U.S. Congressman Proposes Bill to Outlaw Cryptocurrency Purchases

During a Financial Services Committee hearing held this Thursday (May 9, 2019) U.S. Congressman Bradley Sherman (D-California) proposed a bill to outlaw cryptocurrency purchases in the country over their potential to undermine the U.S. dollar.

Sherman’s concerns regarding the cryptocurrency space are based on its ability to undermine the U.S. dollar. The Congressman stated:

I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans, so that we nip this in the bud, in part because an awful lot of our international power comes from the fact that the dollar is the standard unit of international finance and transactions.

He added that cryptocurrencies have the ability to empower nations that have been sanctioned by the United States, claiming it is the “announced purpose of the supporters of cryptocurrency to take that power away from us,” and put the United States in a position where international sanctions are irrelevant.

Sherman’s concerns may here be somewhat justified, as embattled nations have been known to turn to cryptocurrencies. Venezuela, for example, launched an oil-backed cryptocurrency to raise funds and bypass international sanctions, while Iran launched a gold-backed crypto shortly after seeing its banks get banned from using the SWIFT financial messaging system.

The Congressman also referred to Hamas’ efforts to raise funds using bitcoin. As covered, the group’s military wing managed to raise $7,400 worth of the flagship cryptocurrency in a few months while experimenting with crypto.

Most in the cryptocurrency space believe a ban on cryptocurrency purchases in the United States is unlikely, given the cryptocurrency community’s strength in the county, and the support that has been shown to the industry so far.

Notably, this is the second time this month a high-profile figure calls for a ban on cryptocurrencies. As covered, renowned economist Joseph Stiglitz argued we should “shut down cryptocurrencies” after defending the U.S. dollar.

This is also not the first time Sherman himself attacks cryptocurrencies. Last July, he declared U.S. citizens should be prohibited from “buying or mining cryptocurrencies.” In front of a subcommittee.

NFL Players Keep Buying Bitcoin; Binance Chain to Hard Fork

The top daily news from the cryptocurrency and blockchain space:

  • LedgerX wins regulatory nod on physically-settled bitcoin futures.
  • NFL players continue to buy up bitcoin.
  • Binance Chain set for major hard fork.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $12,595.5 (+11.4%) and $325.7 (+4.0%), respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 5,135.9 (+4.3%).

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LedgerX Wins Regulatory Nod on Physically-Settled Bitcoin Futures

U.S.-regulated bitcoin derivatives exchange and clearinghouse, LedgerX, had its application for designation as a contract maker approved by the U.S. Commodity Futures Trading Commission (CTFC); meaning it can now offer physically-settled bitcoin futures contracts.

With its application – which was initially filed in November 2018 – now approved by the CTFC, LedgerX will be able to list bitcoin derivatives contracts, including both options and futures, and offer them to investors, regardless of whether they are of a retail or institutional background. Such products are expected to trade on a new platform known as LedgerX Omni, the New York-based company shared in a blog post.

NFL Players Buy into Bitcoin Bull Run

How many NFL players have purchased bitcoin? At least 32.

That’s according to star NFL player and staunch Bitcoin proponent, Russell Okung, who today upwardly revised a June 17 tweet wherein he declared there were “at least 30” players in the NFL who had purchased the world’s top cryptocurrency by market cap.

Okung – who serves on the executive committee of the NFL Players Association – first updated his count on Tuesday evening (PT) from 30 to 31. Then, an hour later, he once more updated the tally to 32.

Prompting the second of the two updates was Oren Burks, a linebacker for the Green Bay Packers who responded to Okung’s June 17 tweet with the hashtag ‘HODL’, the popular term used within the crypto community when one intends to keep – rather than sell – their cryptocurrency holdings.

Binance Chain Set for ‘Galileo’ Hard Fork

Appearing on the Binance Chain community forum was a post outlining a June 26 Binance Chain testnet hard fork. The upgrade, which has been dubbed ‘Galileo’, will bring with it various changes to Binance Chain nodes, the Binance Chain client, and the fork of Tendermint upon which Binance Chain is built atop.

Some notable features of the upcoming Binance Chain hard fork include token time-locking capabilities and a newfound ability of validators to, in relation to Binance DEX, “create a delist proposal and vote on delisting trading pairs via governance.”

As for when the Binance Chain mainnet will receive the ‘Galileo’ upgrade, Tuesday’s post stated it will be “a few weeks” from now. A separate announcement will come in relation to this.