Market Watch | Bitcoin | $10,302 | 7 day: -4% | | Ethereum | $365 | 7 day: -8.7% | | All crypto | $336b | 7 day: -4.2% | | Bitcoin dominance | 56.9% | 7 day: +0.7% | Prices as of 3 p.m. EDT
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The U.S. House of Representatives will soon vote on two crypto-friendly bills. The Committee on Energy and Commerce has introduced the Digital Taxonomy Act and the American COMPETE Act. Both bills will proceed to the House for a vote. - Committees introduce bills to the House. To become U.S. law, bills must pass the bicameral Congress and be signed by President Trump.
- The Digital Taxonomy Act would instruct the Department of Commerce and Federal Trade Commission to study blockchain technology, and report recommendations to reduce deceptive practices related to digital tokens.
- The American COMPETE Act would require the Department of Commerce to study the state of artificial intelligence, quantum computing, and blockchain and report its findings to Congress.
Coin Telegraph 
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BancoEstado closes all branches in Chile due to a cryptocurrency ransomware attack. - Full details of the attack have not been published, but according to a ZDNet report, BancoEstado's internal network was infected with REvil ransomware.
- BancoEstado employees were unable to access their work files on September 5.
- BancoEstado officials alerted users of the attack on Twitter the following day and reported it to the police.
- On Sept. 7, bank officials realized that normal operations were impossible and decided to keep branches closed.
ZD Net
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 SWIFT banking report SWIFT reiterates the dangers of cryptocurrency money laundering. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's dominant bank wire network. - Its September 2 report describes money laundering techniques employed during large-scale cyberattacks, which increasingly demand ransom in cryptocurrencies.
- SWIFT admits that money laundering through cryptocurrencies is relatively small compared to the volumes of cash laundered through traditional methods. (The market cap of all cryptocurrencies is approximately $350b. The value of all fiat is over $90 trillion.)
- The report notes that cryptocurrencies allow for nearly instantaneous washing via tumblers, as well as nearly instantaneous conversion to/from anonymous cryptocurrencies that are difficult to trace.
- Cryptocurrencies are mentioned over 30 times in the report.
SWIFT
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 Select Committee on Financial Technology and Regulatory Technology Australia's Senatorial Select Committee on Financial Technology and Regulatory Technology recommends the domestic use of blockchain technologies. - Recommendation 7 proposes that the government's Digital Transformation Agency "deliver a national, economy-wide framework for the operation of a federated digital identity ecosystem as soon as possible."
- It also recommends that the government develop a "National Blockchain Roadmap to highlight the opportunities for blockchain technology across the whole economy."
- Blockchain and distributed ledger technologies appear over 60 times in the report.
- The Committee had previously indicated that it would suggest the uptake of blockchain technologies in Australia's financial sector.
- Committee also noted the opportunities for blockchain to drive growth in economic values concerning business sectors.
- The interim report includes detailed recommendations regarding blockchain technology and clarifies some confusion regarding Initial Coin Offerings (ICOs).
Parliament of Australia
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South Korean agency will use blockchain-based employee ID cards. - South Korea's Internet & Security Agency has introduced a blockchain-based employee identification (ID) system.
- The agency appreciates the difficulty of blockchain forgery and alterations, saying it enhances the security of employee ID cards and makes accessing personal information faster.
- The agency plans to introduce the system at its Naju headquarters by the end of October, and distribute cards to employees at its Seoul and Pyongyang offices shortly thereafter.
Yonhap News
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 Nanjing, the Chinese counterparty in the transaction Brazilian $50b mining giant Vale has used blockchain technologies to sell some iron ore. - Vale (NYSE:VALE) completed the sale of 176,000 tons of iron ore using blockchain technology.
- The sale was performed in collaboration with Nanjing Iron & Steel Group's International Trade Co., Ltd.
- Nanjing (SHANGHAI:600280.SS) is a $2b Chinese company.
CoinTelegraph
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A major European interbank settlement token is delayed until at least 2021. - Fnality International executive Rhomais Ram admits that he requires significant regulatory approvals before his team can progress its Universal Settlement Coin.
- The project involved launching digital versions of major currencies for settlement between 13 large banks.
- It will not launch this year.
- Rhomais Ram hopes to receive approval by Q1 2021 to continue progress.
- Swiss banking giant UBS (NYSE:UBS) spearheaded the project in 2015.
- Ram says that technology is the "least complicated" aspect of his heavily regulated project.
Reuters
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CoinFund invests in Rarible to build a non-fungible token (NFT) marketplace. - Digital art-focused NFT platform Rarible announced the closing of a pre-seed round on September 8 led by CoinFund, a NY-based blockchain investment company.
- Rarible explains that the company raised an undisclosed amount in pre-seed funding.
- Rarible is developing a community-based NFT marketplace to connect digital content creators and their buyers.
- CoinFund founder Jake Brukhman considers NFT "a financial class asset."
AMB Crypto
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Visa (NYSE:V) adds Cred (LBA) to its "Fintech Fast Track" program. Cred is a $13m microcap cryptocurrency that operates a fledgling lending platform. Visa's market cap is $450b. - Cred (LBA) has joined Visa's Fast Track program, which the credit card giant launched in July 2019.
- Cred co-founder and CEO Dan Schatt tweeted buzzwords and hashtags, saying Visa's support will help Cred bridge between crypto, fiat, decentralized finance (DeFi), and centralized finance (CeFi).
- Cuy Sheffield, head of a crypto division at Visa, expressed his support, saying that Visa will help Cred "improve the process of interest disbursements" and also work to "create new crypto credit products."
- Cred will expand its facilities via a so-called Crypto Line of Credit, offering customers a way to acquire digital assets through Visa's payment gateway.
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Weave Scope, a cloud computing tool, has been hijacked by hacking group TeamTNT to map cloud environments and execute commands. The attackers are able to abuse an exposed Docker API port to create a new privileged container. They then deploy Weave Scope to control the cloud environment so they can execute shell commands for their cryptomining attack, according to security firm Intezer. More from Intezer: - This is the first time an attacker has exploited legitimate software as an administrative tool on the Linux operating system.
- Intezer recommends companies close the exposed Docker API ports and block connections to port 4040, which is used to access the Weave Scope dashboard.
- Weave Scope gives users full access to their cloud environment and is integrated with Docker, Kubernetes, the Distributed Cloud Operating System, and AWS Elastic Compute Cloud.
This article first appeared in Inside Security, available ad-free with any Inside Premium membership. Security Week
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Quick Hits: - Binance's DeFi yield farming competitor Launchpool amasses $600m in Total Value Locked (TVL) within two days.
- Changpeng Zhao endorses a rudimentary comparison of Binance and Coinbase, fanning the flames of an already heated rivalry.
- DeFi darling Aave (AAVE) CEO and founder Stani Kulechov, in a September 9 comment regarding the protocol's new staking rewards, indicated that a migration is possible. Head of DTC Capital, Spencer Noon's tweet, reveals more information regarding the possibility of new staking rewards due to that migration.
- Conga tapped into insights from tech-forward business leaders to create this fact-packed report: The State of Digital Document Transformation. *
*This is a sponsored post.
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 |  | Written and curated by wide-eyed bitcoin watcher since $1, Aaron Wise. Streaming headline junkie, Associated Press fanboy, eye-strained news terminal watcher, 2017 founder of Cryptocurrency Newsfeed. Temporarily based in Florida while awaiting the construction of cryptopia. |  | | Editor | Edited by Eduardo Garcia in New York. Eduardo is a graduate of the Columbia Journalism School M.A. Science program and writes regularly for the New York Times Climate Fwd: newsletter. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
Conga's free report helps business leaders plan a path forward to embrace a fully digital future. | |
