We start off by continuing with some new developments in the bitfinex/tether saga: The New York Supreme Court has ruled that the scope of the Attorney General’s investigation into Bitfinex and Tether Limited is too broad and needs a time limit. Bitfinex is claiming this to be a victory in the short term, but time will tell as to what will happen legally as a result of tether not backing tether in a 1/1 ratio as was promised. Many are up in arms as this essentially likens crypto to fractional reserve banking, a typical criticism of fiat currencies.
https://www.ccn.com/bitfinex-victory-supreme-court-tether
🤑Next we have some bullish news coming from one of the top 100 alts: NEM surges 55% bucking the lull in the larger crypto market bringing their market cap up to near $800 million. What caused the massive surge was a tweet from NEM announcing a partnership with the Zeux app. This partnership will effectively allow Apple and Samsung users to pay for purchases with XEM tokens through the apps.
https://www.ccn.com/up-55-nem-xem-defies-crypto-snooze-as-weeks-biggest-gainer
Following we have some less bullish news regarding the crypto exchange Poloniex as they announce delisting of 9 tokens for US clients. The tokens of ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP will be disabled on May 29th out of fear of impending regulation from the US government. The decision comes as a result of uneasiness on the decision of whether or not the currencies can be considered securities or not, as it simply is “not worth the hassle” for the exchange to continue.
https://www.ccn.com/poloniex-shuts-crypto-sales-of-9-tokens-fearing-regulatory-squeeze
Next we continue on a previous story regarding Facebook and their developments within the crypto industry as they recently registered a Switzerland based company by the names of Libra. This bullish news follows leaked reports that the social media giant will release a stable coin sometime in the third quarter of 2019. This is perhaps one of the more interesting stories to follow as the year progresses and the ecosystem continues to coax some of the world’s largest tech companies into the industry.
https://cointelegraph.com/news/facebook-registers-new-fintech-firm-in-switzerland
🤫Lastly we have an interesting story regarding the notorious crypto bull CEO of Overstock.com Patrick Byrne. This past week Overstock’s shares plunged 16% as the CEO sold around 900,000 shares with plans to move the capital into other blockchain investments and charity commitments. This move caused many employees and shareholders to get agitated, although Bryne continued by saying: “I owe shareholders staying within the law and not making decisions based on inside information, not explanations of my life and projects outside Overstock.”
https://www.ccn.com/overstock-insiders-revolt-after-crypto-crazed-ceo-dumps-900000-shares
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