BTC Comes to Twitter?: Crypto News Recap, Sept. 2

Less than two months after Jack Dorsey said Twitter would support Bitcoin payments, reports suggest a BTC Tip Jar is coming. A beta version of Apple’s iOS revealed that the addition of Bitcoin to the content creator-supporting tool is built on the Lightning Network. A fervent BTC supporter, Dorsey’s payments firm Square has embraced it too — allowing users to buy crypto on demand. More on this.

BitConnect promoter Glenn Arcaro has pleaded guilty to conspiracy to commit wire fraud in the infamous $2 billion Ponzi scheme. He faces up to 20 years in prison, the U.S. Department of Justice announced on Sept. 1. The SEC simultaneously sued him and founder Satish Kumbhani for securities law violations.

Securities and Exchange Commission Chairman and former MIT crypto professor Gary Gensler has warned the crypto industry won’t survive for another decade without a strong regulatory framework. Warning “finance is about trust, ultimately,” Gensler said the sector needs to face the reality that most cryptocurrencies are securities — and engage with the SEC. Here’s our story.

Crypto lender BlockFi scored a coup in April when former Commodity Futures Trading Commission chairman Christopher Giancarlo joined its board of directors. Giancarlo brought gravitas and prestige to the firm. But amid several states accusing the company of dealing in unregistered securities, “Crypto Dad” has now vacated his board seat. Read more.