With Bitcoin and Ether staying in the red on Monday, here are five things to know about cryptocurrencies over the past week – from Jack Dorsey, who confirms Square is building a Bitcoin hardware wallet, to TikTok banning promotions for cryptocurrencies.
1. Senator Elizabeth Warren gives the SEC a deadline for responses on crypto regulation
On Wednesday, Senator Elizabeth Warren, D-Mass., Addressed a letter to Gary Gensler, chairman of the US Securities and Exchange Commission, calling for more crypto regulation.
“As the demand for cryptocurrencies has increased in recent years, so has trading activity on cryptocurrency exchanges, particularly among the largest exchanges,” Warren wrote. “… The increased use of cryptocurrency exchanges poses unique risks for consumers.”
Warren asked a series of questions on the subject, with a July 28 deadline for reply.
2. Jack Dorsey confirms that Square is building a Bitcoin hardware wallet
On June 4, Dorsey first mentioned on Twitter that Square was “considering creating a hardware wallet,” and on Thursday he confirmed that his financial services company is indeed creating one.
On Thursday, Jesse Dorogusker, hardware director at Square, tweeted that the company “decided to develop a hardware wallet and service to make Bitcoin custody more mainstream.” Dorsey retweeted it and said, “We’ll do it #bitcoin.”
3. SEC alleges insider trading related to long blockchain
On Friday, the SEC charged three people with insider trading before Long Island Iced Tea was renamed Long Blockchain in 2017. Long Blockchain’s share price soared when he switched from a beverage company to a blockchain company.
“The SEC remains committed to preventing all forms of fraudulent behavior in connection with alleged ‘crypto’ companies, including profits from trading in material non-public information,” said Richard R. Best, director of the New York regional office SEC, in a publication.
This isn’t the first time the company has been involved in the SEC. Long Blockchain’s stock was delisted from the SEC in February.
4. TikTok prohibits influencers from promoting cryptocurrency
TikTok has banned influencers from promoting financial services and products on its social media platform, the Financial Times reported on Thursday.
The list of prohibited “branded content” includes loans and credit cards, cryptocurrencies, pyramid schemes and quick riches, among others.
In the US, TikTok also bans ads promoting virtual currencies and cryptocurrencies, as well as trading platforms and advisory services for cryptocurrencies, according to its website.