Blockchain News - Page 384

Democratic Party members of the United States House of Representatives are not mandated to vote against two upcoming pro-crypto bills, though they are strongly advised to do so.

A May 20 email from Democratic Party leaders to House members, shared by Politico, indicates the party has not insisted on a “no” vote for the Republican-led Financial Innovation and Technology for the 21st Century (FIT21) Act and the CBDC Anti-Surveillance State Act, known as H.R. 4763 and H.R. 5403, respectively.

Both bills are seen as favorable to the crypto industry if passed. FIT21 would clarify the classification process for cryptocurrencies as either commodities or securities, primarily placing regulatory control with the U.S. Commodity Futures Trading Commission (CFTC).

The U.S. crypto industry and lobbyists back this bill, with 60 companies advocating for its passage in a May 16 letter.

The CBDC act aims to prevent the Federal Reserve from issuing a central bank digital currency.

However, the email noted that Representatives Maxine Waters and David Scott “strongly oppose” FIT21, and Waters also opposes the CBDC act.

Politico later obtained a letter from the pair urging a vote against FIT21.

“House Democratic leaders said today they will NOT whip against House Republicans’ crypto bill, I’m told,” Politico reporter Eleanor Mueller wrote on X, referring to FIT21.

In the email, Democratic leaders expressed concerns about parts of the bill, particularly its provision for trading digital commodities in the secondary market if they were initially offered as investment contract securities under the SEC’s Howey test.

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“This language undermines decades of legal precedent and case law, thereby creating uncertainty in our traditional securities market,” the email stated.

Leaders argued the bill “weakens investor protections and opens the door to fraud and market manipulation” by providing a “safe harbor” for entities to register intent, effectively shielding them from the SEC until crypto rules are finalized by both the SEC and CFTC.

Meanwhile, the CBDC Anti-Surveillance State Act aims to prevent the Federal Reserve from issuing a CBDC, even in pilot programs.

Democratic leaders contend that stopping CBDCs could undermine the “primacy of the U.S. dollar,” as other countries with CBDCs seek to evade sanctions.

“According to the Congressional Budget Office (CBO), the bill’s overly broad definition of CBDC raises concerns the bill could undermine the Fed’s ability to conduct monetary policy,” the email added. “Particularly concerning as it attempts to navigate a soft landing in regard to inflation.”

Floor debate and passage of FIT21 are expected on Wednesday, May 22, according to Politico’s Mueller.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Dabba, a decentralized physical infrastructure network (DePIN) aiming to connect underserved and unconnected populations with cheap wireless data, unveiled the launch of the purchase of Wi-Fi hotspots, making them available for users to buy worldwide. This will be the second campaign, following a successful testnet that saw over 1,500 hotspots distributed to rural and semi-urban areas in India. 

The latest campaign will make over 10,000 Dabba Lite hotspots available for purchase across the globe, with a goal of selling over 100,000 in 2024. With the launch of the second season, Dabba is aligning its goals towards its vision to provide cheap and accessible internet services to underserved regions globally, the team statement reads. 

Following the purchase, the hotspots can be deployed by network partners across India, expanding decentralized internet connectivity across the country and providing cheap internet access across rural and semi-urban areas. Moreover, the DePIN service helps in reducing data congestion in regions with high data demand. 

According to the team statement, users can start purchasing the hotspots following the live launch of its DePIN service on May 23, 2024 – ahead of the planned token generation event (TGE) scheduled for July on the Solana blockchain. 

The token will support the creation of a two-sided marketplace between data consumers and providers responsible for building and maintaining internet infrastructure. The token will power the Dabba ecosystem and also reward contributors and stakeholders helping the ecosystem run seamlessly. 

Dabba is focused on India, a country that boasts the second-highest number of internet users, but only 44% of its residents have internet access. Most of the rural and semi-urban areas are underserved by incumbent data solutions. With their experience in offering internet services to underserved regions, Dabba selected India as their starting point for supplying decentralized internet services. 

This follows previous roles for the company in the country such as powering Google’s public wifi deployments and a partnership with the  Indian government to ensure the legislation is in place to support the rollout of its demand-based DePIN.

Fast progress in offering cheap internet 

Since its launch, Dabba has been at the forefront of offering users fast and accessible internet services. The first season (its trial campaign) saw the company sell all 1,000 Dabba Lite hotspot devices within days following the launch. Via its DePIN infrastructure, millions of citizens across India have had access to affordable internet. 

Since then, the company has sold and deployed 500 more hotspots and more than 15,000 unique devices connected in the process. Additionally, the hotspots have provided more than 390 TB of data via the DePIN infrastructure and grossed more than $4,500 in revenue from their customers. This aims to reduce data congestion and meet the growing demand for wi-fi users across the world’s most populous democracy.

In tandem with the season two rollout, Dabba users can now discover current data hotspots and view current network performance via the newly launched explorer. The explorer initially provides data for the Dabba testnet, which has been operational for the past two months.

Dabba elects to solve real-world problems

The launch of Dabba hotspots aims to solve the problem of a lack of accessible and affordable wireless data. With Dabba, users will have access to DePINs, which provide wireless data and access to Web 3 features such as tokenization. The latest tokenization features will open up the ecosystem to more users, ensuring a genuine demand for its service and a viable business model that can scale to match demand.

To bootstrap adoption to the platform, Dabba is incentivizing early users (those who join before the TGE event) with enhanced Genesis rewards. Additionally, the platform will empower over 150,000 Local Cable Operators (LCO) that operate as micro-ISPs across India, providing an unrivalled high-speed network across the country.

Sushi has partnered with GoPlus Security to enhance its user security through the integration of the Token Security API. This collaboration is aimed at protecting Sushi users from the risks of honeypots and scam tokens, significantly boosting the safety features of the platform.

By incorporating the GoPlus Security’s API, Sushi can now proactively screen and evaluate the risk associated with new tokens. This early detection system helps in identifying malicious tokens, such as honeypots and scams, thereby enhancing the safety of transactions on the platform.

GoPlus Security, known for its in-depth security analyses of ERC20 tokens across multiple networks, provides the Token Security API which performs extensive risk assessments and transaction security evaluations. This ensures that any potential threats are quickly identified and addressed.

Each token listed on Sushi undergoes a rigorous security check that includes a detailed analysis, transaction verification, and risk evaluation to ensure that only secure tokens are traded. If a token is found to be risky, Sushi promptly alerts its users through immediate popup warnings, aiding them in making safer investment decisions and steering clear of potential scams like rug pulls.

This partnership underscores Sushi’s commitment to prioritizing user safety. By leveraging GoPlus Security’s advanced technologies, Sushi actively protects its users against the growing threats in the cryptocurrency landscape.

Sushi continues to evolve its security measures, and this partnership with GoPlus Security represents one of the many initiatives taken to maintain a secure trading environment. Users can look forward to ongoing improvements and updates aimed at enhancing their safety and security on the platform.

Eskil Tsu, Co-Founder of GoPlus, highlighted the importance of the partnership, stating, “Sushi is setting a groundbreaking example for the industry by integrating our Token Security API. There’ll be 100x more malicious actors in the future. By proactively identifying and mitigating crypto scams together, we are not only safeguarding users’ investments but also reinforcing trust and security within the crypto community.”

Jared Grey, Head Chef of Sushi, emphasized the value of this collaboration, saying, “At Sushi, we’re all about giving you the best DEXperience, and keeping our users safe is a big part of that. By teaming up with GoPlus Security to flag honeypot and scam tokens, we’re addressing one of the biggest concerns for newcomers—security. This partnership not only enhances our product offerings but also shows how DeFi protocols can work together to make the space safer and more awesome for everyone—another great DeFi Lego best practice in action.”