FreeCryptoCurrency.Me

Quick Take

• A controversial legislative proposal for the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act was recently announced by members of Congress, which could have extensive implications for digital assets if the bill were signed into law. 
• Our two-part series examines the STABLE Act Discussion Draft, those endorsing the potential legislation, reactions from the digital assets community, what the bill could mean for node operators, and more.
• This piece, Part II, starts with an overview of the STABLE Act’s proposed disclosure requirements and standards related to stablecoin products and service providers, such as node operators. We then review some reactions from the digital assets community, before concluding with a look at what potentially comes next?

This research piece is available to
members of The Block Genesis.
You can continue reading
this Genesis research on The Block.

Crypto financial services firm BlockFi has launched an over-the-counter (OTC) trading desk for institutional investors.

The service will allow BlockFi’s clients to process large trades directly between themselves, instead of relying on exchange order books. BlockFi said its OTC desk will operate with traders based in the U.S. and Asia to serve institutional and ultra-high net worth clients worldwide.

The desk will support spot trading in cryptocurrencies such as bitcoin (BTC), ether (ETH), and litecoin (LTC). BlockFi already provides liquidity for CME’s bitcoin futures, as well as offers a trading account.

The firm’s OTC desk comes at a time when institutional interest is growing in digital assets. In recent months, well-known investors ranging from Anthony Scaramaccui to Stanley Druckenmiller have publicized their bets on cryptocurrencies. Just yesterday, asset management giant BlackRock also suggested that it is set to make allocations to bitcoin futures via some of its funds.

As for BlockFi, it has ambitions to evolve into a full-fledged crypto financial services firm. It also plans to become a publicly-traded company in the near future, as The Block has reported previously.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Craig Wright, the self-proclaimed creator of bitcoin, has sent legal notices to two websites to take down the Bitcoin whitepaper.

Bitcoin.org and Bitcoincore.org were sent the notices on Wednesday, Bitcoin contributor “Cobra” said in a blog post published Thursday. Cobra said Wright’s lawyers claim that he owns the copyright to the paper and is the original owner of bitcoin.org.

This is not the first time Wright has made such claims. In 2019, he made at least two attempts to claim copyright and authorship of the Bitcoin whitepaper.

Bitcoin.org has refused to remove the whitepaper, while Bitcoincore.org surrendered.

“Unfortunately, without consulting us, Bitcoin Core developers scrambled to remove the Bitcoin whitepaper from bitcoincore.org, in response to these allegations of copyright infringement, lending credence to these false claims,” said Cobra. “By surrendering in this way, the Bitcoin Core project has lent ammunition to Bitcoin’s enemies, engaged in self-censorship, and compromised its integrity.”

Cobra said Bitcoin.org will continue hosting the Bitcoin whitepaper. “Others hosting the whitepaper should follow our lead in resisting these false allegations,” he said.

The Bitcoin whitepaper was initially published in 2008, by bitcoin’s pseudonymous creator Satoshi Nakamoto, on a mailing list for those interested in cryptography.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Former Ripple advisor Michael Barr is reportedly expected to head the Office of the Comptroller of the Currency (OCC) under Joe Biden’s administration.

The Wall Street Journal reported the news, citing “people familiar with the decision.” If named and confirmed by the U.S. Senate, Barr will succeed Brian Brooks, the former Coinbase executive who served as Acting Comptroller from May 2020 to January 2021. 

Barr is currently a dean at the University of Michigan Ford School of Public Policy. He previously served in Barack Obama’s administration as the Treasury Department’s assistant secretary for financial institutions, where he helped architect the 2010 Dodd-Frank Act. The OCC is an independent branch of the Treasury Department and regulates all national banks, as well as federal branches of foreign banks.

Barr joined Ripple’s advisory board in 2015, and it is unclear when he left the firm. Ripple is currently fighting a legal battle with the U.S. Securities and Exchange Commission. The firm and two of its executives — CEO Brad Garlinghouse and co-founder Chris Larsen — are accused of raising billions of dollars via unregistered securities sales of XRP.

Ripple, in general, appears to be optimistic about the new Biden administration. Garlinghouse has said that the company is ready to work with new leaderships “to chart a path forward for blockchain and crypto innovation in the U.S.”

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Quick Take

• Crypto Twitter likes to meme about bitcoin markets turning bearish when Asia-based traders come online.
• Data suggests this is actually happening — but prominent crypto traders aren’t exactly sure what’s driving it.

This feature story is available to
subscribers of The Block Daily.
You can continue reading
this Daily feature on The Block.