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Bitcoin Falls as SEC Seeks to Enhance Blockchain Security

August 03, 2018 04:45:57

Bitcoin fell below the $7,500 mark on Friday

Bitcoin fell below the $7,500 mark on Friday as the U.S. Securities and Exchange Commission (SEC) is reportedly making efforts to enhance blockchain security.

Bitcoin was down 4.48% to $7,341 at 10:30PM ET (02:30 GMT) on the Bitifinex exchange.

Ethereum fell 5.63% to $401.41 on the Bitifinex exchange.

Ripple was trading at $0.43026, down by 4.04% in the last 24 hours on the Poloniex exchange, while Litecoin also lost 3.93% to $75.243.

The SEC enquired several brokerages and questioned their business practices and how they deal with clients, Bloomberg reported on Friday, citing two people familiar with the matter.

The regulator mainly focused on fees generated form trading, financing and initial coin offerings, according to the reports.

Jay Clayton, the SEC Chairman, said last year that the ICO market is rife with fraud, and it sued firms for the charges of violating securities laws via coin offerings.

The news came the Financial Industry Regulatory Authority and the National Futures Association made similar moves earlier this year.

John L. Jacobs, executive director of Georgetown University’s Center for Financial Markets and Policy, said, “They [the regulators] are trying to understand the whole ecosystem. They’re still wrestling with how to make sure that this is an organized efficient marketplace.”

Elsewhere, UBS released a report on Thursday that suggested Bitcoin could replace U.S. money supply, but only if its price reaches $213,000 or if its network’s processing capabilities advance drastically.

The report stated, “Our findings suggest that Bitcoin, in its current form, is too unstable and limited to become a viable means of payment for global transactions or a mainstream asset class.”

Category: News

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