The regulations regarding cryptocurrencies discussed by Andrew Yang

Andrew Yang: The US needs to standardize and clarify cryptocurrency regulations. US Presidential candidate Andrew Yang has again made statements about cryptocurrency regulations.

In an interview with Bloomberg Politics, Yang said that there should be a uniform set of rules and guidelines when it comes to using cryptocurrencies:

“At the moment we are stuck with this amalgam of different regulations from state to state and it is bad for everyone. It generates disadvantages for innovators who want to invest in this space. So it would be my priority to have clear and transparent rules so that everyone knows where they can go in the future and maintain competitiveness. ”

The presidential candidate added that blockchain technology has “a great potential and we should and should invest in it”.

Yang is one of the most vocal politicians in the promotion of cryptocurrencies, but he has achieved little success in polls during the campaign period.

Bill in Maryland to make ransomware illegal

Maryland State Senator Susan C. Lee has introduced a bill that would make ransomware illegal. The draft law has been carefully written to make it illegal to have such malicious programs. However, it allows security researchers to study malware for preventive purposes.

Baltimore has twice been the victim of a ransmoware attack in a year. In May 2019, for example, the municipality’s systems were held hostage for three weeks with such a program. Finally, the authorities paid the redemption of 13 BTC.

The draft law will not stop cryptojacking attacks, but will facilitate punitive actions by authorities once attackers are identified.

Bittrex completes $ 300 million insurance for cold storage cryptocurrencies

The crypto exchange Bittrex has announced that it has secured $ 300 million for digital assets it keeps in cold storage.

The contract is made with the insurance company Lloyd’s in London and was concluded with the help of the broker Marsh. A representative of Marsh said:

“We worked closely with Bittrex to create a personalized insurance solution to meet the specific needs of the cryptocurrency industry.”

In order to obtain insurance, Bittrex had to demonstrate that it has well-developed internal security procedures and compliance protocols.

Obtaining insurance from companies that manage cryptocurrencies is extremely difficult because of the high risk of managing crypto assets. Some big companies like Gemini have opted for the creation of their own insurance companies.

Silvergate Bank reports over 800 customers in the crypto industry

Silvergate Bank reported that at the end of 2019, it had 804 customers active in the crypto industry. These included the Coinbase, Gemini and Kraken exchanges.

However, the bank reported a 55% drop in revenue in the last quarter of last year, compared to 2018.

Silvergate Bank is one of the few banks that has been open to boarding customers in the crypto industry. Its rapid transfer system – called the Silvergate Exchange Network (SEN) – generated revenue of $ 1.4 million in Q4 2019 and $ 1.6 million in Q3.

“The results of the quarter were in line with our expectations”,

said Alan Lane, president and CEO of Silvergate.