In today's edition of The Daily, we present a couple of stories that show how the United States is potentially stifling the development of the local cryptocurrency industry by charging companies with costly compliance. We also cover a partnership between a computer chip manufacturer and a cryptographic study.
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The United States authorities publish most of the summons in Kraken
The popular cryptocurrency exchange in Kraken has published statistics on volumes and the global distribution of its requests for information by the authorities in 2018. The data show that the number of citations has almost tripled from just 160 in 2017 to 475. The numbers also highlight in fact, the load that complies with American demands.
While the exchange reports that only about 20% of its customers come from the United States, the country represented the absolute majority of requests for information that was to be managed from all over the world. Following the quotations of the United States 315 in 2018 was the United Kingdom with only 61. In fact, the FBI alone issued more requests from all UK authorities, making a total of 67. Homeland Security Investigations (HSI ) was even more of an exchange burden with 91 requests for information.
Jessie Powell, Kraken's Chief Executive, commented: "On the one hand, we are delighted to witness the extent legally possible in the capture and prosecution of violent criminals and thieves." On the other hand, nobody likes to have a gun to the head, being forced to divert the work from their own goals to those of someone else. "
<img class = "aligncenter size-full wp-image-271187″ title=”The Daily: Kraken overwhelmed by US quotations, AMD Partners Crypto Studio” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/kraken.jpg” alt=”The Daily: Kraken overwhelmed by US quotations, AMD Partners Crypto Studio "width =" 2048 "height =" 1151 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/kraken.jpg 2048w, https://news.bitcoin.com/wp-content/uploads/2019/01/kraken-300×169.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/kraken -768×432.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/kraken-1024×576.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2019 /01/kraken-696×391.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/kraken-1392×782.jpg 1392w, https://news.bitcoin.com/wp-content /uploads/2019/01/kraken-1068×600.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2019/01/kraken-747×420.jpg 747w "sizes =" (maximum width: 2048px ) 100vw, 2048px”/>
"Take a look at our 2018 Compliance Transparency Report. You can see why many companies choose to block US users," said the Kraken team. "The cost of managing quotes (regardless of licenses) is rapidly becoming an entry barrier."
"Part of the reason why these are so burdensome is that they often require a significant amount of education and back and forth. We will receive requests for" all transactions ", which could be petabytes of data when they actually only need withdrawals from last week for a boy ", they further explained.
Exchange Receives Flak to Kiss up to Regulators
The New York trading platform, Gemini, has launched a controversial marketing campaign in New York. Advertisements posted on open billboards, subway stations and taxis from the exchange are proclaiming that "The Revolution needs rules" and "Crypto without chaos" which suggests that government regulations are good for investors.
These messages that can also be seen as an attack on trading venues that can not afford to acquire an expensive "Bitlicense" have, not surprisingly, caused a ruckus from the most libertarian sections of the community of cryptocurrencies. Some people have taken position not only with the idea of the campaign, but that such announcements could encourage legislators to think that the community is actually grateful for their often heavy actions.
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"We believe that investors entering cryptocurrency deserve the same identical investor protection in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols," said Chris Roan, Gemini's marketing manager at WJS.
AMD partner with Crypto Development Studio
<img class = "alignright size-medium wp-image-271188″ title=”The Daily: Kraken overwhelmed by US quotations, AMD Partners Crypto Studio” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/AMD-300×188.jpg” alt=”The newspaper: Kraken submerged by US quotations, AMD Partners Crypto Studio "width =" 300 "height =" 188 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/AMD-300×188 .jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/AMD-768×480.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01 /AMD-1024×640.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2019/01/AMD-696×435.jpg 696w, https://news.bitcoin.com/wp-content/uploads /2019/01/AMD-1392×870.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2019/01/AMD-1068×668.jpg 1068w, https://news.bitcoin.com/wp -content / uploads / 2019/01 / AMD-672×420.jpg 672w "sizes =" (maximum width: 300px) 100vw, 300px”/>Consensys, the study of crypto software that has been reported to cut more than half of its employees last month, has collaborated with one of the companies that suffered most from the decline in the sale of GPUs to cryptocurrency miners last year – AMD.
The two parties announced that, in collaboration with Halo Holdings in Abu Dhabi, they will develop data center optimized solutions for emerging blockchain workloads through the creation of W3bcloud. The initiative is focused on the provision of an independent cloud computing blockchain infrastructure and plans for the development of optimized solutions based on AMD hardware.
"Strengthening the computing power of blockchain networks with AMD's cutting-edge technology will greatly benefit the scalable adoption of emerging decentralized systems worldwide," said Joe Lubin, founder of Consensys and co-creator of Ethereum. "The combination of hardware and software will feed a new infrastructural level and will allow an acceleration of the proliferation of blockchain technologies".
What do you think of today's news? Share your thoughts in the comments section below.
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