Tag: DIGITAL ASSETS

Binance Adds Bitcoin Ordinals to NFT Marketplace

by Blockchain News

Bitcoin ordinals, also known as Bitcoin NFTs, are gaining popularity in the Web3 space as more marketplaces adopt and offer digital assets. Binance, a leading cryptocurrency exchange, has recently announced that it will soon support Bitcoin ordinals on its NFT marketplace, expanding its multichain NFT ecosystem to include the Bitcoin network. This move follows other decentralized networks that the Binance NFT market has already integrated, including BNB Chain, Ethereum, and Polygon.

Mayur Kamat, the head of product at Binance, commented on the new offerings in the marketplace and Bitcoin’s crypto legacy, stating, “Bitcoin is the OG of crypto.” With this update, Binance users will be able to purchase and trade Bitcoin ordinals from their existing accounts. The announcement also states that the update will include royalty support and additional revenue-generating opportunities for those creating Bitcoin ordinals.

Prior to Binance’s announcement, OKX, another cryptocurrency exchange, announced in late April that it would bring Bitcoin ordinals to its marketplace and wallet ecosystem. Initially, OKX users could view and store ordinals using their accounts, with the option to mint ordinals being hinted at in the future, according to Haider Rafique, the chief marketing officer at OKX.

Bitcoin NFTs are available on marketplaces such as Magic Eden, which integrated the feature back in March. Recent data shows that inscriptions of Bitcoin ordinals have been on the rise in recent months, reaching 58,179 inscriptions on April 2, up 83.5% from the previous month. As of May 1, the total number of Bitcoin ordinal inscriptions had skyrocketed to exceed 3 million.

However, Bitcoin ordinals remain a controversial topic within the crypto community. Some Bitcoin maximalists criticize them for deviating from Bitcoin’s original peer-to-peer ethos. Nonetheless, Bitcoin ordinals offer unique opportunities for creators and collectors to buy, sell, and trade digital assets on the blockchain.

The rise of Bitcoin ordinals also reflects the growing interest in NFTs and digital art. In March, the digital artist Beeple sold a digital artwork for a record-breaking $69 million at a Christie’s auction. The sale of this NFT sparked a frenzy in the NFT market, with artists, musicians, and other creatives exploring the potential of blockchain technology to authenticate and monetize their work.

In conclusion, Binance’s move to support Bitcoin ordinals is a significant step for the NFT market, expanding the availability of digital assets to include the Bitcoin network. With the rise of Bitcoin ordinals and NFTs, we can expect to see continued innovation and experimentation in the world of blockchain and digital art.

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US House to Hold Joint Hearings on Digital Assets

by Blockchain News

The US House of Representatives is taking steps to provide regulatory clarity to the digital asset ecosystem. The House Financial Services Committee, Agriculture Committee, and subcommittees will hold joint hearings in May to address the market structure around digital assets in the United States. The hearings aim to provide clear rules of the road for the crypto sector, which will help protect consumers without stifling responsible innovation.

The joint hearings will be led by Representative Patrick McHenry, the House Financial Services Committee chairman, and Representative Glenn Thompson, chairman of the House Agriculture Committee, along with Representative French Hill and Dusty Johnson, chairmen of the Digital Assets, Financial Technology and Inclusion Subcommittee, and the Commodity Markets, Digital Assets, and Rural Development Subcommittee, respectively.

The House committees’ goal is to provide a holistic view of the regulation and market structure around digital assets. The hearings will cover various aspects of the digital asset ecosystem, from capital raising to how a product can go from a securities regime to commodities regime while preserving rights around products that do not fit into either regime. The committees aim to report a bill out based on the hearings’ outcomes.

During the Consensus 2023 event on April 28, McHenry provided additional context to the upcoming hearings. He stressed that the House is looking to establish a bill that provides regulatory clarity to the crypto sector. The goal is to strike a balance between protecting consumers and promoting responsible innovation in the digital asset ecosystem.

McHenry emphasized that the joint hearings aim to provide a holistic view of the market structure around digital assets. He added that the committees plan to report a bill out over the next two months, dealing with various aspects of the digital asset ecosystem.

The hearings will add to the work on a bipartisan bill led by Senator Cynthia Lummis and Senator Kirsten Gillibrand. The Responsible Financial Innovation Act, also known as the Lummis-Gillibrand bill, was introduced in the U.S. Senate in June 2022. The bill addresses Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) jurisdiction, stablecoin regulation, and crypto taxation, among other issues.

The wide-sweeping Lummis-Gillibrand bill has faced delays, likely due to its complexity for non-crypto-versed Senators. Lummis and Gillibrand have revised the bill and are expected to release the next draft soon. McHenry stressed that the House’s attempt to establish a bill will complement the work done by Lummis and Gillibrand in the Senate.

In addition, Lummis suggested that the revised bill will likely have an additional focus on “national security interests,” such as cybersecurity. The goal is to address concerns among skeptics about digital assets and ensure that cybercrime is adequately addressed in the bill. The revised bill may also include provisions that require certain registrations, so companies are properly regulated and vetted.

Overall, the joint hearings by the US House of Representatives aim to provide regulatory clarity to the digital asset ecosystem.

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US House Committees To Hold Joint Hearings On Digital Asset Regulations

by Blockchain News

The US House Financial Services and Agriculture Committees, along with the Digital Assets, Financial Technology and Inclusion Subcommittee, and the Commodity Markets, Digital Assets, and Rural Development Subcommittee will hold joint hearings in May to establish regulatory clarity for the digital asset ecosystem. Representative Patrick McHenry, the House Financial Services Committee chairman, has announced that the hearings aim to establish a bill providing regulatory clarity to the crypto sector, which adds to the work on a bipartisan bill led by crypto-friendly Senator Cynthia Lummis and Senator Kirsten Gillibrand.

The move was revealed in a joint announcement on April 27 from McHenry and Representative Glenn Thompson, chairman of the House Agriculture Committee; Representative French Hill, chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee; and Dusty Johnson, chairman of the Commodity Markets, Digital Assets, and Rural Development Subcommittee. The joint statement reads: “Our Committees are embarking on an unprecedented joint effort to pass and sign into law clear rules of the road for the digital asset ecosystem. We must strike the appropriate balance to protect consumers without stifling responsible innovation.”

McHenry spoke as part of a panel alongside crypto-friendly Senator Cynthia Lummis during the Consensus 2023 event on April 28, adding more context to the upcoming hearings. “We’re going to hold joint hearings when we return in May. This is going to be the first time we have had a holistic view for a House committee hearing around the regulation, our market structure around digital assets, and a holistic view of it.”

He also stressed that the hearings aim to establish a bill providing regulatory clarity to the crypto sector, which adds to the work on a bipartisan bill led by Lummis and Senator Kirsten Gillibrand. The Responsible Financial Innovation Act, also known as the Lummis-Gillibrand bill, was initially introduced in the US Senate in June 2022, and addresses Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) jurisdiction, stablecoin regulation and crypto taxation, among other issues.

The wide-sweeping bill has faced delays, likely due to its complexity for non-crypto-versed Senators. Lummis and Gillibrand have since revised the bill and are expected to release the next draft soon. Commenting on the revised bill, Lummis suggested that this iteration will likely have an additional focus on “national security interests” such as cyber security. “Some of the people that I speak to that remain very skeptical about digital assets are concerned that cybercrime is not adequately addressed in our bill. So I think you’ll see a stronger cybercrime aspect to our bill. I think you’ll see some provisions that require certain registration […] so that companies are properly regulated and vetted.”

The joint hearings in May will aim to provide regulatory clarity on the digital asset ecosystem and strike the appropriate balance to protect consumers without stifling responsible innovation. The hearings will focus on addressing the market structure around digital assets in the United States, which includes capital raising and transitioning products from a securities regime to a commodities regime.

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Raiffeisen Bank to Launch Crypto Investment Service

by Blockchain News

In a recent announcement, the Raiffeisenlandesbank Niederosterreich-Wien (RLB NO-Wien) detailed its intentions to foray into the realm of bitcoin investing services. The Austrian cooperative banking institution, which was established in 1900 and now has a 22.6% interest in Raiffeisen Bank International (RBI), has decided to launch its new service in collaboration with the Austrian cryptocurrency startup Bitpanda.

Customers of RLB NO-Wien will be able to invest in a variety of assets, including digital assets such as Bitcoin and Ether, thanks to the launch of a new crypto investing service. Customers will also continue to have access to investment services for equities, exchange-traded funds, precious metals, and commodities. The software as a service (SaaS) product that Bitpanda has will be the vehicle through which the service will be delivered.

The Chief Executive Officer of RLB NO-Wien, Michael Hollerer, said that the purpose of the relationship with Bitpanda is to broaden their product offering by including a cutting-edge, risk-free component that would make it simpler for all consumers to amass money. By the end of the year, Bitpanda’s technological infrastructure will have been swiftly and securely linked, making possible the availability of trading.

The new service will also include Bitpanda’s whole inventory of digital assets, which totals over 2,500 different assets and consists of cryptocurrencies such as Bitcoin and Ether. Customers will have the ability to invest in a wide variety of assets, notwithstanding the amount of cash that is now accessible, with investments possible to begin with as little as one euro.

The expansion of Raiffeisen Bank International into the realm of digital currency development includes a move into the provision of investment services for cryptocurrencies. In the year 2020, the bank was in the process of constructing a platform for the tokenization of the national currency utilizing blockchain technology. In addition to this, the bank is well-known for its involvement in trade financing pilot projects leveraging R3’s Marco Polo blockchain network.

In general, the collaboration between RLB NO-Wien and Bitpanda sheds light on the expanding interest that conventional financial institutions have in the provision of bitcoin investment services. It is possible that we will witness a surge in the adoption and public acceptance of digital assets as more financial institutions join the bitcoin industry.

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CFTC Commissioner Calls for Reduced Cryptocurrency Anonymity

by Blockchain News

Christy Goldsmith Romero, a commissioner of the US Commodity Futures Trading Commission (CFTC), has called for reduced anonymity for cryptocurrencies. Speaking at the City Week 2023 conference in London on April 25, Romero emphasized the need to manage the risks associated with digital assets. She believes that anonymity is the primary feature that makes cryptocurrencies appealing to illicit finance and that this issue must be addressed by both governments and the industry.

In her keynote speech on Illicit Finance and Other Key Risks of Digital Finance, Romero stated that the risks associated with digital assets must be managed. She stressed that market integrity, national security, and financial stability are crucial and cannot be compromised. Romero’s proposal for reducing anonymity in cryptocurrencies could help to address these risks.

Cryptocurrencies are often used by criminals to evade detection and launder money. With the anonymous nature of transactions, it is difficult to trace the movement of funds and identify the parties involved. By reducing anonymity, it would become easier for law enforcement agencies to track down criminals who use cryptocurrencies for illegal activities.

Romero’s proposal may also help to address concerns around the regulation of cryptocurrencies. With greater transparency and traceability, governments and regulatory bodies would have greater visibility into cryptocurrency transactions, which could help them to identify potential risks and take appropriate action.

The issue of anonymity in cryptocurrencies has been a topic of debate for several years. Some argue that anonymity is an essential feature of cryptocurrencies and that reducing it would compromise privacy and security. However, others argue that anonymity enables criminal activities and that reducing it would make cryptocurrencies more legitimate in the eyes of the public and regulators.

Despite the debate, there have been several initiatives to reduce anonymity in cryptocurrencies. For example, the Financial Action Task Force (FATF) has introduced guidelines for virtual asset service providers (VASPs) that require them to implement measures to identify and verify their customers. Similarly, several countries have introduced Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations for cryptocurrency exchanges and other service providers.

In conclusion, Romero’s proposal for reduced anonymity in cryptocurrencies could help to address the risks associated with digital assets. However, it remains to be seen whether the industry will adopt such measures and whether they will be effective in managing the risks of cryptocurrencies. The debate around anonymity in cryptocurrencies is likely to continue, as governments and industry stakeholders grapple with the challenges posed by digital assets.

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US House Committee Chair Criticizes SEC on Digital Assets

by Blockchain News

Patrick McHenry, the Chair of the United States House Financial Services Committee, has criticized the Securities and Exchange Commission (SEC) over its approach to digital assets. During an oversight hearing on April 18, McHenry used his opening statement to accuse the SEC of “punishing” digital asset firms through regulation by enforcement without a clear path to compliance. McHenry reiterated his calls for clear legislation on crypto and pressed SEC Chair Gary Gensler for a definitive answer on whether Ether (ETH) qualified as a security or a commodity.

McHenry expressed his concerns over the SEC’s actions, citing the lack of clarity and consistency in the regulatory landscape for digital assets. He accused the SEC of “chasing headlines” and penalizing companies without providing clear guidance on how to comply with regulations. McHenry also called on US lawmakers to create “clear rules of the road” for crypto through legislation.

During the hearing, McHenry pressed Gensler to give a definitive answer on whether Ether was a security or a commodity. He repeatedly interrupted Gensler’s responses that lacked specifics, citing the SEC chair’s previous labeling of Bitcoin (BTC) as a commodity and hinting at private discussions on Ether prior to the hearing.

“Clearly an asset cannot be both a commodity and a security,” said McHenry. “I’m asking you, sitting in your chair now, to make an assessment under the laws as exist, is Ether a commodity or a security?”

The question of whether Ether is a security has been a contentious issue for the crypto industry. In 2018, William Hinman, former SEC Director of Corporate Finance, stated that he did not believe Ether was a security. However, in December 2020, the SEC filed a lawsuit against Ripple Labs, claiming that the firm had sold unregistered securities in the form of its XRP tokens. The lawsuit sparked concerns among crypto enthusiasts that the SEC may also take action against Ether and other digital assets.

McHenry’s criticism of the SEC’s approach to digital assets reflects broader concerns over the lack of clarity and consistency in the regulatory landscape for crypto. The industry has faced regulatory challenges in several jurisdictions, with some countries, such as China and India, imposing outright bans on crypto trading and mining. However, other countries, including the US, are still grappling with how to regulate digital assets in a way that balances innovation and investor protection.

In conclusion, McHenry’s criticism of the SEC’s regulatory approach to digital assets highlights the need for clear and consistent regulations on crypto. While the industry continues to evolve rapidly, it is crucial that regulators provide clear guidance and support for companies to comply with regulations while fostering innovation in the sector.

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Ripple Launches Liquidity Hub to Bridge Crypto and Fiat

by Blockchain News

Fintech firm Ripple has announced the launch of its latest product, the Ripple liquidity hub, a solution for businesses to bridge the gap between crypto and fiat currencies. The service operates as a stand-alone solution in addition to Ripple’s popular cross-border payments service, on-demand liquidity (ODL). This makes it a global liquidity network offering its partners access to payout rails worldwide.

Ripple’s liquidity hub has been developed from an enterprise point of view to offer digital assets from various market makers, including crypto exchanges and over-the-counter trading desks. When an enterprise partner requires liquidity, it can source it from these large pools of deep liquidity, including United States dollars, Bitcoin (BTC), Ether (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), and Litecoin (LTC).

Interestingly, the product launch finds no mention of XRP (XRP), the crypto token issued by Ripple. XRP has been central to most liquidity products and services the fintech firm offers, especially cross-border liquidity services. However, XRP was mentioned among digital assets in the company’s pilot phase.

The omission of XRP from its liquidity pairs could be attributed to the company’s ongoing court battle in the U.S. with the Securities and Exchange Commission (SEC). Ripple has been accused by the SEC of selling XRP as an unregistered security, and the company is currently fighting this claim in court.

Despite this, Ripple claims that its liquidity solution will considerably reduce the cost of operations on high-volume transactions. This is done by optimizing cryptocurrency pricing and liquidity across asset pairs. The liquidity hub eliminates the need to pre-finance capital positions to source liquidity or conduct transactions. The service reduces complicated multiplatform administration requirements by enabling organizations to access digital assets in a single place. Additionally, the service locks in optimum pricing for digital assets to protect companies from market instability and price swings.

Ripple has made a name for itself in the fintech world for offering various liquidity solutions and cross-border remittance services. Its popular ODL solution has onboarded several banks worldwide to provide cheap remittance services with the help of cryptocurrencies.

The Ripple liquidity hub is the latest offering from the company and marks its continued push to become a leader in the fintech industry. By providing businesses with access to deep liquidity pools across various digital assets, Ripple aims to make it easier for organizations to conduct high-volume transactions without incurring excessive costs. Although XRP is not mentioned in the product launch, it remains a central part of Ripple’s liquidity products and services.

In conclusion, Ripple’s liquidity hub is a step forward in bridging the gap between crypto and fiat currencies. The service offers businesses access to deep liquidity pools across a range of digital assets, reducing the cost of operations on high-volume transactions. With its ongoing court battle with the SEC, Ripple’s decision to omit XRP from its liquidity pairs is a strategic move to protect the company’s interests. Despite this, Ripple remains committed to providing businesses with innovative solutions that simplify cross-border remittance services and provide access to deep liquidity pools.

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DWF Labs Invests $60 Million in EOS Network

by Blockchain News

DWF Labs, a digital asset market maker and investment firm, has made its largest investment to date through an alliance with the EOS Network Foundation (ENF), a move that entails an investment deal worth over $60 million. The EOS Network is a Layer-1 network designed for developers seeking to build blockchain-based games (GameFi) and deploy decentralized applications (dApps).

As part of the partnership, DWF Labs is boosting the EOS Network through a $45 million EOS token purchase agreement and a $15 million pledge to invest in businesses and projects based on EOS. The investment is aimed at accelerating the expansion and acceptance of the EOS Network, particularly with the launch of its enterprise-grade EOS Ethereum Virtual Machine (EVM) on April 14.

The ENF is a crucial component in the EOS network’s development, coordinating support, creating feedback loops for innovation, promoting community involvement, allocating funding, and facilitating the growth of the EOS ecosystem. This collaboration with DWF Labs is well-timed, as the EOS Network is poised to unveil its enterprise-grade EOS Ethereum Virtual Machine (EVM) on April 14, featuring more swaps per second than Polygon, BSC, and Avalanche combined.

The partnership between DWF Labs and the EOS Network has the potential to unlock possibilities in the blockchain ecosystem and the world of web3. The collaboration combines the strengths and resources of both parties, ensuring a bright future for the EOS Network.

DWF Labs has become an active investor during the crypto bear market, with recent investments including a $20 million fundraise for derivatives trading platform Synthetix and a $40 million raise for AI-focused crypto protocol Fetch.ai. By investing in the EOS Network, DWF Labs is diversifying its portfolio and expanding its presence in the digital asset market.

In conclusion, the investment deal between DWF Labs and the EOS Network Foundation marks a significant milestone for both parties. It demonstrates a strong commitment to the growth and development of the EOS Network and its ecosystem. With the EOS Ethereum Virtual Machine set to launch soon, this partnership is expected to drive innovation and adoption, benefiting the blockchain community as a whole.

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Bermuda Remains Committed to Crypto Despite FTX Collapse

by Blockchain News

Bermuda’s Premier and Finance Minister, Edward Burt, has affirmed the territory’s commitment to digital assets and blockchain technology, despite the collapse of crypto exchange FTX in nearby Bahamas in November 2022. Burt believes that the future of finance is digital, and there are still considerable benefits to be gained from these technologies. He noted that regulations in Bermuda have a minimal impact on the territory, and the regulations are clear and won’t change for any company.

Bermuda, a self-governing territory with a parliamentary government, was one of the first places to implement a regulatory framework for digital assets. It is just 915 miles away from the Bahamas, where FTX once operated, and Burt reportedly faced intense political pressure before the exchange’s failure as it chose the Bahamas instead of Bermuda for its headquarters. However, according to Burt, the latest events in the crypto industry had a minimal impact on the territory thanks to its regulations.

Burt recently met with United States lawmakers and government officials in Washington to discuss common standards for digital assets, as well as topics related to Bermuda’s finance and insurance sectors. He believes that regulators worldwide must work together to provide clarity for emergent technologies.

Despite the challenges, Bermuda continues to show a strong interest in digital assets. The territory recently released its first stablecoin, powered by the Polygon blockchain, in December 2022. The stablecoin focuses on enabling real-time settlements using a stablecoin with a 1:1 peg to the U.S. dollar.

Bermuda’s regulatory framework for digital assets has made it an attractive destination for crypto and blockchain companies. The territory’s government is actively encouraging companies to set up shop there and has implemented measures to streamline the registration process. In addition to the regulatory framework, Bermuda has a strong infrastructure, including high-speed internet, and skilled professionals in finance and technology.

Burt’s affirmation of Bermuda’s commitment to digital assets and blockchain technology is a positive sign for the crypto industry, which has faced significant regulatory challenges in recent years. The territory’s stable regulatory framework and commitment to innovation demonstrate that there are places where crypto and blockchain companies can thrive while adhering to regulations.

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Regulated Stablecoins Likely to Remain in Use by 2030

by Blockchain News

Regulated stablecoins have become a focal point for policymakers, with experts in digital regulation discussing their future use at the World of Web3 (WOW) Summit in Hong Kong. The panel, titled “Digital Assets: Policies & the Road Ahead,” examined the role that regulated stablecoins are likely to play in the future of finance. The group discussed how regulated stablecoins would most likely remain in use by 2030 and how the current growth rate of the stablecoin market helps to ensure this.

The panelists acknowledged the growth of the crypto industry and emphasized the importance of both centralized and decentralized approaches to digital assets. Alexandra Sasha, the first deputy to the Danish Parliament, spoke of the need for both centralized and decentralized payment options. She stated that “you will have people who will want to centralize the digital era, and you will always have the people who do want this decentralized way of using payments, of course, unless it gets banned, but I do not think that’s the goal of anyone.”

Kelvin Lester Lee, commissioner of the Securities Exchange Commission of the Philippines, expressed uncertainty about whether regulated digital assets would be thriving by 2030. However, he acknowledged that they would still be present and might also look different. This suggests that while the future of digital assets is uncertain, it is clear that they will continue to be an important part of the financial landscape.

Douglas Arner, a professor working in the areas of interconnection between finance and technology regulation at the University of Hong Kong, added that this entire decade would be a competition between centralized approaches and decentralized approaches. According to Arner, the competition applies just as much in the context of the metaverse as it does in the context of the crypto ecosystem. He believes that by the end of the decade, there will be a spectrum of different structures where there’s a high likelihood that regulated stablecoins will emerge as the most widely used monetary instrument embedded in blockchain applications.

While there is still uncertainty about the future of regulated stablecoins, the panelists agreed that they are likely to remain an important part of the financial landscape. As the crypto industry continues to grow and evolve, it will be interesting to see how regulatory policies adapt to ensure the continued use and development of digital assets. It is clear that digital assets will continue to play a crucial role in shaping the future of finance, and that they will require careful management and regulation to ensure their continued success.

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