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Blockchain

Mr. Coinbase Goes to Washington (Again)

Coinbase CEO Brian Armstrong called for regulatory clarity and a safe harbor.

Republished by Plato

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In brief

  • Coinbase’s CEO and founder has gone to Washington.
  • The response so far has been mixed, he said.
  • He called for regulatory clarity.

Coinbase founder Brian Armstrong has never had much luck in Washington—few Silicon Valley’s entrepreneurs do. Nor has Armstrong, an introvert and businessman, ever enjoyed his time there.

But courting politicians is a worthwhile endeavor if your business model undermines them, so Armstrong has once again hoofed it to the Capitol to spread the gospel of Bitcoin and Coinbase, and clamor for regulatory clarity.

He spent the week in DC schmoozing with members of Congress and heads of federal agencies, with early investor Ron Conway, board member Katie Haun and head of legal Paul Grewal in tow. 

“Goal was to establish relationships and help answer questions about crypto,” tweeted Armstrong in a public de-briefing today.

“The reactions ranged from very positive (those who see enormous potential) like @SenatorSinema and @PatrickMcHenry, to admitted skeptics who asked thoughtful questions about illicit activity and I think left with a much more open mind like @MarkWarner, and everyone in between,” he said.

Armstrong then bemoaned the lack of regulatory clarity in the U.S., which he attributes to the broadness of the crypto industry. 

Coinbase quickly became the center of crypto when it opened in 2012. It was the main gateway for Bitcoin trading and amassed a million users within two years.

In the nine years since Armstrong founded the company, crypto has advanced so fast that regulators have struggled to define it. Some cryptocurrencies are securities, others currencies or property, and yet more still escape classification, said Armstrong. 

“So it’s a bit of a jump ball across existing federal regulators, and this means fewer startups who are able to brave the legal uncertainty. Some of them wind up founding their companies abroad, or not at all. This is a major problem.”

Armstrong’s solution? “The U.S. could really use a safe harbor/sandbox for crypto startups to get off the ground, before having to grapple with these issues. This would go a long way, and give the SEC/CFTC/Treasury/etc a common framework to follow.”

This is not a new idea. The U.S. Securities and Exchange Commission’s crypto-friendly commissioner, Hester Peirce, has long called for a safe harbor that would keep regulators from pouncing on crypto companies for securities fraud. The idea is that such companies would use the time to decentralize. Peirce told Decrypt last year that a safe harbor was a long shot given the slow speed at which large regulatory bodies adapt to new technology.

But Armstrong says that regulation can’t come soon enough. “The U.S. is at a critical juncture in making holistic decisions around cryptocurrency. Imagine the U.S. without the internet,” he tweeted.

Armstrong explained to regulators how China is way ahead of the pack when it comes to central bank digital currencies (CBDCs). China is piloting its digital yuan in several provinces. 

“It is real, they are moving quickly on it, and I believe it represents a threat to U.S. reserve currency status long term if the U.S. doesn’t move quickly to create their own,” he said. The Fed hasn’t yet concluded whether a CBDC is the way to go.

If nothing else, Armstrong would at least like “a signal from the current administration that crypto companies are welcome in the U.S.” That “would go a long way,” he said. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/71027/mr-coinbase-goes-to-washington-again

Blockchain

Elon Musk’s Tesla Should Accept ADA, Says Cardano Founder Charles Hoskinson

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Charles Hoskinson – the founder of Cardano –  stated that the project’s native cryptocurrency ADA is one of the greenest and most eco-friendly digital assets. He further opined that Tesla (TSLA) should choose it if it really cares about environmental sustainability.

Tesla Should Go for Cardano (ADA)

In a recent interview with Lex Fridman, Charles Hoskinson highlighted the benefits of his proof-of-stake blockchain platform Cardano. He noted that the PoS system is much better in terms of energy consumption compared to its rivals. Moreover, he surmised that Cardano and its native digital asset should be the first choice for Elon Musk’s giant EV-maker Tesla:

”If they truly care about alternative energy, sustainability, carbon reduction, and carbon neutrality, you can’t be in a system where there is no built-in mechanism to constrain the energy consumption.”

As an alternative energy company, Hoskinson stated that Tesla should focus on the greenest cryptocurrencies, such as ADA, and not the high energy-consuming Bitcoin. Apart from the ecological damage, which it causes, the primary digital asset lacks many other qualities, according to Cardano’s founder:

”Bitcoin is the least programable of all the cryptocurrencies and if you want to do interesting, sexy, and unique things there is just no real way to do that.”

However, Hoskinson pointed out that all crypto projects are an experiment and hide their risks. Even though Cardano gained significant success recently, it is not 100% sure that in the future, it will fulfill its goals.

Cardano Is Better Than Ethereum

This is not the first time when Charles Hoskinson elevates Cardano over its rivals. In late May, he criticized Ethereum’s network by calling it overrated and outlining a lack of vital qualities. Subsequently, he revealed his three reasons why Cardano is the better blockchain project.


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First, Cardano can operate with metadata and also with automated regulation. In his opinion, Ethereum can only process smart contracts while its rival can do that with governance and compliance.

Second, Ethereum has never cooperated with local governments of developing countries to benefit their citizens, while Cardano has done that in Ethiopia, Tanzania, and Georgia.

Third, Hoskinson opined that Ethereum has a very confusing structure, and the upcoming ETH 2.0 release will lead to the demise of the entire network:

”First of all Ethereum is killing itself. They are replacing Ethereum with Ethereum 2.0. In the end, ETH 2.0 will kill ETH 1.0.”

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Source: https://cryptopotato.com/elon-musks-tesla-should-accept-ada-says-cardano-founder-charles-hoskinson/

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Blockchain

Ethernity CLOUD Sells 90% of Presale Tokens in 9 Hours

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[PRESS RELEASE – Please Read Disclaimer]

Ethernity CLOUD, a platform that leverages blockchain technology to build a decentralized ecosystem, allowing regular cloud software to be run as cloud-based dApps, has sold off 90% of its available Presale tokens in 9 hours during their presale. The remaining 10% sold out early the next morning.

The entire Presale has been sold out in full in about 25 hours. According to the team, the community support was significant as the minimum investment package was set at $5,000.

This comes following a string of positive news and important developments for the project. Days ago, Ethernity CLOUD revealed that they’ve entered a partnership with the Bank of Memories and the Institute for Internet Security.

In essence, the team works on building a fair ecosystem where everyone has fully protected rights to privacy and integrity – these are guaranteed by the blockchain technology itself. The data is protected from third-party cloud providers which ensures decentralized and private operations.

Through the ecosystem, users are able to run cloud computing activities over a decentralized network while also maintaining total control over their anonymity, confidentiality, and reproducibility of the process. The operation is low cost, making it available to a large number of participants.

The project is also committed to use open-source and widespread technologies in aims of increasing the technology adoption rates and also provide a strong and stable foundation. The decentralized cloud applications which run on Ethernity CLOUD are based on traditional cloud applications and software. However, they aim to make the transition to the decentralized cloud as smooth as possible, enabling cloud computing business users, developers, and even enthusiasts to easily join the network.

The CEO and founder of the project is Iosif Peterfi – an expert with over 20 years in the fields of tech infrastructure, having worked at the US Department of Defense as well.

About Ethernity CLOUD

Ethernity CLOUD is a project, seeking to build a fair ecosystem for users to protect their right to confidentiality of data, while ensuring their integrity through blockchain-based technology. The team works to build a platform, leveraging DLT to build a decentralized ecosystem, allowing regular cloud software to be run as cloud-based decentralized applications.

For more information about Ethernity CLOUD – read more here.

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Source: https://cryptopotato.com/ethernity-cloud-sells-90-of-presale-tokens-in-9-hours/

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Blockchain

VanEck’s Bitcoin ETF Application Further Delayed by the SEC

Republished by Plato

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The global investment manager VanEck would have to wait more to receive the SEC’s answer about its Bitcoin ETF application from earlier this year. The Commission’s second delay seeks other interested parties to weigh in on whether such a product will be sustainable.

  • After withdrawing its previous attempts, VanEck filed another application with the US Securities and Exchange Commission in March this year to release a Bitcoin ETF.
  • The agency initially delayed the decision back in April to June. However, a more recent filing from June 16th showed that the Commission had not made its decision yet.
  • The document reads that the SEC “seeks and encourages interested persons to provide comments” on the BTC ETF application. More specifically, those parties should opine about “the suitability of Bitcoin as an underlying asset for an exchange-traded product.”
  • Furthermore, the Commission wants to know if such a product would be “susceptible to manipulation.”
  • “What are commenters’ views generally on whether the Exchange’s proposal is designed to prevent fraudulent and manipulative acts and practices? What are commenters’ views generally with respect to the liquidity and transparency of the bitcoin markets, the bitcoin markets’ susceptibility to manipulation?”

  • The agency said it’s only trying to “protect investors and the public” by seeking this information.
  • Those who would like to comment on the BTC ETF proposal have 21 days after the order is in the Federal Register and 35 days after the publication in the register’s rebuttals.
  • It’s worth noting that while the US continues to refuse to approve a Bitcoin ETF, the northern neighbor has already permitted three this year. Earlier results are quite promising as they have garnered over $1 billion in AUM in just months.
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Source: https://cryptopotato.com/vanecks-bitcoin-etf-application-further-delayed-by-the-sec/

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