Last Week’s Cryptocurrency News. Friday, August 19th


Friday, 19th of August. As the week comes to an end, we can focus on the highlights of the crypto industry over the past few days.

PayPal mobile app adds support for bitcoin

PayPal has introduced the feature of buying, selling and transferring cryptocurrencies through its mobile app.

Bitcoin, Ethereum, Litecoin and Bitcoin Cash are supported. The minimum transaction amount is $1.

Both internal and external transfers are available to users, as well as the option to pay with digital currencies when shopping at “millions” of online stores that support PayPal.

The company’s app provides access to educational content on cryptocurrencies.

“Keep in mind that we can’t protect you from losses as a result of market volatility. Transferring cryptocurrency on the blockchain is also risky and your crypto may be delayed or lost. Be sure to do your research and buy and sell carefully,” the company warned.

In November 2020, PayPal allowed U.S. users to access crypto directly through their accounts.

As of April 2021, the firm announced support for Bitcoin, Ethereum, Litecoin and Bitcoin Cash on its Venmo mobile payment service. At the same time, PayPal CEO Dan Schulman noted that demand for digital assets hit it out of the park.

SEC refuses to unseal internal documents in Ripple case

The U.S. Securities and Exchange Commission (SEC) has filed an objection to the court’s request for disclosure of internal documents in the case against Ripple.

The matter in question is the text of a 2018 speech by William Hinman, the former director of the Division of Corporation Finance. Back then, he claimed that, for various reasons, bitcoin and Ethereum were not securities.

The SEC argued that the former official’s speech reflected his personal views. In February, the SEC filed a motion with the court, whereby Hinman expressed the stance of the Division of Corporation Finance. This is how the agency hoped to extend the DPP to drafts of the speech.

On July 12, 2022, Judge Sarah Netburn called the regulator’s viewpoint ‘hypocrisy’ and denied the motion to withhold disclosure of internal documents.

It was August 16 when the SEC accused Ripple’s lawyers of using a “fundamentally inconsistent argument.” The SEC pointed out in its objection to the court’s decision that Hinman’s speech was irrelevant.

According to the document, drafts of speeches appear to be internal documents that are not subject to disclosure. However, the regulator noted that the DPP also includes information relating to the proceedings.

The ex-employee’s speech was again called “preliminary” and “deliberative” by the SEC because it “reflects the author’s personal opinion” and “not agency policy.” As in the previous motion, the regulator invoked the attorney-client privilege.

New class action lawsuit filed in U.S. against Coinbase

George Kattula, who lives in the state of Georgia (USA), filed a class action lawsuit against the Coinbase crypto exchange. He accused the platform of unfair asset protection, freezing funds and blocking customer accounts.

As the plaintiff says, he received an email in April, allegedly from Coinbase, asking him to change the password for his account. Following that, almost $6,000 worth of assets disappeared from the account.

“Contrary to its claims, Coinbase does not properly use standard methods to secure user accounts. Coinbase improperly and unreasonably locks out its consumers from accessing their accounts and funds, either for extended periods of time or permanently,” the lawsuit alleges.

Kattula mentioned that the platform did not delay the processing and execution of the suspicious transaction. He also blamed the exchange’s customer service for untimely responses to requests.

“Furthermore, Coinbase does not disclose that the crypto assets on its platform are securities,” the plaintiff said.

During August, two class action lawsuits were submitted against Coinbase. The platform was charged with offering crypto assets that should have been registered as securities.

“Banking on Bitcoin” movie producer to shoot a film about Satoshi Nakamoto

Filmmaker Christopher Cannucciari and White Paper Films announced the production of “I Am Not Satoshi,” a documentary. They will raise funds for the motion picture through the Avalanche-based Republic platform, Decrypt reports.

“Experts and witnesses will help us understand the events leading up to and following Satoshi’s disappearance. Our goal is to tell this story before history becomes a myth,” the filmmaker stated.

He intends to address some theories regarding the identity of the creator of the first-ever cryptocurrency. The piece will also explain why some community members believe that the enigma of Satoshi Nakamoto must remain unsolved.

Movie makers hope to raise funding through the token sale at Republic as part of the Film Finance Offering, a concept developed by Ava Labs. It is expected that in the future the platform can be used by other filmmakers to finance their work.

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