DeFi News Official TheBitTimes.com

Panelists at a discussion on “Fighting the Anti-crypto Army” sought to dismiss the idea that working with lawmakers to regulate crypto should be framed as a fight. A trio of speakers in attendance at Industry Day, May 18, during the Bitcoin 2023 event in Miami held a discussion on government regulation and how the cryptocurrency industry should fight back against the “anti-crypto army.” Moderated by David Zell, cofounder of the Bitcoin Policy Institute, the panel featured Perianne Boring, Founder and CEO at Chamber of Digital Commerce, Mina Khattak, Senior director of crypto and web3 at Worldpay, and Dana Syracuse, a partner at law firm Perkins Coie. The discussion opened with Chamber of Digital Commerce’s Boring describing the current regulatory situation as “dire,” after placing part of the blame for the contentious nature of some of the discourse surrounding cryptocurrency regulation on the recent scandals in the space. “With a lot of negative headlines,” explained Boring, “there...

Texas lawmakers vote to add digital currency to the state's Bill of Rights, granting individuals the right to use digital currencies like Bitcoin for trading. Texas legislators have voted by a large margin to amend the state 's Bill of Rights and add a provision recognizing the right of individuals to possess, retain and utilize digital currencies. The decision was made on Wednesday, May 10. Bill HJR 146, introduced by State Representative Giovani Capriglione, declares that individuals have the right to use a medium of exchange that is mutually agreed upon, which includes digital currencies, cash, coin, bullion, or scrip, for trading and contracting goods and services, and that this right cannot be violated. The document received up to 139 votes in favor and only two against, and it includes a statement that "no government shall prohibit or hinder the ownership or holding of any form or quantity of money or other currency." The Texas Bill of Rights safeguards essent...

The Binance CEO claimed that algorithmic USD stablecoins may become more popular as well, although they “have risks.” The crypto industry will “probably” start using euro, yen, or Singapore dollar based stablecoins in the future, reducing its reliance on US dollar based stablecoins, according to a Feb. 14 statement on Twitter Spaces by Binance CEO Changpeng Zhao, also known as “CZ.” CZ gave the statement in answer to a question about the crypto industry using gold as a standard of value instead of the US Dollar. CZ agreed that it “makes sense” to use gold. However, “most people’s costs are still in fiat currencies.” For this reason, most people calculate their investment returns in dollars, which is why US Dollar backed stablecoins are “still important.” However, CZ argued that the US government’s recent actions against US dollar stablecoins will probably lead the global crypto industry to rely on other currencies such as the Euro, Yen, and Singapore Dollar to back stablecoins, as he ...