Stellar Lumens Approved For Trading In New York; Steve Bannon Wants To Create A “Deplorable Coin” And Has Taken A Significant Position In Bitcoin; Ripple Donates $2 Million To McCombs School Of Business At The University Of Texas
According to Fortune, New York financial regulators have approved the cryptocurrency Stellar Lumens to trade on the itBit exchange. itBit is a cryptocurrency exchange designed for institutional investors and previously offered only Bitcoin trading. This would mark the first time that New York has given the green light for Lumens to be traded.
Along with Lumens, itBit received approval from New York’s Department of Financial Services (NYDFS) to allow trading of Bitcoin Cash, Ethereum, and Litecoin.
The approval of Lumens to be traded by the NYDFS is significant because it signals that regulators do not view Lumens as a security, which would require registration as a broker-dealer with the SEC.
According to Business Insider, Steve Bannon (best known as President Trump’s former chief strategist) stated that he has invested in Bitcoin and is making a plan to delve deeper into the cryptocurrency market.
Bannon reportedly discussed plans with a group of academics at Harvard to launch a new cryptocurrency called “deplorables coin”. Bannon has discussed various ways to get into cryptocurrencies through his investment firm Bannon & Company. This includes helping countries create their own cryptocurrencies.
Bannon clarified his views on cryptocurrency by stating:
“It’s disruptive populism. It takes control back from central authorities. It’s revolutionary…It was pretty obvious to me that unless you got somehow control over your currency, all these political movements were going to be beholden to who controlled the currency”
Ripple Donates $2 Million To McCombs School Of Business At The University Of Texas
According to University of Texas newspaper, the McCombs School of Business at the University of Texas will receive $2 million from Ripple over a five year period to fund research into blockchain technology.
Eric van Milenburg, Ripple’s senior vice president of global operations, said:
“Academia has traditionally been a critical driver of technical innovation… Our support of McCombs is an acknowledgment of the important role the school has the potential to play in advancing our understanding and application of cryptography and blockchain technology.”
Cesare Fracassi, director of the Blockchain Initiative at the University of Texas, stated that:
“We would like the initiative to be the outreach between the University and the companies that are working on blockchain technology… Austin is a pretty large hub (for) blockchain technology companies, so I see the initiative as a way to link faculty and students to those companies.”
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