Blockchain
US legislators introduce bill for in-depth study of blockchain in commerce
Three Representatives are calling on the Secretary of Commerce to study blockchain for consumer protection.


A trio of United States House Representatives — two Democrats and a Republican — have officially introduced a new bill to spur more in-depth analysis of blockchain technology in Congress.
On Sept. 1, Rep. Darren Soto (D-FL), Rep. Brett Guthrie (R-KY) and Rep. Doris Matsui (D-CA) introduced a new bill to the House, which was subsequently referred to the Committee on Energy and Commerce.
The bill proposes to direct the U.S. Secretary of Commerce, in consultation with the Federal Trade Commission (FTC), “to conduct a study and submit to Congress a report on the state of the blockchain technology and use in consumer protection, and for other purposes.”
In May, Cointelegraph had obtained draft legislation prepared by Rep. Guthrie entitled the “Advancing Blockchain Act,” which would require the Secretary of Commerce and the FTC to conduct a study on the impact of blockchain technology on U.S. businesses in interstate commerce within two years.
The draft legislation had, among other goals, sought to rank the U.S. relative to other countries’ national blockchain strategies.
It also called for a clear determination of the jurisdiction and expertise of different federal agencies in relation to blockchain technologies.
Neither this week’s bill nor the earlier draft legislation mention cryptocurrencies or digital assets, but instead limit their focus to blockchain.
Guthrie’s co-sponsor on this week’s bill, Rep. Soto, has previously advocated keeping cryptocurrencies under the oversight of the Commodities and Futures Trading Commission (CFTC) and FTC. Soto argued at the time that these agencies have a “lighter touch” than the Securities and Exchange Commission (SEC).
For blockchain and cryptocurrency enthusiasts, Rep. Soto will likely be a familiar name due to his role as co-chairman for the Blockchain Caucus, a governmental group focused on blockchain-related policy.
He has been a sponsor and co-sponsor, respectively, of the Token Taxonomy Act and the Digital Taxonomy Act, among other initiatives.
For her part, Rep. Matsui, together with Rep. Guthrie, introduced a bill in Feb. 2019 to direct the Secretary of Commerce to establish a working group that would recommend to Congress a definition of blockchain technology.
This was later taken up in a Senate bill authored by Senator Todd Young (R-IN), entitled the “Blockchain Promotion Act” of 2019.
Blockchain
Supercar maker Mazzanti Automobili launches security token offering


Italian luxury car manufacturer Mazzanti Automobili has launched its security token offering on regulated digital marketplace STOKR.
As part of the offering, Mazzanti aims to raise 999,999 euros ($1.2 million) on STOKR to develop a special edition of its hypercar model Evantra Millecavalli R.
According to a Feb. 25 announcement, Mazzanti’s STO will allow investors to purchase MZZ tokens, priced at 1 euro each. The token is issued by Mazzanti via Blockstream AMP, a platform for the tokenization of securities built on the Liquid sidechain of Bitcoin (BTC), which has been directly integrated with STOKR.
As part of the STO, MZZ investors will be able to receive a 50% revenue share in the sale of the Evantra special edition. The offering is available for select European countries, with a minimum investment of 50 euros, the announcement notes.
Mazzanti’s founder Luca Mazzanti said that the company has been considering running an STO for a while. The company initially announced its upcoming STO plans earlier in February.
In conjunction with the STO, Mazzanti also announced that the company will allow its customers to purchase all editions of the Evantra model with Bitcoin starting from Feb. 25. The move echoes Tesla’s recent move toward accepting Bitcoin payment for its electric vehicles.
Based in Luxembourg, STOKR has been listing various STOs in compliance with capital market laws of the European Union. Last year, Germany’s Federal Financial Supervisory Authority approved ParkinGO’s offering as the first cross-border STO on STOKR.
Blockchain
Finance Redefined: Ethereum exodus continues as Binance ‘helps,’ Feb 17–24.


The parabolic rise of the Binance Smart Chain has been all over the news this week, aided by a few seemingly unfriendly moves by the exchange itself.
It started on Friday, when Binance suddenly froze withdrawals of Ethereum-based assets for about one hour. Many interpreted it as a move against the blockchain and its ecosystem, given that the cited reason was “congestion issues” — something one hardly imagines is a problem for an exchange, unless they shoulder withdrawal costs for the user.
The day after, FTX started shaming Binance for excessive promotion of BSC on the exchange. Specifically, FTX was apparently “spending millions” in failed deposits that came over the Smart Chain but were meant for Ethereum. FTX’s accusation toward Binance, one of its investors, is that the exchange put BSC as the default option for withdrawing many ERC-20 assets, which caused a lot of failed deposits to FTX.
I can’t say I’ve ever noticed Binance Smart Chain being “the default option” for withdrawals. BSC is the first listed when you attempt to withdraw something like USDC, though it does not actually select the blockchain for you. Still, I can see how some newbies could get swindled by this. People overestimate the degree to which terms like “ERC-20” are known in the casual crypto community. Testing the withdrawal now, Binance forces you to go through a quiz where you confirm you know what you’re doing by selecting BSC. I have no idea when this was introduced, but it’s not impossible that it’s a response to FTX’s statements.
Overall though, there’s nothing inherently wrong with one company using its products to promote another of its products. From the official responses it seems that the Ethereum congestion incident won’t happen again because they “upgraded the systems.”
Cheap tricks would never be able to undermine Ethereum without there being an underlying fundamental weakness. And I think we’ve all had enough with Ethereum gas fees. I tried a non-Ethereum DeFi product recently, and it felt so good to pay just a few cents for a complete interaction.
Binance Smart Chain is already processing more transactions than Ethereum and has over 5 million unique wallets. Ethereum, with its much longer history, is currently sitting at 140 million wallets in total.
Ironically, Ethereum fans should secretly want the bull market to end right now. The longer it goes on, the more gas fees will remain high, and the more people will want to migrate away and seed other environments.
Second largest liquidation day in DeFi history
Speaking of the end of the bull market, a massive slide in crypto markets triggered some $24 million in liquidations on Tuesday, the second highest loss in DeFi history. It would’ve been the highest if not for that infamous day in November when Compound thought Dai was worth $1.3.
The firesale was triggered by nothing in particular, though I suspect that rising bond yields are having their effect on the riskiest of assets on Wall Street, of which Bitcoin is the quintessential representative. And then Bitcoin dragged the rest of crypto with it.
I don’t normally talk about price because I’m not a financial advisor or even a successful trader. But I am feeling a lot of fundamental and sentimental indicators of a coming correction, ranging from a wavering stock market to, well, the strength of Tuesday’s dump.
To top it all off, my non-crypto feeds are being invaded by crypto stuff, which is never a good sign. I certainly hope that I’m misinterpreting what is actually unprecedented adoption and acceptance, but let’s face it — it’s all about price for now, while fundamentals are still lagging.
With layer two platforms and new blockchains coming online, we may get something useful out of crypto and DeFi soon. But everything could happen before we get there. Be especially careful right now and, most importantly, don’t get liquidated.
In other news
Blockchain
Blockchain soccer gaming startup Sorare raises $50M


Sorare, a major blockchain-based soccer gaming platform, has raised $50 million from high-profile investors backing major companies like Twitter, Instagram and Discord
The fresh Series A round brings Sorare’s total funding to $60 million, the company told Cointelegraph Thursday.
The funding round was led by Benchmark, an investment giant famous for funding companies like Twitter, Uber and Snap. Accel Partners was another lead investor, known for backing companies like Facebook and Spotify. The round also included some additional investment from investors like Reddit co-founder Alexis Ohanian, VaynerMedia CEO Gary Vaynerchuk, and Barcelona striker Antoine Griezmann.
With the new funding, Sorare is planning to continue growing its ecosystem, including launching a mobile application and onboarding the top global 20 football leagues. “We’re designing an experience where fans can celebrate, share, and live football moments at a deeper connection. We’re making fantasy football a reality,” Sorare said.
Founded in 2018, Sorare provides a digital collectibles platform based on the Ethereum blockchain. With non-fungible tokens, the platform offers a collective fantasy football experience allowing players to manage their players and earn prizes.
Gerard Piqué, strategic advisor at Sorare, explained that the platform aims to meet the significant shift to online and digital fan experiences:
“As world football has shifted from local supporters to global fanbases, football fans are looking for new ways to be connected to the game, the players and other fans.”
Blockchain and cryptocurrency startups have been actively tapping the soccer industry in order to bring new ways of fan engagement using emerging technologies. Socios and Chiliz represent some of the best-known industry efforts, jointly providing blockchain fan tokens for popular global soccer clubs like FC Barcelona, Juventus and Paris Saint-Germain. Earlier this week, Polish Legia Warsaw became the latest soccer club to join Chiliz and Socios.
Source: https://cointelegraph.com/news/blockchain-soccer-gaming-startup-sorare-raises-50m
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