Latest Articles

U.S. Congressman Suggests “Do Blockchain” and “Wall Coins” to Fund Border Wall

Distributed Summary:

  • Ohio State Representative Warren Davidson throws out blockchain-based fundraising to construct wall between U.S. and Mexico border
  • Floats the cryptocurrency name “wall coin” in seemingly offhand remark
  • Demonstrates awareness, if not sophisticated understanding, of blockchain-based fundraising and incentivization

A sitting member of the House of Representatives has proposed creating a cryptocurrency to raise funds for a massive wall along the Mexican border.

The notion of building a wall encompassing the entire U.S.-Mexican border has been a fraught one for years and gained new controversy when Donald Trump promised to complete it (and have Mexico pay for it) during his campaign for the presidency.

But a new proposal for funding the wall emerged during a recent interview on NPR, when Ohio State Representative Warren Davidson floated some of his own radical ideas to pay for construction.

“You could do with this sort of, like, crowdfunding site,” Davidson said. “Or you could even do blockchain, and you could have wall coins.”

Apparently an offhand remark, the comments did not demonstrate a sophisticated understanding of blockchain technology or many details about how a “wall coin” cryptocurrency would incentivize investment any better than, say, a Kickstarter.

“You could even accept Mexican pesos,” added Davidson.

Though it is always encouraging for advocates of decentralization to hear federal representatives throw out the term “blockchain” as a solution to complicated problems, these comments seem unlikely to amount to any real action in the future of a border wall.

FinCEN Takes First-Ever Enforcement Action Against Cryptocurrency Trader

Source: FinCEN

The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty against a peer-to-peer bitcoin trader for violating anti-money laundering (AML) regulations, its first enforcement action against a cryptocurrency exchanger. According to the agency, the exchanger failed to register as a money services business and failed to report "suspicious transactions," among other violations. The exchanger has been assessed a $35,000 fine and is now prohibited from providing money transmission services.

2019 Investments in Crypto and Blockchain Startups at $850 Million

Source: Reuters

According to data compiled by Pitchbook for Reuters, venture capital investment in crypto and blockchain startups has reached $850 million so far this year.

EEA Launches 'Token Taxonomy Initiative'

The Enterprise Ethereum Alliance has announced a "Token Taxonomy Initiative" to develop universal definitions for tokens to encourage their interchangeability across blockchain platforms. Members of the initiative include Microsoft, R3, ConsenSys, IBM, EY, Accenture and Intel.

Gemini Adds Support for SegWit

Source: Gemini

Gemini Trust, a New York-based cryptocurrency exchange, has announced support for Segregated Witness (SegWit) addresses and transaction batching. As a result, customers can now use SegWit addresses for bitcoin deposits and withdrawals, ideally improving processing times and lowering bitcoin withdrawal fees.