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Wyoming’s crypto sector’s fate up to federal regulators | Regional News

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After years of groundwork, the future of Wyoming’s cryptocurrency banking industry is now in the hands of federal regulators, US Senator Cynthia Lummis’ Wyoming bureau officials told lawmakers Tuesday.

In a presentation to the Wyoming Legislature’s Select Blockchain Committee on Tuesday, Lummis’ political advisors Tyler Lindholm and Chris Land warned lawmakers that Wyoming could lose its competitive edge to other states when it comes to luring cryptocurrency companies to Cowboy State. Both men were major architects of Wyoming’s cryptocurrency laws.

The delay, they told lawmakers, was not due to any fault of state lawmakers, but rather was due to the slow pace of federal regulators and quasi-regulatory organizations like the American Bankers’ Association in developing rules that enable consumers to go to banking with the decentralized, digital currency. The most important of these steps: Cryptocurrency bankers’ access to an ABA routing number, an essential tool for financial institutions to conduct transactions.

Such a delay, said Senator Chris Rothfuss (D-Laramie), could cause Wyoming to lose ground to other states that are rapidly developing their own cryptocurrency regulations, costing the state its competitive advantage if other states catch up. (Illinois lawmakers are in the process of approving their own banking regulations for cryptocurrencies.)

“I don’t think much can be done,” Land told lawmakers. “We’re losing our first mover advantage and that keeps me up at night.”

A hesitant Fed

Lindholm, a former member of the Wyoming Legislature who was instrumental in passing most of Wyoming’s current cryptocurrency laws, said it was “no surprise” that cryptocurrency regulations met opposition from the federal government.

Wyoming lawmakers have taken on “a gorilla” laws that allow cryptocurrency banks or special purpose depository institutions to charter with the state’s banking division, he said. As Wyoming breaks new ground, federal regulators will likely need to re-familiarize themselves with their own rules to accommodate Wyoming’s unique cryptocurrency laws, he said.

Attitudes in Washington have warmed up on cryptocurrency. Federal Reserve Chair Janet Yellen made statements in support of cryptocurrency regulation earlier this year. Then the chairman of the Securities and Exchange Commission, Gary Gensler, gave a long-awaited testimony to the U.S. Senate Banking Committee last week offering a concrete commitment to formalize a national regulatory framework for crypto.

“I believe the SEC that deals with the [Commodity Futures Trading Commission] and others, can ensure more robust supervision and stronger investor protection in the area of ​​crypto financing, ”Gensler told lawmakers.

Neither the Federal Reserve nor the SEC have defined cryptocurrency regulations, leaving what Gensler calls the “wild west” in the financial sector. Although some pro-cryptocurrency lawmakers have sought the types of regulation necessary for decentralized currencies to have a place in mainstream economies, others have pushed for more aggressive regulations designed to minimize short-term volatility in cryptocurrency markets and protect consumers.

Lummis believes that too much regulation in the maturing industry could stifle innovation, especially at the state level, Lindholm said. Lummis has also raised concerns about how federal regulators treat emerging financial technologies like cryptocurrency, especially as lawmakers themselves continue to set the appropriate level of regulation for crypto.

“Every time we hear the term ‘regulation’ we are concerned, especially at the federal level,” said Lindholm. “That direction might not be so kind to Wyoming.”

The production of cryptocurrencies harbors both economic and ecological challenges and opportunities.

In recent years, a number of cryptocurrency “mining” operations have sprung up in natural gas fields around Wyoming, including two locations on state land, officials from the Office of State Lands and Investments told lawmakers.

Such companies record emissions from the “flaring” of natural gas (the controlled combustion of exhaust gases at boreholes) to fuel generators that were specially developed for the operation of crypto “mines”. However, flaring is much less common in Wyoming than in places like New Mexico or Texas. Unlike other states, Obermüller said, Wyoming imposes strict limits on flaring and restricts the growth potential of the crypto mining industry compared to North Dakota, for example. That state has built a growing crypto mining sector from natural gas operations along the Bakken Formation, he said, to minimize the economic impact of fluctuations in fossil fuel markets.

“We don’t necessarily need that lifeline because we have the take-away capacity to bring the product to market and we’ve been constantly working on ways to cut down, cut down, cut down,” he said. “We just don’t like it [flaring] Here.”

It is also questionable whether the potential for mining cryptocurrencies could be a “sweetie” to lure additional drilling operations into the state, he said.

“I wouldn’t say it’s on the edge, but I don’t know that that would be the biggest driver,” said Obermüller.

However, Wyoming lawmakers were treated to some good news about cryptocurrencies on Tuesday.

Lummis’ bipartisan Financial Innovation Caucus is examining the development of laws to formally regulate cryptocurrencies at the federal level, while leaving enough room for states to propose their own regulations, Lindholm told lawmakers. Legislation would be similar to Wyoming’s, clarifying regulatory jurisdiction and including language to ensure consumer protection and define clear rules for custodians of digital assets such as SPDI banks or cryptocurrency exchanges.

Caitlin Long, CEO of the Cheyenne-based SPDI bank Avanti Financial, told lawmakers that regulation is not a question of if, but of when. Cryptocurrency has grown into a $ 2.3 trillion industry, and states’ individual efforts to create blockchain-based businesses through decentralized autonomous organizations are likely to enforce the hand of the government if they want to tax them.

The main goal of Long and other proponents remains the same for now: education.

“We need to educate the US Senate about what this industry is actually doing and how” [Congress] can be a friend and how [crypto firms] can be a good corporate citizen here in the United States instead of running it overseas, which has been our consistent method of ignoring it for the past few years, ”said Lindholm.

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Cryptocurrency

Facebook’s Novi, Worldcoin, BTC ETF, Mastercard crypto

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1. Introduction of the first US futures-based Bitcoin ETF

2. Senators call out on Facebook, Novi. to turn off

Also on Tuesday, Senate Democrats wrote a letter to Mark Zuckerberg, CEO of Facebook, to get the social media giant to end its Novi digital wallet project.

The letter received from Sens. Brian Schatz, D-HI .; Sherrod Brown, D-Ohio .; Elizabeth Warren, D-Mass .; and others came after Facebook launched its Novi pilot program in the US and Guatemala on Tuesday.

“Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risk and keep consumers safe has proven to be utterly inadequate,” the letter said. “We urge you to immediately hire your Novi pilot and make a commitment not to bring Diem to market.”

Diem, renamed from Libra, is Facebook’s stopped digital currency project. However, instead of using Diem, Facebook announced it would be using a stablecoin called the Paxos Dollar. Novi would allow users to send and receive money using the Paxos dollar, with Coinbase as their custodian partner.

3. Worldcoin scans people’s eyes in exchange for free cryptocurrency

Silicon Valley tech millionaire Sam Altman has launched a new startup called Worldcoin that claims it will provide free cryptocurrency to those who verify their accounts through an iris scan.

Worldcoin says it has shipped its scanning devices to people in 12 countries.

Once users log in by scanning their irises, the image is encrypted and converted into a unique code, while the original data is erased to protect users’ privacy, Worldcoin told CNBC. Afterwards, the users will receive the cryptocurrency from Worldcoin for free.

Worldcoin has accumulated over 100,000 users worldwide and is adding 700 more every week. The start-up aims to reach 1 billion users by 2023.

4. Robinhood’s crypto wallet waiting list exceeds 1 million customers

During CNBC’s Disruptor 50 summit on Thursday, Robinhood CEO Vlad Tenev said that the trading app’s crypto wallet waiting list is more than 1 million customers.

“You can have a wallet, you can send people cryptocurrencies from that wallet to their wallet,” Tenev said. “The technology has certain advantages that somehow make it globally and by default available, and that makes it very interesting.”

Last month, Robinhood announced that it was testing a wallet feature that would allow investors to trade, send, and receive cryptocurrencies. Users can also move cryptocurrencies in and out of the Robinhood app.

5. Mastercard says that every bank or merchant in its network will soon be able to offer crypto services

On Monday, CNBC reported that Mastercard will soon allow banks and merchants on its payment network to incorporate cryptocurrency into their products.

These include bitcoin wallets, as well as credit and debit cards, which users can use to earn cryptocurrency rewards or spend cryptocurrency.

Mastercard partners with Bakkt, a digital asset platform that provides custody services to those who sign up.

6. Nigeria’s Central Bank Digital Currency Goes Live

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New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options

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Bondly announced a new functionality on the Cardano blockchain aimed at creators. Energy consumption has been a major issue on the Ethereum network, especially given the increased use of the blockchain in recent months. The developers behind the project have been working to bring the network to proof-of-stake, but that’s still a year away.

In the meantime, the Ethereum blockchain is still using a proof-of-work mechanism that takes a lot of energy to confirm transactions on the network. So Bondly has introduced a new solution for NFT makers who may be looking for more sustainable and environmentally friendly options for their creations. At the same time, however, you don’t want to lose the NFTs that they already minted on the Ethereum blockchain.

Related reading |

Bridges between two worlds

In his announcement, Bondly says his official Ethereum-to-Cardano bridge will allow developers to choose a greener blockchain for their NFTs. This bridge allows creators to move their NFT creations from the Ethereum blockchain to the Cardano blockchain.

In terms of energy efficiency, the Cardano blockchain is four million times more efficient than Bitcoin. Ethereum is said to consume Columbia’s energy equivalent, while Cardano’s energy consumption is equivalent to that of a single family home. This will create a greener, greener network for creators who are concerned about the environmental impact of blockchain usage.

Related reading | Cardano loses 3rd place in the Crypto Top 10, why it can drop even more

Bondly announced that through this partnership with IOG NFT creators, it will provide a way to easily transfer NFTs imprinted on the Ethereum blockchain to Cardano without the risk of losing a transaction or paying high fees for wire transfers.

Cheaper on Cardano

Aside from their work on an environmentally friendly blockchain, the creators don’t have to worry about the high fees that the Ethereum network has become known for. With the bulk of NFT minting happening on Ethereum, network fees have skyrocketed, drying up smaller creators who can’t afford these high fees. However, this is not the case with Cardano.

ADA price struggles at $ 2.13 | Source: ADAUSD on TradingView.com

The network prides itself on having low fees for every transaction carried out on the blockchain. In addition, the network also provides NFT builders with price predictability and stable transaction costs, eliminating ever-increasing fees and the fear of lost transactions due to insufficient gas charges to cover a transaction.

The bridge is slated to launch in 2022 and to celebrate its launch, Bondly will be releasing a special series of eco-friendly NFTs on the network. Harry Liu, CEO of Bondly, said; “The creation of a cross-chain NFT bridge between Ethereum and Cardano marks a crucial moment in the transition from legacy blockchain technology to one of the most anticipated “third generation” networks. As one of the pioneers of the NFT movement, we continue to play a key role in building the infrastructure that will usher in the next phase of the NFT evolution. “

Related reading | Cardano enters the Babbage era after the Alonzo HFC milestone

Liu isn’t the only one who loves the bridge. Cardano founder Charles Hoskinson expressed support for the project. “We built Cardano with energy efficiency in mind, which is why this partnership with Bondly is so critical,” said Hoskinson. “We believe that blockchain will only achieve mass adoption if end users have a seamless experience regardless of which blockchain they are using, whatever bridges like this one will achieve.”

The founder has always believed that interoperability will be the future of the blockchain industry and that stance is reinforced with the new partnership with Bondly.

Featured image from Bitcoinist, chart from TradingView.com

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Cryptocurrency panel discusses innovation, investment opportunities – Oakland News Now

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Oakland news now –

Cryptocurrency Panel Discusses Innovation, Investment Opportunities

– YouTube channel video with the logo in the top left corner of the video. OaklandNewsNow.com is the original blog post for this type of video blog content.

Crytpo #bitcoin #investingincrypto #YFAMS #YahooAMS Jennifer Schonberger from Yahoo Finance hosts a comprehensive discussion on cryptocurrency with three …

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Note from Zennie62Media and OaklandNewsNow.com: This video blog post demonstrates the full and live operation of the latest updated version of an experimental Zennie62Media, Inc. network for video blogging systems for mobile media launched in June 2018 by Zennie62Media, Inc .s new and innovative approach to news media production. What we call “The Third Wave of Media”. The uploaded video is from a YouTube channel. When the YouTube video channel for Yahoo Finance uploads a video, it is automatically uploaded to the Oakland News Now site and Zennie62’s own social media pages and formatted automatically. The overall goal here is, in addition to our smartphone-enabled real-time reporting of news, interviews, observations and events anywhere in the world and within seconds, not hours – the use of the existing YouTube social graphic on any topic in the world. Now messages are reported with the smartphone and also by advertising current content on YouTube: There is no need for heavy and expensive cameras or even a laptop or a camera team to film what is already on YouTube. The secondary goal is faster and very inexpensive production and distribution of media content. We found that there is a discrepancy between post length and time to product and revenue generated. This means that the problem is much smaller, but by no means solved. Zennie62Media is constantly working to improve the system’s network encoding and is looking for interested content and media technology partners.

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