The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

Top stories in the Crypto Roundup today: US Treasury Secretary calls cryptocurrencies a ‘national security issue,’ Polkadot DOTs hit market via new token distribution mechanism and New York ‘BitLicense’ secured by Seed CX institutional crypto exchange.

Bitcoin (BTC) is trading at the time of writing at $10,559.71 (2.11%) with a daily volume of $5.45 bn. Ether (ETH) is trading at $223.55 (-1.39%) with a daily volume of $2.07 bn. The MVIS CryptoCompare Digital Assets 10 Index is tracking at 3,706.07 (-1.93%).

U.S. Treasury Secretary: Cryptocurrencies a ‘National Security Issue’

Steven Mnuchin, Secretary of the U.S. Department of the Treasury, described cryptocurrencies such as Facebook’s Libra stablecoin as a “national security issue” in a White House news briefing on Monday.

“Libra could be misused by money launderers and terrorist financiers,” warned Mnuchin in his address. Talking about bitcoin, the Treasury Secretary echoed that which was tweeted last week by U.S. President Donald Trump, that is, its value is “highly volatile and based on thin air.”

Mnuchin’s press conference comes as Facebook executives prepare to testify before each of the Senate Banking Committee and House Financial Services Committee over the coming two days in relation to its plans surrounding Libra and its Calibra subsidiary.

Polkadot DOTs Hit Market via New Token Distribution Mechanism

Physically-delivered cryptocurrency futures exchange CoinFLEX will this week launch its first so-called initial futures offering (IFO), according to CoinDesk. DOT tokens are to be the first crypto token offered via CoinFLEX’s inaugural IFO. DOT is the native token of Polkadot, a protocol allowing independent blockchains to exchange information.

Last month, reports surfaced that Polkadot successfully closed a private sale of 500,000 DOTs at a per token sale price in line with the protocol’s $1.2 billion valuation reported by The Wall Street Journal earlier in 2019.

New York ‘BitLicense’ Secured by Seed CX Institutional Crypto Exchange

Seed Digital Commodities Market and Zero Hash - two subsidiaries of Seed CX, a licensed digital asset exchange for professional and institutional traders - were each granted a virtual currency license by the New York State Department of Financial Services (DFS). Zero Hash was also approved for a money transmitter license, allowing it to provide custody for and settle fiat currency.

Receiving such a license - colloquially dubbed a ‘BitLicense’ - from the state regulator allows businesses like Seed Digital Commodities Market and Zero Hash to engage in so-called “virtual currency business activity” involving New York or “persons that reside, are located, have a place of business, or are conducting business in New York.”

Counting the DFS’ most recently approved applicants in Seed Digital Commodities Market and Zero Hash, there now exist twenty-one BitLicense holders. The New York-specific licensing regime was enacted in mid-2015.

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