The Blockchain Integrity Act, a piece of legislation that seeks to put a 2-year moratorium on using cryptocurrency mixers, was introduced by U.S. Congressman Sean Casten on March 7 in the U.S. House of Representatives. Co-sponsored by Reps. Bill Foster, Brad Sherman, and Emanuel Cleaver, the bill proposes to conduct a study on the issue […]
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Blockchain Basics Act Introduced in Ohio, South Carolina, and Mississippi
The Blockchain Basics Act, a series of regulations aimed at safeguarding people’s cryptocurrency rights at a state level, has been introduced in three more U.S. states: Ohio, South Carolina, and Mississippi. With this move, similar cryptocurrency regulation has been introduced in seven states and passed in Missouri. Blockchain Basics Act Regulation Reaches Ohio, South Carolina […]
Bitcoin News
Cryptocurrency Rights Bill Introduced in Virginia
A bill that seeks to safeguard the cryptocurrency rights of the citizens has been introduced to the Senate of Virginia. The bill, sponsored by State Sen. Saddam Azlan Salim, would guarantee that citizens can self-custody, transact, mine, and pay with cryptocurrency, also exempting cryptocurrency transactions of less than 0 from paying state capital gains tax.
Virginia State Senator Introduces Cryptocurrency Rights Bill
Saddam Azlan Salim, a state senator in Virginia, has introduced a bill that aims to impede state authorities from blocking its citizens from exerting different cryptocurrency and bitcoin-linked activities. Senate Bill 339 (SB 339), introduced on January 9, establishes that citizens will not require a money-transferring license to operate staking or mining equipment at the state level.
Also, the bill proposes to guarantee the rights that citizens of the old dominion have to run their cryptocurrency node, transact and make payments with cryptocurrencies, and have custody of their crypto assets. In addition, it introduces an exemption of capital gains taxes for transactions under 0.
The bill is very similar to other bills introduced in states like Missouri, Nebraska, and Indiana, supported by the Satoshi Action Fund, a non-profit seeking to inform policymakers and regulators about the benefits of Bitcoin and mining.
However, unlike the other bills, this one introduces a new element, calling state authorities to “convene a work group for the purpose of studying and making recommendations related to blockchain technology, digital asset mining, and cryptocurrency activity in the Commonwealth.”
Dennis Porter, co-founder and CEO of the Satoshi Action Fund, which was involved in this action, celebrated this advancement, stating that these states were taking a stand for the right to use Bitcoin.
Porter also reiterated the organization’s intention to pass similar laws in at least 13 states. He declared:
We have so many states looking to pass laws that we need to raise more money to support those efforts.
What do you think about the introduction of SB 339 in Virginia? Tell us in the comments section below.
‘Blockchain Basics Act’ Introduced in Missouri Takes the Bitcoin Regulation Battle to State Level
The Blockchain Basics Act, introduced recently into the Missouri State House, seeks to guarantee crypto-related rights, including self-custody, transacting, mining, and staking, to the state’s people. Proposed by Rep. Phil Christofanelli, the bill aims to take the crypto legislation fight to the state level, according to Dennis Porter, CEO and co-founder of the Satoshi Action Fund.
‘Blockchain Basics Act’ Proposes to Guarantee Crypto Rights at a State Level in Missouri
The fight for crypto legislation clarity is changing. A new bill, the “Blockchain Basics Act” (HB2107), introduced in Missouri’s State House, seeks to guarantee a series of cryptocurrency rights to the people of Missouri.
Introduced by Rep. Phil Christofanelli on December 27, the bill protects the right of Missouri’s citizens to the custody of their cryptocurrency assets, the right to exert cryptocurrency mining activities without restrictions, the right to transact and make payments with crypto, and eliminates state capital gains taxes for transactions under 0.
The act, currently in its second reading by the House, is part of a new strategy to focus crypto regulation efforts in a different state-level direction. According to Dennis Porter, co-founder and CEO of the Satoshi Action Fund, a non-profit that works with lawmakers to issue crypto-friendly regulations, this might be the way of winning “the battle for bitcoin adoption.”
Porter, who supports this act, stated that the federal road might not be the best option for establishing a legal basis for Bitcoin adoption, comparing this situation with what has happened in the cannabis regulation field. He explained :
Consider how cannabis won the public and legal debate… The cannabis industry didn’t win over the Feds. They fought in the states and cannabis is now legal in 75% of the USA! You and I can win the battle for Bitcoin adoption by following the same strategy!
Although Porter recognized that passing this bill in Missouri would be an “uphill battle,” he stressed this was just the beginning and that many similar bills might be introduced in other states in the coming days.
What do you think about the “Blockchain Basics Act” introduced in Missouri? Tell us in the comments section below.
Latam Insights: Argentine Digital Currency Bill to Be Introduced ‘as Soon as Possible,’ Bitfinex Free P2P Exchanges
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The Central Bank of Argentina is pushing for the introduction of the digital currency “as soon as possible,” Bitfinex makes P2P transactions free in Argentina, Colombia, and Venezuela, and the Salvadorean vice-president links El Salvador’s “rebirth” to bitcoin.
Central Bank of Argentina Pushes for CBDC Bill Introduction
The director of the Central Bank of Argentina, Juan Agustin D’Attellis Noguera, revealed that the bank was working on an Argentine digital currency, as announced by presidential candidate and current economy minister Sergio Massa.
During an interview, D’Attellis stated that the bank was developing a bill to introduce the Argentine central bank digital currency (CBDC) before the Argentine Congress. He stressed that this would be done “as soon as possible.”
Nonetheless, the candidate elected in the upcoming Argentine presidential elections might have a different plan. If libertarian candidate Javier Milei clenches the win on Sunday, this proposal might be scraped. Milei’s government plan proposes the dollarization of the country and the elimination of the central bank and the Argentine peso.
Bitfinex Makes P2P Exchanges Free in Argentina, Colombia, and Venezuela
Bitfinex, a cryptocurrency exchange, has announced that it is exonerating users of its recently introduced P2P market in Argentina, Colombia, and Venezuela from paying trading fees. According to a press release, Bitfinex’s platform “now offers takers the advantage of immediate crypto-to-crypto settlements 24 hours a day without incurring any fees.”
With this move, the exchange hopes to attract more users from other established platforms. Bitfinex CTO Paolo Ardoino stated:
By offering a reliable and efficient platform for P2P token trading, we are empowering our customers to engage with the marketplace in a way that affords maximum convenience based on their needs and preferences.
Salvadoran Vice-president Links Country’s Rebirth to Bitcoin Policies
Feliz Ulloa, Vice-President of El Salvador, linked the economic revamp of the country to the bitcoin-related policies and the adoption of bitcoin as legal tender. In an interview published in Forbes, Ulloa stated that while the country faced heavy opposition from international institutions like the International Monetary Fund, it has benefited from its bitcoin-friendly approach, attracting investors and tourists.
Ulloa declared:
The enthusiasm that started in the sphere of the digital economy, with bitcoiners, where El Salvador, having positioned itself as the first country to adopt a cryptocurrency as legal tender, was at the forefront and attracted many investors who are in fact installed in Salvador.
To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below.
What do you think about this week’s Latam Insights report? Tell us in the comment section below.
In-Chat Tether Transfers Introduced in Telegram
Users of the Telegram messenger will now be able to send each other the leading stablecoin, tether (usdt), directly in the chats. The new option expands the list of cryptocurrencies available for purchase, sale, and trade in the messaging app.
Tether Added to Wallet Bot in Telegram Messenger
Support for transactions with the U.S. dollar-pegged tether, the largest stablecoin, has been introduced in Telegram, the most popular messaging service in the crypto space.
USDT has been integrated in the Telegram Wallet bot, allowing users to buy, sell, exchange as well as transfer tether free of charge between each other.
“We’re excited to announce the long-awaited integration of USDT into @wallet, making sending stablecoins as easy as sharing a photo,” the wallet service said in a Telegram post.
You can replenish your tether balance through the bot’s main menu, using an external USDT wallet and also by purchasing the stablecoin with a bank card or on Telegram’s peer-to-peer (P2P) market. @wallet only accepts transfers from the TRC-20 network, the announcement remarked.
The wallet’s interface has been updated. All crypto assets can be seen on the start page and users can choose which coins they want displayed from ‘Settings’. Purchase options are available in the ‘Market’ section.
The messenger’s P2P marketplace has been refreshed as well to allow users to buy and sell stablecoins directly in the bot by selecting one of the available offers. An ‘Exchange’ feature has appeared on the main page letting you to trade USDT and TON.
Toncoin (TON), which can also be sent in chats, and bitcoin (BTC), the crypto with the largest market cap, were added to the unofficial @wallet bot in April, 2022.
The Telegram Open Network (TON) blockchain was launched in 2018. However, in 2020, Telegram pulled out of the project due to litigation with the U.S. Securities and Exchange Commission (SEC).
Further support for the TON network was provided by members of the TON Foundation community who continued its development, RBC Crypto noted in a report.
While Telegram is not directly engaged with the expansion of the TON ecosystem, it remains involved. Last year, the messenger launched a blockchain platform called Fragment facilitating the purchase and sale of collectible usernames with toncoin.
Do you expect other cryptocurrencies to be added to the @wallet Telegram bot? Tell us in the comments section below.
PayPal’s Just Introduced a Bitcoin Onramp to 346 Million People
Bitcoin’s price rocketed to ,000 this morning after news broke regarding FinTech giant PayPal’s foray into the crypto market.
It has long been rumored that the payment processing firm was cooking up a crypto-related feature. Still, past reports regarding blockchain-specific job openings could have marked their way of exploring digital assets in a non-serious fashion.
Today, however, the company made it clear that crypto will play a long-term role in their platform, adding a feature that allows users to buy, sell, and store Bitcoin as well as multiple other digital assets on their PayPal accounts.
One on-chain analyst is pointing to the size of PayPal’s userbase to highlight the significance of this development, noting that there are nearly two times as many PayPal users as there are Bitcoin users.
This shows the vast magnitude of new users that could be brought into the Bitcoin and crypto ecosystem due to this move from PayPal.
PayPal Launches Bitcoin and Crypto Trading Service
Per a recent blog post released by PayPal earlier this morning, the company notes that the ongoing pandemic has spurred interest from their users in digital assets like Bitcoin.
As such, they decided to introduce a feature that allows users to buy, sell, and store Bitcoin, Ethereum, and other digital assets in their accounts.
Importantly, users who hold these digital assets will be able to use them as a means of payment at PayPal’s 26 million global merchants.
The PayPal CEO spoke about this new ability they have given users, saying:
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”
There’s Nearly Twice as Many PayPal Users as BTC Users
On-chain analyst Willy Woo explained that the significance of the PayPal news cannot be understated. The platform currently has nearly double the number of users that Bitcoin has.
“User base: PayPal 346m+ Bitcoin 187m+. This is a big deal,” he said while pointing to the below chart from analytics firm Glassnode.
News of PayPal’s foray into crypto came about just a week after Square announced that they are holding million worth of Bitcoin on their balance sheet as a reserve asset.
As this trend of corporate adoption snowballs, it will likely continue bolstering Bitcoin’s price.
Featured image from Unsplash.
Maker (MKR) Surges 7% as Stability Fees Introduced, DeFi Regains Footing
While decentralized finance (DeFi) has seen a strong surge in 2020, Maker (MKR), a token strongly tied to DeFi, has underperformed. The cryptocurrency, relative to its competitors, is underperforming; where Aave’s LEND and Synthetix’s Synthetix Network Token surged hundreds of percent in this year alone, MKR only saw a 20-30% move higher.
The market may be changing its mind on MKR, though.
The coin is up 7% in the past 24 hours and seems poised to see further growth as the fundamentals of the underlying MakerDAO protocol align in favor of growth.
Related Reading: MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase
Maker Surges 7% Higher Despite Stagnation in Bitcoin & Ethereum Prices
Santiment, a blockchain analytics firm, reports that the cryptocurrency has “the largest bullish divergence between daily active addresses and current price (based on historical means) of any top 100 #blockchain we track.” This suggests that MKR’s increasing user count is not being reflected in price action, but may soon be:
“On top of this, from a pure network activity perspective, $MKR currently has the largest bullish divergence between daily active addresses and current price (based on historical means) of any top 100 #blockchain we track.”
Chris Burniske, partner at Placeholder Capital, has echoed the optimism about Maker. He recently noted that most investors in the crypto space are currently “sleeping on MKR” despite the utility of the protocol “going through the roof” and as more research is done about how the coin captures value.
“People mostly sleeping on $MKR while utility goes through the roof, and conversations abound around its value capture model.”
Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward
Adding to this, stability fees were just reimplemented into the MakerDAO protocol after a long period of 0% rates. This means that MKR may begin to accrue value once again as the protocol begins generating fees, resulting in the buying back and burning of MKR tokens.
Corroborating MKR’s bull case, analysts see reasons to be long-term bullish on all of DeFi. With Maker representing a core asset of DeFi, it will benefit if the rest of the DeFi space continues to gain traction.
Commenting on DeFi as a whole, Spencer Noon, head of DTC Capital, recently wrote:
“The strong fundamental backdrop to #crypto — which is unlike any bull market previously — is that there are billions of cryptodollars coming on-chain to use #DeFi. Unless that shows signs of slowing, we are on track for a multi-trillion dollar aggregate marketcap for the space.”
Other analysts agree with his assessment of the space.
Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch
Featured Image from Shutterstock Price tags: mkrusd, mkrbtc, mkreth Charts from TradingView.com Maker (MKR) Surges 7% as Stability Fees Introduced, DeFi Regains Footing
Virtual Currency Tax Fairness Act of 2020 Introduced in U.S. House
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