From egregious and amateurish errors to global regulatory changes, the Bitcoin ecosystem has seen a lot of activity this week. Looking back over the first week of November, it’s apparent that there is still a lot of work to be done if cryptocurrency is going to see the level of support it deserves. Not until entities in the space start to take their responsibilities seriously will this support be received.
The BitMEX exchange started the week completely on the wrong foot after it reportedly released 22,000 user email addresses into the wild. Somehow, a “computer glitch” caused the email addresses to be copied onto an outgoing email and the exchange, already dealing with a considerable amount of controversy, is going to end up paying the price for its amateurish and irresponsible lack of data protection.
BTC is not money, at least not in the legal sense. This is according to UK tax regulators, who clarified this week that certain tokens, like BTC, are commodities. Other tokens that are viewed as security or utility offerings, and on which Her Majesty’s Revenue and Customs has yet to provide guidance, do not fall under this definition.
Ripple and its XRP digital currency are seeing their legal problems drag on for yet another year. A new lawsuit has surfaced from investors who argue that the company had no right to try to dismiss a case regarding whether or not it had broken securities laws. Ripple had tried to assert that the statute of limitations on suing based on the securities law precedent had expired, but investors now retaliate, arguing that the ongoing sale of XRP constitutes a valid basis for the lawsuit to continue.
Facebook is under renewed pressure for its Libra stablecoin,