Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today,  EY purchases Crypto Accounting and Tax tool from Elevated Consciousness. Coinbase launches political action committee.

EY purchases digital asset tax tool from Elevated Consciousness

The global accounting firm has purchased technology assets and patents related to the Andy Crypto-Asset Accounting and Tax (CAAT) tool from Elevated Consciousness. The CAAT tool will be integrated with EY’s Blockchain Analyzer.

Coinbase has formed a political action committee

The U.S exchange has established a political action committee in advance of the 2020 presidential election. The PAC is yet to be funded and no intentions have been formally communicated. It is expected the PAC will support the campaigns of candidates that are pro-digital assets.

ConsenSys will advise the Xiongan government on implementing blockchain

The Xiongan government has signed a memorandum of understanding with ConsenSys for advising on the use of blockchain for the modernization of the area. The partnership is one of ConsenSys’ first forays into China and the first foreign entity involved with planning for the region.

Bank of Canada Study concludes double spending bitcoin is unrealistic

The BoC published a paper exploring the possibility of double spending bitcoin. The study examines the behaviours through two lenses, the honest and dishonest miner. The study concludes double spending would be unrealistic due to the high capital costs and low economic incentive.

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