Texas Senate passed HB 4474 / SEC vs. Ripple update / Fresh Funding

Plus: Chinese energy regulators announced BTC mining investigation.

Inside.com Part of   Network May 27, 2021

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The global crypto market cap is $1.72T 0.98%▲ with a 24-hour market volume of $140.84B 14.27%▼. Bitcoin's dominance is currently 42.50% 0.14%▼. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $38,906.63 0.13% ▼ 2 Ethereum ETH $2,772.89 0.94% ▲ 3 Binance Coin BNB $372.06 0.16% ▲ 4 Cardano ADA $1.69 3.03%▼ 5 XRP XRP $0.9953 0.23% ▲ *Prices as of 2:35 p.m. ET.

The Texas state Senate passed House Bill 4474. The new law was created to provide legal clarity for companies in Texas that use or hold bitcoin and other digital assets. More: HB 4474 amends the Texas UCC to include the definition of “virtual currency” and applies business laws to cryptocurrency. Governor Greg Abbott must sign the bill before it is passed into law. Based on statements he’s previously made about crypto in Texas, it is likely to pass. HB 4474 is set to be the model for future state legislation for crypto as 25 other states look to pass similar laws.

The SEC raised claims that Ripple’s lobbying efforts distorted the public perception of XRP. The SEC plans to use this evidence to counter Ripple’s fair notice defense. More: The SEC’s letter asks the court to test whether confusion over whether XRP is a security was “bought and paid for by Ripple, as opposed to a reflection of genuine market sentiment.” Ripple has maintained its refusal to limit its expert opinion to pre-Complaint XRP prices.  The resolution of the ongoing suit will ultimately be determined by whether the court believes XRP is a security.

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▲ TOP GAINERS # Name Price 24h % 1 BakeryToken BAKE $4.87 23.05% ▲ 2 EOS EOS $7.34 18.07% ▲ 3 Basic Attention Token BAT $0.904 14.18% ▲ 4 Qtum QTUM $13.72 13.72% ▲ 5 THORChain RUNE $14.07 13.43%▲ ▼ TOP LOSERS # Name Price 24h % 1 The Graph GRT $0.7691 10.16%▼ 2 Revain REV $0.01442 8.42%▼ 3 Polygon MATIC $2.09 8.32%▼ 4 Holo HOT $0.00976 7.41%▼ 5 UNUS SED LEO LEO $2.05 6.64%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 2:35 p.m. ET.

🍋Fresh Funding🍋 Fold, Crypto Reward Card: $13M ⮕The Series A funding round for the “sats-back” debit card was led by Craft Ventures, with participation from M13, Slow Ventures, and Bessemer. More: Fold plans on investing the money in further developing its rewards system so it can bring bitcoin rewards to international credit and debit cards. 20K cardholders participated in an early access program in Nov. 2020, where the cards saw $100M in transaction volume. Fold is now available for all U.S. residents. Meme.com, NFT Marketplace: $5M ⮕ The funding round for the “memetic token” provider saw participation from Outlier Ventures, Digital Finance Group (DFG), Morningstar, Blockhype, Spark Digital Capital, Polygon’s Sandeep Nailwal, and others. More: Meme.com provides a marketplace for meme NFTs and meme tokens. Memetic tokens are minted by users and are valued at the perceived value of the underlying meme it represents. The startup’s developers hope the platform can become a “CoinMarketCap for memetic content” with comparative charts to track the trends and performances of memes.

QUICK HITS Here are 10 tips for creating a consent management platform (CMP) that meets compliance requirements, helps maximize opt-ins, and builds trust with customers.* The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) released a public notice outlining OFAC’s intent to use Chainalysis for “mission-critical research.” Paul Pierce, Phil Ivey, Joe Lubin, and other celebrities will participate in a charity poker tournament on the Virtue Poker platform. Kevin O’Leary led a $20M funding round for DeFi Ventures and plans to rename it WonderFi. Chinese energy regulators in Sichuan announced plans to investigate energy use in bitcoin mining. BTC retested $40K following Biden's $6T budget annoucement On-site teams are a thing of the past. Learn how the shift toward remote work may be the key to your business growth.* * This is sponsored content.

Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Sheena Vasani is a professional tech writer, creator, and UC Berkeley, Dev Bootcamp, and Thinkful alumna who writes Inside Dev and Inside NoCode. She recently launched Affordable Mental Help, a directory listing free and low-cost mental health resources. You can contact her at sheenavasani1[at]gmail.com.

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