U.S. Sens. Cynthia Lummis and Kirsten Gillibrand unveiled their bipartisan crypto bill today, highlighting a comprehensive set of regulations across digital assets in the U.S. The new legislation, the "Responsible Financial Innovation Act," will set new federal law for stablecoins and taxes on small-scale crypto payments and offer clarity for agencies that are overseeing the crypto markets. More: - The Biden administration has also signaled that it wants better custody arrangements in any crypto bills moving through Congress.
- The new bill will be split into several pieces next year as it moves through congressional committees over time, with Lummis on the Senate Banking Committee that oversees the SEC and Gillibrand on the Agriculture Committee overseeing commodities and the CFTC.
- Lummis points out that the "Responsible Financial Innovation Act" creates regulatory clarity for agencies charged with supervising digital asset markets, provides a strong, tailored regulatory framework for stablecoins, and integrates digital assets into existing tax and banking laws.
- Gillibrand said the "landmark bill" will offer guidance for both industry and regulators as the digital markets continue to grow.
- The senators also suggested the launch of an industry-based "sandbox" in which regulators will allow crypto startups and companies to test new products before launching into the markets.
Included in the bill: - Purchases made in crypto that are less than $200 would be tax-free, clearing the path for crypto to reflect traits of a currency.
- The new legislation would offer clarity between crypto securities and commodities, with Bitcoin falling under the definition of "ancillary assets" overseen by the CFTC and providing legal clarity on customer holdings.
- The bill would also provide a new regulatory framework for banks and credit unions to issue stablecoins but allow existing stablecoin issuers and new entrants to have an opportunity to compete with banks and credit unions.
- Companies would also have to provide disclosure to the SEC from companies that raise money through the sale of digital assets.
- Crypto operations watched by the CFTC would have to pay a fee to fund the agency, similar to the model that funds the SEC.
Coin Desk 
| |
PayPal will now support the native transfer of crypto between PayPal and other wallets and exchanges. Paypal is bullish about crypto's future and believes that a substantial portion of commerce will move toward a digital currency; the company will not charge for crypto transactions. More: - PayPal began offering crypto services in 2020, allowing its users to buy and sell select cryptocurrencies.
- The new feature will be available to all U.S.-based users in the coming weeks.
- Users can buy, sell and hold Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
- Prior to this feature, users were unable to transfer their crypto funds to wallets like MetaMask, Coinbase, or any hardware wallet. Fernandez da Ponte, SVP of blockchain and crypto at PayPal, believes that more companies will start to embrace stablecoins and central bank currencies. "There's a lot of discussion about crypto winter, but it's important to see beyond that," he said.
- There is no cost associated with cryptocurrency transactions; users can send and receive crypto for free. The company has also been granted a full BitLicense by the New York Department of Financial Services this week.
Decrypt
| |
 A message from AXONIUS On July 14, 2021, the world welcomed a newborn. Named Cyber Asset Attack Surface Management (CAASM), Gartner announced its arrival in the Hype Cycle for Network Security 2021. New acronyms and repackaged tools aimed at IT and security professionals pop up every year, though. So what makes CAASM different? What’s driving its adoption? And how can we expect it to impact cybersecurity initiatives? We’re here to answer these important questions and help you navigate the new world of CAASM. Download “From Asset Management to Asset Intelligence: Crossing the CAASM” now to learn: - The history behind CAASM
- Why CAASM is a relevant category for IT and Security professionals
- How organizations can realize CAASM’s value — immediately
Read Now
| |
IRA Financial Trust has filed a lawsuit against Gemini for $36M in crypto losses. The firm claims that it was a victim of a crypto heist that drained $36M in funds stored on the Gemini cryptocurrency exchange led by the Winklevoss twins. More: - In February, bad actors called police reporting a false robbery at IRA Financial's headquarters. While the company was dealing with the police response at its South Dakota headquarters from this act of "swatting," the scammers launched their cyberattack and walked away with millions in crypto.
- IRA claims that Gemini knew about the risks associated with crypto assets and misled investors into believing that they were being protected from these risks.
- Gemini also failed to freeze customer accounts when the attack occurred, and Gemini's response time was slow over emails, the lawsuit claims.
- This is the second lawsuit filed against Gemini; last week, the Commodity Futures Trading Commission filed legal action for misrepresenting details about its futures contract.
The Verge
| |
Data from Glassnode suggests that there may be another Bitcoin sell-off period. Crypto traders believe that Bitcoin has bottomed at $32,000; however, the market may be gearing up for a final capitulation event. More: - Bitcoin can potentially drop to $25,000 or even as low as $20,000 in a full-scale capitulation scenario before entering a recovery period.
- The Mayer Multiple Model suggests that crypto is still in a bearish environment, which suggests that the overall bottom for Bitcoin could be in the range of $23,000 as of June 5.
- The sell-off period was dominated by short-term holders, as long-term holders hold more than 90% of the profits.
- According to CoinTelegraph data, the stock market could take Bitcoin as high as $37,000.
Coin Telegraph
| |
Terra Classic (LUNC), the old chain, has seen the number of holders rise by 500% over a month. Investors are betting on LUNA's recovery as investors are paying attention to the relaunch of the new chain. More: - CoinMarketCap reveals that the total number of users who hold assets in the Terra Classic chain has increased by 560%.
- Investors who appear to be buying LUNA for pennies hold high hopes for massive returns if the token stabilizes.
- Terra Classic is the second most searched cryptocurrency on the CoinMarketCap website. On May 9, there were 1,642 holders of the token, which jumped to 10,266 by June 5.
Crypto Potato
| |
Bitcoin is getting more exposure in Italy as Melanion Capital has listed a Bitcoin-coin thematic ETF on the Borsa Italiana stock exchange. More: - The Melanion BTC Equities Universe UCITS ETF is an equity ETF centered around stocks in the crypto ecosystem.
- Italian investors and traders have shown interest in digital assets; the ETF will bring Bitcoin exposure to Italian institutions and retirement plans.
- Investors can integrate ETF into their securities accounts, retirement savings, and life insurance policies, according to the firm.
- To date, The Italian Stock Exchange (Borsa Italiana) has not accepted any "spot ETFs;" however, it has given the Bitcoin thematic ETF approval due to the increase in demand for digital assets in the country.
Coin Telegraph
| |
Quick Hits: - Everything you need to successfully create and launch an influencer campaign. Get the influencer program starter kit.*
- A Perth East resident has lost over $6,000 in a crypto-related scam.
- Despite the crypto market sell-off period, investors are still bullish on Bitcoin.
- The crypto market crash was a major wake-up call for U.S regulators, which is leading a path to new regulations.
- Binance became the hub for crypto fraudsters, and here is a look at how bad actors were able to pull it off.
- Bitcoin leads the way in crypto fraud as the number of crypto-related scams has risen to $1B.
*This is sponsored content.
| |
Upcoming events at Inside: - June 09 - Empowering Content Creators with No Code (Register Here)
- June 15 - Need To Know NoCoder - Artem Harutyunyan (bardeen.ai) (Register Here)
- June 16 - Future of the Art Market (Register Here)
- June 29 - June 30 - Polkadot Decoded: The Biggest Polkadot Event of the Year (Register Here) *
- June 30 - HR Strategies to Retain Remote Employees (Register Here)
- July 20 - Need To Know NoCoder - Yassine Tahi (Kinetix) (Register Here)
- July 21 - The Rise of Metaverse Gaming (Register Here)
*This is a sponsored listing.
| |
 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
CAASM is on the rise - but what exactly does it mean? Read this ebook to find out why it’s relevant. Read Now. | |
