Perhaps the biggest news this past week was that Apple (NASDAQ: AAPL) filed a document with the US Securities and Exchange Commission (SEC) that suggests it might be working on a blockchain behind the scenes. The tech giant's February 15 filing said it is involved in drafting the blockchain guidelines for the Responsible Business Alliance. The Alliance guidelines will define principles to govern the application of blockchain technology in various sectors, including mineral supply chain. However, Apple declined to comment on the filing and has yet to confirm if it is joining other tech firms in blockchain experimentation.
Here is the rest of the week in review:
Luxembourg passed a bill to give blockchain securities legal status. On February 14, the country's parliament passed the bill by a 58 to 2 vote. The legislation intends to provide legal certainty for market participants issuing securities based on blockchain technology. It will also standardize the legal status of blockchain securities by applying a legal framework and make the transfer of securities more efficient. Thanks to a 2013 amendment, the EU member nation offers a regulatory environment where companies can issue securities using distributed ledgers.
A top Canadian judge deferred a decision on legal representation for QuadrigaCX's creditors. Nova Scotia Supreme Court Judge Michael Wood said in a Thursday hearing that he would not appoint any firms as representative counsel for creditors until next week at the earliest. Attorneys from three law firms - McInnes Cooper; Cox and Palmer; and Osler and Patterson Law - have already applied to be creditors' representative counsel. The firm appointed will coordinate between Quadriga and creditors as the exchange tires to recover about $196 million it owes to previous customers. Court-appointed monitor Ernst & Young said it has nearly spent the $300,000 dedicated to its oversight, adding to Quadriga's troubles.
Crypto prices remained somewhat stable this week, ending just above $121 billion. Bitcoin (BTC) and other majors traded mostly flat, except for Ethereum's (ETH) rise and Tron's (TRX) fall. In the top 100, the biggest losers are Bitcoiin (B2G), down 47%, Grin (GRIN), down 14%, and BOScoin (BOS), down 14%. The biggest gainers are Halo Platform (HALO), up 97%, Vertcoin (VTC), up 94%, and Komodo (KMD), up 35%. Traders and investors will likely keep an eye out on news about the several cryptocurrency exchange-traded funds applications. The recent lull in price swings in the market could mean another series of volatility is right around the corner.
The author owns a small amount of BTC.