30 July

“Among its many provisions the measure would:

  • Create statutory definitions for digital assets and digital asset securities and provide the Securities and Exchange Commission (SEC) with authority over digital asset securities and the Commodity Futures Trading Commission (CFTC) with authority over digital assets;
  • Explicitly add digital assets and digital asset securities to the statutory definition of “monetary instruments,” under the Bank Secrecy Act (BSA), formalizing the regulatory requirements for digital assets and digital asset securities to comply with anti-money laundering, recordkeeping, and reporting requirements;
  • Provide the Federal Reserve with explicit authority to issue a digital version of the U.S. dollar, clarify that digital assets, digital asset securities and fiat-based stablecoins are not U.S. legal tender, and provide the U.S. Treasury Secretary with authority to permit or prohibit US dollar and other fiat-based stablecoins.

See Also: IMF intends to ‘ramp up’ digital currency monitoring

“Warnick claimed the time is right for expanding Robinhood’s crypto operations due in part to two trends: Crypto going mainstream among retail investors and the trend of crypto users asking for more tools and features.

In particular, he cited demand for full-blown crypto wallets that let users send currencies off the Robinhood platform, and for the opportunity to earn interest and participate in a blockchain process known as staking.

All of this is consistent with rumors that have been trickling out in recent weeks that Robinhood is gearing up to take on crypto exchange Coinbase, including by building out tools for customers to participate in decentralized finance (DeFi) platforms.”

“During PayPal’s Q2 2021 investor update call on Wednesday, CEO Dan Schulman said the initial version of the company’s super app wallet was “code complete.” The PayPal CEO said the company planned for the wallet to be fully ramped in the United States in the next several months.

The super app wallet will feature high yield savings, early access to direct deposit funds, messaging capability, “additional crypto capabilities” and more.

We’re also seeing strong adoption and trading of crypto on Venmo.”

See Also: PayPal CEO Touts Promise of Digital Wallets for Stimulus Payments

“ProFunds, an asset manager that manages $60 billion worldwide, has registered a mutual fund based on bitcoin futures with the U.S. Securities and Exchange Commission (SEC). It signals a positive move towards the SEC’s view of bitcoin.

Mutual funds give retail investors access to professionally managed portfolios, but they can only be bought or sold once daily and cannot be traded throughout the day as stocks and ETFs can.

This thing is holding futures in a mutual fund wrapper, and it’s likely not going to be tax efficient. What people really desire is a physically backed bitcoin ETF, in an ETF wrapper that is tax efficient.”

See Also: State Street to Provide Crypto Fund Administration Services

Teams will be releasing their dapps between now and the end of this summer. Boot.Finance, Covey, CurioDAO, Human Protocol, Ivy and Minds are the projects in the initial cohort.

We hit a tech milestone and now we have hand-selected these use cases and partners to go live, paving the way for others to join. There are over 100 applications … that are currently being tested on SKALE.

The SKALE launch comes as projects looking to boost Ethereum’s usability rush to showcase themselves. From Reddit choosing Arbitrum to Uniswap tapping Optimism, scaling projects are touting various ways to get more transactions onto the world’s leading smart-contract platform.”

“Shared by Bybt and CryptoQuant, the data appeared to show the largest one-day outflow in at least a year. A total of 57,000 BTC left exchanges in 24 hours. With that, exchange balances returned to levels last seen in mid-May.”

See Also: Crypto User Numbers Double in 6 Months

Lubin says the convergence between the public mainnet and corporate versions of the technology are now closer than ever.

In my opinion, this is a moment where we can start to think of the paradigm shift towards a new trust foundation. We’ve been proclaiming for years that it’s coming, and now it’s moving fast.

EEA Chairman John Whelan said he looks forward to Ethereum sidechains and layer 2 systems that are specifically enterprise-related.”

“As the Web 3 ecosystem continues to grow, dapp developers are working on decentralized alternatives to everything from financial products to entertainment, including gaming and music-streaming. But many would-be decentralized streaming platforms and startups encounter trouble building with centralized infrastructure owned by tech giants like Amazon and Google.

Livepeer’s marketplace connects encoding providers – many of whom are crypto miners and data centers with otherwise unused capacity – to anyone who needs processing power for video services. Livepeer has an estimated 70,000 GPUs on its network.

The marketplace allows for a symbiotic relationship between buyers and sellers that is incentivized by Livepeer’s native token, LPT, and is much cheaper than the services provided by mainstream alternatives.

In creating an open market run by a decentralized network of active participants, Livepeer’s transcoding can be 10 times cheaper (or more) than centralized alternatives like Amazon Web Services.”

See Also: Fetch.ai Token Has Volatile First Day on Coinbase, Listing Still ‘Groundbreaking,’ CEO Says

London-based Fabric Ventures has closed a $130 million war chest for investing in early-stage blockchain firms. The notable thing, however, is one of its backers: the European Investment Fund (EIF) – which is comprised of the European Investment Bank, the European Union and other financial institutions – chipped in $30 million.

It’s the first time a vehicle affiliated with the European Commission has invested in a fund focused on digital assets.

Bipartisan Infrastructure Deal Could Impose New IRS Reporting Requirements on Crypto Firms