25 September

“The Digital Commodity Exchange Act of 2020, introduced Thursday by Rep. Michael Conaway (R-Texas), seeks to create a federal definition of “digital commodity exchanges,” putting them in their own legal category and charging the Commodity Futures Trading Commission (CFTC) with oversight.

The bill outlines a new framework for digital currencies, treating them similarly to commodities under the Commodities Exchange Act. The DCEA also allows for certain types of initial coin offerings.

If passed, the act would streamline a number of disparate cryptocurrency regulations in the U.S., creating legal clarity for token issuers and lowering the barrier to entry for exchanges hoping to operate in a compliant manner.

DCEs would be required to segregate customer assets and hold them in separately regulated entities which are licensed to custody digital assets.

This should also help to better define the line between SEC and CFTC jurisdiction: pre-sale agreements will continue to be regulated by the SEC, but there will be less need for continued SEC wariness once the tokens are delivered and the network is live.

The bill is unlikely to pass before the upcoming election, but with its introduction, the general public can begin providing feedback or suggestions on how to improve it for a future Congressional term.

The introduction of this bill in this Congress is an important step in a process that is likely to play out more fully when the new Congress convenes in January.”

See Also: Congress sees two new bills looking to chart CFTC and SEC regulatory turf in crypto
See Also: Commissioner Peirce wants to see the SEC approve a Bitcoin ETF

“Dubbed the “Regulation on Markets in Crypto Assets” (MiCA), the bill will provide clarity on what constitutes a “crypto asset,” as well as definitions for different token subcategories. It will provide rules on digital asset custody and capital requirements.

Officials also floated the idea of a regulatory sandbox initiative for companies developing infrastructure for the trading and settlement of digital assets.

If passed, the MiCA would turn the EU into the largest and most significant regulated space for cryptocurrencies anywhere in the world. The framework will be applicable in all 27 member states, giving regulated crypto companies passporting rights across the entire bloc.”

See Also: Gemini Exchange Launches in UK After Being Awarded EMI License

“The Liquality Atomic Swap Wallet can act as a trustless alternative to current methods of porting cryptocurrencies into the decentralized finance (DeFi) space due to the peer-to-peer (P2P) nature of atomic swaps.

Liquality’s wallet leans on atomic swaps and hashed time locked contracts (HTLC), a cryptographic escrow scheme that allows two parties to swap assets without trusting the other party.”

“Decentralized finance (DeFi) protocols are racing to implement Layer 2 scaling solutions as Ethereum gas fees skyrocket and the network struggles under the demand.

Synthetix is upgrading September 24. The world’s leading DeFi DEX, Uniswap is also working on a major upgrade with Uniswap V3. Aave stated that its ‘aTokens’, which are minted to represent crypto collateral assets on the platform, will integrate EIP 2612 for gasless approvals.

Optimstic rollups is a Layer 2 solution that scales Ethereum smart contracts and dApps up to 2000 transactions per second.”

“The world’s largest payments processor has said it’s considering partnership proposals from an increasing number of crypto companies.

Coinbase has been Visa’s most prominent crypto partner. But Angelos said Visa had already “onboarded” another 25 crypto companies that were ‘at various stages of development.‘”

“Climate-change startup Nori has been funded to build a blockchain-based market for carbon credits that will start by paying farmers to remove CO2 from the atmosphere.

The same way that blockchains prevent the double-spending of digital coins, so too can they solve the double-counting problem in the carbon offset market.

The idea is to build a carbon-removal marketplace that makes it really simple for people to pay for carbon dioxide that’s being removed from the atmosphere in a verifiable way.

With Nori, farmers can adopt regenerative practices like planting cover crops in empty fields over the winter and get paid for doing so, as the same process that rejuvenates the soil also sequesters carbon.”

“Announced Thursday, blockchain-based data monetization startup Ocean Protocol is teaming up with Balancer Labs to create the first automated market maker (AMM) for data.

Ocean Protocol is about helping people and businesses unlock data and monetize it, spreading the benefits of data and AI beyond the handful of organizations that hoard, control and get rich from it.

Many people have tried to build data marketplaces in the past, but have been held back by issues of privacy and control. With blockchain and compute-to-data, Ocean is addressing this.

Ethereum-based Ocean creates data tokens, which can represent a particular dataset – be it an individual’s DNA or something much larger and more valuable, like all of Daimler’s self-driving car data. The tokens act as an on-ramp to the data, which is stored elsewhere. The second part of the puzzle is establishing a marketplace where this tokenized data can be discovered, priced and traded using Ocean’s native token (OCEAN) or other cryptos like ether (ETH) or dai (DAI).

Pricing data is hard. Now, with the third version of Ocean, McConaghy has concluded AMMs like Uniswap do the job best.”

See Also: Startup Aleo Wants to Help You Use the Internet Without Sacrificing Data Privacy

“The Ministry of Finance previously tried to introduce harsh restrictions for crypto transactions in the country.

In this latest attempt, it wants crypto users to have to report their digital wallet address, transaction history and balance if the wallet receives more than 100,000 Russian rubles (around $1,300) during one year.

Failure to report a wallet which received over $13,000 in one year would lead to a punishment of up to three years in prison.”

“The Atari VCS was first released in 1977 to bring classics like Space Invaders and Pac Man into the home.

While it can’t compete with the major consoles of the gaming world, Atari’s rebooted VCS console/PC hybrid will have the Ultra blockchain-enabled gaming platform installed as standard.

Gamers will also be able to take advantage of the platform’s blockchain-enabled features, including in-game NFT trading, esports tournaments, and the recently announced game streaming feature, all whilst earning tokenized rewards.