SEC Comments, Disastrous For Ethereum?

SEC Gary Gensler’s Recent Comments Might Turn Disastrous For Ethereum In The Long Run

By Olivia Brooke – August 5, 2021

Being the first most valued digital currency by market cap has given Bitcoin a lot of free PR and padded its credibility significantly. However, being the second most valued digital currency and holding onto the spot for years, is almost equally just as commendable for Ethereum.

Its market cap of $328 billion remains attractive to investors, and its yearly price performance, especially since this year began, has surged significantly.


ETHUSD Chart by TradingView (Click image for larger view)

Ethereum (ETH) seems to be moving in a smooth direction, but it could all go south if and when regulatory bodies decide to fix their gaze on the asset, in the manner that they did Ripple.

Ethereum’s (ETH) fate in the United States still undecided

Recently, the Securities and Exchange Commission Gary Gensler sparked a buzz in the crypto ecosystems for his comments on Bitcoin, DeFi, and digital currencies in general. A resounding part of his statement that the community is lashing onto, is where Mr. Gensler asserted that the SEC will place its focus on regulating the cryptocurrency market to the maximum extent, as trading platforms and stablecoins will not be spared. While exchanges may need to tread carefully, Ethereum (ETH) may need to follow suit expeditiously.

As observed by community members, Gensler did not make it a point to clear things up on the SEC’s standing with Bitcoin.

“One thing Gensler made clear today: He thinks all of crypto is under his control, and he’s eager to expand the power of the SEC. He said the law is clear based on 75 enforcement actions, but seems to be walking back clarity on ETH, at least. All I see is more muddy water.” – Michael Arrington.

As noted by Ripple’s CEO, the last word that the former SEC Chairman Jay Clayton gave in respect to Ethereum was that it was not a security. The statement was backed by the former director of the SEC’s Division of Corporation Finance Bill Hinman. However, the senior trial counsel at SEC Dugan Bliss would go on to reject these viewpoints, to say the following

Now, there was a speech by a high-ranking person who said that to him that’s what it looked like, but there has been no action letter, no enforcement action, none of the official ways in which the SEC takes a position on that matter that has occurred.”

A worried Brad Garlinghouse, whose case with the SEC is still in motion, took to Twitter to pour out his concerns about the SEC’s reluctance to define its stances with Ethereum.

“In 2018 Bill Hinman said ETH isn’t a security and Jay Clayton agreed. But just weeks ago, Hinman filed a sworn affidavit in Court saying the SEC still has “not taken any position or expressed a view” on ETH’s status…so how is the market supposed to have clarity?!”

Although the SEC is yet to follow up Ethereum, Bliss’s comments were similar to what Gary Gensler said back in 2018, about Ethereum and Ripple’s XRP being “non-compliant securities.”

Bliss’s final advice to Ethereum investors, urging that they invest watchfully and take caution is becoming even more relevant to Ethereum investors now more than ever. It will certainly come as no surprise that the SEC follows up its recent comments with a probe into the many existing digital currencies including Ethereum. In the meantime, Crypto enthusiasts are occupied with trying to solve the puzzle on the state of things with the SEC, Ethereum, Jay Clayton, and the current Chairman Gensler.

Bitcoin skeptic CryptoWhale made an interesting point in this regard;

Jay Clayton resigning the day after they announced the Ripple lawsuit, then going on to work at a crypto firm that deals largely with Ethereum is a blatant politically motivated attack to suppress the innovation of its largest competitor.”

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Biggest Thing for Bitcoin?

Why Squares' $29 Billion Afterpay Acquisition Deal is the Biggest Thing for Bitcoin Right Now

By Olivia Brooke – August 5, 2021

Square is relentless in its efforts to increase the adoption rate of Bitcoin and it already seems to be paying off for both the payment giant and the Bitcoin market. Square is beginning to earn the title of one of the most valuable companies in the Bitcoin market and it seems the company is not ready to exit anytime soon.

How Square’s move will change the Bitcoin market

Recently, Square revealed it was buying the Australian fintech platform Afterpay, for a deal of $29 billion. The deal is estimated to be around 30% premium to Afterpay’s last closing price. Following the big reveal on Sunday evening, Afterpay’s shares surged and closed by an attractive 19% the following day. But Afterpay’s stock buyers were not the only ones excited. Bitcoiners were well within their rights to celebrate this win as the acquisition will reportedly enable Bitcoin users to buy Bitcoin.

Market players are gunning for the app’s integration to allow Bitcoiners to buy Bitcoin and pay later; a one of a kind gesture that will undoubtedly skyrocket the adoption rate of the benchmark asset. Although neither Jack Dorsey nor Square’s representatives have spoken in affirmation, the feature will be just as useful for retail and institutional investors who are looking to purchase Bitcoin at a different pace.

Speaking on the importance of Afterpay’s services for Square, Jack Dorsey noted the following in a statement, which reads in part ;

Square and Afterpay have a shared purpose. We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles.”

Meanwhile, Square’s CFO Amrita Ahuja established the company’s intent with advancing customer experience, something that the platform has been doing with Square’s Cash App services. Hinting that in typical Square fashion, Bitcoin buying and selling patterns could be stretched with new options using Afterpay.

We see a real opportunity to enable the next-gen consumer that’s looking for different ways and, in this experience, an interest-free way of expanding the purchase potential,said Ahuja.

What that ends up doing is merchants pay for the Afterpay experience but they get higher average order volumes, they get greater conversion, they get greater frequency and lower returns and they get a marketing channel from Afterpay… which is ultimately helping those merchants grow there business and that’s what Square is all about.” She added.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Advances to Regulate Bitcoin Market

Uruguay, Colombia Make Advances to Regulate Bitcoin Market

Senators in Uruguay and Colombia have introduced bills with the goal of creating a safer Bitcoin market in their countries.

Jose Antonio Lanz           3 min read • Aug 4, 2021

Uruguay is joining the recent wave of political initiatives to regulate the Bitcoin and cryptocurrency industry in Latin America, just as Colombia makes moves of its own to update its existing crypto framework.

Yesterday, Uruguayan businessman and Senator Juan Sartori introduced a formal draft of a bill to regulate crypto. The proposed law seeks to fill in legal loopholes related to the crypto industry with the aim of preventing crimes associated with the use of digital assets.

What’s in the Uruguay Bitcoin bill

The bill is relatively broad, which could improve its chances of moving forward, since it does not change any previously defined concepts or create the need to modify the country's current legal or administrative framework.

The proposed law essentially seeks to regulate the issuance, custody, and trading of crypto assets, leaving crypto mining, such as Bitcoin mining, in a different class of economic activity. It defines crypto assets as “digital products that use cryptographic encryption to guarantee their ownership and ensure the integrity of transactions.” By spelling it out in law, the bill aims to provide clarity to regulatory agencies when establishing rules, avoiding conflicting interpretations.

What’s more, the bill proposes three mandatory licenses for those interested in participating in the cryptocurrency industry.

The first is a license granted to those who act as intermediaries in the markets. In this case, both centralized and peer-to-peer exchanges operating in the country must be registered as such.

The second is a crypto asset custody license—that is to say, any business that safeguards the assets of its clients must have this registration. This category includes wallet providers, cryptocurrency exchanges, and banks and financial entities that would offer services to cryptocurrency users such as savings accounts, custody, and loans.

The third is a license to issue crypto-assets or tokens with financial characteristics. In this sense, ICOs and companies interested in issuing stablecoins or proprietary tokens (not unlike JP Morgan’s JPM Coin in the U.S., for example) must have a proper license before launching their token.

According to the bill, crypto mining will not require these types of special licenses, but it will require a permit granted by the Ministry of Industry. According to the Industrial Registry of the Ministry of Industry and Commerce, mining will be considered an "industrial activity"—meaning that it falls under the purview of the Ministry, and the process for obtaining a permit would remain relatively straightforward.

Colombia’s crypto bill moves forward

Meanwhile, in Colombia, Senator Mauricio Toro yesterday announced new advances to his own bill that seeks to enact crypto-friendly regulations in the country.

According to the Colombian senator, the law is fundamentally aimed at controlling the black market, guaranteeing safer transactions, and promoting alternatives to the traditional banking system.

To accomplish this, the bill establishes a series of requirements for national and foreign exchanges seeking to operate in the country, requiring them to register with Colombian authorities. In addition, companies must clearly state their corporate purpose as crypto-asset exchange services to consumers and provide risk disclosures regarding the irreversibility of crypto transactions, should the bill become law.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Original article posted on the Decrypt.co site, by Jose Antonio Lanz.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Advances to Regulate Bitcoin Market

Uruguay, Colombia Make Advances to Regulate Bitcoin Market

Senators in Uruguay and Colombia have introduced bills with the goal of creating a safer Bitcoin market in their countries.

Jose Antonio Lanz           3 min read • Aug 4, 2021

Uruguay is joining the recent wave of political initiatives to regulate the Bitcoin and cryptocurrency industry in Latin America, just as Colombia makes moves of its own to update its existing crypto framework.

Yesterday, Uruguayan businessman and Senator Juan Sartori introduced a formal draft of a bill to regulate crypto. The proposed law seeks to fill in legal loopholes related to the crypto industry with the aim of preventing crimes associated with the use of digital assets.

What’s in the Uruguay Bitcoin bill

The bill is relatively broad, which could improve its chances of moving forward, since it does not change any previously defined concepts or create the need to modify the country's current legal or administrative framework.

The proposed law essentially seeks to regulate the issuance, custody, and trading of crypto assets, leaving crypto mining, such as Bitcoin mining, in a different class of economic activity. It defines crypto assets as “digital products that use cryptographic encryption to guarantee their ownership and ensure the integrity of transactions.” By spelling it out in law, the bill aims to provide clarity to regulatory agencies when establishing rules, avoiding conflicting interpretations.

What’s more, the bill proposes three mandatory licenses for those interested in participating in the cryptocurrency industry.

The first is a license granted to those who act as intermediaries in the markets. In this case, both centralized and peer-to-peer exchanges operating in the country must be registered as such.

The second is a crypto asset custody license—that is to say, any business that safeguards the assets of its clients must have this registration. This category includes wallet providers, cryptocurrency exchanges, and banks and financial entities that would offer services to cryptocurrency users such as savings accounts, custody, and loans.

The third is a license to issue crypto-assets or tokens with financial characteristics. In this sense, ICOs and companies interested in issuing stablecoins or proprietary tokens (not unlike JP Morgan’s JPM Coin in the U.S., for example) must have a proper license before launching their token.

According to the bill, crypto mining will not require these types of special licenses, but it will require a permit granted by the Ministry of Industry. According to the Industrial Registry of the Ministry of Industry and Commerce, mining will be considered an "industrial activity"—meaning that it falls under the purview of the Ministry, and the process for obtaining a permit would remain relatively straightforward.

Colombia’s crypto bill moves forward

Meanwhile, in Colombia, Senator Mauricio Toro yesterday announced new advances to his own bill that seeks to enact crypto-friendly regulations in the country.

According to the Colombian senator, the law is fundamentally aimed at controlling the black market, guaranteeing safer transactions, and promoting alternatives to the traditional banking system.

To accomplish this, the bill establishes a series of requirements for national and foreign exchanges seeking to operate in the country, requiring them to register with Colombian authorities. In addition, companies must clearly state their corporate purpose as crypto-asset exchange services to consumers and provide risk disclosures regarding the irreversibility of crypto transactions, should the bill become law.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

ecosystem for entrepreneurs
Markethive Advertisement

Original article posted on the Decrypt.co site, by Jose Antonio Lanz.

Article re-posted on Markethive by Jeffrey Sloe

Will Bitcoin Miners Become Exempt From Tax?

Senators Move to Exempt Bitcoin Miners From Tax Provision in Infrastructure Bill

Senators Ron Wyden, Cynthia Lummis, and Pat Toomey have proposed an amendment to a crypto provision seeking to garner $28 billion in taxes.

Jeff Benson           3 min read • Aug 4, 2021

A bipartisan amendment would de-fang a cryptocurrency provision attached to a $1 trillion infrastructure bill being debated in the U.S. Senate.

Senators Ron Wyden (D-OR), Cynthia Lummis (R-MT), and Pat Toomey (R-PA) have introduced an amendment that would exempt Bitcoin miners and validators on other blockchain networks from a provision aimed at raising $28 billion in tax revenue to help pay for the bill.

The original language of the bill changed the definition of a broker for tax purposes to include “any person who (for consideration) is responsible for and regularly provides and services effectuating transfers of digital assets.”

That meant a whole range of non-custodial crypto actors, including miners and validators on proof-of-stake networks, would legally be required to file 1099 forms—which ask for customer names and addresses—with the Internal Revenue Service.

As Compound General Counsel Jake Chervinsky noted last week: “As those who understand crypto already know, users are pseudonymous & access is permissionless. It’s literally impossible for non-custodial actors like miners to get the information they need to do Form 1099s.”

He continued: “In practice, this could mean a de facto ban on mining in the USA.”

Even if impractical, it amounted to a backdoor way of gathering private data on cryptocurrency users.

The proposed amendment—which, in fact, would update a different bipartisan amendment to the provision—makes clear that’s not the provision’s intent. It specifically excludes those responsible for “validating distributed ledger transactions,” as well as wallet creators and protocol developers.

Industry advocacy groups Blockchain Association and Coin Center have released a joint statement with exchange Coinbase, FinTech firm Square, and Ribbit Capital in support of the amendment.

Claiming that the bill’s original language “would place unworkable requirements on crypto technology,” they wrote: “Clarifying the provision to address our concerns would not affect the reporting requirements on crypto exchanges that operate on behalf of customers.”

Senator Wyden is a longtime advocate of web privacy. Last year, he sponsored a bill that would prevent warrantless searches of American’s web browsing histories. Senator Lummis is a major proponent of Bitcoin and believes the currency’s deflationary properties provide an antidote to the Federal Reserve’s expansionist monetary policy. For his part, Senator Toomey in June wrote a letter to Treasury Secretary Janet Yellen asking her to re-think proposed FinCEN requirements to collect data on private cryptocurrency wallets.

The Senate will be busy debating other amendments to the infrastructure bill, which is expected to be voted on before the chamber goes into recess this weekend.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Original article posted on the Decrypt.co site, by Jeff Benson.

Article re-posted on Markethive by Jeffrey Sloe

PayPal Expanding Crypto Team

PayPal Is Expanding Crypto Team, Hiring 100+ Crypto Positions Globally

By Taylor Scott – August 3, 2021 in Cryptocurrency News Reading Time: 3 min read

Payments behemoth PayPal is expanding their crypto personnel. The company is reportedly hiring over 100 crypto-related employees as consumer crypto demand continues to grow. Over the past week, PayPal has been in continued conversations around growing it’s crypto services.

A Lot Of Shoes To Fill

While a majority of the job listings are in the U.S., there are a variety of positions across the globe – including five listings in Tel Aviv, seven in Guatemala City, and six between Dublin and Dundalk. Stateside, over twenty listings are in California, with another fourteen in New York and a dozen in Austin, TX. There’s a variety of positions in other U.S. cities as well.

Roles run the gambit, as well. Positions include anything from Enterprise Risk Managers and Operations Managers, to Legal Directors and Engineers – both on web and mobile. A number of the roles are for PayPal’s online money transfer service, Xoom, and for mobile payments app Venmo.


PayPal looks to continue investment in building it's crypto infrastructure, now bringing on a substantial amount of new team members across the globe. | Source: NYSE: PYPL on TradingView.com

Related Reading | On-Chain Expert Predicts $162K Bitcoin Peak This Cycle

Crypto “Super App” & More From PayPal

Crypto development and expansion for PayPal seem to be on the up and up. During the company’s second-quarter earnings call, CEO Dan Schulman stated that “the initial version of our new new consumer wallet super app is code complete and we are now beginning to slowly ramp.” Schulman added that features will likely include “high-yield savings, early access to direct deposit funds, new and improved bill pay functionality, messaging capabilities outside of P2P to enable family and friend communications” and more.

Crypto expansion is clearly in full swing. Another note from Schulman on the recent earnings call was that crypto services in the U.K. could be unrolled as early as later this month.

Last month, the firm also removed their annual purchase limit on crypto, and raised their weekly limit to $100K. The bumps were substantial previous weekly limit was $20K, and previous annual limit was $50K. These moves look to be the start of more aggressive maneuvers for PayPal in crypto. “We’re right in the middle of some open banking integration,” Schulman noted on the earnings call, which would “increase the ability to fully integrate it into ACH and do faster payments.”

The new crypto job listings come right on the cusp of PayPal competitor Square releasing strong year-over-year growth in bitcoin revenue and profits.

PayPal crypto launched in October 2020. Shortly after launch, U.S. customers were able to buy, sell and store Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. Could more global access be on the horizon for PayPal customers?

Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article

Featured image from Pixabay, Charts from TradingView.com

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The original article was written by Taylor Scott and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

This Could Send Bitcoin On A Tear

Trend Line Touch Could Send Bitcoin On A Tear

By Hououin Kyouma – August 3, 2021 in Bitcoin Reading Time: 3 min read

Popular Bitcoin model Stock-to-Flow (S2F) shows BTC has touched a trend line that has historically sent the crypto flying.

Bitcoin Touches S2F Deflection Trend Line

As pointed out by a crypto analyst on Twitter, BTC seems to have just touched a lower S2F deflection trend line.

The S2F or Stock-to-flow Bitcoin model helps in predicting the price of BTC. The method has proved to be remarkably accurate so far, besides a few points of deviation.

S2F model is based on the ratio between the stock (supply) and the flow (annual production). The model can be applied to any asset, not just BTC. A higher value of the indicator means the commodity is more scarce.

Here is how the latest S2F chart for Bitcoin looks like:


The BTC S2F chart seems have a negative deflection at the moment | Source: buybitcoinworldwide.com

As the graph shows, despite some deflections during certain periods, the model still seems to be close. Currently, the chart shows a negative deflection.

Now, there is another, related indicator of relevance here. The Stock-to-Flow deflection. This metric highlights whether an asset is undervalued or otherwise in terms of its S2F value.

Related Reading | On-Chain Expert Predicts $162K Bitcoin Peak This Cycle

The BTC S2F deflection is calculated by taking the ratio between the current price and the S2F value. When the ratio is more than 1, it means BTC is overvalued, while if it’s less than 1, the crypto is said to be undervalued.

Below is a chart that shows the current trend in the BTC S2F deflection value:


The BTC S2F deflection ratio is much less than 1 right now | Source: glassnode

As the graph shows, there is a trend line that Bitcoin has touched in the past, soon after which the price has jumped up.

It seems like the crypto has once again made a touch on this line, and if past pattern follows, the price might move up.

BTC Price

At the time of writing, Bitcoin’s price is around $38k, up 2% in the last 7 days. Over the past month, the coin has accumulated 8% in gains.

Here is a chart showing the trend in the value of the cryptocurrency over the last 6 months:


BTC seems to be once again moving downwards | Source: BTCUSD on TradingView

After a relieving period of sharp uptrend where Bitcoin reached $42k, the coin is once again falling down. As the S2F deflection trend line shows, it’s possible the price might shoot back up. However, that’s only given the pattern indeed holds.

Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article

Also, something to note here is that even if the pattern holds, the price might not immediately go up. As the S2F deflection chart shows, BTC touched the trend line twice in 2017 before shooting back up.

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The original article was written by Hououin Kyouma and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Bitcoin On A Tear?

Trend Line Touch Could Send Bitcoin On A Tear

By Hououin Kyouma – August 3, 2021 in Bitcoin Reading Time: 3 min read

Popular Bitcoin model Stock-to-Flow (S2F) shows BTC has touched a trend line that has historically sent the crypto flying.

Bitcoin Touches S2F Deflection Trend Line

As pointed out by a crypto analyst on Twitter, BTC seems to have just touched a lower S2F deflection trend line.

The S2F or Stock-to-flow Bitcoin model helps in predicting the price of BTC. The method has proved to be remarkably accurate so far, besides a few points of deviation.

S2F model is based on the ratio between the stock (supply) and the flow (annual production). The model can be applied to any asset, not just BTC. A higher value of the indicator means the commodity is more scarce.

Here is how the latest S2F chart for Bitcoin looks like:


The BTC S2F chart seems have a negative deflection at the moment | Source: buybitcoinworldwide.com

As the graph shows, despite some deflections during certain periods, the model still seems to be close. Currently, the chart shows a negative deflection.

Now, there is another, related indicator of relevance here. The Stock-to-Flow deflection. This metric highlights whether an asset is undervalued or otherwise in terms of its S2F value.

Related Reading | On-Chain Expert Predicts $162K Bitcoin Peak This Cycle

The BTC S2F deflection is calculated by taking the ratio between the current price and the S2F value. When the ratio is more than 1, it means BTC is overvalued, while if it’s less than 1, the crypto is said to be undervalued.

Below is a chart that shows the current trend in the BTC S2F deflection value:


The BTC S2F deflection ratio is much less than 1 right now | Source: glassnode

As the graph shows, there is a trend line that Bitcoin has touched in the past, soon after which the price has jumped up.

It seems like the crypto has once again made a touch on this line, and if past pattern follows, the price might move up.

BTC Price

At the time of writing, Bitcoin’s price is around $38k, up 2% in the last 7 days. Over the past month, the coin has accumulated 8% in gains.

Here is a chart showing the trend in the value of the cryptocurrency over the last 6 months:


BTC seems to be once again moving downwards | Source: BTCUSD on TradingView

After a relieving period of sharp uptrend where Bitcoin reached $42k, the coin is once again falling down. As the S2F deflection trend line shows, it’s possible the price might shoot back up. However, that’s only given the pattern indeed holds.

Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article

Also, something to note here is that even if the pattern holds, the price might not immediately go up. As the S2F deflection chart shows, BTC touched the trend line twice in 2017 before shooting back up.

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The original article was written by Hououin Kyouma and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

PayPal Expanding Crypto Team

PayPal Is Expanding Crypto Team, Hiring 100+ Crypto Positions Globally

By Taylor Scott – August 3, 2021 in Cryptocurrency News Reading Time: 3 min read

Payments behemoth PayPal is expanding their crypto personnel. The company is reportedly hiring over 100 crypto-related employees as consumer crypto demand continues to grow. Over the past week, PayPal has been in continued conversations around growing it’s crypto services.

A Lot Of Shoes To Fill

While a majority of the job listings are in the U.S., there are a variety of positions across the globe – including five listings in Tel Aviv, seven in Guatemala City, and six between Dublin and Dundalk. Stateside, over twenty listings are in California, with another fourteen in New York and a dozen in Austin, TX. There’s a variety of positions in other U.S. cities as well.

Roles run the gambit, as well. Positions include anything from Enterprise Risk Managers and Operations Managers, to Legal Directors and Engineers – both on web and mobile. A number of the roles are for PayPal’s online money transfer service, Xoom, and for mobile payments app Venmo.


PayPal looks to continue investment in building it’s crypto infrastructure, now bringing on a substantial amount of new team members across the globe. | Source: NYSE: PYPL on TradingView.com

Related Reading | On-Chain Expert Predicts $162K Bitcoin Peak This Cycle

Crypto “Super App” & More From PayPal

Crypto development and expansion for PayPal seem to be on the up and up. During the company’s second-quarter earnings call, CEO Dan Schulman stated that “the initial version of our new new consumer wallet super app is code complete and we are now beginning to slowly ramp.” Schulman added that features will likely include “high-yield savings, early access to direct deposit funds, new and improved bill pay functionality, messaging capabilities outside of P2P to enable family and friend communications” and more.

Crypto expansion is clearly in full swing. Another note from Schulman on the recent earnings call was that crypto services in the U.K. could be unrolled as early as later this month.

Last month, the firm also removed their annual purchase limit on crypto, and raised their weekly limit to $100K. The bumps were substantial previous weekly limit was $20K, and previous annual limit was $50K. These moves look to be the start of more aggressive maneuvers for PayPal in crypto. “We’re right in the middle of some open banking integration,” Schulman noted on the earnings call, which would “increase the ability to fully integrate it into ACH and do faster payments.”

The new crypto job listings come right on the cusp of PayPal competitor Square releasing strong year-over-year growth in bitcoin revenue and profits.

PayPal crypto launched in October 2020. Shortly after launch, U.S. customers were able to buy, sell and store Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. Could more global access be on the horizon for PayPal customers?

Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article

Featured image from Pixabay, Charts from TradingView.com

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Markethive Advertisement

The original article was written by Taylor Scott and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

US Bill Eyes Crypto Traders

US Bill Eyes Crypto Traders, Aims for Stricter Laws to Boost Tax Revenue by the Billions

By Daily Hodl Staff • August 2, 2021 // REGULATORS

The U.S. Blockchain Association is stepping up to battle new crypto regulations that are being proposed in the historic bipartisan infrastructure deal that’s working its way through the Senate.

Robert Frank, a wealth reporter at CNBC, says the latest draft of the 2,702-page infrastructure bill targeting efforts to modernize bridges, roads, water pipes, electric vehicle charging stations, and internet service, among other systems, is trying to tackle crypto tax evasion.

Introduced on page 2,433 of the bill, new reporting rules for crypto traders are expected to raise an estimated $28-30 billion over 10 years in tax revenue, according to Frank, by cracking down on people who aren’t reporting taxable crypto transactions. The bill states,

“The amendments made by this section shall apply to returns required to be filed, and statements required to be furnished, after December 31, 2023.”

Very few exchanges actually report taxable transactions to the Internal Revenue Service, according to Frank. The new bill would impose stricter laws on businesses handling crypto, making crypto sellers report purchase and sales prices. It would also require digital asset transactions of $10,000 or more to be reported to the IRS.

The Blockchain Association, a member-led lobbying group, says the potential regulations would burden individuals and entities with reporting requirements to provide information they don’t have access to.

Explains Kristin Smith, executive director of the Blockchain Association,

“What Congress is considering with this measure is not a new tax on the cryptocurrency industry. Instead, it puts new reporting requirements on individual players in the industry who have no way to comply.

“These individuals will be faced with impossible-to-fulfill reporting requirements that could thwart critical investments in our economy and communities across the country. So not only will these types of reporting requirements push businesses and jobs overseas ​​– ceding American leadership in the crypto space to our international competitors – it won’t collect the $28 billion Congress thinks they’ll bring in.”

The deal is expected to cost an estimated $1.2 trillion over eight years, according to The Hill. Senate Majority Leader Chuck Schumer hopes to get the bill out of the Senate by August 9th, according to CNBC.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/REDPIXEL.PL

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

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