Wednesday, Jun 8th 2022

Crypto Three Things (6/8)

Commentary

Every man is guilty of all the good he did not do." - Voltaire

1) Pair of U.S. Senators unveil sweeping crypto oversight bill: Senators Cynthia Lummis and Kirsten Gillibrand introduced the Financial Innovation Act, which seeks to distinguish digital assets as commodities or securities. The proposed legislation would provide a regulatory framework to integrate digital assets into existing tax and banking laws. 

Titan’s Takeaway: This bill is the most comprehensive attempt to date to create regulatory direction for agencies monitoring digital assets. We're optimistic that both sides of the political aisle will come together in the name of crypto regulation.

2) PayPal enables crypto transactions to external wallets: Supported cryptocurrencies such as Bitcoin, Ether, Bitcoin Cash, and Litecoin can now be transferred to outside exchanges and hardware wallets. Users can send and receive crypto within PayPal with no fees. The move comes after the payments giant became the first company to convert a conditional BitLicense approval into a full license in New York State. 

Titan’s Takeaway: PayPal’s support for native cryptocurrency transfers across the digital asset ecosystem is definitely a win for the crypto community. The long-awaited service will greatly expand crypto’s footprint, paving the way for crypto’s integration into a more ubiquitous form of commerce.

3) Citadel Securities and Fidelity team up to build a crypto trading platform: Market makers Citadel and Virtu Financial are joining forces with brokerage firms Fidelity and Schwab to develop a wide-ranging crypto offering. The product is still in its early stages and is expected to launch either late this year or early in 2023. 

Titan’s Takeaway: Traditional markets are increasingly interested in stepping into the crypto realm. Provided the regulatory landscape and market conditions are positive, this move could significantly boost crypto into mainstream finance, offering enhanced access to both retail traders and institutional investors.

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