On Monday, April 29, the SEC said it’s suspending trading of shares in Bitcoin Generation. While a relatively unknown crypto exchange, news of the suspension has traveled far and wide. That said, it’s important to know this is a temporary suspension. In this article, we will discuss everything we know about the Bitcoin Generation suspension.

Bitcoin Generation Suspension: The Facts

Today, the US Securities and Exchange Commission said it was suspending Bitcoin Generation trading until 11:59 P.M. EDT on May 10, 2019. According to the regulator, it is concerned that Bitcoin Generation has provided the public with inaccurate information. More specifically, the SEC is concerned about a bond that the crypto exchange and mining firm “purportedly acquired from an entity based in the United Kingdom.” With concerns such as these, the SEC had no choice but to take charge, resulting in the temporary Bitcoin Generation suspension.

Releasing a statement on Monday, the SEC announced the suspension and also cautioned shareholders and broker-dealers among others to remain vigilant: “The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.”

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Surprised?

The Bitcoin Generation suspension might come as a surprise to some, but what isn’t surprising is the fact that the SEC has once again taken action against the crypto industry.

Last year, the SEC suspended trading in the securities of American Retail Group, Inc. And while this particular suspension came because of the company making false crypto-related claims, it’s still not surprising to see the SEC cracking down on the crypto industry. When an industry becomes popular, it’s always going to attract government attention.

The upside, I suppose, is that the Bitcoin Generation suspension is only temporary. What do you think, though? Does the suspension impact you? Let us know what you think in the comments below.

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South Korean tech giant Samsung is reportedly developing its own blockchain network. It’s expected the venture will lead to a Samsung token in the near future.

Samsung Blockchain

According to an internal source “familiar with Samsung’s internal situation,” the company’s wireless division is building a mainnet based on the Ethereum blockchain.

Led by its blockchain task force, the new network is still at the “internal experimental” stage.

According to the source:

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.”

Once the Samsung blockchain is up and running, the company is expected to launch a “Samsung Coin” token.

“The market expects Samsung Coin to come out, but the direction has not yet been decided.”

Public Blockchain

If the Samsung blockchain becomes a public blockchain, then the Samsung Coin could be traded on crypto exchanges just as regular cryptocurrencies are.

The technology may also be adapted to work on its payments app Samsung Pay—a move that makes sense but isn’t yet certain.

Much remains unknown about the Samsung blockchain task force, but Samsung has been developing its technology for some time.

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Samsung Blockchain and Cryptocurrency

Two months ago, it unveiled its first venture into the cryptocurrency space via its Galaxy S10 smartphone. The flagship device has the ability to store cryptocurrency private keys and was developed with “various crypto and blockchain related projects” as standard on the device.

Its first dApp partner is COSMEE, a blockchain-based beauty social media platform.

The Galaxy S10 also supports South Korean cryptocurrency wallet Enjin. Capable of sending and receiving ERC-20 tokens and ERC-1155 crypto game assets, the wallet comes pre-installed on the phone.

What do you think of the Samsung blockchain?

Featured Image: DepositPhotos © TKKurikawa