Friday, October 8. The week is coming to an end, so we can talk about the most interesting news in the crypto industry for this week.
Coinbase is expected to increase revenue
At the end of the third quarter, the cryptocurrency exchange Coinbase will record an increase in trading volume and revenue by 18% and 11%.
Analysts from Oppenheimer drew attention to the fact that in September the exchange’s securities fell by 12.2%. They believe that this happened due to increased regulatory pressure, a decrease in the value of bitcoin, an increase in the debt burden, and the refusal to launch crypto savings accounts after SEC claims.
The target value of Coinbase securities from Oppenheimer analysts is $444, a “buy” recommendation.
Recall that recently Coinbase sent an application for registration as a futures intermediary, and later announced the launch of a service for transferring salaries in cryptocurrency.
Chainalysis is going to buy the company Excygent
Chainalysis company plans to buy a firm specializing in cybercrime investigations and data processing Excygent. The financial terms of the transaction were not disclosed. The press release says that Chainalysis and Excygent have been cooperating in several large investigations, which included cases related to the Silk-Road darknet marketplaces. They also jointly investigated a number of hacks of verified Twitter accounts.
“Surveillance of the payment flows of ransomware programs in the blockchain allows law enforcement agencies to identify and eliminate cryptographers. No matter how strange it may be, if a fraudster decides to use digital assets during the commission of crimes, then by this action he will facilitate the work of investigators,” said Chainalysis CEO Michael Gronager.
Stablecoins have gaps
Regulation of stablecoins is still at an early stage, they have a number of problems and gaps. This conclusion is contained in the report of the Financial Stability Board.
In 2020, ten recommendations were formulated for the general regulation of stablecoins. This year, the Financial Stability Board has found slow progress on this issue. The recommendations range from giving regulators oversight functions over global stablecoins to a “comprehensive management system” because they are linked to traditional currencies.
The report says that it is necessary to additionally consider such issues as criteria for compliance with the status of a global stablecoin, investor protection and requirements for issuers, custodians and wallet providers.
Recall that in October, the Bank for International Settlements published a report with guidance on the compliance of stablecoin mechanisms with international standards for payment, clearing and settlement systems.
The US Congress proposes to introduce holidays for cryptocurrency startups
In the United States, it is necessary to create conditions for holding tokensales without the risk of a collision with SEC regulators. Such a proposal is contained in the “Law on Transparency for Digital Tokens 2021”.
McHenry, who drafted this law, is a member of the Financial Services Committee in the US Congress. The congressman proposes to introduce criteria according to which startups must be registered, and specify under what conditions the products developed by him are not subject to the definition of “investment contracts”. The bill obliges organizations to disclose data on transfers and platforms that add a token to the listing. The law also requires a startup to warn investors about the potential loss of funds and a high degree of risk in case of purchase of its tokens.
The Blockchain Association supported McHenry’s initiative. The company wrote about this in a post on Twitter.