ICO Alert Crypto Minute: June 12, 2018
Apple adds further clarification to its policy on crypto-apps; SEC Democratic Commissioner thinks ICOs can’t be rule-written; Potcoin sponsors Dennis Rodman; Top 5 Movers and Shakers and more!
Apple Revises Cryptocurrency & ICO Guidelines For The App Store
Yesterday, as reported by ccn.com, Apple has slightly revised its guidelines surrounding which cryptocurrency and/or ICO apps can and cannot be distributed through its App Store. The revision focuses mostly on ensuring that app developers are not using their application to mine cryptocurrency on users’ phones without their permission. Further though, Apple stated, “Apps facilitating Initial Coin Offerings (“ICOs”), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (“FCM”), or other approved financial institutions and must comply with all applicable law”, outlining what may be more regulation to come in the near future.
SEC Democratic Commissioner, “Silly” To Write Rules For ICOs
As seen on Forbes, another SEC member is back and forth on the best way to regulate ICOs. The SEC Democratic Commissioner, Robert Jackson, believes that the ICOs themselves change too rapidly to properly regulate right now. The SEC does not want to make a rule that in three months will be out of date as it relates to how ICOs function. Jackson goes further to say that he agrees with the approach SEC Chair Jay Clayton is taking though (All ICOs considered securities).
The article goes on further to talk about issues within traditional finance where executives and founders buy back equity in order to sell their own equity. This is something that happens frequently in the cryptocurrency space, but rules surrounding this action may indeed be outdated three months after their publishing date.
Wells Fargo Bans Cryptocurrency Purchases Via Credit Card
If you purchase cryptocurrency via a Wells Fargo credit card you’ll need to find a new home for your token fund source, according to Bloomberg yesterday. Wells Fargo has joined JP Morgan Chase, Bank of America and others in banning cryptocurrency payment via credit card for fear that credit card balances will go unpaid. According to LendEDU, the fear is accurate, citing that 18% of people purchase cryptocurrency with a credit card and 22% of those people could not immediately pay off the balance of the credit card.
Potcoin Funds Dennis Rodman’s Trip, Again
As seen on the news site Independent, Potcoin has made headlines again for flying Dennis Rodman to Singapore, the same place where President Trump and Kim Jong-un are meeting. Rodman was emotional on his TV interview talking about how he aims to spread peace, while his shirt stated “Peace Starts in Singapore” with a Potcoin logo alongside the slogan. Potcoin is a cryptocurrency that aims to provide a network and banking solution for the marijuana industry. Potcoin previously sent Rodman to North Korea to meet with Kim Jong-un and continues to work with Rodman for his own agenda and their own marketing benefit.