TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Wilshire Phoenix Bitcoin ETF proposal delayed by the SEC. CoinDesk Editor-in-Chief leaves or is dismissed. Virginia grants $600k to EOS maker. BTC flash crashed to $1.8k on Binance. European central bank warns about Libra-like currency dangers, and 640 cryptocurrencies have not published a line of code this year.



Wilshire Phoenix Bitcoin ETF Proposal Decision Delayed by the SEC

The Bitcoin ETF proposal by Wilshire Phoenix was delayed by the US SEC in order to consider a number of issues. The SEC famously has not been keen to approve any Bitcoin ETF proposals. Recently they also delayed a proposal made by VanEck and SolidX, and still more delays forced companies to withdraw their applications altogether.

CoinDesk Editor Departs

Pete Rizzo has abandoned his charge of CoinDesk Editor in Chief after six years at the news organization. Rizzo was contracted just a year after the company had been founded, so the departure marks a new era for the cryptocurrency outlet. CoinDesk has not shared the reasons behind this departure, but it happens after the announcement of CoinDesk’s office move to the building of their parent company, DCG (Digital Currency Group), to which Rizzo had opposed, according to The Block.

Virginia Grants EOS Maker $600K to Expand

Block One, the company behind EOS, a smart contract enabled cryptocurrency, will expand their operations, building new headquarters in Virginia with an investment of $10 million and a grant of $600K from the local government. The new HQ facility will house more than 170 employees. Their CIO, Andrew Bliss, stated, “Arlington’s proximity to Washington, D.C. allows us to continue building constructive business and government relationships as we provide insights for the application of blockchain-based technologies.”

BTC Flash Crashed $1,800 on Binance

The value of BTC crashed as low as $1,800 in apair with the Binance USD stablecoin. The sudden drop in market prices and the low liquidity of the new Binance stablecoin conspired to put the pair in a tough situation that led to prices to fall quickly. However, it was just a flash crash and prices soon recovered. This is the risk of having a low liquidity stablecoin paired with the great volumes BTC moves in an important exchange like Binance.

European Central Bank Warns About Libra-Like Currency Dangers

Benoit Coeure, the policy maker for the European Central Bank, warned about effects the adoption of Libra-like stablecoins could have on the economy of European countries. “There may be the risk of the monetary sovereignty of countries being infringed,” he declared, echoing what governments like Germany and France have already expressed, despite pivotal figures claiming this won’t happen. “Policy makers and central banks should respond to these challenges,” he concluded.

640 Cryptocurrency Projects Haven’t Updated Their Code this Year

A new study by Coincodecap, an organization that rates cryptocurrencies according to their coding activity, found 640 projects have failed to commit a single line of code during this year. The study examined more than 2,000 cryptocurrency projects, and found most of these “dead” cryptos to be ICO tokens abandoned by their creators and left to fall to obscurity. The combined market cap of these projects rises to an astonishing $415 million.

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