#Congressmen Emmer, Soto Want SEC to Approve a Spot Market Bitcoin ETF

 

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The Bipartisan Congressional tag team argues that "investors should have a choice over which product is most suitable for them."

Representatives Tom Emmer (R-MN) and Darren Soto (D-FL), two of the most active leaders of the Congressional Blockchain Caucus, today sent a letter to Securities and Exchange Commission Chairman Gary Gensler about an issue on every crypto investor's mind.

Their question: Why don't we have a Bitcoin ETF?

"We question why, if you are comfortable allowing trading in an ETF based on derivatives contracts, you are not equally or more comfortable allowing trading to commence in ETFs based on spot Bitcoin," the congressmen wrote. "Bitcoin spot ETFs are based directly on the asset, which inherently provides more protection for investors."

ETFs are investment products that track the price of an asset or assets. Retail investors can integrate ETFs into their retirement and savings portfolios to get price exposure to different stocks and bonds. A Bitcoin ETF would allow people who don't want to buy and store Bitcoin themselves to still get in on the action; instead of buying BTC on a cryptocurrency exchange, they could buy and trade it on a stock exchange.

But Bitcoin futures ETFs aren't that. They track the price of investment contracts that speculate on the coming price of BTC. All in all, a more complicated venture for average Americans—and one that Emmer and Soto believe can be more volatile and costly.

Nonetheless, last month, the SEC, which has for years rejected applications for a Bitcoin ETF, stepped aside to allow trading of Bitcoin futures ETFs. Gensler had indicated in August that he was hoping to see such applications, which would fall under the Investment Company Act of 1940. "When combined with the other federal securities laws," Gensler claimed in the August speech that set off the mad dash of crypto futures ETF filings, "the '40 Act provides significant investor protections."

Ostensibly, that decision was made due to the potential for Bitcoin spot prices to be manipulated or vulnerable to fraud. But Emmer and Soto point out that any fraud or manipulation in spot markets would necessarily bleed over into Bitcoin derivatives. According to the representatives, "90.47% of pricing of the CME CF Bitcoin Reference Rate (BRR), which is the pricing index that CME futures-based ETFs use, is made up of the spot Bitcoin exchanges: Coinbase, Kraken, and Bitstamp." If the spot markets are rotten, the derivatives markets will be too, they suggest.

The congressmen insist they're not taking sides—they just aren't buying Gensler's argument that derivatives are safer. They concluded that "unless there are clear and demonstrable investor protection advantages, investors should have a choice over which product is most suitable for them and their investment objectives."

##What are 4 of the most popular Cryptocurrencies other than Bitcoin?

 

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1)Ethereum - Ethereum is a decentralized, public blockchain that has no centralized point of control. It provides low-cost transactions and eliminates the need for any third party to process the transaction and enforce agreements between parties. It enables smart contracts and Distributed Autonomous Organizations (DAO) to be built without any centralized control.

2)Solana - Solana is a blockchain network that is similar to Ethereum in the sense that it can host decentralized applications, settle transactions on smart contracts, and has a wide range of use cases. This includes decentralized finance platforms, censorship-resistant media networks, non-fungible token markets, oracle networks, etc

3)Cardano - Cardano is a cryptocurrency that aims to solve the problems of blockchain scalability and sustainability. It is a decentralized public blockchain and cryptocurrency project that offers smart contracts and its own digital currency, ADA. It is one of the first blockchains to evolve out of a scientific philosophy and a research-first driven approach.

4)Dogecoin -  Dogecoin is a cryptocurrency like Bitcoin forked from Litecoin in December 2013. It is a type of cryptocurrency that was developed to be a joke currency. The coins were originally worth just fractions of a cent each, but the popularity of memes based on Doge has caused them to skyrocket in value.

##How much successful is Dogecoin?

 

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Dogecoin, the cryptocurrency that was inspired by a meme, has gradually gained popularity since it was created in 2013. Doge was created to be a friendly introduction to the concept of cryptocurrency for the general public and people who had never heard of cryptocurrencies.

Dogecoin was specifically designed to be a friendly introduction to cryptocurrency for the general population and would-be cryptocurrency users. This made it an attractive investment to those who were new to cryptocurrencies and those who had never heard of cryptocurrency before.

Doge was started as a joke. Ironically, it became one of the leading cryptocurrencies in terms of market capitalization. This is because people trusted it more than many other coins, which seemed to be "get rich quick" schemes.

Doge had a relatively low market cap, which meant that there was less money invested into the coin. This meant that early-stage investors could get a lot of Doge for just a few bucks. However, as Doge's popularity grew.

As the hype behind this meme coin rises with enormous momentum, more and more people are looking to buy Dogecoin. The price of Dogecoin has moved up and down over the last couple of years, but it has stayed at around $0.05. However, in April, the hype behind this meme coin soared with enormous momentum, and it reached an all-time high.

#What made Cardano (ADA) so successful in 2021?

 

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Cardano has grown in popularity to become one of the world's most popular cryptocurrencies. It now ranks third after Bitcoin and Etherium in terms of market capitalization, with a market cap of roughly $90 billion.

Cardano has surpassed Binance Coin and Tether, both of which have a market worth of $89 billion and are currently in fourth and fifth place, respectively, with a 24-hour trading volume of $8.2 billion. Cardano is presently circulating at 71% of its maximum supply. The entire number of Cardano ADA coins is 45 billion, for those wondering.

Cardano is the first cryptocurrency to use a proof-of-stake (PoS) network rather than a proof-of-work network (PoW). Miners in Proof-of-Work (PoW) networks like Bitcoin are in charge of confirming transactions on the public blockchain ledger by solving complicated computational problems using graphics processing units (GPUs).

However, as the difficulty of mining increases exponentially over time, miners will need to purchase more sophisticated GPUs, which will consume more electricity.

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###Fed’s Interest Rate Plan Could Push Investors to Bitcoin

 

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The Fed today announced interest rates will stay near 0% through 2023. Alternative investments may well become more attractive.

In brief

The Federal Reserve today concluded its two-day policy meeting.

The Fed said that interest rates would be near 0% for another three years.

This could see investors turn to Bitcoin.

The Federal Reserve today said it would keep interest rates near 0% through 2023 in a move that could push investors toward Bitcoin. 

At the conclusion of a two-day policy meeting, during which the Federal Reserve Board of Governors discussed how to actualize its general strategy of letting inflation rise, the Fed said that near-zero interest rates would likely be in place through 2023 to help the US recover from the economic fallout from the coronavirus pandemic. 

Fed Chairman Jerome Powell today told a press conference: “With regard to interest rates, we now indicate that we expect it will be appropriate to maintain the current 0 to 0.25% target range for the federal funds rate until labor market conditions have reached levels consistent with the committee’s assessment of maximum employment and inflation has risen to 2% and is on track to exceed 2% for some time.” 

He added that while economic activity and employment have picked up in recent months, they still remain well below their January 2020 levels. Unemployment is still high in the US, and the hospitality and travel sector have been hit particularly hard.

But what do low interest rates mean for the US economy—and crypto at large? 

During times of economic hardship, the Fed has frequently slashed its benchmark rates to kickstart the economy: low interest rates mean lower borrowing costs for consumers and businesses. That’s great for borrowers. However, when interest rates are low, investors are less likely to put their money in interest-bearing investments—like bonds or debt-based financial instruments—precisely because they generate less interest. 

With interest rates this low in 2020, it is possible investors will look to invest in non-interest-bearing assets—like Bitcoin—Charles Bovaird, Vice President of Content at Quantum Economics, told Decrypt.

“If investors are traditionally drawn to certain assets because they pay interest, and Fed policy places downward pressure on interest rates, those same investors have less incentive to put their money into those assets,” he said. “If we have an environment of sustained low interest rates, this gives investors greater incentive to put their money into non-interest-bearing assets, for example stocks and digital currencies.”

The world of traditional finance is already looking to gold, Bitcoin and other digital assets as the response to the coronavirus outbreak exposes weaknesses to the US dollar. Last week, the correlation between gold and Bitcoin prices reached record-highs, suggesting that the digital currency is becoming more of a safe-haven asset. 

That could continue if low interest rates create a snowball effect.

“If this era of low interest rates becomes a new normal, it makes me wonder whether that will make people even more skeptical about the current financial system,” said Bovaird.

##US Charges Chinese, Malaysian Hackers in Crypto-Jacking Plot

 

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Seven alleged international hackers have been charged by the United States, with two Malaysian nationals already arrested.

In brief

The United States government has charged seven alleged international hackers.

Hijacking remote computers to mine cryptocurrency is one of the alleged crimes.

Two Malaysian individuals have been arrested, while five Chinese nationals remain at large.

The United States Department of Justice today announced that it has charged seven individuals—five Chinese and two Malaysian nationals—with a host of cyber-crimes, including hacking companies and organizations, planting ransomware, and remotely using computers to mine cryptocurrency.

The grand jury indictments, originally issued in August 2019 and August 2020, were unsealed today upon news that Malaysian authorities had arrested the two nationals charged by the US. The United States is seeking their extradition. Currently, the five Chinese nationals remain at large.

According to a release, the August 2019 indictment charged Chinese nationals Zhang Haoran and Tan Dailin with 25 counts, including conspiracy, money laundering, wire fraud, and aggravated identity theft. The duo’s alleged hacking conspiracy targeted tech companies, while a video game-centric plot saw them allegedly hack game publishers to steal or generate digital items and currency that they then resold. They also reportedly targeted rival criminal groups to edge out the competition.

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Meanwhile, an August 2020 indictment against Chinese nationals Jiang Lizhi, Qian Chuan, and Fu Qiang included nine counts, including racketeering conspiracy, identity theft, and money laundering. Through a firm called Chengdu 404 Network Technology, the trio allegedly launched attacks against more than 100 international companies, including those based in the United States. The release specifically calls out a ransomware attack against a non-profit organization that battles global poverty.

The two Malaysian nationals arrested this week, Wong Ong Hua and Ling Yang Ching, are charged with 23 counts, including racketeering, conspiracy, identity theft, and access device fraud. Through Malaysian company Sea Gamer Mall, the duo is accused of targeting video game companies in the United States and elsewhere, and allegedly worked with other hackers (including the aforementioned Chinese duo) to attack game developers.

One of the five Chinese nationals reportedly “boasted of connections to the Chinese Ministry of State Security.” The Department of Justice’s release doesn’t mince words about the Republic of China’s view toward the hacking of other nations, and the likelihood of arresting those charged individuals.

“The Department of Justice has used every tool available to disrupt the illegal computer intrusions and cyberattacks by these Chinese citizens,” said Deputy Attorney General Jeffrey A. Rosen, in a release. “Regrettably, the Chinese Communist Party has chosen a different path of making China safe for cybercriminals so long as they attack computers outside China and steal intellectual property helpful to China.”

Microsoft worked with the various US agencies to help mitigate risks discovered during the investigation. The DOJ also thanked Google, Facebook, and Verizon for its assistance.

##Coinbase Pro lists Uniswap token hours after $1,500 airdrop

 

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The regulated US exchange was quick to list UNI after Uniswap surprised users with an airdrop on Thursday morning.

US crypto exchange Coinbase said it would soon list UNI, the native token of decentralized exchange Uniswap, on its professional trading platform Coinbase Pro, per an announcement earlier today. The famed “Coinbase pump” followed shortly after, causing UNI to surge by 22% to $4 at press time.

Only inbound transfers are currently accepted on Coinbase Pro. Trading is expected to begin later in the day after sufficient “liquidity conditions” are met—to prevent a one-sided market or large UNI holders from manipulating the market.

But the listing didn’t happen out of nowhere. Coinbase is an investor in Universal Navigation Inc, the parent company and developer of Uniswap, and holds UNI tokens. The exchange said, “Coinbase intends to maintain its investment in UNI for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including UNI tokens.”

The move came hours after Uniswap airdropped its tokens to everyone who used its platform prior to September 1. This included liquidity providers, casual traders, and even those who tried transacting on the network but failed to do so because of high gas fees. A minimum of 400 UNI was airdropped regardless.

As per data on crypto price tracker CoinGecko, the 400 UNI airdrop was currently worth over $1,500 at press time, a few hundred dollars more than what US citizens received as part of their stimulus package earlier this year.

Coinbase has listed several DeFi tokens in recent weeks, such as yearn.finance, Loopring, and others, to provide users with a wider range of cryptocurrencies. It looks like that trend will continue.

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#Ripple co-founder increases XRP dumps in 2020 by 266%

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Jed McCaleb, Ripple's co-founder, is selling off a whole lot of XRP each day. Is it enough to stop the coin’s pump?

In brief

Ripple co-founder Jed McCaleb was owed 9 billion XRP when he left the company.

He sells lots of XRP each day, roughly $375,000 worth, according to Whale Alert.

While it's enough to affect the price of XRP, it likely isn't enough to crash the market, said Whale Alert.

XRP, the third-largest cryptocurrency by market cap, is on the rise. Early on Sunday morning, it hit a peak of $0.32, according to CoinMarketCap, its highest price since mid-February. And the pump has held strong through until Monday; its current price is $0.31. 

But anxieties abound in the XRP community that one of the coin’s creators, Jed McCaleb, is about to dump all of his XRP onto the market and therefore crash the price. 

McCaleb was owed 9 billion XRP when he left Ripple, the company he co-founded and later left. He had agreed to only dump a certain amount of XRP each year onto the market to avoid affecting the price. 

After he revised that agreement with Ripple in 2016, McCaleb could sell a percentage of the coin’s daily volume. He wrote on his website that this “allows for significant increases in my selling ability as volume increases, something that was not possible before.”

Trading volumes have once again increased. Yesterday, $5.2 billion worth of XRP was traded, the highest amount since mid-February, and billions more than the coin’s daily volumes in 2016.

Whale Alert, a Twitter account that tracks the movements of crypto’s biggest spenders, wrote today in an update to a blog post dedicated to tracking McCaleb’s money that he’s sold an additional 266% of XRP in 2020 compared to last year. 

Whale Alert found that the average amount of XRP that McCaleb is selling each day is around 1.74 million, or $374,200.

So, is McCaleb going to crash the XRP market? Based on his track record, “Compared to the total trade volume per day, the amount he is selling seems insignificant,” found Whale Alert. 

“The real question is how much effect McCaleb has on the net amount of XRP available. Even though we do not yet have enough data to make a conclusive statement on this, we can determine that, because he is exclusively selling XRP, he is adding to the net amount available.”

But he’s not reinvesting into the crypto market, said Whale Alert. “It seems that the profits are being cashed out directly through Bitstamp and we found no evidence that any of it is being reinvested into the crypto market.”

##Wall Street Giants Expect Gold TO Rally FURTHER: HOW BITCOIN MAY REACT

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Bitcoin’s price action over recent days has been impressive, but even more so is that of gold.

The price of the precious metal has cracked nine-year highs on the back of a confluence of macro trends. It now trades for $1,901.

A gold ounce is a few percentage points short of the all-time high around $1,920, though many remain certain it can move higher.

Bitcoin stands to benefit from a surge in the price of gold due to the implications that will have for sound assets as investments.

For the first time in over nine years, an ounce of gold changes hands for over $1,900. This accomplishment comes after an extremely strong first half of the year for gold, during which it gained ~25%.

Despite this strength, the precious metal purportedly has room to rally. And analysts say that Bitcoin stands to benefit.

BITCOIN COULD BENEFIT AS GOLD IS EXPECTED TO MOVE HIGHER

Gold is expected to continue to a new all-time high after pushing past $1,900 in almost a historic fashion.

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Mark Mobius, co-founder at Mobius Capital Partners, recently told Bloomberg that gold is naturally an attractive medium in the ongoing macroeconomic environment:

“When interest rates are zero or near zero, then gold is an attractive medium to have because you don’t have to worry about not getting interest on your gold and you see the gold price will rise as uncertainty in the markets are rising… I would be buying now and continue to buy.”

Also bullish is Mike Novogratz, a former Goldman Sachs partner turned Bitcoin bull and founder of Galaxy Digital. While Novo did not speak on the cryptocurrency, he said in a recent interview that gold should pass $2,000 an ounce. Like Mobius, he cited the vast amount of money printing going on.

Bitcoin will benefit if gold rallies higher, analysts have found. Bloomberg senior commodity analyst Mike McGlone said in June:

“Increasing companionship with gold is a Bitcoin-price tailwind, in our view. At the highest-for-longest 52-week correlation and beta ever vs. the metal, the first-born crypto should continue to advance for reasons similar to gold, fueled by unprecedented global central-bank easing. Our graphic shows the Bitcoin-to-gold beta near 2x and the metal advancing toward an eight-year high.”

This can be corroborated by data from Skew, which suggests that the correlation between the two markets is jumping. 

A BETTER PERFORMER THAN GOLD

Paul Tudor Jones, a legendary hedge fund manager, expects Bitcoin to outperform gold in this ongoing macro environment. This comes in spite of his opinion that money printing by central banks will benefit both assets.

He went even further. In a May report that he thinks BTC will be the “fastest horse in the race” moving forward, mentioning stocks as another asset class it will outperform.

##Ethereum long positions on Bitfinex soar to $510M as uptrend builds Momentum

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Ethereum’s price has been caught within the throes of an intense uptrend throughout the past few days, surging from its recent low of $230 to a high of $285 that was set earlier today.

The cryptocurrency’s intense strength is creating a tailwind that has even allowed Bitcoin to climb higher, with the benchmark cryptocurrency now pushing up towards $9,600.

One byproduct of the crypto’s strength has been a massive influx of long positions on Bitfinex.

Earlier today, the notional long count on the platform rocketed to fresh highs, with there now being over $510 million worth of open ETH longs.

From a technical perspective, Ethereum’s outlook is incredibly strong.

Analysts are closely watching the cryptocurrency’s weekly close for insights into where it might trend in the weeks ahead.

Ethereum rallies past $280 as technical outlook grows bright

At the time of writing, Ethereum is trading up over three percent at its current price of $283.25.

This marks a notable climb from its weekly low of $233 that was set on July 19th.

ETH’s overt strength throughout the past few weeks has allowed it to significantly outperform Bitcoin, even creating a tailwind that has lifted the benchmark crypto higher.

The over 20 percent climb it has posted this week has caused it to form a strong market structure.

While looking towards its weekly chart, one analyst who goes by the moniker “Cactus” noted that ETH is “super healthy” at the moment, remaining in firm bull territory as long as it trades above $250.

“ETH HTF Update: Market structure playing out perfectly, will not be bearish unless we close a daily or a weekly candle below $250, seems as though PA is looking super healthy right now!”

##Big banks are silent on Bitcoin as they stack large amounts,’ Says Morgan Creek’s Jason Williams

   


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It appears as if most banks and other legacy financial institutions are at loggerheads with Bitcoin. However, Morgan Creek Digital Co-founder Jason Williams says major banks are quietly buying Bitcoin and don’t want the public to know about it. He adds that they are ensuring the price doesn’t go up by not speaking about the digital asset while they stack more coins.



Major banks in the United States have historically spoken out against Bitcoin publicly. For instance, Jamie Dimon, CEO of one of America’s top banks JP Morgan Chase said in 2017 that Bitcoin was a fraud waiting to blow up.




A few years have passed and JP Morgan now offers services to cryptocurrency businesses. It also launched a payment digital currency, JPM Coin last year. Just last month, the bank released an analysis that says Bitcoin is likely to survive, which makes it obvious that it could already be on the train.



Other top banks like Goldman Sachs are however still resisting anything cryptocurrency and Bitcoin in particular. The bank has warned investors against investing in the asset for years, but its narrative, unlike that of JP Morgan, has not changed in years.



The bank hosted a Bitcoin call in March this year during which it once again warned investors against buying Bitcoin as an investment, citing the price volatility as a reason why it is not a good hedge investment.



The call generated a lot of negative reactions in the “cryptoverse” at the time. Despite the seeming negative attitude towards cryptocurrency, it was widely speculated that Goldman Sachs may be purchasing Bitcoin but intentionally discouraging investors from doing the same in order to keep the price down while they are at it.



The price of Bitcoin is still holding up at $9,000 which some investors consider being high. They are even anticipating a dip to a lower price in the short to medium term before getting into it at all. To Jason, this is still considerably cheap and he says there will be no more cheap sats to buy by the time these banks are done accumulating Bitcoin.

##Poll Shows Most Traders Believe Bitcoin Price Hasn’t Bottomed Yet As $8k Dip Likely

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There are as many opinions on Bitcoin’s future as there are people interested in Bitcoin. However, to determine the crypto community’s opinion on whether Bitcoin has bottomed, crypto trader and analyst Josh Rager conducted a Twitter poll. The result of the poll shows that 61.2% of the 2,134 respondents believe Bitcoin has not bottomed and is going to $8,500 or lower while the minority 38.8% think Bitcoin already bottomed at $9,000.



Although the number of respondents isn’t very large, the poll result may be an indication of what the crypto community actually thinks concerning Bitcoin in the short to medium term. Not only investors or Bitcoin holders believe and hope that it will go lower than $9,000, but analysts have also predicted that this may be the case.




Is Bitcoin going to $8,500?



Bitcoin hit a low of $8,940 on the 5th of July and later recovered to a weekly high of $9,599 on Wednesday before crashing below $9,300. Open Interest (OI) has increased by 200 million within the week, rising to the mid-March level. According to Okex Insights analysis, this is likely to return Bitcoin’s volatility within the week. 



Increased volatility means wilder price movements are expected, which could be on the upward or downward side. Traders are however skeptical about which way the cryptocurrency may go as it is still strongly attached to the stock market. They rather expect the performance to depend on the behavior of the stock market as no independent trend is likely to emerge until Bitcoin detaches from stocks.



Bitcoin’s support currently sits at $9,000 as the 60-day moving average of $9,400 has turned into a resistance. A downward break to the new support may take Bitcoin to $8,500 or lower, but again, this depends on the fate of the stock market which has been showing incredible strength lately.


Bitcoin still safely above support level


Bitcoin’s movement may be uncertain and its level went lower, but the good news is that the asset is still safely above the current support. It currently trades at $9,266 which is over $200 above the delicate $9,000 support. It may still do better in the coming days as the stock market is in a very good state now and this is not likely to change soon.

##Grayscale large cap fund shifts focus to Bitcoin and Ethereum

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The digital assets management firm has increased its DLC fund’s weightings of Bitcoin and Ethereum, at the cost of XRP, Bitcoin Cash and Litecoin.



In brief


Digital assets management firm Grayscale has increased the weighting of Bitcoin and Ethereum in its Digital Large-Cap investment fund.


The change in composition comes at the expense of major altcoins including XRP, Bitcoin Cash and Litecoin.
In the two weeks following Bitcoin’s halving in May 2020, Grayscale’s rate of Bitcoin acquisition increased to 153% of all BTC mined.



Digital assets management firm Grayscale has increased the weighting of Bitcoin and Ethereum in its Digital Large-Cap (DLC) investment fund—at the expense of other major altcoins.


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Grayscale announced in a Twitter thread on July 12 that the composition of its DLC fund had shifted moving into Q2 of 2020. Between March and June, the percentage of Bitcoin in the fund increased from 81% to 81.5%, while Ethereum’s weighting in the fund increased from 9.6% to 11.7%.



The presence of three other major altcoins in the fund was reduced in the same time period. XRP’s (XRP) weighting dropped from 5% to 3.6%; Bitcoin Cash fell from 2.8% to 2%; and Litecoin’s presence decreased from 1.6% to 1.2%.




Grayscale’s single-asset investment funds for Bitcoin and Ethereum are the largest under the firm’s management, totalling $3.5 billion and $410 million respectively. Comparatively, the single-asset funds for Bitcoin Cash, Litecoin and XRP total less than $12 million between them.


Grayscale’s appetite for Bitcoin

The world’s largest crypto-investment firm signaled a renewed thirst for Bitcoin throughout most of 2020. Prior to the Bitcoin halving event, Grayscale was estimated to be purchasing the equivalent of around half of all Bitcoin mined. In the two weeks after Bitcoin’s halving, Grayscale’s rate of Bitcoin acquisition increased to 153% of all BTC mined in that period. 





It’s conceivable that Grayscale’s re-evaluation of its DLC fund is a reaction to market conditions. Since March 31, the global market dominance of Ethereum increased from 8.17%, to over 9.8% at time of writing. In the same time period, XRP’s market dominance fell from 4.21% to 3.28%. Bitcoin Cash’s dominance decreased from 2.27% to 1.6%. Likewise, Litecoin’s dominance dropped from 1.4% to 1.07%, according to CoinMarketCap.


The only exception to this trend is Bitcoin, the market dominance of which fell from 65.78% from March 31, to 62.46% at time of writing. This could be a result of the recent block reward halving, which resulted in half as many BTC being produced by Bitcoin miners.

##IRS wants tracing tools for privacy coins, Bitcoin Lightning Network

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The US agency puts out a call for prototypes to trace Monero, Zcash, OmiseGo, and other cryptocurrency tokens and platforms.


In brief


The IRS is on the hunt for new crypto tracing tools.


The request is focused on privacy-centric coins, as well as off-chain/side-chain protocols.


Interactive prototypes can be submitted until July 14.


The United States Internal Revenue Service (IRS) is seeking tools that it can use to trace privacy-centric cryptocurrency tokens, as well as Layer 2 off-chain transaction protocols such as Bitcoin’s Lightning Network.




The agency issued a Request for Information earlier this week for the pilot program initiated by the IRS Criminal Investigations Division. The IRS is seeking an interactive prototype with a graphical interface that will let it cluster together transactions from a user, as well as associate “user distributed addresses with distributed ledger addresses” of criminal suspects. The news was first reported by industry publication The Block.




Additionally, the agency wants a prototype that can provide a library of suspects’ distributed ledger addresses, uses open-source intelligence data, and lets agents share data between investigations, as well as export data into various file formats.



The request specifically calls out the cryptocurrencies Monero (XMR), Zcash (ZEC), Dash (DASH), Grin (GRIN), Komodo (KMD), Verge (XVG), and Horizon (ZEN). In addition to Lightning, it also mentions Layer 2 protocol networks Raiden Network and Celer Network, as well as side-chains such as Plasma and OmiseGo (OMG).



The IRS admits that it doesn’t have a lot of options on those particular fronts.


“Currently, there are few investigative resources for tracing transactions involving privacy cryptocurrency coins, Layer 2 network protocol transactions, side-chain ledger transactions, or transactions on distributed ledgers that are adopting signature algorithms that provide privacy to illicit actors,” reads the request document.


Recently, public records discovered by The Block pointed to both the IRS and US Drug Enforcement Administration seeking to purchase Bitcoin tracing tools from Coinbase, much to the horror of the crypto community.

###New York’s financial regulator just made life easier for Crypto firms

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The NYDFS is making it easier for crypto companies to receive the right licensing, as well as list the coins of their choosing.




In brief


New York’s financial regulator proposed a plan that would aid crypto companies in receiving correct licenses.


Currently, crypto companies that operate in New York must be in possession of a BitLicense, to receive, store, issue or send cryptocurrencies.



NYDFS proposes a conditional license that would allow crypto companies to work with companies that have already obtained a BitLicense.





New York’s top financial regulator today proposed a plan that could make things easier for cryptostartups.



Under the proposition from the New York Department of Financial Services (NYDFS), for which the NYDFS is soliciting public opinion until August 10, it would become easier for crypto companies to receive the correct licenses.



As it stands, crypto companies operating in New York must obtain the “BitLicense,” which is a license that crypto companies and exchanges need to receive, store, issue or send cryptocurrencies. (Exchanges need them to operate in New York, for instance). 




Just 25 firms have been granted the license since the state started introducing them in 2015; getting one can take years. Tagomi, Circle and Robinhood are among recipients. 



The NYDFS is now proposing to introduce a “conditional” license with which crypto companies could work with companies that have been issued with an actual BitLicense. “DFS expects that an entity that seeks a Conditional License will endeavor to eventually seek and obtain a full BitLicense,” it wrote. 


To receive a conditional license, crypto companies must indicate their intention to work with the holder of a BitLicense and draft an agreement accordingly. Then, the crypto companies must submit documents to the NYDFS, who’ll later review them. 




If all goes well, the DFS will promise to keep watch over the crypto company and produce a list of stipulations that the company must abide by. If the crypto company strays, the NYDFS “may, at any time, discontinue the conditional licensing.”



That’s all the NYDFS has worked out so far. It’s asking the public for advice. What types of companies should it offer licenses to, what should the remit of the license be, what should the NYDFS look out for, and so on. 



But that’s not all. 




It also introduced new guidance that lets crypto companies, like exchanges, “self-certify” listings of new coins. 



The catch is that the companies have to get the NYDFS’s approval to self-certify, and be damn sure of themselves—a wrong move could get the NYDFS clawing at their back. Also, crypto companies can’t self-certify privacy coins or gambling coins (coins specially designed for the online casino industry).



Companies might be willing to play things safe—BitLicenses, after all, are easier to lose than they are to obtain. 

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The official Barca token already made a big splash during its flash presale. Today, trading went live, and millions of dollars are flowing.



In brief


The FC Barcelona fan token ($BAR) sold through a presale in less than two hours.


The presale lets fans purchase the token at a fixed rate before today’s official sale.


Like other Chiliz tokens, $BAR lets fans interact with the team via an exclusive app.




The official FC Barcelona fan token offered by Chiliz’s Ethereum-based Socios.com tokenization platform sold through its entire pre-sale allotment in less than two hours earlier this week, ahead of its proper on-sale debut today.


Chiliz offered 600,000 $BAR fan tokens at a fixed price of €2 ($2.25) apiece, with the pre-sale window planned to last up to 48 hours. However, the entire supply sold out in less than two hours, raising €1.2 million ($1.35 million)—including some $777,000 within two minutes. According to a release, demand outstripped pre-sale supply by 5x.



The $BAR token went on normal sale this morning, with the price determined by supply and demand. CoinMarketCap points to a current price of $6.60 per token, with $2.35 million in market volume over the last 24 hours. Chiliz has capped the production of $BAR at 40 million tokens.


Purchasing $BAR earns FC Barcelona fans certain perks within the Socios.com app. Right now, fans can vote for one of four shortlisted fan-designed pieces of artwork that will be installed within the professional soccer team’s dressing room at its Camp Nou home stadium.



Additional polls will regularly follow, along with digital rewards and a chance to win access to real-life experiences with Barca players or at Camp Nou. The app will also add a leaderboard function for $BAR owners, as well as chat functionality and interactive games.



“Since launching Socios.com over six months ago, we have learned a lot. We are better known as a brand, we have more users, and our customers now understand the benefits of owning Fan Tokens in terms of how we deliver fan engagement and rewards,” said Chiliz CEO Alexandre Dreyfus, in a release. “With FC Barcelona’s huge, global fanbase, we expect this to be our biggest and best FTO, far surpassing the volume of tokens sold by our other partners.”

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A platform for banks and brokers, private banks, hedge funds, and asset managers, has integrated bitcoin and other cryptos.



“Our clients are already dipping their toes into crypto,” TradingScreen says, adding they want to be where their clients are:




“We are building out a centralized network for institutional market participants to access crypto exchanges and are incredibly excited to offer our clients the ability to employ institutional-grade tools for trading Bitcoin and other cryptocurrencies via spot and futures.”




They have integrated with numerous exchanges, brokers and crypto platforms, including Gemini, FalconX, Deribit and others.




The new site they’ve launched simply proclaims “institutional crypto trading has arrived.”




They say they provide access to market makers and brokers with an inbuilt compliance engine as well as access to custody services.




This so being a platform for banks, hedge funds and other institutional investors to connect to different exchanges or other brokers to place and execute buy and sell orders.



It’s not clear how many clients TradingScreen has but 30% of their clients are asset managers, 40% hedge funds, 15% banks and brokers and 15% private banks.



So marking the beginning of a new stage as the infrastructure is now being built for the considerable integration of the old and the new financial system.