US Approves Winklevoss Dollar-Linked Cryptocurrencies 10 September 2018

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US approves Winklevoss dollar-linked cryptocurrencies 10 September 2018 and traditional money. The company plans to launch a program that will allow consumers to convert US dollars into Gemini dollars. "To date, there has been no trusted and regulated digital representation of the US dollar on the blockchain," Tyler Winklevoss said. "We are excited to bring the Gemini dollar to market, a stablecoin that combines the creditworthiness and price stability of the US dollar with blockchain technology and the oversight of the DFS." Approval in New York comes after the US Securities and Exchange Commission in July rejected a proposal from the Winklevoss brothers to allow trading in the first Bitcoin-based exchange- traded fund. DFS superintendent US Maria Vullo said New York "is committed to fostering innovation while ensuring responsible growth" as financial markets evolve. Cameron Winklevoss and Tyler Winklevoss received approval from New York financial regulators for their US Charles Cascarilla, chief executive of Paxos, said dollar-linked digital currency its venture would pave the way to "a truly frictionless, global economy" with a "digital asset that can be trusted." New York state regulators gave the green light The SEC, which has been cracking down on some Monday to a pair of cryptocurrencies linked to the cryptocurrency ventures, on Sunday also took dollar, providing a boost of credibility to the action against Bitcoin Tracker One and Ether ventures. Tracker One after the entities were described alternatively as "exchange traded funds," Cameron and Tyler Winklevoss and their Gemini "exchange traded notes" and "non-equity traded Trust Company received authorization along with certificates." Paxos Trust Company, after the companies agreed to adhere to New York rules on money laundering, The SEC ordered a suspension of trading for the anti-fraud and consumer protections, the New York two entities, pointing to "confusion amongst market State Department of Financial Services said. participants regarding these financial instruments." The Winklevoss twins have said their Gemini dollar © 2018 AFP could provide a key link between cryptocurrencies 1 / 2 APA citation: US approves Winklevoss dollar-linked cryptocurrencies (2018, September 10) retrieved 27 September 2021 from https://phys.org/news/2018-09-winklevoss-dollar-linked-cryptocurrencies.html This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. 2 / 2 Powered by TCPDF (www.tcpdf.org).

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