Stephen Bannon, former Vice President of Goldman Sachs and former Senior Counselor to President Trump, has stated that he owns Bitcoin [BTC]. He also stated that he is working on a number of utility tokens for use by the average population.
While speaking at the Alpha conference in New York, Bannon stated that cryptocurrencies have a “huge aspect in the future”. However, he did state that “90% of ICOs have been a disaster”, speaking about the number of coins in the market that are either scams or tokens with no real development.
Notably, the United States Securities and Exchanges Commission has revealed some of their preliminary methods for determining the status of cryptocurrencies. While the Howey Test still holds strong, the SEC has stated that tokens released through ICOs will most likely be declared as securities. As long as funds gained from the ICOs are used to fund the operations of the company behind it, those tokens will be qualified as a security.
Bannon aims to circumvent this by creating a number of utility tokens. He stated:
“We’re working on a number of utility tokens for the populist movement. They have to be quality. The problem is that too many investors get blown out by things that aren’t thought through.”
He has considered making a token that he calls the “deplorable token”, in a snarky reference to Hillary Clinton calling Donald Trump’s followers “a basket of deplorables”.
In a quote to the New York Times, Bannon said:
“It’s disruptive populism. It takes control back from central authorities. It’s revolutionary. It was pretty obvious to me that unless you got somehow control over your currency, all these political movements were going to be beholden to who controlled the currency.”
He has stated that virtual currencies can help citizens take back power from the central banks that “debase your currency” and make citizens “slaves to debt.”
He seems to hold the same opinion as the majority of anarchist and anti-establishment individuals in the cryptocurrency space. This is in contrast to the matters discussed at the conference, which reportedly featured ‘mostly skepticism about cryptocurrencies’.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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