Interview with Eternal Trusts: “We believe that our protocol has the potential to spawn many new business models”

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Have you ever wondered how many different ICOs there are out there? Almost every day we see the start of a project and it is quite difficult to find a bright idea among such a variety. Today we will talk a project that falls into this category – Eternal Trusts. On October 1 it will finish its ICO. While we still have time to get to know this project better, we will speak with its CEO – Kirill Silvestrov, who will tell us all the details of crypto-protocol based on trust.

Hello, Kirill. Tell us about how Eternal Trusts was created. Why did you decide to implement this idea?

7 years ago, while I was doing my MBA in the INSEAD business school in Singapore, one of the assignments was to show how money works over time. The professor told us to evaluate the power of compound interest. The case study was a very specific investment made 400 years ago – the sale of Manhattan Island by Native Americans for 23 dollars, which is now considered one of the most unlucky trades in the history of mankind. If this small amount of money had been managed in a bank account for 10% per annum, nowadays it would have grown up to five hundred quadrillion dollars. This was the first time I started thinking about how we can use this long-term power of compound interest to benefit people.

Then, some time later, about 4 years ago, I was talking to Swiss lawyers that were specializing in creating the so-called trust funds or simply trusts. Typically, a trust is a special type of legal agreement that provides a trusted third party with the right to hold and spend assets according to a specific goal set by the trust settlor. Trusts can, in theory, exist for unlimited amount of time, and the assets put in those trusts are managed and grown according to low-risk investment strategies. At the same time, the Trustee, or the manager of the trust, can not only protect your money, but also spend it on your long-term goal that you initially proposed, be it supporting your family or a charity of some kind in the long-term.

The problem is, trustees still work on centuries-old principles, that’s why a trust fund is a very expensive legal infrastructure to establish and to manage, which requires a lot of paperwork. I kept looking for a fiduciary product that would look appealing for a mass market today. With the emergence of blockchain and smart contracts technologies, it became obvious that acting on behalf of someone or executing some long-term goals can be algorithmized and made much more secure and transparent. That’s how the idea of creating a smart contracts-based fiduciary solution evolved.

What we’re doing is building the world’s first fiduciary crypto protocol for trustees, fiduciaries, and estate planners. The inherent qualities of blockchain and smart contracts allowed us to design a crypto model of a trust fund which outperforms and outcompetes its traditional predecessor. We make this model available for integration to any financial service providers interested in accepting cryptocurrencies, integrating blockchain into their business processes for better security and flexibility, and offering an innovative model of trusted asset administration to their clients. That’s how we plan to revolutionize the whole industry of wealth management.

What potential benefit do you think it will bring to mankind?

Setting up a trust is a guarantee that your legacy will have a lasting influence. I believe that everyone should have an opportunity to fulfill his or her fiduciary needs. However, since the trust market has not experienced any radical change with the advent of new technology and is still based on centuries-old principles, trusts as traditional legal structures are currently incapable of securely incorporating digital assets such as apps, cryptocurrencies, and tokens. As I stated before, the management fees involved are not affordable for most people, and the range of potential purposes is constrained by the limited expert networks that collaborate with trustees.

The mission of Eternal Trusts is to transform the fiduciary & wealth management market into an open ecosystem of innovative, secure, transparent, and affordable financial services. We offer our crypto protocol to banks, trustees, estate planners, and any other financial service providers that need fast and scalable collective decision making for administering assets and spending them to optimally fulfill a given purpose. The versatility of the protocol will allow those companies to fulfill a variety of fiduciary purposes for their clients: to structure succession or inheritance, to algorithmize financial support of their families for many years to come, to create pension plans, to support charitable goals, and to fulfill custom, extraordinary long-term purposes.

Is your product the first one on the market in this area? How does your idea differ from other similar ones?

So far, there has not been a product for trustees that would allow them to securely administer crypto assets. We are the first full-fledged smart contracts-based solution for the fiduciary industry. We aim to provide a constructor of customizable fiduciary dApps with interfaces for onboarding clients, a framework for recording private and public data of the clients onto the blockchain for indefinite storage, a system of smart contracts that establishes rules of interaction between participants, a “wallet” for accepting, trading, and storing cryptocurrencies; and several other crucial mechanisms that replicate the traditional “purpose trust” framework, making it flexible, transparent, and affordable for the end user. No one has come close to that. Also, we believe that our protocol has the potential to spawn many new business models.

Why did you decide to work with EOS, while most of the projects function on Ethereum?

Although Ethereum has first mover advantage, it is criticized for its lack of scalability and high transaction costs. Because of that, there have been no seriously valuable decentralized apps built on Ethereum, and the ecosystem is dominated by speculative trends.

We’ve done a very thorough research on the Ethereum ecosystem usability to pick the most optimal blockchain for creating decentralized purpose trusts. This research included experiments with NEO blockchain and Trinity token swaps to be integrated instead of Ethereum. At the same time, we did a lot of testing that focused on comparing EOS and NEO. When EOS launched its MainNet and proved to be a fully operational smart contract framework for all our use cases, we’ve done a series of architecture reviews with our partners Techracers and decided to update our architecture and go towards a hybrid blockchain on Hyperledger and EOS. I am confident that our tech team has made a decision that is only going to boost the performance and stability of the Eternal Trusts platform.

Tell us about the creation of ET Token and its potential benefit to the investor

ET Token is an EOS-based service token that will serve as a reward between participants within the fiduciary processes of the ET-based dApps. There are strict rules for token holding specified by the protocol architecture. To acquire and retain their rights within the ET Protocol ecosystem and to create dApps, participants must purchase a predefined amount of tokens.

Currently, those companies who hold a large enough amount of our token will be able to preorder a fiduciary dApp during the token sale, or, after October 1 all other trustees & fiduciaries will be able to purchase it with fiat to have a consulting company install it, to launch the smart contracts and activate the roles of the participants. We have been negotiating with potential corporate users of the protocol, mainly trustees and estate planning consultants, many of whom have purchased the ET tokens and are ready to integrate as soon as the protocol is up and running on the mainnet. As our ecosystem of innovative trustees and fiduciaries will be growing, anyone who bought tokens during the token sale will eventually be able to:

  • Structure succession or inheritance of their crypto assets;
  • Algorithmize financial support of your family for many years to come;
  • Create pension plans;
  • Grow your capital through tokenized asset management;
  • Fund charitable purposes with your capital;
  • Fulfill customized and extraordinary long-term purposes of yours.

As you can see, there are unprecedented benefits of becoming a token holder. So I suggest everyone to hurry up and join our limited token sale that will end on October 1.

What are the faces of Eternal Trusts? Who is on the project team and why were these people chosen?

Eternal Trusts is a cutting edge company spearheaded by experts in blockchain and finance that boast decades of experience in their respective fields. I am an investment banker with an MBA from INSEAD and more than 15 years of experience on C-level positions. Mark Lea, our head of legal, is an ex-adviser to the Government of Singapore on the establishment of trust legislation and the Trustees Act of Singapore, to the Hong Kong government, and to the Malaysian government on the development of the Labuan legislation. Benoit Vulic, our Chief Investment Officer, has more than 10 years of asset management experience in leading global investment companies. Everyone in our team is very experienced and determined to lead the disruptive trend of financial industry decentralization.

Can you share with your future investors your plans for implementing the project after the ICO?

In the coming weeks, we aim to release a demo dApp that will serve as a proof of concept. This is going to be the world’s first dApp that replicates the functionality of the traditional Dynasty Trust Fund for the crypto world. Family offices, trustees, and fiduciaries will be able to fork and customize this dApp in collaboration with our development team to fulfill their fiduciary tasks in a more effective, more secure, and faster way. In the final release, we plan on providing a fully-functional, customizable dApp with a convenient interface for onboarding clients, defining purposes, beneficiaries, trusted parties, and potential “triggers” for transactions. Our dApp is promised to be mobile-friendly, fast, and secure. It will always remain open-source and will serve as a foundation for others to build their apps upon.

After the core functionality of the dApp constructor is ready, we will be finalizing, packaging and distributing the codebase for the clients’ dApps and assisting early adopters in the development process.

How do you think Eternal Trusts will develop in a few years?

In the next 5 years, we aim to fully disrupt the centuries-old industry of fiduciary services by creating a much more autonomous and affordable alternative via the crypto technologies. Our mission is to create a reasonably priced way for everyone to achieve their long-term aspirations and hopes, no matter how complex they are or what kind of new products and services they may involve.

The Coin Shark does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions. The Coin Shark is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.

GShare Helps to Expand Adoption of MGO Tokens

MobileGo team claim their products are being developed to meet the needs of both gaming community and blockchain enthusiasts.

Starting today beta-testing of MobileGo brand-new product is available for everyone. What is it and why is it worth attention?

What is GShare?

GShare is a special tool for earning GShare Gold. To make a long story short, it converts your computer power into GShare Gold coins. From some point of view it is ‘mining’, with the only difference –  GShare Gold is not cryptocurrency. GShare Gold is a soft currency to bring new possibilities to gamers, expand existing and also open doors to the world of blockchain, by saying that we mean earning MGO tokens using Gshare Gold. GShare Gold is earned without any extra efforts, user just need to run the app, press the ‘Start’ button and that’s it. User is already in, earning GShare Gold while playing his favorite games, working or doing whatever he wants to. Later on this GShare gold coins can be used on esports platform to participate in tournaments and win MGO tokens. GShare is interesting news not only for gamers. GShare is believed to  write a new page in history of social impact as well. So not only gamers can benefit from using GShare platform by earning MGO tokens for victories, but, people who want to make difference in this world, would be able to participate in socially important activities using GShare Gold. But first things first.

How to use GShare Gold earned with GShare

GShare Gold can be used on esports (competitive) platform that is also available for public tests from now. You can use GShare Gold as a tournament entry fee and earn even more with just personal gaming skill, and not only GShare Gold but the MGO tokens as well. The platform beta-version is already live and ready to use. The platform has been developed specially in such a way that no matter of skill level everyone, even people new to esports can find a decent competitors  and spend some good time playing, be victorious and claim his prize in MobileGo tokens. MobileGo team claims that soon GShare gold would also gain adoption in many other spheres. It is being said that GShare Gold will be accepted on social activities platforms to unite non-indifferent people which desire to change the world and make it a better place, which sounds quite intriguing.

How is GShare useful for MobileGo?

The holders of MGO have another cause for excitement. MGO is being accepted as a payment method in both Xsolla Pay Station and esports platform, which makes its adoption even more massive. The key moment is that players who used GShare Gold to enter the tournaments on esports platform and showed their best play and won can claim their victory bounty in MGO, so MobileGo token has all chances to become desired by numerous gamers around the globe.

The Coin Shark does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions. The Coin Shark is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.

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“Don’t do it in Beijing”: Chinese Authorities Banned Security Token Offerings

According to Chinese news media outlet Caijing, Beijing government decided to do away with any types of token sales, namely they banned security token offering (STO) in “Northern Capital”.

The statement was announced at the ‘2018 Global Wealth Management Forum’ by Huo Xuewen, the chief of Beijing’s Municipal Bureau of Finance:

“Recently, ICOs have been abandoned, and a new concept called STO has been advertised. With today’s platform, I will make a risk warning to those who are propagating in Beijing and want to issue STO. Don’t do it in Beijing. If you do it in Beijing, you will be taken away from illegal financial activities. When we have the authority to approve you to do an STO, we will say.”

The STO is a friendly-regulated kind of an initial coin offering (ICO). The STOs are enable to possess securities or stakes in business, as well as get the profits from it. The tokens represent tangible assets.

We remind you that China banned all foreign ICOs inside the country back in April this year. The SEC also decided to introduce fines for celebrities who promote scam ICOs.

SEC Is Going to Fine Social Media Celebrities Who Promote Scam ICOs

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Blockchain Conference Moscow: Results of Russian Major Crypto Event

On November 20, the heart of the Russian Federation held the eighth Blockchain Conference. Its organizer is the Smile-Expo international company.

The large-scale specialized conference brought together 40 speakers from seven countries, including Russia, Ukraine, Switzerland, Germany, and China. 500 attendees came to hear their presentations and observe the products at the demo zone.

Within the conference, the experts shed light on the industry burning issues – cryptocurrency regulation, influence of digital assets on capital management, and the future of decentralized technologies. Bitcoin rate and its prospects appeared among the hottest topics for discussion at the main stage and on the sidelines of the conference.

“Bitcoin is the main marketer. If Bitcoin grows, so does the interest in it. The same situation can be observed in case Bitcoin drops,” thinks Evgeniy Romanenko, crypto economist and moderator of Blockchain Conference Moscow.

Conference: prospects of blockchain tech and crypto market

The eighth Blockchain Conference Moscow gathered Russian and crypto experts from the leading international companies: PwC Legal (Switzerland), Russian Association of Cryptocurrency and Blockchain (RACIB), Moscow-based GRAD Attorney Bar, Airalab, Center for Digital Transformation at Vnesheconombank, State Duma Financial Market Committee, the St. Petersburg community of blockchain developers, QIWI Blockchain Technologies, and MIOT Blockchain & Guilin Pharma.

One of the speakers was Aleksey Studnev, developer and CTO at Izetex PTE Ltd: the expert shared his opinion on the future of blockchain within the nearest decade.

“Cryptocurrency rate is information noise that has no impact on blockchain operation,” reckons Aleksey Studnev.

He also claimed that the technology would follow the steps of the Internet and would become an indispensable feature of every smartphone. As reported by the expert, this would be the main aspect to affect the volume of the crypto market that would dramatically grow popular.

DarQube Founder Rostislav Haliplii told about the functionality of modern crypto exchanges and the role of artificial intelligence in trade on the crypto market.

“The primary target of AI technologies introduction into a DarQube platform is assisting traders in building revenue-generating strategies. AI can be applied to turn a good strategy into the brilliant one,” explains the speaker.  

The conference consisted of two specialized sections – Fintech (cryptocurrencies) and Blockchain (tokenization and ICO). Among the top speakers, there were Gerbert Shopnik from Bitfury Group, Leader of PwC Legal Switzerland Guenther Dobrauz-Saldapenna, Michael Chobanian from UNA.io, Vice President at RACIB Valeriy Petrov, and Prof Simon Choi from China.

Panel discussions with top speakers

The event consisted of a panel discussion titled ‘Regulation of blockchain and digital financial assets’. The most experienced Russian crypto experts and lawyers took part in it.  

Among them, there were lawyer and expert on international financial and corporate law Maxim Pervunin, Director at OECD Centre RANEPA (the Russian Presidential Academy of National Economy and Public Administration) Antonina Levashenko, Partner at Nektorov, Saveliev & Partners (NSP) Alexander Nektorov, lawyers Alexey Sinitsyn and Maria Agranovskaya, and Advisor to the Federal Chamber of Lawyers of the Russian Federation Helen Avakyan.

“Development of documentation that meets the standards is important, it should also reflect emerging aspects and provide new terminology. Another vital step lies in its application,” thinks Maria Agranovskaya from Moscow-based GRAD Attorney Bar.

The experts discussed cryptocurrency influence on capital management and obstacles on the way of digital money development. The panel discussion was part of the Fintech section. Meanwhile, Blockchain section specialists took part in the panel discussion titled ‘Evolution of the blockchain technology – period of experiments’.  

Demo zone: Mining 2.0 and cutting-edge hardware

Attendees had an opportunity to visit a traditional demo zone to observe products and services of the event participants – Cryptoferma, FAP LLC, DiPlex, GIXCUP.IO, DarQube, Hotmine, NRGMiner, AS1C, Mining-LAB, Bitferma, Quantium, Pacific, WattsOn, and GoWeb.

Particularly, Hotmine presented its equipment for heat generation by means of mining. As reported by the company representatives, heat produced by such devices will be a basis of the future mining.

At the booth of the manufacturer of 51ASIC mining equipment, attendees had a chance to take a look at ASICs, hardware wallets, control boards, power units, main bodies, and cables.

The leader of the Russian mining market WattsOn showcased its new product – ASIC BITMAIN ANTMINER S15. The company also announced the launch of a new pool.

Attendees had a possibility to ask the demozone participants any questions concerning their products, partnership conditions, and even their forecast of a Bitcoin rate.

“Our company was working during Bitcoin’s first and second fork. We witnessed the period than Bitcoin skyrocketed from $175 to $1000, and then from $2000 to $16 000. Everybody poses us the same question – when will it shoot for the moon again? Here is my point of view: as soon as the next halving comes about, Bitcoin will dramatically rise,” commented a Hotmine representative.

Organizers

Blockchain Conference Moscow was organized by Smile-Expo, an international company with a 12-year experience in this sphere, which is 250+ events, 356 000+ attendees, 500+ speakers, and 500+ top exhibitors.

Smile-Expo is an organizer of major conferences dedicated to blockchain and cryptocurrencies. The company has been holding the Blockchain & Bitcoin Conference series across the globe since 2014. The events took place in 25 countries.

The sponsors of the eighth crypto event Blockchain Conference Moscow are the leading industry companies: DarQube (Silver Sponsor), TAAS Capital Fund (Investment Partner), Hotmine (Mining 2.0 Sponsor), Kaplink (Investment Partner), MMGP.RU (General Media Partner), WattsOn (Exclusive Sponsor), and CryptumTV (General Media Partner).

For more information about the event and news in the cryptocurrency universe, visit the official website of Blockchain Conference Moscow.

The Coin Shark does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions. The Coin Shark is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.

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CryptoWorkPlace: The Safest Innovative System To Protect Personal Data Around The World

Security of the cryptocurrency assets is “nagging pain” of every crypto-related person. To make matters worse, there are only a few options which are likely to guarantee the user a full protection. Yet, even they cannot contest against hackers, who use new methods to penetrate the system faster than anti-viruses can detect that intrusion. Let us look at figures, in the first half of 2018, about $1 billion worth of cryptocurrency was stolen from crypto wallets due to a lack of security measures. So, what should a person do to protect digital assets from white hats? The best solution is to join CryptoWorkPlace.


What is CWP itself?

The CryptoWorkPlace is a decentralized system that is based on a USB flash drive (Micro-PC). The latter is an independant PC with its own operating system (CWP); it requires a keyboard, monitor as a usual computer. The CWP Micro-PC provides users protection against hackers’ attacks, malicious programs and unauthorized access to data.

Although all the information will be saved in internal memory of CWP Micro-PC, it is not just a cryptocurrency wallet or a key storage; it also allows user to obtain the following benefits:

  • multicurrency wallet;
  • chat channels;
  • various trading platforms;
  • others.

Security is the main priority of CWP

All the apps are designed on the donor – isolated environment from PC. The user data, depends on user’s decision, is encrypted on the device to create safeguard against hacker attacks, like phishing, exploit, hack, ponzi schemes, etc.  It is also preferable to use a separate PC running Linux will all apps to use only cryptocurrency wallet on it.

A CWP user is able to block, remove, delete all the data saved there if the device is lost or damaged. A new device may be attached to your account restoring all settings and programs from the previous device.

Token pre-sale details

The token pre-sale has already started. The token is CWT-P, which is created only for pre-sale, TGE participants will be able to exchange CWT-P token to CWT ( 1 CWT–P = 1 CWT). The token is developed on the the Ethereum platform. CWT-P costs $0.12 per coin. The total token supply is 500,000,000 CWT, the amount of tokens available for pre-sale is 15,000,000 CWT. The soft cap is $240,000, the hard cap is $1,800,000 for pre-sale. The currencies accepted include BTC, ETH, and others

If you are interested in this project, please, follow the link and buy CWT-P tokens.

The Coin Shark does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions. The Coin Shark is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.

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Interview with George Gor, CEO of “CoinIdol” and a Former Chief Editor of “Cointelegraph”: “We are creating a real-world brand”

The Coin Shark media news outlet turned one year old. At the beginning of our journey, being a young shark, we are doing our best to emulate the larger inhabitants of the crypto world. It is these two digital editorships that initially became our benchmarks for quality, style and professionalism.

Today, it is difficult to imagine the crypto industry without vivid information resources, such as “Cointelegraph” and “CoinIdol”. But after all, people are not born stars, they become stars. This is what we will talk about with George Gor, a man who has worked hard to make these two resources outstanding.

Hello, George. Tell us, please, how did your professional career in Blockchain begin, and how did you start working with “Cointelegraph”?

I’m NOT a co-founder of CoinTelegraph, but I’m a co-creator of the business model from its first days. But there is a rule to keep commercial secrets of the company that you’ve worked with. That’s exactly the situation with CoinTelegraph. I have an NDA with the owners of CoinTelegraph. All details that I could disclose are given in this article at Coinidol.

Since I quit the team of CoinTelegraph in spring 2016, our team has started Coinidol.com with an improved business model than our previous project.

We are getting more business results with less resources involved. Moreover, we are creating a real-world brand with a cartoon hero behind it.

The idea of the website is a hero, a knight that is a friend of highlander, who lives for hundreds or maybe thousands of years. He has an eternal mission, which is very good and bright, but almost impossible. He wants to find the best ever money, based on the principles of goodness, fairness, and equality. He wants to find the best ever coin in the universe. He wants to find the coin that is ideal for all people. The one that can be respected and admired very much.

This knight is known as CoinIdol, because of that goal. This knight is the witness of other people on the field of events around cutting-edge financial technologies. He founded that media together with our team. His will is the real origin of this project.

We have animated our hero in a real cartoon as an experiment: 

We will develop this project of the Coinidol Video News Channel.

You have mentioned in your story that you are conducting training for employees worldwide. How important is the team for a large-scale resource and what should it look like in an ideal scenario?

People are the most important part of the business. You can not conquer new markets if you don’t have a strong army of well-prepared staff. Even if you have the coolest armor in the world, you can still lose the battle if you don’t have the best warriors behind you. I prefer to build the business on the principles of “Sparta”, where a small number of well-trained people can do big deals. That’s why training every person is the key to success. I prefer to teach people from zero than to hire people that were prepared for the profession by somebody else. Some of the people that were taught by me as team members at CoinTelegraph are top managers in the world of Blockchain projects at the moment. It’s a pleasure for me to know that. But I will not give their names without their permission.

From the perspective of your experience, how long is the period of growth and development of the media? In other words, when creating a resource from scratch, how many years will it take, in your opinion, for it to reach the peak of its development?

It’s sad to say, but a news outlet can die at any moment. There is no guarantee that the resource will grow. Everything depends on the team of top managers, if they have the vision of monetisation for the project or they don’t. If you are doing any mass media business one year and you do not have revenue, you’d better quit the market. That’s the rule. Only 1 in 10 new projects survive.

With the increasing popularity of cryptocurrency, the number of crypto media outlets has increased dramatically. What can you say about this?

There are a lot of projects that appeared after the start of Coinidol.com in June 2016 and they are already dead or half dead today in November 2018.

Most of the newly appearing crypto media outlets are just temporary guests in the market. When we started Coinidol.com we had zero readers and now we have ⅓ million monthly pageviews. Our audience is gradually growing. We will do our best to have 10 million per month by 2020. Our secret is a stable business model invulnerable to market fluctuations. Right now the market is falling. That’s the reason we receive a lot of job applications from people, who were fired from just closed blockchain news outlets and blogs. Mass media is a tough job to be in. You have to be very experienced to sail in that sea. I’ve spent 20 years in the profession of top-manager, mass-media, advertising and public relations. But it’s still a struggle for me to do every new project.

What projects besides “CoinIdol” are you working on now? In which areas, other than cryptocurrency, will we hear about the success of George Gor?

We will develop the brand of Coinidol. We will start an Italian version of Coinidol in December 2018 with a web address: it.coinidol.com.

There are other projects for our team, but we have NDAs with our partners, that’s why I can not discuss them. Our job is to help the biggest international decentralized teams promote the Blockchain and CryptoCoins industry.

We have gathered a huge audience in 174 countries around the world and we will increase the number of our readers with new languages which we will add to Coinidol next year.

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SEC’s Jay Clayton Talks Crypto: What Future Awaits for the World of Digital Assets?

The chairman of SEC Jay Clayton made his appearance at Consensus, the event organized by CoinDesk. Together with his colleagues and fellow experts, Clayton spoke about the future development of cryptocurrencies in the US, details of its regulation and plans of the Commission.

Here are the most important points of his speech:

1. Regulation of crypto exchanges.

SEC firmly believes that the infrastructure of the current cryptocurrency exchanges is not powerful enough to guarantee the safety of customers’ funds. Thus, the regulation of crypto trading platform might become way stricter in the future.

2. ICOs will not escape from SEC

Clayton and the other chairmen emphasized the fact of their close attention to the startups that go on token sales. The number of scam projects uncovered by the Commission is pretty big now and it will only keep growing.

We remind you:

More Than a Dozen Fraud ICOs Were Shut Down by the SEC in 2018

3. Bitcoin ETF is a no-no

There has been a lot of speculation recently regarding the infamous topic of Bitcoin exchange traded funds. Despite all the rumours, it seems unlikely that ETFs will ever be approved.

I know there are a lot of folks who would love to have the ETF approved but I don’t think that’s very likely,” one of the chairmen stated.

Thus, we can definitely see that the Securities and Exchange Commission is not playing games, and the crypto industry will feel its influence quite soon.

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