Category Archives: California

Auto Added by WPeMatico

Advocacy Groups Separate Fact from Fiction as California Passes Crypto Bills

Two pending blockchain and cryptocurrency bills have passed through the Californian Legislature into law, with support from a community advocacy group.

It appears that the two bills, created to clarify cryptocurrency and allow blockchain-based business to have a legal standing in the state, had considerable non-governmental support leading up to their adoption.

The Advocacy Blockchain Coalition is becoming one of a number of community groups now fulfilling an essential role in bringing facts about the industry to the attention of lawmakers. Sensationalist media reports have done little to help the advancement of emerging technologies such as blockchain and cryptocurrency in the US and advocacy groups are beginning to plug the educational gap between fact and fiction.

Lobbyists and advocacy groups manage to cut through the media hype and provide lawmakers with essential information about what blockchain and cryptocurrencies can achieve and how they can be utilized in the financial sector and elsewhere.

The new Californian bills passed, SB 838 and AB 2658, have provided a legal framework for companies to record and transfer stocks using DLT and include legislative support for contracts signed electronically, negating the need for written authorization.

They also define blockchain as “a mathematically secured, chronological, and decentralized ledger or database”, representing a huge step in accepting blockchain in the state and elsewhere in the US. This bill should receive widespread support from the public domain, comprising those from within the industry as well as members of the legal profession, private companies, and consumer groups.

One requirement of bill AB 2658 is the creation of a working group within the State Government of California including members of the cryptocurrency community, as well as legislators, to examine blockchain technology more thoroughly. The group will report back to the Legislature before July 2020 with recommendations on how it could be used at state governmental level and among the Californian business community.

A statement made Senator Roberts Hertzberg, representing the 18th District of California and the author of the first bill, commended the part that advocacy groups were playing in educating lawmakers on the use cases of blockchain technology, particularly given the flow of negative media coverage surrounding emerging technologies.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Advocacy Groups Separate Fact from Fiction as California Passes Crypto Bills appeared first on BitcoinNews.com.

California in Trend with Blockchain Introduction into State Legislation

A bill has passed both houses of the Californian state legislature which, if brought into law, will define blockchain and require the forming of a government blockchain group within a year.

The bill AB 2658 is now awaiting Californian governor Jerry Brown’s approval. If implemented, it would define blockchain as “a mathematically secured, chronological, and decentralized ledger or database“, representing a huge step in accepting blockchain in the state and elsewhere in the US.

This is a growing trend in the US as Bitcoin News has reported over the course of 2018, with US states signing up to blockchain. Arizona has officially signed into law a bill that allows for corporations to hold and share data on a blockchain. First introduced in February by state representative Jeff Weninger, the bill is intended “to open the door for emerging technologies in Arizona”.

In May, the New York state legislature also presented a bill to create a blockchain task force. If created, the New York task force would prepare a report for the governor, the temporary president of the state senate, and the speaker of the assembly by December 2019. Also, Colorado has passed its own bill which will use blockchain for government record keeping and cybersecurity.

Tennessee signed a bill recently that legally recognizes blockchain technology and smart contracts for electronic transactions. The bill also makes a provision that “protects ownership rights of certain information secured by blockchain technology”.

California’s bill requires that the blockchain group should represent a widespread from the public domain, comprising those from within the industry as well as members of the legal profession, private companies and consumer groups.

Moves at integrating blockchain into legislation has become a race in the US with  Nebraska, Florida, Arizona, Nevada, and Vermont, along with Maine, Hawaii, Illinois, and North Dakota, some of the many US states notably either in the process of presenting bills, enacting legislation or actively utilizing blockchain in state legislation.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post California in Trend with Blockchain Introduction into State Legislation appeared first on BitcoinNews.com.

Blockfi Takes Crypto-Backed Lending to 44 US States with California Coup

Crypto-backed lending platform Blockfi has received a license to operate in California, which takes its spread of business into 44 US states.

The Californian license, on top of the those already held by the company, is an indication of a growing interest in crypto backed lending across the US. Another service, SALT, is currently providing its service in 35 states across the country, with Nexo as another major crypto loan facilitator.

Crypto-backed loans are arranged by the borrower transferring a set amount of cryptocurrency to a participating crypto platform where the assets are stored in a cold wallet as collateral for a cash loan. The loan period can vary but is often between 10% and 20%, with loan terms varying from one month up to as long as five years.

In order to protect lenders, the cryptocurrency deposited always exceeds the loan required with standard loan-to-value ratios coming in at between 40% to 60%, although this ratio can vary. To use this example if a borrower wants a loan of USD 50,000, then crypto asset collateral worth USD 125,000 would need to be deposited.

In a case where the borrower ceases payments for any reason, the platform is at liberty to sell on the collateral thereby covering the loan, or if there is a decrease in the value of collateral – a risk in falling markets – the borrower has 48-72 hours to correct the ratio to its original level. This type of lending can be risky as with market fluctuation, particularly a falling market, both lender and borrower can be taking a gamble.

Blockfi CEO Zac Prince suggests that its platform is aimed at institutional investors:

“We’ve found that a lot of crypto-asset investors are hesitant to use their crypto because of concerns with security and trust in the space… We’ve built our platform with an institutional-quality approach from top to bottom.”

Prince sees as this type of loan facility as appealing to those who want liquidity without selling their crypto assets. Just a few of the plethora of companies now operating in this growing market are Abic Corporation, Coinloan, Othera, Ethlend and Everex.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Blockfi Takes Crypto-Backed Lending to 44 US States with California Coup appeared first on BitcoinNews.com.

Crypto Investor Sues AT&T for $224M After Phone Hack Losses

A cryptocurrency investor in the US has filed a lawsuit against his cell phone service provider AT&T on the grounds of gross security negligence that lead to his personal loss of USD 24 million in crypto.

The plaintiff, California resident Michael Terpin, filed a 69-page complaint with the US District Court in Los Angeles on Wednesday alleging that AT&T not only violated its statutory duties and Privacy Policy commitments but went so far as to willingly cooperate with the phone hacker. Terpin claimed that he was victim to digital identity theft two times in seven months when his digital assets were taken via his cell phone number.

Suspicious circumstances were cited by Terpin regarding the actions of at least one AT&T employee. He alleged that ”insider cooperation with the hacker” took place after a store employee offered out his phone number without verifying the person’s identity or requesting any of his private information. Terpin’s complaint details that his number was then used to break into his cryptocurrency accounts and compares the incident to a hotel providing a thief with a fake ID the key to a room and the safe to steal from the rightful owner.

The legal complaint seeks from AT&T USD 200 million in punitive damage and USD 24 million in compensatory damages.

AT&T responded to the accusations, providing CNBC with a statement reading: “We dispute these allegations and look forward to presenting our case in court.”

Terpin may well have been considered a profitable target by potential thieves due to his work in the cryptocurrency industry. In 2013, he co-founded Bitcoin angel investor group BitAngels, as well as the BitAngels/Dapps Fund.

The cryptocurrency community has recently placed a significant focus on increased security as imperative for increasing adoption levels and seeing market prices recover from a relatively poor performance this year, although in this instance it appears to be only AT&T at fault.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post Crypto Investor Sues AT&T for $224M After Phone Hack Losses appeared first on BitcoinNews.com.

South Carolina Startups Get Green Light After Operation “Cryptosweep”

The Office of the Attorney General of South Carolina has given the go-ahead for two startups to resume business in the southern US state.

The Securities Division has removed cease-and-desist orders previously served against ShipChain and Genesis Mining for being accused of being in violation of state law as part of “Operation Cryptosweep” launched by the North American Securities Administrators Association earlier this year, as reported by Bitcoin News. The Statement by the Attorney General’s Office stated at the time:

“It is in the public interest, for the protection of investors, and consistent with the purposes of the Act that Respondent be ordered to cease and desist from engaging in the above-enumerated practices, which constitute violations of the Act, and pay an appropriate civil penalty for its wrongdoing.”

Shipping platform ShipChain refuted the accusation that its token sale wasn’t conducted in compliance with securities laws and that it was “not aware” that SHIP tokens were even offered to South Carolina residents as the sale was conducted out of state before being registered there.

The company launched in 2017 in California, reportedly raised USD 30 million in a private token sale in January. It was set up to deal with logistic issues which currently blight the industry to the tune of USD 50 billion annually on lost or stolen cargo.

The other company, Genesis Mining had been accused by the South Carolina Attorney General’s Office Securities Division of selling unlicensed securities and although the order to cease and desist has been dropped, no further details were given. The Icelandic company, founded in 2013, is the largest crypto mining consumer of power in Iceland and one of the largest companies offering Bitcoin mining services.

US States continue to legislate for cryptocurrency and blockchain activity in order to regulate for a rapidly growing fintech impact as more companies choose to do business in the country.

Nebraska, Florida, Arizona, Nevada, and Vermont, along with Maine, Hawaii, Illinois, and North Dakota are some of the many US states notably either in the process of presenting bills, enacting legislation or actively utilizing blockchain in state legislation.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post South Carolina Startups Get Green Light After Operation “Cryptosweep” appeared first on BitcoinNews.com.

Latest Data Shows Bitcoin Hodlers v Short Term Traders Now Near Parity

Recent data from Chainalysis — a blockchain research company, as published in Financial Times shows that the amount of Bitcoin owned by long-term investors is now almost equaled by speculators, reports Cointelegraph.

Day trading has increased since the end of last year and the amount held by this group is thought to have risen to 5.1 mln BTC according to the report compared to 6mln BTC held by investors hanging on in for the long-term, that is over a period of one year.

It appears, according to the Financial Times, that Bitcoin volumes have fallen in tandem to prices, from $4 bln daily in December to $1 bln today. It’s thought this may be a feature in Bitcoins decline in price, Chainalysis chief economist Philip Gradwell suggests. He estimates that longer-term holders sold at least $30 billion worth of bitcoin to new speculators over the December to April period, with half of this movement taking place in December alone.

Another feature of the current situation shown by the data is the imbalance of wealth distribution of the digital currency, that is small numbers of investors holding a vast amount of the cryptocurrency. Of the roughly 17 mln Bitcoin available, the data show that, as of April 2018, around 1,600 Bitcoin wallets hold at least 1,000 bitcoins each, equalling almost 5 mln BTC and accounting for almost a third of all Bitcoin in circulation.

Six months after its peak, bitcoin remains the most popular cryptocurrency, though its price has fallen to about $7,650 at the time of publication. It follows that for each of the bitcoin millionaires there are numerous casualties that came into cryptocurrency too late, unlike those who established themselves early and reaped the benefits.

One of these is a 39-year-old who has made enough money from trading digital currencies over 5 years to pay off his mortgage, buy a Mercedes and now swap office life for managing his remaining crypto investments full-time, writes The Irish Times.

“It was very euphoric…It’s been life-changing for me at this point,” says the California-based father of two, who has a cult-like Twitter following under the pen name ‘bitcoin Dad’.

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Source: Pixabay

The post Latest Data Shows Bitcoin Hodlers v Short Term Traders Now Near Parity appeared first on BitcoinNews.com.

Cryptocurrency Job Market Explodes With Almost 6 Million Using Crypto Wallets

Recent news source figures show a rapid growth in the cryptocurrency employment market. With more than 1,500 tradeable cryptocurrencies and a $320 billion-plus market cap across the space, job opportunities are increasing. Major online employment site, Indeed.com, recorded an increase of 207 percent in blockchain job listings between 2016 and 2017 — a period of just 12 months. The rising blockchain job requirements and the fact that there are now over 5.8 million cryptocurrency wallet users showcases an increased crypto-adoption among masses.

The US has become a driver for boosting the crypto employment space, particularly in California which now employs nearly 30 percent of the country’s crypto employees, another 15 percent of jobs in the US are reported to be in remote locations.

Within the field, there are many opportunities from stack developers, tech writers, content marketers, business developers, and community managers, most positions to be found in the USA which currently posts 78% of the world’s non-remote crypto job opportunities, followed by the UK with 7%.

In the US, a full stack developer is likely to earn a base salary in the region of $90K, and slightly less for blockchain developers and engineers, depending on field experience. About 10% of companies offer salaries paid in cryptocurrency, although many now offer a percentage ratio system in both fiat and crypto.

In India, with 10% of the world’s Bitcoin wallets job growths has grown exponentially as reported by Indeed India.

“In the six months to November 2017, the number of cryptocurrency and blockchain jobs posted on the Indeed website rose by 290 percent. In the same period, job searches with keywords related to cryptocurrency/blockchain also rose by 52 percent.”

IBM’s pursuit of 1,800 blockchain jobs in France is a signal of intent to expand research and development in several areas with that company, primarily focusing on blockchain technology, AI, and IoT. Multinationals are increasingly embracing the new technology, opening up numerous new job opportunities in the crypto space.

AngelList, a popular website used by startups to offer vacancies to job seekers, recently recorded doubling their crypto-related job postings in a little over three months, according to its weekly newsletter. At the time Bitcoin was trading just over $19000 per coin with 50 jobs available which rose to 100 when Bitcoin slumped and traded at $7,000, according to CryptoGlobe.

AngleList commented, “startups aren’t watching the markets.”

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Source: Pixabay

The post Cryptocurrency Job Market Explodes With Almost 6 Million Using Crypto Wallets appeared first on BitcoinNews.com.

California Congressional Candidate Runs on Pro-Crypto Platform

Brian Forde is currently running for California’s 45th District seat in the US House of Representatives, and his unique campaign promise is to bridge the gap between the US government and the cryptocurrency community.

Speaking at the Ethereum Summit in Queens, NY on Saturday, he outlined his pro-crypto platform that includes a plan that would allow voters to share their opinions on policy preferences on a blockchain.

“What I want to do is create transparency for the voice of the citizen, so that if I do make a decision that’s not consistent with what all the votes said, then I’ve got to explain myself,” Forde detailed at the summit.

”I want to [create] transparency for the voice of the citizen”

Speaking to CoinDesk recently, Forde discussed the reasoning and ideas behind his platform, with the primary focus being the promotion of transparency between government and the public.

“If you’re upset at your member of Congress, you call them, you fax them, you text them, you email them, and in theory, there’s someone in the background, some intern – kind of chicken scratches on the wall – counting how people feel. Is that publicly auditable? No,” Forde told CoinDesk.

Regarding his plan to allow voters to utilize blockchain technology in communications with local government, he said: “I’d be the first member of Congress to adopt blockchain voting to hear from my constituents about how they feel on the policies I’m about to vote on.”

Crypto savvy

What could perhaps become the most valuable aspect of Forde’s role should he be elected, is the ability he would have to educate other members of Congress on blockchain and cryptocurrency-related issues. The US government has been struggling to pass comprehensive legislation in this regard, with many stating the most problematic issue is a lack of relevant knowledge from representatives.

As Forde noted, the lack of tech-savviness was ”clearly on display” during Facebook CEO Mark Zuckerberg’s testimony regarding the social media platform’s sharing of personal data with third parties. The lack of understanding is a threat to both technological businesses in the US, as well as the promotion of tech innovations.

The candidate described his potential role in Congress as one of acting as a helpful ambassador to his colleagues in the areas of blockchain, technology and cryptocurrency.

Forde’s campaign is also accepting cryptocurrency donations, although it is not the first of its kind to do so.

He was also responsible for the White House memo on Bitcoin shared during the Obama administration. The campaign was announced in July last year, looking to replace Republican incumbent Rep Mimi Walters.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

The post California Congressional Candidate Runs on Pro-Crypto Platform appeared first on BitcoinNews.com.