Andrew Hamilton, a lawyer with a background in computer science, is spearheading a class-action lawsuit accusing the social media and search giants Google, Facebook, Twitter, and YouTube for cartel-like behavior intended to kill off the burgeoning cryptocurrency sector. The suit, which has already amassed more than $600 million in claims, accuses the firms of acting as a cartel in launching a coordinated attack designed to crush competition emerging from the nascent virtual currency sector in 2018 — when the social platforms enacted sweeping bans against the promotion of crypto assets and initial coin offerings. After two-and-a-half years of preparation, Hamilton …

Jack Dorsey’s financial services company Square, Inc. has published its second-quarter financials for 2020, revealing $875 million in revenue from Bitcoin (BTC) trading on its Cash App product. With Cash App’s Bitcoin business incurring $858 million in quarterly expenses, Square’s BTC services generated $17 million in gross profit, with extreme market volatility and hype for Bitcoin’s block reward halving driving customer demand. Cash App now has 30 million active monthly users. Cash App’s Bitcoin profits up 75% since Q1 The quarterly performance comprised a 600% increase in revenue and a 710% gain in gross profit year-over-year, and a 150% increase …

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note New developments in crypto this week are challenging a number of critical boundaries of legal authority. We are, consequently, looking at several cases that promise to set new lines for government reach and overreach. Cassius lamented Caesar bestriding the narrow world like a colossus. While nothing on the docket today is going to be as dramatic as the death of the Roman Republic, we did actually see a pretty eerie yet oddly comical dress rehearsal for bad actors masquerading …

Jack Dorsey, CEO of Twitter and mobile-payment platform Square, is donating $5 million to Humanity Forward, a group launched by crypto-friendly former presidential candidate Andrew Yang, as part of both entrepreneurs’ efforts to establish universal basic income (UBI) for Americans. Dorsey announced the plan on Yang’s podcast, Yang Speaks, on May 21, while discussing the future of technology. Dorsey told Yang that UBI was “long overdue,” saying “the only way that we can change policy is by experimenting and showing case studies of why this works.” In a statement to Rolling Stone, Yang said Humanity Forward would use Dorsey’s donation …

Twitter CEO Jack Dorsey’s Square now allows its users to buy Bitcoin (BTC) automatically in the latest push to boost uptake of the largest cryptocurrency. Confirmed by Dorsey on Twitter on May 18, Square’s Cash App now supports automated BTC purchases at set time intervals. Square shielding BTC buyers from “market swings” Square already includes a Bitcoin wallet and has rolled out the feature, properly known as Auto Invest, to its stock purchases as well. “You don’t need perfect timing if you’re thinking long-term,” the company’s website explains about the new feature. Auto Invest lets you set it and forget …

On May 6, Square released its filings for the first quarter of 2020. The filings publicized revenue for Square’s Cash App, a majority of which came from Bitcoin. The numbers for Q1 and Bitcoin’s role $306 million of Cash App’s $528 million revenue for the first quarter of the year came from Bitcoin. Despite those numbers, Bitcoin composed a small fraction of Cash App’s profit, only $7 million of $183 million total profit. The company explained why it separated Bitcoin revenue as being more of a core mission: “We deduct bitcoin revenue because our role is to facilitate customers’ access …

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Weekend trap? Bitcoin hits $7,300 in attempt to finally break out At the start of the week, we knew a big move for Bitcoin was brewing — but it was unclear whether or not the world’s biggest cryptocurrency was heading to $6,000 or $8,000. After a scary slip below $6,666, we got our answer on …