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Crypto

New Bipartisan US Crypto Bill Proposed, Ethereum Ropsten Testnet Merges to PoS

Crystal Xue
Crystal Xue

PayPal rolls out cryptocurrency transfers to external wallets

In the coming weeks, PayPal will roll out a new cryptocurrency transfer feature to all eligible U.S customers [1]. This strategic move is part of a larger effort to boost usage of its app. [2]

According to the company’s press release, the new functionality will allow PayPal customers to transfer supported coins (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into PayPal, move crypto from PayPal to external crypto addresses, and send crypto to other customers without fees or network charges. [1]

Newly proposed bipartisan bill could be a step forward for crypto regulation

On Tuesday, Cynthia M. Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced a bipartisan crypto bill known as the Responsible Financial Innovation Act. The comprehensive 69-page bill addresses various areas of crypto regulation.

Here are some notable aspects of the bill [3]:

  • Crypto transactions that are $200 or less will be tax-free.
  • Most cryptocurrencies will fall under the commodity category instead of securities.
  • Stablecoins will be backed with a 1:1 monetary currency.
  • The Commodity Futures Trading Commission (CFTC) will have spot market jurisdiction over cryptocurrencies defined as commodities.

Some crypto industry sources expect the bill's introduction to kick off a lengthy legislative process. Nevertheless, lobbyists in the crypto industry largely view the legislation as a great start towards a larger debate on how to regulate the space. [4]

Ethereum’s Ropsten testnet merge to proof-of-stake has been completed

In a big milestone moment for the Ethereum community, Ropsten, the oldest Ethereum test network, successfully switched to proof of stake on June 8. Since Ropsten is seen as the testnet most similar to the main Ethereum network, this test can help assess any issues that might arise during the real merge. [5] Following this test run, two more public testnet merges on the Goelri and Sepolia networks are scheduled to take place before the mainnet merge. [6]

Jay-Z and Jack Dorsey announce ‘The Bitcoin Academy’

Block CEO Jack Dorsey and rapper Jay-Z have partnered to launch The Bitcoin Academy and offer financial education to the Marcy House community where Jay-Z grew up.

The educational program will be open to all Marcy House residents in Brooklyn, New York, and aims to offer the tools needed to achieve financial independence, inclusion, and literacy. Classes are free for all residents and run from June 22 to September 7. Participants will receive a mobile hotspot and a small amount of Bitcoin for a hands-on learning experience. [7]

Sources

  1. PayPal Users Can Now Transfer, Send, and Receive Bitcoin, Ethereum, Bitcoin Cash, and Litecoin
  2. PayPal Mounts Crypto Offensive After New York Grants a Full License
  3. Proposed Bipartisan US Crypto Bill Could Be 'Sigh of Relief' For The Industry
  4. Crypto Industry Lauds New Bill to Regulate Digital Assets
  5. Ethereum Just Transitioned its Oldest Test Network Ropsten to Proof of Stake in a ‘Very Big Event’ For The Merge and The Crypto Space
  6. Ethereum Ropsten Testnet Successfully Merged to Proof-of-stake
  7. Jay-Z and Jack Dorsey Launch 'Bitcoin Academy' at Rapper's Childhood Home in Brooklyn

Please note that this article is for general informational purposes only. Alpaca does not recommend any specific cryptocurrencies.

Cryptocurrency services are made available by Alpaca Crypto LLC ("Alpaca Crypto"), a FinCEN registered money services business (NMLS # 2160858), and a wholly-owned subsidiary of AlpacaDB, Inc. Alpaca Crypto is not a member of SIPC or FINRA. Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC. Depending on your location, cryptocurrency services may be provided by West Realm Shires Services, Inc., d/b/a FTX US (NMLS #1957771).

This is not an offer, solicitation of an offer, or advice to buy or sell cryptocurrencies, or open a cryptocurrency account in any jurisdiction where Alpaca Crypto, or FTX US respectively, are not registered or licensed, as applicable.

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Crypto

Crystal Xue

Crystal Xue is a Content Marketing Manager at Alpaca. She's passionate about financial literacy and creating content that helps investors navigate financial concepts and products.