Market Analysis Report (13 Mar 2019)

Binance’s Trust Wallet Adds Support for XRP & Credit Card Payments

Cryptocurrency exchange Binance’s official wallet, Trust Wallet, now lets users buy cryptocurrencies with credit cards. The new payment option is being offered in partnership with Israel-based payments processor Simplex, according to an announcement from Binance yesterday. At the same time, the exchange said, Trust Wallet is adding support for XRP, the third largest cryptocurrency by market capitalization. The announcement did not specify which cards are supported or other details such as fees. Viktor Radchenko, the founder of Trust Wallet, said:

“We want to increase access to crypto and decentralized applications for all users. Adding credit card payments is one piece to furthering cryptocurrency adoption and realizing our larger vision in helping to bring the freedom of money, and we will continue to integrate more blockchains and features to Trust.”

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SEC Chair Clayton Affirms ETH Is Not a Security

The United States Securities and Exchanges Commission (SEC) Chairman, Jay Clayton, confirmed that Ethereum (ETH) and cryptocurrencies like it aren’t securities under U.S. law, according to a report published yesterday by Coin Center, a crypto research organization. 

Last year, SEC Director of Corporation Finance William Hinman said during a speech that ethereum, the No. 2 coin by market cap, did not exhibit the properties of a security. Congressman Ted Budd asked for clarification on whether SEC Chairman Jay Clayton agreed with Hinman’s remarks. The regulator has now responded by saying he agrees “that the analysis of whether a digital asset is offered or sold as a security is not static and does not strictly inhere to the instrument.”

A cryptocurrency may be sold as a security when it is first launched if it meets the definition of an investment contract, but the digital asset may later be sold or offered to consumers without being investments, Clayton wrote in a letter dated March 7, adding:

“I agree with Director Hinman’s explanation of how a digital asset transaction may no longer represent an investment contract if, for example, purchasers would no longer reasonably expect a person or group to carry out the essential managerial or entrepreneurial efforts. Under those circumstances, the digital asset may not represent an investment contract under the Howey framework.”

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Thai SEC Approves Country’s First ICO Portal

Thailand’s securities regulator has approved the first Initial Coin Offering (ICO) portal in the country, according to a report published yesterday by the Bangkok Post. Archari Suppiroj, director of the fintech department at the SEC, told the Bangkok Post:

“Thailand’s first authorized ICO portal is being finalized for official approval with the relevant government agencies such as the Commerce Ministry. […] The first ICO deal will be available for public offering in the near future under the digital asset royal decree.”

Read more here

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