Bitcoin Daily: SEC Warns Consumers Of Crypto-Trading Scams; Hamilton FinTech Launches Jefferson Stablecoin

To commemorate the Fourth of July holiday, Hamilton Fintech has launched the Jefferson Coin (JEF), according to a press release, a new stablecoin backed by a wide array of global assets.

The coin will be followed up by two other coins, the Benjamin Coin and Hamilton Coin.

All three will be backed by stocks and bonds, and also some real estate and gold, the release says, and the company touts them as more stable than bitcoin due to the weight of the assets being leveraged.

Bitcoin, the release says, achieved notoriety initially because of its detachment from any government entity as a currency — but Hamilton Fintech contends that it is not backed by anything valuable either. The release says the new coins will be an improvement by being linked to global assets all under a regulated umbrella.

B21, a digital asset investment company, has launched its new B21 Invest app, which will make it easy to purchase and manage a portfolio of digital currencies like bitcoin, Ethereum and EOS from a user’s mobile phone, a press release states.

The investments can be made for as low as INR 2,000, or $25, for a single asset like bitcoin or across a customized portfolio of investments.

The app will be available in the App Store and Google Play for free, and the company touts its product by saying customers can skip the long process of set-up with Know Your Customer (KYC) and wallet processes.

There has been a renewing of interest in digital assets and crypto in India since the Supreme Court reversed a decision banning banks from servicing crypto traders.

The Philippines SEC has put out a press release warning against individuals and groups, including Forsage, who are reportedly engaging in schemes without a license to sell cryptocurrencies.

Forsage, along with RCashOnline and The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, have not been registered as corporations or partnerships to deal legally in the country. So the SEC has “warned the public against placing money in Forsage and RCashOnline, and joining in any scheme operated by The Saint John of Jerusalem Knights of Malta Foundation.”

Forsage’s arrangements have been compared to a Ponzi scheme in the way it requires referrals to let users make income, the press release says. RCashOnline is similar, but focuses on recruiting people for rewards rather than selling products.

The Saint John of Jerusalem Knights of Malta Foundation offers young men free membership and lucrative benefits, but the SEC advises against it due to the fact that its registration has been revoked.

Schemes and fraudulent activity related to cryptocurrency have been profitable the more popular the form gets.