“In a Wednesday letter addressed to the U.S. President Donald Trump and federal officials, lawmakers said blockchain technology can help identify and authenticate individuals set to receive government benefits, streamline supply chains and create a registry of medical professionals.
The letter makes a case for a blockchain-based identification system, to securely store and authenticate an individual’s identity ‘to receive necessary funding or supplies.'”
See Also: Bank of England Governor Wants Global Regulations as Stablecoins Pick Up Steam
“We eventually realized we were converging in the way we saw the law and technology actually being allies and not opposed to one another. Vitalik has been willing to work with me so that we can build a legal system that works for blockchain communities, and eventually, increases the common good.
It is very exciting. Studies show we detect between 10 and 15% of illegal transactions. Blockchain could help in fixing that by creating technical decentralization, which seems to be the philosophy of the Department of Justice right now.
As the crypto and blockchain industry typically feels misunderstood by those in the U.S. Government, the idea that attorneys at the Department of Justice are making the connection to the potential with blockchain technology is encouraging and forward-thinking – something the blockchain industry should celebrate.”
“Aave announced yesterday that it’s working with RealT, a company devoted to the tokenization of real estate, to let people stake their tokenized real estate as collateral to take out loans.
So, if you want to pay for a bag of chips, you could stake your RealT tokens—which represent your equity in a house—as collateral on a loan for the dollar you need. Then, when your next paycheck comes in, you can repay that dollar and retrieve your equity in the house.
The next step is that when someone wants to buy a house, the house is tokenized and someone can give a loan directly to that buyer.”
“The community is crediting the yearn.finance project, which launched a new yield farming strategy that relies on minting DAI to farm the Curve token, CRV. The yETH vault, which executes this strategy, quickly rose in popularity and created 10% of DAI’s current circulating supply.
The price of DAI consistently hovered around $1.02 in the past 30 days. As of press time, the price came down to $1.”
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“At its current market cap, Bitcoin has a money supply worth more than 170 different fiat currencies. The USD, EUR, CNY, JPY, and INR are the only world currencies with a larger money supply than Bitcoin.
The M0 figure represents the total value of all the banknotes, coins, and other money substitutes that can be easily converted into cash.”
“There could be an overlap between equity sellers and digital currency sellers. The largest equity market decliners this morning are tech stocks, including retail trading darlings, Tesla and the FAANG names [Facebook, Amazon, Apple, Netflix and Alphabet, once Google].
It is unclear if this will push into a continued broader crash in equity markets, which could put more pressure on digital currencies, or if it is just a short-term correction.”
“In a bid to ameliorate soaring fees, Ethereum co-founder Vitalik Buterin released his Ethereum Improvement Proposal (EIP) 2929 Tuesday that proposes making certain heavy contracts more expensive by a factor of three.
For now, individual developers need to incorporate their own individual scaling solutions. Tether, for example, announced its intention to explore zk-rollups for settling tether (USDT) transactions on the Ethereum blockchain Tuesday.
I think the pain is now big enough to push the people to move quicker with L2 (layer 2) solutions.“
“Opium, a derivatives exchange, has introduced credit default swaps (CDS) for USDT. The product, launched Thursday, insures the buyer in the event of default by Tether.
Investors don’t need to hold USDT to purchase this coverage. They can use CDS to bet against the asset, while those who trust Tether to honor its obligations can earn a premium for standing ready to cover defaults.
You can use it to protect yourself against (or speculate on) a systemic failure of the most widely used stablecoin in crypto. It also allows you to earn interest on your capital in case you are willing to bet on the quality and sustainability of USDT,
Belyakov said Opium’s CDS can act as a hedge for crypto exchanges that have large exposures to Tether’s solvency. The derivative also functions as insurance for “long-tail risks” of rare events that are common to decentralized finance (DeFi) applications and should soon be available for stablecoins USDC, BUSD and even algorithmic stablecoin dai (DAI).
In late August, Opium Exchange rolled out a contract that insures the buyer against defaults on “credit delegation” loans, a form of unsecured borrowing on decentralized money market Aave.”
“The scenario emerged as a result of the burgeoning popularity of Yearn.finance’s yETH vault which has already amassed more than 137,000 ETH on its first day.
The malicious actor “could attack once”, but would be quickly slashed or soft-forked and lose control over the coins needed to maintain the attack.
This is an underrated key fundamental advantage of PoS over PoW.”
“From next February, citizens and companies based in Zug will be able to pay up to 100,000 CHF (around $109,000) of their taxes in either bitcoin (BTC) or ether (ETH).
For the initiative, authorities have partnered with the Zug-based crypto broker and custodian Bitcoin Suisse, which will convert cryptocurrency payments into Swiss francs and hand them over to the tax office.”
“This “Global Value Chain” (GVC) passport would allow firms already following their host country’s financial rulebook to tout their credentials elsewhere, easing trade and increasing financial access globally.
Blockchain technology would provide the GVC Passport a distributed, trusted, real-time source for global regulators to verify business’ accreditation claims.
The result: a more efficient financial system with firms cut free from repetitive, redundant, cross-border regulatory burdens.”
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“The Electronic Frontier Foundation (EFF) argued that the U.S.-based cryptocurrency exchange should begin releasing regular transparency reports.
These should detail the number of government and law enforcement requests for information Coinbase receives and how it goes about dealing with those requests.
Unlike Coinbase, Kraken, a rival U.S.-based crypto exchange, received high praise for its apparently transparent behavior around requests for information.”
The Disrupt 