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State-Chartered Banks in Texas to Provide Crypto Custody

State-chartered banks in Texas can now provide crypto custody services to their customers in accordance to the existing legal frameworks.

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State-chartered banks in Texas can now provide crypto custody services to their customers, according to a notice from the Texas Department of Banking.

State-Chartered Banks Can Store Cryptos on Behalf of Clients

The Texas Department of Banking issued a notice on June 10 that state-chartered banks may store cryptocurrencies on behalf of their clients, in accordance with the “adequate protocols in place” and that banks are complying with existing legal frameworks

According to the notice, the custody services offered by state-chartered banks would depend on each bank’s “expertise, risk appetite, and business model.”

For instance, the banks could offer either fiduciary and non-fiduciary custody services that could range from safely storing copies of a customer’s private keys to directly controlling the digital assets, including holding private keys, on behalf of its customers.

READ  Biden Administration Could Roll Out New Crypto Regulations

Furthermore, they could even settle trades between cryptocurrencies and the U.S. dollar and even create their own stablecoins.

“The bank may choose to allow the customer to retain direct control over their own virtual currency and merely store copies of the customer’s private keys associated with that virtual currency. Alternatively, the bank may cause the customer to transfer their virtual currency directly to the control of the bank, creating new private keys that are then held by the bank on behalf of the customer” reads the notice.

Texas Anticipating Biggest Renewable-Based Crypto Mining

Manhattan Solar Partners, LLC has announced plans to construct the biggest renewable-powered cryptocurrency mining data center in Texas.

A joint venture with BIT5IVE, LLC and GMine LLC, Manhattan Solar Partners aims to bring international focus to Texas as a global crypto mining center.

READ  Carl Icahn may Invest in Cryptocurrencies ‘In A Relatively Big Way’

BIT5IVE is a builder of class A crypto mining centers that provide advanced hardware solutions while GMine is a project to explore the capabilities of renewable power in crypto mining.

Besides focusing on sustainable solutions to cryptocurrency mining, the data center will also create around 700 jobs for the local economy and expected to begin its construction in Q3 of 2021 and go live in Q4 2021.

#Crypto Custody #State-Chartered Banks #Texas

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Source: https://www.cryptoknowmics.com/news/state-chartered-banks-in-texas-to-provide-crypto-custody

Blockchain

Amazon Wants to Hire A Blockchain Executive Lead

Amazon has posted a job advertising on its website for a digital currency and blockchain executive lead, signalling potential crypto integration.

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Amazon has placed a job advertisement for a digital currency and blockchain executive lead on its website, indicating future crypto integration.

Amazon Posts A Position For A Blockchain Executive Lead

The job description seeks for someone to “own the vision and strategy for Amazon’s Digital Currency and Blockchain strategy and product roadmap,” as well as someone with a “Deep grasp of the digital / cryptocurrency ecosystem and associated technologies.”

The position would be located inside Amazon’s Payments Acceptance & Experience team and would “create Amazon’s Digital Currency and Blockchain strategy and product roadmap.”

While this appears to be a key position within the firm, it is not the only one based on blockchain. A job search for ‘blockchain’ on Amazon’s job board yields 73 results for various blockchain specialist and development positions.

“We believe that the future will be built on new technologies that enable modern, rapid, and inexpensive payments, and we intend to offer that future to Amazon customers as quickly as possible,” the company declared, according to Business Insider’s Eugene Kim.

Amazon Does Not Accept Cryptocurrency As Payment For Its Items

Amazon Web Services, the company’s cloud-computing division, provides a managed blockchain solution. 

However, Amazon does not accept cryptocurrency as payment for its items. Amazon CEO Andy Jassy (then CEO of AWS) stated in 2017 that the business was not especially focused on blockchain technology, while he admitted that Amazon was “watching it closely.”

Bitcoin and other digital currencies have gained in popularity in recent years, leading to increased institutional use. Facebook, which has funded a digital currency initiative called Diem, is another example of a technology company warming up to cryptocurrencies. 

In May, Apple said that it was seeking for a lead negotiator to form agreements with “alternative payments” partners, with cryptocurrencies listed as one possible area of competence.

READ  CRC’s Ratings Good News For BAT, IOTA; Not For Ripple

#Amazon #Amazon AWS #Amazon jobs #Amazon’s Digital Currency and Blockchain strategy #Amazon’s Payments Acceptance & Experience team #Andy Jassy #Blockchain #Crypto integration #Diem Digital Currency #Eugene Kim

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Source: https://www.cryptoknowmics.com/news/amazon-wants-to-hire-a-blockchain-executive-lead

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Canadian Border Town Halts Crypto Mining to Draw Up Regulations

Massena, a small New York town along the Canadian border has put the brakes on its crypto mining operations with a 90-day moratorium on new miners.

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Massena, a small New York town along the Canadian border has put the brakes on its crypto mining operations. The town has imposed a 90-day moratorium on new crypto miners, during which it will draw up fresh regulations to ensure that mining facilities and rigs are prevented from littering areas.

Canadian Border Town Suspends Crypto Mining Operations

As per a report published by the Associated Press, Massena has suspended all new mining operations for Bitcoin and other cryptocurrencies for 90 days. The town’s supervisor Steve O’Shaughnessy said that the decision was taken after trailers filled with mining equipment started popping up on the main road.

“We don’t want Massena to be filled up with these sea boxes throughout the town,” he asserted. “We don’t want it littered with these trailers that are pumping out Bitcoin.”

Town officials are planning to leverage the 90-day restriction to formulate rules that keep Massena’s roadsides uncluttered and make mining facilities more “presentable.” 

“We just want to make sure if they’re going to come here, that it’s a nice presentable building,” O’Shaughnessy stated.

Meanwhile, the town’s power supplier Massena Electric is in negotiations with three crypto miners. According to a WWNY report, the company is making sure that any deal it makes with these businesses protects its customers, who will also benefit from the increased sales. The energy supplier also has its own moratorium on working with new mining firms.

China’s Crypto Crackdown Brings Opportunities for Massena

Like many other North American towns, Massena has seen an influx of crypto miners ever since China banned mining operations in many of its provinces. Ousted companies scouring for greener pastures look towards the region for cheap electricity and legal support.

This bodes well for border communities that were hammered by job losses in factories for nearly a decade. The emergence of Bitcoin and other crypto mining companies indicates that new jobs are coming out and industrial activity is regaining its lost momentum in places like Massena.

As reported earlier, North America’s contribution to the global Bitcoin mining share is steadily increasing. The United States is now the second-largest hub for crypto mining with 17% of the world’s BTC miners. That is a staggering increase of 151% from last year’s mining rates in September. With more crypto miners flocking to the region, it’ll become easier for the industry to seek the support of regulators to continue their expansion in the future.

READ  Peter Schiff Says Tether Could Surpass ETH, Become 2nd Largest Crypto

#China Crypto Crackdown #Crypto Mining #Massena #North America

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Source: https://www.cryptoknowmics.com/news/canadian-border-town-halts-crypto-mining-to-draw-up-regulations

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Uniswap Labs Restricts Access to Some Tokenized Stocks and Derivatives on Protocol Interface

Uniswap Labs revealed in a blog posting that it is restricting access to tokenized stocks and derivatives on its supporting protocol interface.

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Uniswap Labs, the software development studio, revealed in a blog posting on Friday that it is restricting access to some tokens involving tokenized stocks and derivatives on its supporting protocol interface. The news came after the announcement by the regulators of the United States that they are going to increasingly watch out for these types of products.

Uniswap Labs Restricts Access to Tokenized Stocks and Derivatives

While explaining the decision of restricting the tokens following the announcement made by the US regulators, they mentioned the evolving regulatory scenario. The blog entry said:

“Consistent with actions taken by other Defi interfaces, we have taken the decision to restrict access to certain tokens through app.uniswap.org.”

Along with this, other crypto firms have canceled their tokenized stock products in recent weeks, and one such example is Binance. Though it should be noticed that Uniswap, unlike Binance, is a decentralized exchange and it is restricting access through its own interface. 

Gary Gensler, the Chairperson of the Securities and Exchange Commission said in a speech on Tuesday in front of the Bar Association that stock tokens on both centralized and decentralized platforms are required to be registered with the regulator.

Limited Access to over 100 Tokens

As stated by the Uniswap Labs, the statement read:

“Today, consistent with actions taken by other Defi interfaces, we have taken the decision to restrict access to certain tokens through app.uniswap.org. Importantly, the Uniswap Protocol — unlike the interface — is a set of autonomous, decentralized, and immutable smart contracts. It provides unrestricted access to anyone with an Internet connection.”

The SEC and CFTC have similarly led authoritative incursions into the token market and have targetted certain asset classes for possible fraud and illegal activities.

The Github repository has the list of all the tokens that are now going to become unsupported on the Uniswap web app and it was published by the Uniswap Labs. 

READ  Tokenized Stocks of Tesla, Facebook, Google Launched on Solana Blockchain

#Derivatives #Tokenized Stocks #Uniswap Labs

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Source: https://www.cryptoknowmics.com/news/uniswap-labs-restricts-access-to-some-tokenized-stocks-and-derivatives-on-protocol-interface

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Is London Hardfork Delayed Again? How Well Will Ethereum Price Hold Up?

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The post Is London Hardfork Delayed Again? How Well Will Ethereum Price Hold Up? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Elon Musks’ revelation that he holds Ethereum gave it the much-needed nudge to break above the $2000 psychological level, Since then ETH has been trading in green. However, ETH should now hold up well to continue the uptrend or a sideways action will bloom again. ETH has been trading in the $2,007.48 – $2,156.63 range, …

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Elon Musks’ revelation that he holds Ethereum gave it the much-needed nudge to break above the $2000 psychological level, Since then ETH has been trading in green. However, ETH should now hold up well to continue the uptrend or a sideways action will bloom again.

ETH has been trading in the $2,007.48 – $2,156.63 range, After opening the day at $2039 it has continued to rise and is trading at $2152 up by 4.1% in the last 24 hours. The weekly trend also looks good as it has risen 14.9% in the last 7 days. 

Popular Analyst and trader Rekt Capital has charted key levels for ETH to hold over the weekend. According to him, ETH should have a weekly candle close above $2058 to reclaim its multi-month higher low. 

While this is for the short term, making a long-term ultra bullish case for ETH is analyst Crypto Wolf on Twitter. The analyst says ETH will hit $4k in the next 6 months. When this scenario plays out ETH hitting $10K will be an obvious possibility.

London Hardfork to be delayed?

The much-awaited deployment of London Hardfork which was scheduled for Aug 4 can now be tentatively postponed. According to the ETH2 developers, the team will consider the optimal solution for network security, and any delay in the hard fork will be due to security concerns.

Prior to the London hard fork, the ETH2 developer team addressed the concerns of miners and traders. The team discovered and addressed a flaw in the code. However, if there are any more security issues, the hard fork may be postponed.

On the next AllCoreDevs call, the developers will debate the best technique for securing the Ethereum network.

With a possibility of delay in London Hardfork, ETH could fall short of a strong catalyst to uphold its price action. Hence, it is to be watched out for how ETH performs alongside the support of the broader crypto market.

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Source: https://coinpedia.org/ethereum/london-hardfork-delayed-again-will-ethereum-price-hold-up/

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