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XRP Is Not a Security, Argues US Congressman Tom Emmer

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On Aug. 20, Representative Tom Emmer (R-MN) held the first ever Cryptocurrency Town Hall, bringing together a number of leaders from the Blockchain space.

Conducted in collaboration with the Chamber of Digital Commerce PAC, the event featured major crypto figures like Circle CEO Jeremy Allaire, Ripple CEO Brad Garlinghouse, eToro’s Guy Hirsch, BitPay’s CEO Stephen Pair, and Paxos’ Chad Cascarilla.

Ripple CEO Garlinghouse outlined that the biggest challenge faced by Ripple so far is the lack of clarity around the regulatory status of XRP. “The biggest challenge Ripple has faced and anyone developing in the XRP community has faced is the lack of clarity on how assets beyond Bitcoin and Ether are gonna be defined by the SEC.” Garlinghouse continued that the absence of that regulatory framework “restricts innovation.”

Garlinghouse’s remarks come amid the long-running regulatory uncertainty around XRP. In the past, this uncertainty escalated into multiple lawsuits, alleging that XRP is an unregistered security. Though first brought up in 2018, the U.S. Securities and Exchange Commision, or SEC, has not provided a firm stance on the matter to date.

Addressing the issue at the Cryptocurrency Town Hall, Emmer delivered his own verdict:

“My position is very clear. XRP is not a security.”

Emmer went on to say that U.S. authorities risk local businesses fleeing outside of the U.S. if the government continues to kill innovation.

The Congressman is not alone in his stance on XRP. In June 2020, Former Commodity Futures Trading Commission Chairman Chris Giancarlo also said that, according to the Howey Test, XRP does not meet the criteria to be considered a security.

During the event, Emmer also announced that the Congressman is now accepting donations in crypto for his campaign. According to the recorded event, Emmer’s campaign will be using the crypto payment firm BitPay to process those payments. Earlier today, a “Donate in Crypto” section was added to Emmer’s official website.

Emmer delivered some Bitcoin-friendly remarks earlier this month in an interview with co-founder of Morgan Creek Digital Anthony Pompliano. The official said that Bitcoin “ain’t going away” and is “gonna get stronger” as the world comes out of the coronavirus-fueled financial crisis.

Source: https://cointelegraph.com/news/xrp-is-not-a-security-argues-us-congressman-tom-emmer

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LINK Liftoff Will Lead The Coin Towards $15 In The Near-Term: Analysis

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A new LINK Liftoff will lead the coin towards the $15 price level in the near-term as the coin is showing positive signs above the $13.00 level similar to Bitcoin. The price will speed up towards $15.00 or higher so let’s see the price analysis in today’s Chainlink coin news.

LINK’s token price is trading above the $13.00 level against the US dollar and now the price is facing hurdles close to the $14.00 and the 100 simple moving average with a major rising channel forming a support near the $13.50 on the 4-hour charts of the pair. The pair will also continue higher above $15.00 as a new LINK liftoff is preparing. After the sharp decline, there was a steady recovery in all XRP, ETH, and BTC as well as Chainlink so its price climbed above $12.50 and moved into the positive zone as well.

link 24hours
LINK 24-hours Price Chart (Source: Coingecko)

There was a close above the $13.00 level with a price hike above the $14.00 level but failing to clear the $15.00 resistance. A new high was formed close to the $14.89 level before the price corrected to the $13.03 level and now it is trading slightly below it. LINK’s price surpassed the $13.50 level and broke the 23.6% fib retracement level of the recent drop from the $14,89 swing high to the $13.04 swing low. LINK is facing hurdles at $14.00 with a major rising channel forming with support at $13.50 on the 4-hour charts for the pair. On the upside, the price will have to clear the $14.00 level and prepare the coin for more gains.

link.usd
Source LINK/USD on TradingView.com

The 50% fib retracement level from the decline at $14.89 swing high to $13.03 swing low is also set at $13.96. Breaking above the $14.00 level could increase the chances of more upsides above the $14.50 level and the $15.00 resistance level as well. With the initial support for Chainlink’s price nearing the $13.55 level, the first major support will form at $13.50. if there’s another downside break below the $13.50 support zone, there’s a risk of dropping towards the $13.00 support level with the next major support awaiting at the $11.50 level. The 4-hour MACD for the pair is having a hard time gaining momentum in the bullish zone while the 4-hour RSI is declining in the 50 level.

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Source: https://www.dcforecasts.com/chainlink-news/link-liftoff-will-lead-the-coin-towards-15-in-the-near-term-analysis/

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TrustToken and Syscoin Partner on a Stablecoin Bridge

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Decentralized marketplace and e-commerce protocol Syscoin has partnered with the stablecoin platform TrustToken.

The goal of the collaboration is to speed up payments and to provide further solutions to Ethereum’s blockchain. It also means that the five stablecoins of TrustToken, namely TUSD, TGBP, THKD, TCAD, and TAUD, will run on Syscoin’s blockchain and be available for users.

A Collaboration Between Syscoin and TrustToken

According to a release shared with CryptoPotato, the popular decentralized marketplace and e-commerce protocol Syscoin has teamed up with stablecoin platform TrustToken.

Right off the bat, this means that the stablecoins provided by the platform will now run on Syscoin’s blockchain as well. These are TUSD, TGBP, THKD, TCAD, and TAUD.

Stablecoins have grown in popularity over the past few months, mainly because of the DeFi boom, where they are used to enable staking, liquidity provision, and so forth. However, there was also an obvious challenge with all of it – scaling. Supposedly, Syscoin is intended to help with that. Using Z-DAG (Zero Confirmation Directed Acyclic Graph), the protocol claims to be able to settle transactions in less than 10 seconds with comparatively low fees.

The partnership will also enable users to mine two cryptocurrencies at the same time – SYS and BTC.

Distribution of the Roles

While Syscoin’s task would be scalability, TrustToken comes in for the stablecoin part. It’s a platform that aims at an open financial system through a selection of stablecoins.

The stablecoins it offers are collateralized, and it has also partnered with Chainlink, as well as other protocols.

The overall partnership is aimed at creating a solution for scalable and secure token payments at a lower risk interoperability with Ethereum’s network. It should make TrustToken’s stablecoins function quicker and cheaper following the enabling of the bridge.

Speaking on the matter was Syscoin’s Foundation Chairman Jag Sidhu, who said:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

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Source: https://cryptopotato.com/trusttoken-and-syscoin-partner-on-a-stablecoin-bridge/

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Visa And BlockFi Partner To Release A Bitcoin Rewards Credit Card

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  • The US-based cryptocurrency lending company BlockFi has partnered with the American multinational financial services corporation Visa to bring Bitcoin to the masses.
  • Bloomberg reported that the two US companies will offer a credit card that rewards clients’ purchases with the primary cryptocurrency, instead of traditional options such as cash and airline miles.
  • Dubbed the Bitcoin Rewards Credit Card, it will allow customers to receive 1.5% of their purchases back in BTC. 
  • Should the user spend more than $3,000 in the first three months after receiving the card, he will be entitled to a bonus of $250 in bitcoin. However, the innovative card will come with a $200 annual fee.
  • Evolve Bank & Trust, a subsidiary of Evolve Bancorp Inc, will be the card’s issuer. All three parties involved plan to launch the card in early 2021.
  • Founder and Chief Executive Officer (CEO) of BlockFi, Zac Prince, commented that his company is “excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of customers.”
  • With the BlockFi partnership, Visa has doubled-down on its endeavors with bitcoin-related collaborations. Earlier this year, the US giant and the BTC-friendly shopping app Fold launched a Visa co-branded debit card that rewards users with up to 10% of BTC back for every dollar purchase on retailers like Hotels.com, Nike, Starbucks, and Uber. 
  • BlockFi raised $50 million in Series C funding earlier this year, and Morgan Creek Capital’s Anthony ‘Pomp’ Pompliano joined its board of directors.
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Source: https://cryptopotato.com/visa-and-blockfi-partner-to-release-a-bitcoin-rewards-credit-card/

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