BitDigest August 7 · Issue #716

Name: FS Insight
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Aug 7, 2020

Author

Gregory Landegger

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Cryptocurrencies end strong week with bitcoin and ether retesting range highs at $12,000 and $400 respectively
Fed says core features and functionality for instant payment system has been defined
Japan’s financial watchdog says focus should be placed on development of central bank digital currency and not regulation of digital assets

The Headlines

Fed Approves Core Features of FedNow

www.federalreserve.gov

Fed Governor Lael Brainard says that based on stakeholder feedback, the Fed has approved the core features and functionality of FedNow, a consumer focused instant payments system which is expected to be operational by 2023-24

FSA Chief Warns Deregulating Cryptocurrencies May Not Promote Technical Innovation

www.reuters.com

Japan’s new top financial regulator voiced concern over taking steps to promote cryptocurrency trading, arguing that doing so may not necessarily promote technical innovation, and instead recommended that the Bank of Japan should focus its efforts on issuing a central bank digital currencies (CBDC)

Crypto Mom Wins Second Term at SEC

www.forbes.com

SEC Commissioner Hester Peirce, better known as “Crypto Mom” has been approved by the Senate for a second term and will be joined by new-comer Caroline Crenshaw, an attorney who served in the Office of Compliance Inspections and Examinations, the Division of Investment Management, and as Counsel to two SEC Commissioners since joining the agency in 2013.

China Testing Wallet for Central Bank Digital Currency

www.decrypt.co

Testing of the digital wallet for China’s digital currency has been ongoing at state-owned commercial banks in Shenzhen and is now available to select clients at ICBC, Bank of China, China Commercial Bank, and Agricultural Bank of China.

Kazakhstan Considering Crypto Mining Tax to Aid COVID-19 Recovery Efforts

www.cointelegraph.com

The Kazakhstan Ministry of the Economy is looking to impose a 15% flat-rate tax on crypto mining to provide new funding to assist COVID-19 efforts across the central Asian country.

Goldman Sees Blockchain in the Future and Developing New Fiat Digital Token

www.cnbc.com

Goldman Sach’s new head of Digital Assets, Mathew McDermott believes “in the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on chain” and added that the firm is “exploring the commercial viability of creating our own fiat digital token.”

Judge Questions Intentions of Attorneys in Block.One Case

www.coindesk.com

The New York District Court judge overseeing the selection of the lead plaintiff in the Block.one securities fraud case challenegs the selection of a lead plaintiff suggesting that several of the submissions lacked adequate and unsubstantiated data and questioned if some of the parties only submitted cases for the promise of high legal fees.

Grayscale Registers ETHE with SEC

www.sec.gov

Leading digital asset manager Grayscale Investments filed a voluntary registration statement with the SEC designating the Grayscale Ethereum Trust (OTCQX: ETHE) as an SEC reporting company with the intent to register its shares; among other things, this action reduces the required lockup period for new investors to 6 months.

Internal Battle at Bitmain Delaying Delivery of Mining Equipment

www.news.bitcoin.com

Bitmain has delayed shipments of its crypto mining rigs by three months as a result of “external interference over the company’s management.”

MicroStrategy Looking to Invest in Bitcoin

www.fool.com

During its Q2 conference call software solutions firm MicroStrategy (NASDAQ: MSTR) announced a new capital allocation strategy and will plan to return up to $250 million to its investors as well as invest another $250 million over the next 12 months in alternative investments like bitcoin.

Atari Brining Blockchain Technology to Classic Games' Library

www.globenewswire.com

Atari has announced an expansion of its existing partnership with blockchain game developer Animoca Brands and will bring blockchain technology to classic games like Centipede, Pong, Breakout, Asteroids, and Missile Command.

Polkadot Releases Parachain Testnet

www.polkadot.network

Cross blockchain protocol Polkadot has launched Rococo, a testnet designed to test parachain functionality and the platforms new cross-consensus message (XCM) format.

Market Data

Altcoins Account for 1/3 of Crypto Mining Energy Usage

www.cointelegraph.com

Bitcoin has long been attacked for its considered-excessive use of energy to mine new coins, but researches have determined that among the top 20 tokens, bitcoin only accounts for 2/3 of the total energy consumption with the altcoins accounting for the remaining 1/3.