Crypto Guides, Knowledge & Insights

Crucial Crypto Amendment Fails in US Senate. Here’s Who Killed It

After putting forward their dueling amendments to the damaging crypto provision in the infrastructure bill, Senators Rob Portman (R-OH), Cynthia Lummis (R-WY), Patrick Toomey (R-PA), Ron Wyden (D-OR) and Kyrsten Sinema (D-AZ) managed to reach a compromise with yet another rewrite.　　The last-minute effort, however, ended up being ultimately futile since Senators Richard Shelby (R-AL) and Bernie Sanders (D-VT) have objected to the amendment due to a dispute over military spending.　　“Two objections on the Senate floor have blocked the addition of a deal on cryptocurrency tax enforcement to a bipartisan infrastructure bill. First one was by Sanders. Second objection by Shelby, who wants his amendment added for $50 billion more in defense spending.”Jamie Dupree said on Twitter.　　Shelby asked for a $50 billion defense amendment to the bill, which didnt sit well with Sanders.　　It was only possible to change the language of the $1 trillion infrastructure bill by unanimous consent since the Senate moved to invoke “cloture” on Monday. This means that the amendment will not make it to the final bill.　　Sen. Ted Cruz (R-TX) said that the legislation could obliterate the industry:　　“There arent 5 senators in this body with any real understanding of how cryptocurrency operates.”　　Whats next？　　While the fight in

2021-08-10Deep Dive

Cinema operator AMC plans to accept BTC by 2022

American cinema operator AMC Entertainment is aiming to accept Bitcoin payments for movie tickets by 2022.　　Speaking during a Aug. 9 conference call regarding the firms Q2 results announced earlier the same day, AMC chairman and CEO Adam Aron revealed that the cinema chain intends to have the infrastructure ready to accept BTC payments for online movie tickets by the end of 2021.　　While details regarding AMC‘s plan to accept Bitcoin are scant, Aron reported strong demand for buying movie tickets with crypto from the firm’s customers.　　AMC‘s Q2 results showed significant improvements compared to last year, reporting $444 million in revenue compared to Q2 2020’s $18.9 million in revenue. Net losses also declined from $561 million or $5.38 per share to $349 million or $0.71 per share year-over-year.　　Along with adopting BTC payments, AMC also announced plans to open more than one dozen locations across the U.S., Europe and the Middle East this year.　　The chairman also made the unlikely claim that he first learned about crypto assets after being elected to the board of Centricus Acquisition Corp. on May 6 — one week before Centricus acquired blockchain technology firm, Arqit.　　AMCs impressive Q2 results come just one year after the firm appeared destined for

2021-08-10Deep Dive

MyEG membawa perkhidmatan DeFi ke Malaysia

Dalam satu kenyataan, MyEG mengatakan bahawa perkhidmatan tersebut akan membolehkan pemegang cryptocurrency mengadakan kontrak pintar untuk tujuan meminjam cryptocurrency atau memberi pinjaman terhadap aset cryptocurrency mereka.　　Oleh kerana aset digital menjadi semakin utama dan digunakan secara meluas, perkhidmatan DeFi akan membolehkan pemegang aset cryptocurrency memaksimumkan pulangan pelaburan mereka.　　“Dengan memanfaatkan platform teknologi kewangan (fintech) yang terbukti, DeFi menggunakan teknologi blockchain - khususnya, cryptocurrency dan kontrak pintar - untuk membolehkan penyediaan dan penyelesaian transaksi seperti meminjam dan memberi pinjaman tanpa memerlukan perantara konvensional,” kata kumpulan itu.　　MyEG mengatakan pihaknya akan memperkenalkan produk dan perkhidmatan yang lebih perintis berdasarkan teknologi blockchain, kerana ia percaya bahawa semua jenis aset akhirnya akan didigitalkan pada platform yang terdesentralisasi atau berbilang pusat.　　Ia menambah bahawa teknologi blockchain sangat sesuai untuk perkhidmatan kerajaan kerana ia memberikan kebolehubahan dan membolehkan pengesanan dan pengesahan.　　Menurut laman web Securities Commission Malaysia, terdapat empat pengendali pasaran yang diiktiraf berlesen di Malaysia ketika ini, iaitu Luno Malaysia Sdn Bhd, MX Global Sdn Bhd, SINEGY Technologies (M) Sdn Bhd, dan Tokenize Technology (M) Sdn Bhd.　　Harga saham MyEG naik dua sen atau 1.3% untuk ditutup pada RM1.59, menjadikannya permodalan pasaran sebanyak RM5.84 bilion

2021-08-10Deep Dive

Amerika Syarikat Sudah Tidak Lagi Berminat Dengan Kripto CBDC?

Para penggubal undang-undang A.S juga mengambil sikap yang sama dan meminta untuk mempercepat pengembangan dolar digital. Walaupun begitu, Ahli Rizab Persekutuan Christopher Waller telah berkongsi pandangan yang berbeza yang berkemungkinan mengejutkan banyak pihak.　　Waller dalam salah satu acara yang dianjurkan American Enterprise Institute telah menafikan keperluan terhadap dolar digital. Beliau secara peribadi menolak idea aset kripto CBDC yang dicanangkan sebagai jalan keluar pembayaran inovatif dalam sektor swasta.　　Menurut Walter, sektor swasta sudah mengembangkan alternatif pembayaran yang lebih murah untuk bersaing dengan sistem perbankan. Justeru beliau melihat tidak ada keperluan untuk Federal Reserve membangunkan CBDC sebagai pembayaran alternatif.　　Sebilangan besar bank perdagangan telah menggunakan transaksi digital, dimana sebahagiannya membawa liabiliti kepada pihak bank. Maka tidak ada perbezaan antara transaksi semasa dan apa yang akan dilakukan dengan menggunakan CBDC. Tamsilnya beliau berpandangan CBDC adalah suatu yang digembar-gembur dalam kalangan masyarakat.　　“Menurut saya bahawa inovasi sektor swasta dapat mengurangkan kenaikan harga yang dikenakan oleh bank dengan lebih berkesan daripada CBDC,” kata Waller. 　　Walaupun komen Waller sangat berbeza dengan beberapa penggubal undang-undang, ini menimbulkan persoalan dalam kalangan komuniti kripto.　　Disisi lain, perkembangan CBDC di China telah mendorong negara-negara lain untuk memajukan sistem CBDC mereka.

2021-08-10Deep Dive

Poloniex Reaches $10M Settlement With SEC Over Unregistered Status

According to the SEC, Poloniex facilitated the trading of digital assets securities without registering as a national securities exchange.　　 Key Takeaways　　The SEC has charged crypto exchange Poloniex for operating an unregistered online digital assets exchange.　　Poloniex allegedly facilitated the trading of digital asset securities without registering with the SEC.　　Poloniex neither admits nor denies any wrongdoings, but has agreed to pay $10 million settlement charges.　　The Securities and Exchange Commission has charged crypto exchange Poloniex for operating an “unregistered online digital assets exchange” and facilitating the trading of digital assets it deems securities on its platform.　　Poloniex Settles Charges with the SEC　　Poloniex will pay $10 million to settle charges with the Securities and Exchange Commission, it was announced Monday.　　The charges related to the period between Jul. 2017 and Nov. 2019, when the firm operated the exchange prior to selling the platform to an Asian consortium of unidentified investors. The SEC claims that during the period “Poloniex operated a web-based trading platform that facilitated buying and selling digital assets, including digital assets that were investment contracts and therefore securities.”　　The exchange allegedly violated securities laws, specifically, Section 5 of the Exchange Act, for not registering as a national securities exchange. Commenting on the case, Chief of

2021-08-10Deep Dive

Latest Tether Report Says USDT Is 10% Backed by Cash

Stablecoin company Tether has published a new assurance report detailing the composition of funds backing its USDT stablecoin.　　USDT Is 10% Backed by Cash　　Tethers USDT token is backed by the U.S. dollar, meaning that the stablecoin firm must keep a reserve of funds in its possession equivalent to the value of USDT tokens in circulation.　　However, the firm has been criticized due to the fact that it backs the token with financial assets other than actual U.S. dollars.　　This week‘s report gives a breakdown of Tether’s current reserves. It says the company has $62.8 billion in assets. Roughly $6.3 billion of those assets are actual cash and bank deposits. That means the USDT token is 10% backed by cash by any definition.　　That figure (10%) is a significant increase from Tethers May assurance report, which indicated that 3% of assets were cash.　　This week‘s report also indicates that USDT is backed by substantial cash equivalents, including commercial papers, certificates of deposit, reverse repurchase notes, and treasury bills. Those assets, excluding the above cash and bank deposits, amount to $47.1 billion—making up well over half of Tether’s total assets.　　Tethers remaining assets include secure loans ($2.5 billion), corporate bonds, funds, and precious metals ($4.8 billion), and other

2021-08-10Deep Dive

Binance Will List Mina (MINA) and Raydium (RAY) in the Innovation Zone

Users can now start depositing MINA and RAY in preparation for trading　　Withdrawals for MINA and RAY will open at 2021-08-11 06:00 AM (UTC)　　Note: The withdrawal open time is an estimated time for users reference. Users can view the actual status of withdrawals on the withdrawal page.　　MINA and RAY Listing Fee: 0 BNB.　　What is Mina (MINA)？　　Mina is a layer-1 blockchain protocol built to curtail computational requirements in order to run dApps more efficiently. The size of the Mina blockchain is designed to remain constant at 22kb, regardless of growth in usage. MINA is the native utility token of the platform and is used for network transactions, staking rewards, and block production.　　What is Raydium (RAY)？　　Raydium is an automated market maker (AMM) built on the Solana blockchain. The project leverages the central order book of the Serum Decentralized Exchange (DEX) to enable fast trades, shared liquidity, yield earning opportunities and new project launches. RAY is the native utility token of the platform and is used for liquidity mining incentives, staking, eligibility for new project launches, and participation in future governance.　　Reminder:　　The Innovation Zone is a dedicated trading zone where users are able to trade new, innovative tokens that are likely to have higher volatility

2021-08-10Deep Dive

ROInvesting Extends Partnership with Italian Club AC Milan

ROInvesting, a leading online trading platform, recently announced that the company has extended its collaboration with AC Milan, one of the most prominent Italian football clubs. In April 2020, AC Milan welcomed ROInvesting to the clubs commercial partners.　　According to an official press release, ROInvesting is planning to expand its international reach through the latest partnership renewal. The broker also highlighted a substantial surge in its client base during the last 12 months.　　ROInvesting mentioned that the broker took several initiatives to support different community causes in Milan during the last year. ROInvesting aims to enhance its brand awareness through the recent partnership extension with AC Milan.　　Commenting on the partnership renewal, Casper Stylsvig, Chief Revenue Officer at AC Milan, said: “As a Club, we are delighted to continue our journey with ROInvesting. They have proved to be a fantastic partner with a keen eye for off-the-pitch community work, supporting Fondazione Milans initiatives in response to the Covid-19 pandemic in time of need.”　　ROInvesting is the brand name of Royal Forex, a Cyprus-based investment firm. The financial services provider is regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker is offering trading services in several assets including foreign exchange (FX), commodities and

2021-08-10Deep Dive

Unchanged crypto tax bill will be put to a vote on Tuesday

The provisions aim to raise $28 billion for infrastructure funding through expanded digital asset taxation, and will impose broad third-party reporting requirements on any crypto firm deemed to comprise a “broker.”　　On August 9, general counsel to Compound Finance, Jake Chervinsky, tweeted that the Senate had voted 68 in favor to 29 against ending debate surrounding the provisions, halting discussions until Tuesdays final vote.　　However, Chervinsky emphasized that the Senate could still pass an amendment to the bill by unanimous consent before the final vote.　　Senate talks over the controversial cryptocurrency tax provisions to the U.S. infrastructure bill have stalled, with an unamended version of the bill set to be put to a vote on Tuesday.　　The broad language used to define a crypto “broker” in the provision has sent shockwaves across the crypto industry, with analysts inferring that miners, stakers and other network validators, and software developers could be subjected to third-party tax reporting requirements despite failing to possess personal information on their counter-parties.　　The crypto sector has thrown support behind an amendment proposed by Senators Pat Toomey, Rob Wyden, and Cynthia Lummis that would limit the definitional scope of crypto “brokers” to exempt miners, validators, and software developers from the provision. However, the

2021-08-09Deep Dive

With 3 ETH Burned Every Minute, Is Ethereum Deflationary Now?

The much-anticipated EIP-1559 proposal eventually launched on August 5, at 12:33 UTC time. The upgrade, which was originally suggested more than two years ago, redesigns Ethereums fee mechanism, which has been problematic for some time now.　　Prior to EIP-1559, Ethereum used a standard dubbed a “first-price auction” to determine gas fees. In that system, users bid the highest they were willing to pay in order for their transaction to be completed sooner. A commonplace issue with this sort of mechanism is that users typically turn out to be either overbidding or underbidding.　　If a user overbids, he ends up paying more than the due amount. However, if a user underbids, his transaction would get stuck waiting for all the higher bidder transactions to be processed first. Sometimes, an underbidder might even have to manually increase his bid, which is quite aggravating.　　EIP-1559 seeks to tackle these issues by redefining Ethereums fee mechanism. Primarily, EIP-1559 temporarily expands the size of a block in times of high network congestion. This can be an efficient temporary solution for meeting a sudden surge in demand.　　Next, EIP-1559 addresses this issue by completely removing the “first-price auction” mechanism and, instead, breaking the gas fee into two parts: a compulsory

2021-08-09Deep Dive

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