Here is your recap for the recent crypto and blockchain developments that have happened recently in this space.
Coinbase recently fell into hot waters as a complaint was filed against the platform by some investors who allege that insiders got unfair profit from the rollout of bitcoin cash done by the exchange. This happening allegedly took place last December.
The allegation was filed in the federal court this past Tuesday. It is essentially a more detail-oriented version of the case that was handled and dismissed last month. It clearly elaborated how the exchange let down its investors.
Now, the exchange has one month to react to this.
Is the SEC Right?
Edan Yago, who is the founder of CementDAO, recently expressed his thoughts through a well-renowned crypto news source regarding the SEC trying to understand the crypto space. Edan suggested that crypto assets are not essentially ‘property’, rather they are determined by mathematics.
It becomes rather unclear which laws apply to this world, and which do not.
Here is a simple explanation. Cryptos are different from the traditional financial systems as they are based on the principle of decentralization. They do not specifically revolve around specific entities and persons.
The matter of regulating smart contracts falls also in a grey area. Who is the provider of these? And which is the entity that brings about the actions to these?
The SEC is trying to put certain jurisdictions over these assets linked to the crypto world. But where are the legally enforceable contracts between entities which allow these jurisdictions to be placed? So, the entire situation of controlling the crypto world by the SEC seems a bit cloudy.
Proof-of-Concept (PoC) Trial
Swiss Federal Railways recently conducted a PoC experiment to check the viability of a credentials management system that is based on the nascent blockchain technology.
Talking to a news source, a spokesperson of the railway stated that this project ran from May to November, and it aimed at uncovering whether this technology can improve the traditional old paper-based processes for the safety of the site in projects related to construction.
The fact that blockchain is being incorporated into railway procedures where strict identification system is generally required does not come off as a surprise. The capabilities that are carried by this nascent technology are revolutionary. It can provide a transparent fabric of operation that can revamp various industrial structures. It is already being incorporated into industries like music, aviation, content creation etc. It will be interesting to see how many more industries it restructures with its revolutionary framework based on decentralization.