The Information

Crypto Newsletter

What I Learned Covering Crypto

By Jon Victor · Aug 28, 2019 12:05pm PDT · 2 comments

This will be my last edition of the crypto newsletter. I'm leaving The Information to take some time off and then go back to school. It has been a joy to dig into these topics each week—and even better to hear from you along the way. The newsletter will be back soon after a short hiatus. To cap off my time covering crypto,... This will be my last edition of the crypto newsletter. I'm leaving The Information to take...

Mike Sullivan

Crypto Newsletter

Why Binance Stands a Chance Against Facebook

By Jon Victor · Aug 21, 2019 12:01pm PDT

Crypto exchanges located outside the U.S. have maneuvered to avoid being subject to rules by U.S. financial regulators and law enforcement agencies, as I described last week. Now, we have one more data point to add to that conversation: A New York judge rejected Bitfinex’s claim that the New York attorney general’s office, which is... Crypto exchanges located outside the U.S. have maneuvered to avoid being subject to rules by U.S....

Mike Sullivan

Crypto Newsletter

Exchange Rules Spark Conflict

By Jon Victor · Aug 14, 2019 12:29pm PDT

I was monitoring bitcoin’s price on Wednesday morning, as investors dumped stocks after government bond prices warned of a potential U.S. recession. The idea that bitcoin is untethered to any traditional assets, making it a good investment in times of market uncertainty, has gained traction in recent months. But the jury is still out on... I was monitoring bitcoin’s price on Wednesday morning, as investors dumped stocks after...

Mike Sullivan

Another Rival for Coinbase, Gemini

By Jon Victor · Jul 31, 2019 12:20pm PDT

Mike Sullivan

Crypto Newsletter

Another Rival for Coinbase, Gemini

By Jon Victor · Jul 31, 2019 12:20pm PDT

Crypto went to Washington yet again this week. This time, Congress was exploring whether it should pass new laws to govern the industry. Jeremy Allaire, CEO of Circle, which recently moved some operations offshore, told lawmakers at the hearing that uncertainty around regulation is prompting crypto companies to leave the U.S.His comments echoed... Crypto went to Washington yet again this week. This time, Congress was exploring whether it...

Mike Sullivan

Crypto Newsletter

Lawsuit Alleges Financial Irregularities at Token

By Jon Victor · Jul 24, 2019 12:04pm PDT

A highly anticipated lunch between Warren Buffett and members of the crypto industry was postponed this week, in dramatic fashion. Justin Sun, the creator of the Tron blockchain, made waves last month when he won a charity auction for the chance to dine with the Oracle of Omaha. The waves spread when, earlier this week, Mr. Sun unexpectedly... A highly anticipated lunch between Warren Buffett and members of the crypto industry was...

Mike Sullivan

Crypto Newsletter

Lawmakers Grapple With How to Rein In Libra

By Jon Victor · Jul 17, 2019 1:11pm PDT

Greetings from Washington, D.C. The price of bitcoin took a slight hit this week, after Facebook’s David Marcus testified at two hearings on Capitol Hill about the social media giant’s plans for Libra. Mr. Marcus, whom we profiled this week, fielded questions on a variety of topics, from how Facebook would stop Libra from being used... Greetings from Washington, D.C. The price of bitcoin took a slight hit this week, after...

Mike Sullivan

Crypto Newsletter

Lawmakers to Grill Facebook on Libra Plans

By Jon Victor and Ashley Gold · Jul 10, 2019 12:18pm PDT

Get ready for another deluge of Libra headlines. The head of Facebook’s crypto project, David Marcus, is set to testify before Congress twice next week, in hearings that are shaping up to be contentious.Some House lawmakers already have asked Facebook to halt all work on Libra until after the hearings, but the company not surprisingly... Get ready for another deluge of Libra headlines. The head of Facebook’s crypto project,...

Mike Sullivan

What Gemini’s Expansion Means

By Jon Victor · Jul 3, 2019 12:18pm PDT · 1 comment

Mike Sullivan

Crypto Newsletter

What Gemini’s Expansion Means

By Jon Victor · Jul 3, 2019 12:18pm PDT · 1 comment

It turns out last week’s rally was short-lived, with bitcoin pulling back after reaching as high as $13,500. People in the industry I’ve spoken with are still mindful of last year’s plunge, and say they would rather see the market gain steam more gradually. “Once a new base is formed, prices are likely to move... It turns out last week’s rally was short-lived, with bitcoin pulling back after reaching as...

Mike Sullivan

Crypto Newsletter

Blockchain Developers Are Leery of Libra

By Jon Victor · Jun 26, 2019 12:23pm PDT

It has been a while since crypto markets have had a week like this one. By Wednesday afternoon, Bitcoin had topped $13,000, up from around $9,000 as it rides a wave of optimism following Facebook’s Libra cryptocurrency announcement. This week, we take a look at an aspect of the Libra plan that has received less attention: whether... It has been a while since crypto markets have had a week like this one. By Wednesday afternoon,...

Mike Sullivan

Crypto Newsletter

What We Still Don’t Know About Libra

By Jon Victor · Jun 19, 2019 12:42pm PDT

Facebook’s big announcement yesterday about its new Libra cryptocurrency answered some questions we all had about the project. It also triggered many new ones.On The Information’s conference call following Facebook’s big reveal, a lot of subscribers focused in on a potentially fundamental conflict: whether the interests of... Facebook’s big announcement yesterday about its new Libra cryptocurrency answered some...

Mike Sullivan

Crypto Newsletter

Venture Investors Remain Skittish

By Jon Victor · Jun 12, 2019 12:06pm PDT

Bitcoin’s price has been on a quiet tear this year, but it looks like investors remain gun-shy after getting burned by crypto’s big drop in early 2018. We take a closer look at that below. Also this week, the spotlight continues to be on Facebook’s crypto plans, as the industry awaits the expected June 18 release of its token... Bitcoin’s price has been on a quiet tear this year, but it looks like investors remain...

Mike Sullivan

EOS Creator Expands Into Social Media

By Jon Victor · Jun 5, 2019 1:12pm PDT

Mike Sullivan

Crypto Newsletter

EOS Creator Expands Into Social Media

By Jon Victor · Jun 5, 2019 1:12pm PDT

It should surprise no one that the winner of a charity auction for a lunch with Warren Buffett was a crypto entrepreneur who hopes to sell the investing legend on crypto’s merits. Justin Sun, founder of the blockchain Tron, will donate $4.6 million for the chance to discuss the potential uses he sees for Tron’s cryptocurrency.... It should surprise no one that the winner of a charity auction for a lunch with Warren Buffett...

Mike Sullivan

Crypto Newsletter

Kik Stakes New Path to Fight Crypto Regulation

By Jon Victor · May 29, 2019 12:00pm PDT

Facebook’s stablecoin will reportedly launch early next year, and Facebook executives are already busy courting regulators in the various countries where they plan to launch the token. The process could take a while—selling officials on the idea of a single global currency issued by a private company probably won’t be easy.... Facebook’s stablecoin will reportedly launch early next year, and Facebook executives are...

Mike Sullivan

Crypto Newsletter

Bonds on the Blockchain

By Jon Victor · May 22, 2019 12:02pm PDT

It seems that bitcoin’s run-up has some staying power, with its price holding steady this week at about $8,000. But that doesn’t mean all crypto companies are fully back on their feet. Circle confirmed Tuesday that it was laying off about 10% of its staff, citing new market conditions and an unfavorable regulatory environment for... It seems that bitcoin’s run-up has some staying power, with its price holding steady this...

Mike Sullivan

Crypto Newsletter

Can Crypto Crack the Retail Market?

By Jon Victor · May 15, 2019 12:00pm PDT

Greetings from day three of Consensus, where the mood has grown increasingly celebratory after bitcoin broke $8,000 for the first time in almost a year on Tuesday. Bitcoin and other cryptocurrencies have been rallying for the last two weeks, and some have speculated that investors could be using crypto as a hedge against the capital markets,... Greetings from day three of Consensus, where the mood has grown increasingly celebratory after...

Mike Sullivan

Consensus Attendance Drop-Off Creates Hurdles for CoinDesk

By Jon Victor · May 8, 2019 12:01pm PDT

Mike Sullivan

Crypto Newsletter

Consensus Attendance Drop-Off Creates Hurdles for CoinDesk

By Jon Victor · May 8, 2019 12:01pm PDT

As the crypto industry’s movers and shakers head to New York for the annual Consensus conference next week, I sat down with Kevin Worth, CEO of CoinDesk, the crypto news and data provider that organizes Consensus, to talk about how the weaker crypto market is weighing on the conference and on CoinDesk’s overall business. While down... As the crypto industry’s movers and shakers head to New York for the annual Consensus...

Mike Sullivan

Crypto Newsletter

Bitfinex Explores New Token Sale After Tether Trouble

By Jon Victor · May 1, 2019 12:25pm PDT

What do you do if you don’t have enough cash in reserve to back up the tokens you issued? If you are Bitfinex, your answer might be: Create a new token to sell. The exchange is on the defensive this week after the New York attorney general accused it of covering up $850 million in lost funds. Bitfinex is weighing a fundraising that, if... What do you do if you don’t have enough cash in reserve to back up the tokens you issued?...

Mike Sullivan

Crypto Newsletter

Binance Chain’s Beginning

By Jon Victor · Apr 24, 2019 12:02pm PDT

We still don’t know that much about Binance’s new blockchain, but that hasn’t stopped the crypto world from buzzing about it since it launched this week. For the most part, what has people excited about Binance Chain is that crypto startups can run their tokens on the network. That raises the possibility that the new blockchain... We still don’t know that much about Binance’s new blockchain, but that hasn’t...

Mike Sullivan

Crypto Newsletter

Asia’s New Crypto Trading Platform

By Shai Oster and Jon Victor · Apr 17, 2019 12:40pm PDT

Binance’s CEO might be the most powerful person in crypto. This week, he sent a token’s price plunging when he announced that the exchange would remove Bitcoin SV, in response to the token’s most prominent backer’s repeated (and widely disbelieved) claims that he is Satoshi Nakamoto, bitcoin’s creator. Other... Binance’s CEO might be the most powerful person in crypto. This week, he sent a...

Mike Sullivan

No Rush to No-Action Letters

By Jon Victor · Apr 10, 2019 12:16pm PDT

Mike Sullivan

Crypto Newsletter

No Rush to No-Action Letters

By Jon Victor · Apr 10, 2019 12:16pm PDT

The past week has been big for regulation: Crypto lawyers have been hard at work trying to determine whether the SEC’s “plain English” guidance on ICOs clarifies things or just muddies them further. And in Washington, D.C., Rep. Warren Davidson, R-Ohio, reintroduced a bill that seeks to exempt tokens from securities laws.... The past week has been big for regulation: Crypto lawyers have been hard at work trying to...