Aug 20, 2018

Cryptocurrency exchanges join to form self-regulatory body

A visual representation of different cryptocurrencies. Photo: S3studio/Getty Images

The Virtual Commodity Association, a Winklevoss-founded self-regulatory organization focused on crypto-commodities, announced its inaugural meeting in September and initial members: Bitstamp, bitFlyer USA, Bittrex, and Gemini.

Why it matters: The crypto-asset industry has struggled to gain the full trust of regulators like the Securities and Exchange Commission, so a self-regulatory body could help its case. Brian Quintenz, Commodity Futures Trading Commission commissioner, called the move "a positive step," especially as Gemini, founded by the Winklevoss brothers, recently had its second proposal for a bitcoin-based exchange-traded fund rejected by the SEC.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.