#CryptoCorner: SEC Chairman Confirms ETH Not a Security, Barclays Analyst Projects $19 Billion in Revenue by 2021 for Facebook from #Cryptocurrency
Stocks discussed: (NYSE: $BCS) (NasdaqGS: $FB) (NYSE: $HSBC)
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March 12 Crypto Corner
SEC Chairman Confirms ETH Not a Security, Barclays Analyst Projects $19 Billion in Revenue by 2021 for Facebook from Cryptocurrency, Crypto Miner Canaan Worth “Billions of Dollars” After Recent Funding Round, HSBC Looking for Partners in South Korea For New Blockchain Platform and Malta Appoints U.S. Security Firm For Crypto Activity
The chairman of the U.S.’s Securities and Exchange Commission, Jay Clayton, has confirmed that he agrees with colleague William Hinman that Ethereum (ETH) is not accurately classified as a security. In a letter to Congressman Ted Budd, Clayton said:
“I agree with Director Hinman's explanation of how a digital asset transaction may no longer represent an investment contract if, for example, purchasers would no longer reasonably expect a person or group to carry out the essential managerial or entrepreneurial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.”
Barclays (NYSE:BCS) analyst Ross Sandler said that a cryptocurrency from Facebook (NasdaqGS:FB) could produce as much as $19 billion of extra revenue for the company by 2021, according to a report from CNBC. Sandler explained how the cryptocurrency might operate upon introduction:
"Based on our checks, the first version of Facebook Coin may be a single purpose coin for micro-payments and domestic p2p money transfer (in-country), very similar to the original credits from 2010 and Venmo today.”
Chinese crypto mining giant Canaan Creative has finished a funding round worth “hundreds of millions of dollars”, according to a report from local outlet Securities Times. Upon completion of this funding round, the company is worth “billions of dollars”.
The Korea Times reports that HSBC (NYSE:HSBC) is courting banking partners in South Korea with the aim of launching blockchain platform Voltron. According to the article, the platform was conceived as a means to streamline the processing time of of paper-based letters of credit exchanged between importers and exporters, and other such parties.
The Malta Financial Services Authority (MFSA) has appointed U.S. company CipherTrace, a blockchain security firm, to surveil crypto activity on the “blockchain island”, according to the Times of Malta. CipherTrace CEO Joseph Cuschieri said:
“Ciphertrace Compliance Monitoring will provide the MFSA with powerful oversight tools to automate regulatory processes and audit the risk management of virtual asset businesses licensed in Malta.”
Sam Mowers, Investorideas
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