Texas following El Salvador? Poll shows 37% of residents want crypto payments
A new poll from Newsweek suggests that as many as 10.8 million Texans may support legislation that makes cryptocurrency legal in the next election. According to a Sept. 20 report, a Newsweek poll that surveyed more than 9,700 eligible voters across ten U.S. states suggested that 37% of Texas residents would vote in favor of a ballot measure to make crypto legal, while 42% said they would support crypto-friendly legislation similar to that in Wyoming. With a population of roughly 29 million people as of 2021, Texas could have more than 10 million residents supporting the adoption of cryptocurrencies. The results of the poll, conducted by United Kingdom-based firm Redfield & Wilton Strategies between Aug. 20 and 24, came prior to two pieces of crypto legislation taking effect in Texas. The state’s House Bills 1576 and 4474, respectively, establish a blockchain working group and amend the state's Uniform Commercial Code to recognize cryptocurrencies under commercial law.
El Salvador acts on Bitcoin price dip and buys 150 BTC
Despite warnings from global agencies regarding its adoption of Bitcoin (BTC), El Salvador’s government continues to seize market opportunities. As the Bitcoin price fell below $46,000 on Monday morning, Salvadoran President Nayib Bukele announced on Twitter that the country has “bought the dip.” With 150 new coins, the Central American government now holds 700 BTC, worth close to $32 million at the time of writing. In an obvious nod to the “not financial advice” disclaimers shown around the crypto ecosystem, Bukele shared his “presidential advice” by reminding, “They can never beat you if you buy the dips.”
Crypto.com expands insurance program to cover $750M
Digital currency exchange Crypto.com has expanded its insurance policy to cover up to $750 million worth of digital assets, offering an additional layer of protection for the platform’s 10 million users. The new policy, effective since Sept. 6, is backed by Arch Underwriting, a division with Lloyd’s Syndicate 12, the company announced Monday. The policy, which includes both direct and indirect custodian coverage, applies to Crypto.com’s cold storage assets held on Ledger Vault. The policy is the largest in the cryptocurrency industry, exceeding the over $700-million coverage purchased by digital custodian BitGo earlier this year. Digital asset companies are expanding their insurance coverage to protect against physical damage and, perhaps more importantly, third-party theft.
Fortune launches philanthropic fund for journalism on Ethereum
American business magazine Fortune has launched a new decentralized donations fund alongside nonfungible token (NFT) artist Pplpleasr, with proceeds earmarked for independent journalists and programs that foster journalistic integrity. The new Fortune Journalism PleasrFund was launched on the Ethereum blockchain through Endaoment, a charity-focused decentralized autonomous organization, the company announced Monday. So far, the fund has been allocated 214.55 Ether (ETH), worth roughly $660,000 at current prices, which represents half of the proceeds of a limited edition Pplpleasr NFT sale commissioned by Fortune that concluded in August. The first four beneficiaries of the fund are Report for America/The GroundTruth Project Inc., Institute for Nonprofit News, Committee to Protect Journalists Inc. and Reporters Without Borders. Each organization will receive an initial distribution of approximately $165,000 from Fortune and Pplpleasr.
Following SEC notice, Coinbase abandons plan for crypto lending program
United States-based cryptocurrency exchange Coinbase has announced it will not be pursuing its Lend crypto lending program. In a Sept. 17 update to a blog announcing the program in June, Coinbase hinted at difficulties in regulatory clarity across the crypto industry in its decision to not bring the crypto lending product to the market. According to the exchange, “hundreds of thousands of customers from across the country” had already signed up for Lend, a program that aimed at offering 4% annual yield returns on deposits of USD Coin (USDC). The announcement comes less than two weeks after the Securities and Exchange Commission, or SEC, threatened Coinbase with legal action if the exchange launched Lend, which it has deemed a security under its purview. Coinbase chief legal officer Paul Grewal later claimed the lending product was not an “investment contract or a note” and questioned the SEC’s decision as lacking clarification. At the time, the exchange said it would be pushing the launch of Lend back “until at least October.”
California named ‘most crypto ready’ US state
California has emerged as the most crypto-ready jurisdiction in the United States thanks to the proliferation of cryptocurrency ATMs and growing interest in digital assets among the state’s population, according to new industry research from review site Crypto Head. With a score of 5.72 out of 10, California edged out New Jersey (5.44), Texas (5.28), Florida (5.03) and New York (4.29) in the crypto-ready index. The state’s point total was also 2.54 points higher than the national average. The results were tabulated using metrics such as crypto-related Google searches, the presence of Bitcoin (BTC) and other cryptocurrency ATMs and the number of blockchain-related bills passed in each state. California ranked first in crypto-related Google searches per 100,000 and in the number of crypto ATMs. These positive factors offset the lack of crypto-focused legislation in the state.
American CryptoFed DAO seeks US SEC consent for stable utility tokens
American CryptoFed DAO, a Wyoming-based decentralized autonomous organization, has filed two forms with the United States Securities and Exchange Commission, or SEC, to launch two variants of inter-dependent stablecoins named Locke and Ducat. According to CryptoFed’s Form 10 submission, the tokens are awaiting their registration as utility tokens hosted on the in-house CryptoFed blockchain. However, SEC’s Form 10 is used to register securities for potential trading on U.S. exchanges and is thus not intended for so-called utility listings. The form submission entitles CryptoFed to automatically be recognized as a DAO in the U.S. after 60 days from the initial filing date, regardless of any outstanding SEC comments.