VHCEx Newsflash | 20th January 2020
Ripple’s (XRP) Status Challenged by Securities Class Action
Image Source: Daily Hodl
The company behind XRP, Ripple, is fighting an open-ended class-action lawsuit that was brought by their investors. The plaintiffs claimed in the lawsuit XRP is a security and that Ripple, its subsidiary XRP II, Ripple’s CEO Brad Garlinghouse, and others broke the law by “issuing and selling XRP as an unregistered security”. The plaintiffs are requesting for refunds and compensatory damages for everyone who bought XRP. The fate of $10 billion XRP market is now in Judge Phyllis Hamilton’s hands.
Washington Coin Centre Proposes Bill to Exempt Taxes on Small Crypto Purchases
Image Source: Crypto Sight
The Washington non-profit Coin Centre worked with Congress members to propose a bill to exempt tax on low value crypto transactions. The current taxation law in the United States is not entirely crypto friendly with any purchases made via digital currency being deemed to be a taxable event. The passing of this bill may spur crypto adoption in the country.
Crypto Becoming an Investment Choice for Financial Advisors
Image Source: Yahoo News
Forbes reported that growth in the market and decent returns makes crypto a choice for investment among financial advisors, according to a survey conducted by Bitwise Asset Management and ETF Trends. Thirteen percent out of the 400 financial advisors that took part in the survey would be allocating a portion of crypto for their clients in 2020, more than double of the 6% in 2019. The returns from crypto is the major reason for this change, with 54% of the analysts agreeing on its potential.
Uzbekistan to Establish National Mining Pool and Crypto Exchange
Image source: Nextweb
One of the 2020 plans for crypto in Uzbekistan involves forming a national cryptocurrency mining pool and crypto exchange. This was shared by one of the government body under the President of Uzbekistan, National Agency for Project Management (NAPM). The mining pool aims to increase transparency and security of crypto mining in the country, while encouraging local and foreign miners to get together. Furthermore, according to Nextweb, miners within this mining pool would be enjoying lower electricity rates, while a crypto exchange will be created for miners to sell the coins they receive.
NBA Team Launches First Blockchain-Based App
Image Source: Blokt
Based on a report by the CCN, the NBA’s Sacramento Kings basketball team has set up a blockchain powered platform that allows fans to buy authentic in-game gear. Every item sold comes with a minted digital token in an Ethereum wallet that proves the item’s authenticity for the buyer’s peace of mind and in case the item is to be sold later on.