Remitano Weekly (15/4): US legislators reintroduce token taxonomy act to exclude crypto from securities laws

Remitano gladly brings you some of the most highlighted news and insights since last week.


Digital money is here – but will it make us more free in the end?
Cryptocurrency promises to give individuals sovereignty over their money and identity, but as recent developments in Venezuela and China have shown, this won’t necessarily be the case. As a result, the terms “blockchain” and “crypto” have been twisted beyond their original meaning – and it’s worth considering how crypto companies and governments alike can ensure that this technology ushers in a future that’s better for all users.

Wall Street is trading Bitcoin futures like never before
Last week, Bitcoin futures trading volume hit a new record on the Chicago Mercantile Exchange. Most of the increase in trading volume came directly from Wall Street institutions, which are more interested than ever in investing in the space. The higher level of futures trading also means that the chances of a crypto ETF being passed are rising as well.

This is a great research paper that illustrates exactly how Bitcoin spreads like a virus
Despite the short-term uncertainty in the markets around Bitcoin’s price, one team of researchers believes they’ve found a way to prove that the price of Bitcoin is actually non-random. This recent statistical analysis done by Cane Island Advisors shows that modeling the price of Bitcoin similar to a virus yields incredibly accurate results, when compared against previous price trends.


Top YouTuber PewDiePie joins blockchain live streaming platform


PewDiePie, the world’s most popular YouTuber by subscriber numbers, has joined blockchain-based live streaming platform DLive.

The 29-year-old Swedish content creator, real name Felix Kjellberg, has signed an “exclusive” live streaming deal with the platform. His YouTube channel has 93.7 million subscribers at press time, with his most recent video racking up 4 million views in less than 24 hours.

Starting April 14, PewDiePie will stream weekly on DLive, a decentralized community built using the Lino blockchain, according to the announcement. On his official DLive channel, PewDiePie also said that he will support content creators on the platform by donating up to $50,000 to a maximum of 100 creators.

DLive rewards both content creators and viewers using its native token, “Lino points.” While some platforms take up to 50 percent of creators’ income, decreasing the “viability and livelihood” of the community, DLive takes no percentage of earnings and does not charge any fees to content creators, the platform said.

Lino Network co-founder Wilson Wei commented: “DLive is a place where instead of competing against each other, it benefits creators to support one another. With no platform cuts, we incentivize everyone to create the highest quality content for viewers.

PewDiePie said in today’s announcement: “I’m excited to start live streaming again regularly! DLive is great for me because I’m treated like a real partner, just like all of the other streamers on DLive’s unique platform.

Cambridge Blockchain receives investment from PayPal


Cambridge, Mass. USA – Cambridge Blockchain, Inc a digital identity enterprise software provider, announced today that PayPal (NASDAQ: PYPL) has joined its Series A funding round. With this investment, the two companies will explore potential collaborations to leverage blockchain technology.

Our service helps streamline digital identity compliance while giving customers control over their identity data,” said Matthew Commons, Cambridge Blockchain’s CEO. “We are honored by PayPal’s vote of confidence, and we look forward to their support and guidance.

Cambridge Blockchain’s solutions harness the potential of blockchain to deliver strong digital identities at a global scale and meet the increasingly stringent data privacy obligations globally. The company has specific experience in designing software systems to share identity data across European financial institutions.

The funding is an extension of Cambridge Blockchain’s Series A funding round, which includes new investments from Omidyar Network and Flourish, a venture of The Omidyar Group. Previous Series A investors include Foxconn’s HCM Capital, Partech Partners, Future\Perfect Ventures and Digital Currency Group.

Indian banks consider promoting blockchain tech use for payments


The National Payments Corporation of India (NPCI) is considering implementing blockchain technology to increase the strength of digital transactions.

The initiative of ten banks, under the aegis of the Indian Banks’ Association (IBA), aims to improve the NPCI by implementing distributed ledger technology.

The NPCI, an umbrella organization that operates retail payments and settlement systems in India and includes 56 national banks as stakeholders, was set up with the guidance and support of the Reserve Bank of India and the IBA. The NPCI will focus on developing blockchain tech in the payment domain for boosting digital transactions, the article states. It also says:

NPCI intends to develop a resilient, real time and highly scalable blockchain solution. It is proposed to develop this solution using an open source technology/ framework/solution.

As of last year, five major banks from each BRICS member, including Brazil, Russia, India, China and South Africa, signed a Memorandum of Understanding on the development of distributed ledger technology for enhancing the digital economy.

US legislators reintroduce token taxonomy act to exclude crypto from securities laws


Representatives in the United States House of Representatives have reintroduced the Token Taxonomy Act. The bill would exclude cryptocurrency from being classified as a security.

The bill was initially proposed last December by Reps. Warren Davidson (R) and Darren Soto (D), and seeks to exclude digital currencies from being defined as securities by amending the Securities Act of 1933 and the Securities Act of 1934.

The press release notes that the recent iteration of the bill will differ from that which was introduced last year. Notably, it clarifies the jurisdictions of the Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC).  It also states that a preemption provisions was included the Act that would supercede “heavy-handed” regulations like New York’s“onerous” BitLicense.

The act also pursues the introduction of regulatory certainty for businesses and regulators in the U.S. blockchain industry, as well as clarifying conflicting state initiatives and regulatory rulings that have confused the issue.

The announcement calls attention to the growing strength of digital asset markets and the blockchain industry both in Europe and China, and states that the Act is necessary in order to keep the U.S. competitive in the global market.

Rep. Soto said, “it is time for the United States to step up and lead in blockchain technology,” and added:

After months of public input, our Token Taxonomy Act and the Digital Taxonomy Act add critical definition and jurisdiction to create certainty for a strong digital asset market in the United States.  This is an important step to promoting innovation and maximizing the potential of virtual currencies for the U.S. economy, all while protecting customers and the financial well-being of investors.

Collected by Remitano