Riding The Wave News Summary 167

Crypto bill passes congressional committee in victory for industry, Elon Musk’s Twitter Overhaul Could Be Huge for DOGE and Crypto Generally, & more.

Jul 27, 2023

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Crypto bill passes congressional committee in victory for industry

A key congressional committee on Wednesday advanced a bipartisan bill that aims to develop a regulatory framework for cryptocurrencies, a milestone for Capitol Hill in its efforts to codify federal oversight for the digital asset industry.

The bill passed by the House Financial Services Committee would define when a cryptocurrency is a security or a commodity and expand the Commodity Futures Trading Commission's (CFTC) oversight of the crypto industry, while clarifying the Securities and Exchange Commission's jurisdiction, as many crypto advocates complain of the agency's perceived overreach.

The markup - where legislation is debated and brought to a vote, paving the way for a full vote by the House of Representatives - is the first time a crypto regulatory bill was put to a vote in Congress, a victory for crypto lobbyists who have pushed lawmakers to provide regulatory clarity for the industry.

But some Democrats, including Representative Maxine Waters, the top Democrat on the Financial Services committee, fiercely oppose the bill.
Waters said the bill would create more confusion and offer consumers and investors fewer protections than they have currently.
"This bill heeds the calls from the crypto industry while disregarding the views of the administration, the Securities and Exchange Commission and consumer and investor advocates," she said.

Lawmakers are also set to consider on Thursday a bill that would have the Federal Reserve write requirements for issuing stablecoins while preserving the authority of state regulators.
The bill was modified to address concerns from some Democrats, including Waters, that stablecoin issuers could evade stricter oversight by opting to be regulated under a state regime.
While McHenry in an interview this month told Politico he remained hopeful that he and Waters would reach an agreement on the bill, he also said a federal stablecoin regime is "not essential," adding that there are state frameworks already in place.

Full Article

Elon Musk’s Twitter Overhaul Could Be Huge for DOGE and Crypto Generally

Elon Musk's brazen attempt to refashion Twitter into a new, broader service called X will apparently turn the iconic social-media app into a platform for making payments.
This dream, according to experts, probably has implications for cryptocurrencies, most specifically one of the billionaire's favorite playthings: dogecoin (DOGE).
Musk has long talked about creating a so-called everything app that incorporates not only social media and messaging but also the ability to buy things and send money. Crypto could easily factor into that, given Musk’s long history of dabbling in digital assets.

“I suspect that he’ll incorporate other crypto assets such as bitcoin, ethereum along with stablecoins like USDC, but DOGE is such a part of Elon’s online presence that he would almost have to include a DOGE function were he to launch a crypto payments system on Twitter,” Evans said.
Musk’s vision for a platform called X goes years back to his time at PayPal, which got its name after the company merged with Peter Thiel and Max Levchin’s company Confitinity. Before the merge, its name was X.com – a URL Musk now owns and which redirects to twitter.com.
Twitter has already secured money transmitter licenses, which allows companies to receive and transfer funds, in three U.S. states – Michigan, Missouri and New Hampshire – as it quietly works on its payments tool.

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OpenAI's Sam Altman launches Worldcoin crypto project

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