Plaintiffs Combine Their Market-Manipulation Lawsuits Against Bitfinex and Tether

Plaintiffs in three separate putative class action lawsuits against Bitfinex and Tether have moved to consolidate their cases, according to a Thursday court filing. Court filings by David Leibowitz et al, Eric Young et al, and Bryan Faubus et al, accuse the sister companies of manipulating the crypto markets. Their cases share common threads, filings show, including allegations that Bitfinex and Tether manipulated the price of bitcoin and bitcoin futures in violation of federal law. All three cases were filed in the U.S. District Court for the Southern District of…

The Prospect of Building a New International Monetary System Is Getting Real

This is part of a series of op-eds previewing the World Economic Forum in Davos, Switzerland. CoinDesk will be on the ground in Davos from Jan. 20–24 chronicling all things crypto at the annual gathering of the world’s economic and political elite. Follow along by subscribing to our pop-up newsletter, CoinDesk Confidential: Davos. Jeremy Allaire is co-founder, chairman and CEO of Circle, which, with Coinbase, pioneered the open standards CENTRE Consortium and USD Coin (USDC) – a dollar-backed stablecoin used in millions of financial transactions around the world. He has also been named…

SEC: Cash-Strapped Telegram Launched 2018 Token Sale to Pay for Servers

Telegram launched a 2018 token sale because it was “short on cash” to pay for servers, the U.S. Securities and Exchange Commission (SEC) said. The claim, made in the regulator’s latest document dump in its ongoing securities case against Telegram, shows for the first time the core of the SEC’s argument: that the token sale was merely a substitute for equity financing. At the time of the sale, Telegram framed it as financing for a next-generation blockchain that would be faster and more versatile than its predecessors. The documents released…

Swedish Crypto Exchange BTCX Plans IPO in 2020

One of the oldest cryptocurrency exchanges in Scandinavia wants to go public later this year, hoping it will enable traditional investors to participate in “new finance.” Oskar Soderstrom, CEO of Stockholm-based BTCX, confirmed to CoinDesk that they are looking to deliver an initial public offering (IPO) before the end of Q3 2020. Corporate financial advisory firm Eminova Partners has been engaged to help file the offering, expected to take place in Sweden. “Our aim is to bring bitcoin to the masses and to bridge the gap between new and traditional…

Bitcoin Falls Back After Briefly Breaking $9k Resistance

View Bitcoin has all but erased the day’s gains after pushing past the $9,000 resistance level this morning. A significant move back above $9,000 could trigger liquidations and a possible short squeeze across the market. Other cryptocurrencies continue to recoup losses from late 2019. Bitcoin’s bulls have failed to make a solid move above $9,000, having briefly topped the level earlier on Friday. After an indecisive Thursday, prices started their rise during the Asian trading day. Based on CoinDesk’s Bitcoin Price Index, the top cryptocurrency by market cap moved from…

Blockchain Arbitration Firm Proof of Trust Plans London Stock Exchange Listing

A firm that’s developed tech to resolve disputes arising from blockchain smart contracts has said it plans to list on the London Stock Exchange. As reported Friday by Alliance News (via London South East), The Proof of Trust aims to float on the LSE’s Main Market. “We at The Proof of Trust are excited at the prospect of a full listing on the main market of the company’s shares and we look forward to providing investors with the opportunity to share in this groundbreaking project,” said lawyer and Proof of…

Watch Civic’s CEO Talk About His New Cross-Border Payment System

Civic’s Vinny Lingham joined us at the Digital Money Forum last week to talk about his new money transfer platform – a worldwide system that holds no funds but instead connects multiple money services businesses (MSBs) in a global network. The product, called Civic Wallet, will let users carry cryptocurrencies and fiat currency on their own devices and uses Civic’s facial recognition systems to secure the system. Because Civic holds none of the keys or currencies, the clients and MSB endpoints will use the wallet as a sort of piping.…

Crypto dealer SFOX Adds New Service for Fund Managers to Invest in Digital Assets

San Francisco Open Exchange unveiled Thursday its new “Separately Managed Account Solution” to help investors create their own crypto trading strategies. The service enables fund managers to manage individual securities in a single account for their clients in the traditional financial services industry. However, the company claimed the new service has not been available to those who invest in digital assets. According to a blog post from SFOX, the new service will allow fund managers to design and administer personalized crypto trading strategies for their clients. The company said crypto…

Currency ‘Cold War’ Takes Center Stage at Pre-Davos Crypto Confab

ST. MORITZ — The United States may be entering a second Cold War, according to some investors, who seem mildly curious but otherwise unconcerned about the prospect. “It’s a kind of Cold War, but not just for crypto,” said Multicoin Capital’s Beijing-based partner Mable Jiang. “Currency is the leverage.” Jiang said China’s goal is to leverage the rise of cryptocurrency, including both domestic bitcoin mining and a state-issued digital currency, to supplant the dollar and become the world’s leading economic power. Such rivalries feel lightyears away in the frosted Swiss…

Why ‘Crypto Dad’ Is Building the Digital Dollar Foundation

As Libra continues to spur discussions among regulators around the world, and China’s digital yuan comes ever closer to fruition, the U.S. Federal Reserve seems disinclined to look seriously at a digital dollar. Ex-CFTC Chair Chris Giancarlo – aka “Crypto Dad” – isn’t waiting around. He has teamed with Accenture to launch a new non-profit, the Digital Dollar Foundation. As crypto continues to evolve, it does so in sometimes divergent directions. Gemini announced a new insurance company designed to make big institutions more comfortable with the space. Zcash, meanwhile, released…