As bitcoin and ether remain in the red on Monday, here are five things worth knowing in crypto from the past week – from Jack Dorsey confirming Square is building a bitcoin hardware wallet to TikTok banning cryptocurrency promotions.
On Wednesday, Sen. Elizabeth Warren, D-Mass., addressed a letter to Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), calling for more crypto regulation.
"As demand for cryptocurrencies has grown in recent years, the amount of trading activity on cryptocurrency exchanges has also grown, particularly amongst the largest exchanges," Warren wrote. "...The increased use of cryptocurrency exchanges presents unique risks to consumers."
Warren asked a series of questions on the matter and set a response deadline for July 28.
On Thursday, Jesse Dorogusker, hardware lead at Square, tweeted that the company has "decided to build a hardware wallet and service to make bitcoin custody more mainstream." Dorsey retweeted it, saying, "We're doing it #bitcoin."
On Friday, the SEC charged three individuals with insider trading ahead of Long Island Iced Tea's rebranding to Long Blockchain in 2017. In its shift from a beverage company to a blockchain company, Long Blockchain's stock price soared.
"The SEC remains committed to preventing all types of fraudulent conduct in connection with purported 'crypto' companies, including profiting from trading on material non-public information," said Richard R. Best, director of the SEC's New York regional office, in a release.
This isn't the first time the company has been involved with the SEC. Long Blockchain's stock was delisted by the SEC in February.
TikTok banned influencers from promoting financial services and products on its social media platform, The Financial Times reported on Thursday.
In the U.S., TikTok also prohibits ads promoting virtual currencies and cryptocurrencies, as well as cryptocurrency trading platforms and advisory services, according to its website.