Newsweek | Biden to Present $6 Trillion Budget Proposal to Boost Infrastructure

Officials within the Biden administration are looking at “gaps” in cryptocurrency regulations following recent market volatility, suggesting new rules are about to be proposed. White House officials are looking at existing rules regarding cryptocurrencies and whether new restrictions are needed to protect investors from market turmoil like last week’s.

Newsweek | Biden to Present  Trillion Budget Proposal to Boost Infrastructure

Newsweek is a weekly blockchain industry summary column covering the week’s key news, mining information, project developments, technology advances and other industry developments. This article is one of those newsweeklies, taking a look at the week’s blockchain industry events.

▌ Biden to propose a $6 trillion budget proposal to boost infrastructure

President Joe Biden will propose a $6 trillion budget Friday that would bring U.S. federal spending to its highest sustained level since World War II while running a deficit of more than $1.3 trillion over the next 10 years, according to a document obtained by The New York Times. The budget request calls for the federal government to spend $6 trillion in fiscal year 2022 and increase total spending to $8.2 trillion by 2031. This spending increase is driven by Biden’s two-part agenda of upgrading America’s infrastructure and significantly expanding the Social Security network, which are included in his American Jobs Initiative and American Family Plan, in addition to other plans to increase discretionary spending.

▌ Inner Mongolia Development and Reform Commission on the “eight measures to combat and discipline virtual currency mining behavior draft” to the public for comments

May 25 news, in accordance with the 51st meeting of the Financial Stability Development Committee of the State Council on the deployment requirements of combating bitcoin mining and trading, strict implementation of the Inner Mongolia Autonomous Region on ensuring the completion of the “14th Five-Year Plan” energy consumption double control objectives and tasks of a number of safeguards to further clean up virtual currency “mining” behavior, strengthen the crackdown and discipline, build a long-term regulatory mechanism, maintain market order, big data industry environment and prevent financial risks, the Inner Mongolia Development and Reform Commission organized the drafting of the “Inner Mongolia Autonomous Region Development and Reform Commission on the resolute crackdown and discipline of virtual currency “mining” behavior eight measures (draft for public comment)”.

▌White House Officials Are Studying the Need for New Cryptocurrency Rules

In the wake of recent market volatility, officials within the Biden administration are examining “gaps” in cryptocurrency regulations that suggest new rules are about to be proposed. White House officials are looking at existing rules regarding cryptocurrencies and whether new restrictions are needed to protect investors from market turmoil like last week’s.

▌ Fed Vice Chairman: Doesn’t see cryptocurrencies as a store of value or medium of exchange

Federal Reserve Vice Chairman Clarida said he does not believe cryptocurrencies are a store of value or a medium of exchange. Cryptocurrency “may or may not work” and it is not a substitute for money.

▌SEC Commissioner: Cryptocurrencies May Force Regulators to Modernize Custody Rules

Golden Finance reports that SEC Commissioner and crypto mom Hester Peirce said Tuesday that crypto assets may eventually force regulators to modernize custody rules. peirce noted that the comment was her own and in no way reflected the thoughts of regulators.

▌US SEC Chairman: Will Work with Congress to Regulate Cryptocurrency Exchanges

Golden Finance reports that at an oversight hearing held by the House Appropriations Committee, SEC Chairman Gary Gensler told Democratic Congressman Mike Quigley that there are many crypto tokens that meet the requirements of the securities laws and our agency is working to enforce the law. But there are thousands of tokens, and we are currently only able to enforce 75 actions. There are other tokens that are currently non-compliant, Gensler wrote in his prepared testimony, adding that the SEC has been consistent in its communications with market participants and that those who raise money or engage in securities transactions with ICOs must comply with federal securities laws. Asset managers who invest in these assets may also be subject to securities laws. gensler also reiterated its intention to work with Congress to regulate exchanges. gensler said that in recent weeks, daily trading volumes have ranged from $130 billion to $330 billion. However, because the tokens are traded on unregistered cryptocurrency exchanges, the numbers are not audited or reported to regulators. This is just one of many regulatory gaps in these crypto asset markets.

▌ Yunnan Province will subsidize up to 10 million yuan for a single blockchain project

Recently, the official website of the provincial Development and Reform Commission released the “Rules for the Implementation of Several Measures to Support the Development of Blockchain Industry in Yunnan Province (for Trial Implementation)”, in which the province will strongly support the development of new blockchain infrastructure, select three blockchain platforms with active applications and outstanding drive each year on a merit basis, and give a one-time post-facto subsidy to the main body of project construction according to 30% of the project’s R&D, purchase or rental equipment and testing and certification costs, with the maximum subsidy for a single project not exceeding 10 million yuan.

▌ China Computer Society S Xue Ming: actively build digital economy + blockchain applications

Director of the Blockchain Special Committee of the Chinese Computer Society and professor of Fudan University, Mr. Xueming said that blockchain will definitely become the cornerstone of the digital economy and empower the development of the digital economy. It suggests strengthening research on the integration of blockchain and digital economy development and actively creating digital economy + blockchain applications.

▌ The ECB’s digital euro may not be developed based on blockchain technology

The ECB is almost done with a report on digital currencies, sources said. The report will be presented to the ECB’s governing council and several key elements have been agreed upon. The ECB is expected to decide on the plan at its July meeting, and the ECB’s digital currency is expected to be named the “digital euro,” a name the ECB hopes to register to protect the trademark. The digital euro is likely to be stored under a regular account controlled by the ECB, and cash in individual digital wallets may be limited, with a possible cap of 3,000 euros. The digital euro may not be developed based on blockchain technology.

▌ Jiangxi Province will promote the deep integration of blockchain and other monitoring industries

During the “14th Five-Year Plan” period, Jiangxi Province will vigorously promote intelligent monitoring and the deep integration of new-generation information technologies such as the Internet of Things, blockchain, artificial intelligence and 5G communications with the monitoring industry.

▌ Head of Fidelity institution: Blockchain may become an existential threat to Fidelity

Mike Durbin, head of the financial services giant Fidelity, said Tuesday that blockchain could become an “existential threat” to Fidelity, Golden Finance reported. It’s an existential threat to what we do. There’s a lot of curiosity about what this technology will do for us in the next few years. Cryptocurrency happens to be the tip of the spear.”

▌Chile to Use Blockchain to Track Renewable Energy Use

Golden Finance reports that Chile will use blockchain technology to track the use and flow of energy generated through renewable mechanisms. The new technology, called Renova, was developed by Chile’s electricity coordinator CEN. By using Renova, the government and other stakeholders hope to prove that mining with renewable energy is actually energy efficient.

▌ Fed Governor Quarles: No Conclusion on Whether Central Bank Digital Currency Will Be Implemented in the U.S.

Fed Governor Quarles said it is not yet conclusive whether a central bank digital currency will be implemented in the U.S., and that additional legislative authority may be needed to implement a central bank digital currency.

▌Financial Industry Association Group in the U.K. Calls on Policymakers to Issue Clearer Cryptocurrency Rules

On Tuesday, TheCityUK, a leading U.K. financial trade association group, released an extensive report calling on policymakers to issue clearer rules for cryptocurrencies. The report begins with the hope that the U.K. will “take a leading role in the world in this high-growth, high-potential sector. TheCityUK also proposes a classification of digital assets, dividing the sector into seven different areas, several of which lack regulation. The report highlights that the UK, which is no longer bound by EU rules, can respond to emerging technologies more quickly and flexibly.

▌People’s Daily: Digital RMB inching closer

On May 26, People’s Daily published an article, “Digital RMB is Approaching (New Knowledge)”. The article said that digital currency is an important symbol of the development of digital economy. At present, many countries have started the research and development of digital currency. As a “new infrastructure” in the financial field, the development and application of legal digital currency is of great significance to reduce transaction costs, improve financial operation efficiency and boost the development of digital economy. For ordinary people, digital currency means a more convenient, efficient and low-cost payment option. In addition to being more convenient to use, digital RMB is also important in the fields of anti-money laundering and anti-terrorist financing. The “14th Five-Year Plan” and the outline of the 2035 Visionary Goals propose to “steadily promote the research and development of digital currency”, which demonstrates the positive and prudent attitude towards digital RMB. China’s huge consumer market and rich consumer scenarios will provide important support for the promotion of digital RMB.

▌V God: Blockchain Voting Underrated Among Insightful People

Golden Finance reported that V God posted that blockchain voting is overrated among the half-informed but underrated among the knowledgeable. v God concluded that in the short term, any form of blockchain voting should be limited to small experiments. At the moment, security is by no means sufficient to rely on computers to do all the work. But it is improving, so there is a lot of incentive for the technology to continue to improve.

▌Miami, U.S. to Host Bitcoin 2021 Conference

The world’s largest bitcoin event, the Bitcoin 2021 conference, will be held in Miami in June after a long hiatus from the cryptocurrency conference due to the New Crown Pneumonia outbreak, Cryptopotato reports. There will be a large number of attendees and prominent keynote speakers in attendance.

▌ Grayscale Founder: Currently Most Interested in ZEN, Lots of Room for Upside

A user tweeted today that privacy coins are doing better than today’s average and that ZEN is still at a record high price against bitcoin. For his part, Grayscale founder Barry Silbert replied, “This is the token I’m most interested in right now. Yes, we have a fairly large position.” Another user then asked Barry Silbert, “What gives ZEN an advantage over ZEC, is it the token economics and flexibility of the sidechain?” Barry Silbert then replied, “Like both (we have a large portion of ZEC as well) as ZEN is not yet listed on many major exchanges and I think there is much more upside right now.”

▌U.S. SEC: Ripple’s “reasonable notice” defense was improper

Golden Finance reports that many in the community are hoping Ripple Labs and regulators will reach a settlement soon after the SEC asked the court for “further discovery” a few days ago. The SEC has now filed a legal memorandum in support of its motion to strike against Ripple’s “reasonable notice” affirmative defense. The regulator listed a number of reasons why Ripple’s reasonable notice defense was improper, and the SEC said Ripple’s “reasonable notice” defense failed because of the number of digital asset cases the SEC had filed prior to suing Ripple. In previous news, Ripple had cited a “lack of due process and reasonable notice” defense, which stated that Ripple was not warned in advance that XRP was violating securities laws.

▌PayPal Bitcoin Daily Volume Tops $300 Million

Golden Finance reports that PayPal bitcoin trading volume hit a new high of more than $300 million, according to its custodian itBit. Trading volume jumped from about $80 million per day to more than the peak of $240 million seen in January.

▌ Securities Daily: A number of mining pool-related companies are on fire to divest their domestic-related businesses

The Securities Daily issued an article saying that power supply to mining farms was suspended in some areas of Xinjiang and Sichuan, and a number of mining pool-related companies divested their domestic-related businesses in a hurry. While large mining farms have set off a wave of overseas mining, many small and medium-sized mining farms have not seen any action. As a large number of mining machines are difficult to sell at the desired price within a short period of time, and the high cost of overseas mining is more difficult to bear, they are more hopeful that the local regulation can be “high and light” and leave some room for maneuvering.

▌U.S. Lawmakers: More Clarity Needed on Crypto Asset Regulation

Ohio Republican Rep. Davidson said further clarity on crypto-asset regulation is needed. I will not buy dog coins.

▌U.S. lawmakers plan to reintroduce a series of cryptocurrency and blockchain bills

Golden Finance reports that U.S. Rep. Darren Soto, a Democrat, is preparing a series of crypto legislation to be introduced into Congress. On Tuesday, Soto reintroduced the Blockchain Technology Reconciliation Act in front of the Energy and Commerce Committee. The bill aims to create a new office within the Department of Commerce to govern the use of blockchain in the federal government. members of Soto’s team said Soto also plans to reintroduce the Digital Classification Act and the Blockchain Innovation Act later this week. Its team is also preparing to reintroduce the U.S. Virtual Currency Market and Regulatory Competitiveness Act and the Virtual Currency Consumer Protection Act.

▌US SEC Begins Review of SkyBridge and Fidelity Bitcoin ETF Applications

Golden Finance reports that the SEC has begun a formal review of SkyBridge and Fidelity’s bitcoin ETF applications, according to two SEC filings. Four other bitcoin ETFs were previously under review.

▌Social Sciences Researcher: Bitcoin has three major flaws

Yin Zhongli, chief economist of Rongsheng Development and researcher at the Institute of Finance of the Chinese Academy of Social Sciences, believes that Bitcoin has three major flaws that make it difficult to become a widely used currency, or even a substitute for gold. One of the defects of bitcoin is that the quantity is difficult to meet the needs of market transactions. Bitcoin’s second flaw is that it consumes a lot of energy, which is contrary to the concept of green development, so it is also known as a “dirty currency”. The third flaw of bitcoin is that it is too volatile.

▌”The Wolf of Wall Street”: Studying how to enter the crypto market “on a large scale”

U.S. billionaire and “Wolf of Wall Street” Carl Icahn said he is studying how to enter the crypto market on a “large scale”.

Posted by:CoinYuppie,Reprinted with attribution to:
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