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Visa is hiring engineers for ‘ambitious’ crypto product roadmap

Visa is hiring software engineers for its crypto division as it develops new products aimed at the space.

“We have an ambitious crypto product roadmap @Visa and just opened a few reqs for senior software engineers to help us drive mainstream adoption of public blockchain networks and stablecoin payments,” Cuy Sheffield, the head of crypto at the company, said on Twitter.

The London-based gigs are hybrid positions, and employees should expect to be in the office two to three set days a week. In addition to programming proficiently, the company is looking for experience in “building highly available & scalable backend systems” and passion for web3 technologies. 

The job postings come following layoffs across the industry, among them from MoonPay, Disney, GSR and Coinbase. A number of firms from FTX to Voyager have also filed for bankruptcy protection over the past year, and while bitcoin has rallied in 2023, the cryptocurrency is still down some 60% since peaking in 2021.

Visa’s in it

Understanding of Layer 1 and Layer 2 solutions and experience writing smart contracts using Solidity are recommended, the company said in the job posting

“Particularly interested in experience using Github Copilot and other AI assisted engineering tools to write and debug smart contracts,” Sheffield wrote.

Visa said last month that it was committed to its crypto strategy, despite high-profile failures in the sector over the past year. In a recent thought leadership proposal, the company singled out StarkNet, a layer 2 blockchain built on top of Ethereum, and said it could help bridge the gap between crypto and the real world by letting people who use self-custodial wallets pay their bills more easily.

© 2023 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.

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Author: Nathan Crooks

As Twitter Ends Legacy Blue Checks, Bluesky Emerges as Decentralized Alternative

Twitter, a social network that once connected journalists, trusted public figures and Web3 natives, dropped its legacy verification program last week, leading some users to seek decentralized alternatives.

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Author: Cam Thompson

Ethereum Layer 2 Networks’ Total Value Locked Hovers at Near-Record High, Data Shows

TVL soared past $10 billion on the Ethereum blockchain earlier this month before dipping as crypto prices swooned. Arbitrum dominates the layer 2 scaling landscape by market share.

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Author: Jocelyn Yang

Crypto Exchange Binance Is Back in Russia, Lifts Restrictions on Russian Users: Report

Users in Russia report they once again can use locally issued Mastercard and Visa cards to deposit money on the crypto exchange more than a year following a wartime prohibition on such transactions.

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Author: Anna Baydakova

Republicans want to move payment stablecoins out of the SEC’s power

House Republicans fed up with the Securities and Exchange Commission’s stance on crypto proposed new draft stablecoin legislation that would take jurisdiction away from the agency over payment stablecoins.  

The draft, made public as negotiations continue over a comprehensive framework for stablecoins, comes amid the SEC’s investigation into BUSD, a shared stablecoin between digital asset infrastructure company Paxos and international crypto exchange Binance. As currently written, the bill would shift authority over stablecoins to federal and state bank and credit union regulators.

In a difference from where bipartisan talks previously stood, the bill would no longer touch algorithmic stablecoins or mandate a study of a central bank digital currency. Instead the bill would narrowly focus on stablecoins used for payments, and is intended to be a companion piece to legislation that would govern digital asset markets in the U.S. 

The move to limit the SEC’s role comes as little surprise as both industry executives and congressional Republicans have criticized SEC Chair Gary Gensler’s approach towards digital assets.

“I’ve been disappointed in the SEC approach on digital assets, particularly stablecoins, but other aspects too, of not bringing clarity,” Arkansas Republican French Hill told The Block last week.

As chair of a new digital assets and financial technology-focused subcommittee, Hill plays a key role on stablecoin negotiations.

Gensler frustration

House Financial Services Chair Patrick McHenry, R-N.C., among others, was frustrated with Gensler over a lack of clarity around whether or not he believes ether is a security or a commodity. Frustration has also grown with the SEC chair over his assertion of jurisdiction over stablecoins.

Gensler asserted that they were a security investment that would fall under the SEC’s jurisdiction, seemingly putting him at odds with other Biden administration officials, according to a source familiar with bipartisan talks around a stablecoin regulatory framework last year.

Industry advocates believe Gensler tried to undermine talks between McHenry, Rep. Maxine Waters, D-Calif., and the Treasury Department last year in order for the SEC to continue to hold full sway over stablecoins in the U.S., but a separate source familiar with those talks has disputed that.

Aside from shifting oversight of stablecoins from the SEC to federal and state bank and credit union regulators, the bill also subjects nonbank stablecoin issuers to regulatory examinations, that every stablecoin be backed by legal tender or short-term Treasury bonds and includes a monthly reporting requirement with a certified public accounting firm.

Payment focus

States could approve stablecoin issuances using their own standards, but the bill sets a floor for state regulators for evaluating projects. The Federal Reserve can also halt projects, even if approved by a state, if the stablecoin does not meet those baseline criteria. 

Under terms of the bill stablecoins would have to be backed at least one-to-one with legal tender or short-term Treasury bills. In the event of a bankruptcy, a common occurrence for digital asset firms in 2022, payment stablecoin holders would be treated preferentially for reimbursement. 

Senior Republican committee staff characterized the bill as a conversation starter, and that it has been shared with Democratic staff of the House Financial Services Committee as well as the Biden administration. Any digital asset-related bill will need bipartisan support in order to become law, due to a Republican majority in the U.S. House of Representatives and a Democratic majority in the Senate, as well as required sign off from President Joe Biden, a Democrat. 

© 2023 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.

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Author: Colin Wilhelm

House Republicans Make Case on Stablecoin Bill After Democrats Called for Do-Over

Republicans on the House Financial Services Committee are taking another swing at stablecoin legislation with a discussion draft revealed Monday afternoon, which may mark a new starting point for negotiations with Democrats.

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Author: Jesse Hamilton, Nikhilesh De

Bitcoin Drops to $27.3K, Ether Edges Toward $1.8K Amid Investors’ Interest Rate Concerns

BTC’s recent price drop can be interpreted as “a period of consolidation and a healthy correction after an explosive move upwards past $30,000 over the last several months,” one analyst says.

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Author: Jocelyn Yang

Crypto influencer in FTX case says Bahamian pig tweet was a joke as judge warns him to be careful

“BitBoy Crypto” YouTube influencer Ben Armstrong told a federal court on Monday that a tweet he posted from the Bahamas last week had been a joke and should not be considered as harassment or a threat. A judge told him to be careful. 

Armstrong, who’s among the influencers named in a class action lawsuit for allegedly promoting now-bankrupt crypto exchange FTX, was banned from tweeting threats directed at the lawyer who brought the case, Adam Moskowitz, and his firm’s clients last week after he missed a scheduled court appearance so that he could attend a cruise with fans in the Bahamas. 

The Monday court appearance in Miami was full of color, with judge Melissa Damian of the U.S. District Court for the Southern District of Florida at one point asking Armstrong to correctly pronounce Moskowitz instead of saying “Mouse-kowitz.” Armstrong said it hadn’t been on purpose and noted that he had also mispronounced his own lawyer’s name. 

‘Kid on Christmas’

Armstrong was giddy about being able to defend his name in court.

“I’ve been like a kid on Christmas to clear my name,” Armstrong said. He said the lawsuit was frivolous and full of false allegations. “I have been attacked, and I would like to clear my name.” 

Armstrong apologized for missing the hearing last week and said fans had paid a lot of money to attend the cruise. He told the judge that he believed that Moskowitz had tried to schedule the hearing on a day he knew that the popular YouTube personality would be unable to attend. He posted a tweet that day with a shirtless photo of him next to a pig. 

Bitboy tweet

Judge Damian said allegations of threatening calls Moskowitz says he received had been turned over to the FBI. Armstrong denied making the calls and said he regretted some of the language he’d used in emails. 

BitBoy, ‘be careful’

After Armstrong asked to be sworn in so that he could read a prepared statement under oath, Damian also reminded him about his fifth amendment privileges and told him it wasn’t yet necessary to talk about any of the merits of the case being brought by Moskowitz. Armstrong denied that he ever worked for FTX. 

“I’m cautioning you to be careful,” said Damian, who determined that it was not necessary to hold Armstrong in contempt, adding that she respected and honored his first amendment privileges. “Think before you publicly comment,” she said, noting that there was a line where free speech could become harassment.   

Moskowitz told the judge that police had been stationed outside of his house and that he was more worried about Armstrong’s followers. He said he hasn’t received any new threats since the judge first ordered them to stop last week.  

Damian told Armstrong to tell his followers that they should also refrain from activities that could be considered threatening. She reminded him that he should have no direct contact with Moskowitz and said that if any future comments crossed the line into harassment, a new evidentiary hearing might be necessary.  

‘Swimming with the pigs’

Speaking with The Block after the hearing, Armstrong said he would seek to be removed from the lawsuit and maintained that he’d never done any work for FTX.

“I don’t have evidence that I didn’t work with FTX,” he said. “That’s like saying ‘well, I didn’t have evidence that there was an elephant in the room I wasn’t in.'”

“At the end of the day, I’m going to comply with what the court wants me to comply with,” he said when asked about tweets he might make in the future. He said he’d been planning the “swimming with the pigs” event for months.

“When I got on the boat on Monday I realized, ‘oh, you know what, I’m going there on Thursday, the day of the hearing. And I’m going to be able to basically take this picture with a pig.’ Because, honestly, what he’s done is disgusting,” he said, referring to Moskowitz.

© 2023 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.

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Author: Nathan Crooks

What to Expect at Consensus 2023

From Solana Phones to the future of U.S. crypto policy, here’s what to look out for at crypto’s Big Tent event – Consensus.

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Author: Daniel Kuhn, Pete Pachal

Polygon, Cardano and Solana NFT Sales Rise as Ethereum NFT Sales Slump

While Ethereum remains by far the most popular blockchain for minting NFTs, Polygon, Cardano and Solana have all seen small bumps in sales volume in recent weeks.

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Author: Rosie Perper


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