAL RESERVE CHAIR Janet Yellen offered an optimistic take on the eruption of another financial crisis similar to the one that coincided with the Great Recession of the late 2000s and plunged much of the world into a state of economic malaise for years.

Speaking during a Q&A event with British Academy President Lord Nicholas Stern in London, Yellen on Tuesday highlighted positive results from the Fed’s recent “stress test” reviews of America’s big banks, and said she doesn’t believe another financial crisis will occur “in our lifetimes.”

“Would I say there will never, ever be another financial crisis? ……

Treasury Secretary-designate Janet Yellen refrained from making specific pledges on boosting individual tax rates in responses to questions from U.S. senators, pledging only to work with lawmakers on the issue of whether households earning up to $400,000 a year would face increased levies under Biden administration proposals.

In responses running more than 100 pages, Yellen, who awaits Senate approval for to the post, answered follow-up questions on a wide range of subjects from Senate Finance Committee members submitted after her confirmation hearing before the panel on Tuesday. The document was obtained by Bloomberg News.

Topics spanned climate change to sanctions…

Tether is a controversial coin that has been talked about amongst the crypto community for years now. It’s corrupt, and sketchy past has been a concern for many thinkers, while others deny any wrongdoings, and brush it off as FUD.

I’ve written an extensive thread on Tether’s price manipulation scandal last week, although I decided to take a step further, and write a detailed article in which I will address many of the concerns surrounding Tether’s past, present, and future.

This scheme goes well-beyond the depths many think which is why I’ve spent countless weeks researching, and sharing important information…

The Wall Street Journal is reporting former Treasury official Michael Barr will replace Brian Brooks as Comptroller of the Currency.

Michael S. Barr, a former U.S. Treasury Department official and onetime member of Ripple’s board of directors, is likely to become the next Comptroller of the Currency, the Wall Street Journal reported Wednesday.

Barr will succeed Brian Brooks, the former Coinbase executive who served as Acting Comptroller for the last half of 2020. Barr is currently a dean at the University of Michigan Ford School of Public Policy. …

Bakkt, the cryptocurrency trading platform majority-owned by Intercontinental Exchange, is rumored to be deep in discussions to go public through a merger with VPC Impact Acquisition Holdings.

On Jan. 7, Bloomberg published a story citing anonymous sources “with knowledge of the matter” who claimed Bakkt is already in advanced talks regarding the merger, predicting that an official announcement on the matter could be published as soon as next week.

The sources estimate the combined entity could be valued at more than $2 billion should the merger be completed.

VPC is a special purpose acquisition company closely affiliated with Victory Park…

  • US legislators may categorize stablecoins as securities.
  • If USDT is considered a security, the cryptocurrency industry will be in trouble.

The US regulators are considering new legislation that will define stablecoins as security. If the bill is adopted, Tether might face a lawsuit from the SEC.

A Twitter user @RealWillyBot brought to notice that five days ago, the Justice Department ruled that a stablecoin can “constitute a security.”

Depending on its design and other factors, the stablecoin may constitute a security, commodity, or a derivative subject to the US federal securities, commodity, or/and derivatives laws.

Also, if a stablecoin is…

Jacob King

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