California Establishes Clear Rules for Crypto Campaign Disclosure!
The post California Establishes Clear Rules for Crypto Campaign Disclosure! appeared first on Coinpedia Fintech News
The Fair Political Practices Commission (FPPC) in California has issued new guidelines outlining the campaign disclosure requirements for cryptocurrency donations to political campaigns. The FPPC states that any donations made with cryptocurrency must be received and disclosed in the same way traditional donations are reported. This includes disclosing who the donor is, the value of the donation, and any fees or expenses associated with the transaction. The guidelines also suggest using specialized law firms or accounting firms to ensure compliance with all requirements.
California Tests Recording Vehicle Details on Tezos; Polkadot Tops In Developmental Activity; While Traders brace to earn more with TMS Network’s (TMSN) Uniqueness
TMS Network (TMSN) is ready to enter the crypto market with a massive value proposition and market viability. The presale demand for TMS Network (TMSN) has been quite convincing. Meanwhile, Tezos (XTZ) and Polkadot (DOT) have also been on a positive track due to new developments on their networks.
Tezos (XTZ) Collabs With US State
Tezos (XTZ) has secured significant government recognition in the United States. The US state of California has partnered with Tezos (XTZ) and Oxhead Alpha, a crypto software provider, to explore crypto adoption in the Department of Motor Vehicles (DMV). With its partnership with Tezos (XTZ), DMV aims to create blockchain-powered digital wallets and car title NFTs. Once completed, it will be a blockchain-based repository of DMV’s records. Such global recognition has pushed Tezos (XTZ) upward on the growth chart. The price of Tezos (XTZ) has soared by 61% in the last month. On the weekly chart, the price of Tezos (XTZ) has increased by 4.16%. Currently, the trading price of Tezos (XTZ) is $1.15, which is 90.55% below its all-time high of $12.19.
Number of Users and Developers Increases on Polkadot (DOT)
Polkadot (DOT) has emerged as one of the most attractive platforms among developers. This can be understood by the fact that Polkadot (DOT) has topped the chart of development activity on the network, leaving Kusuma (KSM) and Cardano (ADA) behind. Besides, as per the data shared by CryptoGlobe, the number of users on the Polkadot (DOT) network has surged by 300% in the last year. The increased number of users and development activities on the network has pushed the price of Polkadot (DOT) up. The price of Polkadot (DOT) has risen by 56% in the past 30 days. Besides, Polkadot (DOT) has risen by 1.33% on the daily price chart. As a result, the current trading price of Polkadot (DOT) is $6.58, which is 88.04% below its all-time high of $55.00.
TMS Network (TMSN) Set To Become A Huge Hit In 2023
TMS Network (TMSN) is a first-of-its-kind decentralized trading platform that aims to disrupt traditional trading models. TMS Network (TMSN) has garnered much fanfare due to its unique business roadmap that paves an efficient way for traders to trade in several digital assets, including cryptocurrencies, CFDs, stocks, and Forex, using crypto as payment.
TMS Network (TMSN) is a blockchain-based platform that ensures transparency and security in activities related to the trading of digital assets. TMS Network (TMSN) utilizes smart contracts to manage all transactions on the platform. One of the most important features of TMS Network (TMSN) is its scalability. The platform can easily drive an increasing number of transactions without jeopardizing its speed.
TMS Network (TMSN) also helps users conduct market research with its educational resources, such as market analysis and trading signals. Since TMS Network (TMSN) is not limited to cryptocurrencies, and also allows the trading of stocks, CFDs, cryptocurrency, and Forex, it can successfully maintain enough liquidity. Sufficient liquidity on any platform allows traders to execute their trades more quickly.
It is predicted that TMS Network (TMSN) will become the market leader in the trading industry. Since TMS Network (TMSN) has a one-of-a-kind business roadmap, investors are optimistic about its rapid growth. The presale of TMS Network (TMSN) is set to begin soon.
1000x ICO Opportunity Awaits You! The current price of TMS Network (TMSN) is $0.0047 in presale stage 1 and analysts predict it to be the next 100x token in early 2023.
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Ripple Proponent John Deaton Joins Another Lawsuit in California, Here’s What it Means for XRP
John Deaton, an attorney, and proponent of XRP has joined yet another lawsuit against Ripple Labs, a San Francisco-based payments startup. Deaton has submitted a motion that will allow him to file an amicus brief in the California lawsuit Zakinov v. Ripple Labs.
On behalf of 75,890 XRP holders from the United States and 143 other countries, Deaton, five other XRP holders, and SpendtheBits Inc., a business that has integrated XRPL, filed the motion.
“Because Plaintiff only owned XRP for two weeks five years ago, he wrongly asserts that XRP is not decentralized like Bitcoin,” Deaton stated.
The case is the merger of two different legal challenges, the first of which is a class-action lawsuit brought by lead plaintiff Bradley Sostack, a former XRP investor who alleges Ripple offered XRP in violation of California advertising rules and as an unregistered security.
The plaintiff rejects the XRP holders’ request to submit an amicus brief, but Ripple, the defendant, agrees. Deaton contends that the plaintiff’s opposition shows that, absent the court’s permission to file the proposed amicus brief, the interests of more than 75,000 XRP holders will not be pursued or safeguarded.
The lawyer had earlier said, “Whether it’s the SEC or a plaintiff’s attorney making the absurd argument that secondary market transactions of a token are also securities simply because it may have been previously offered or sold in a way that violated Section 5 of the Securities Act, I’ll see you in court.”
Deaton has participated actively in the ongoing SEC case against Ripple by submitting an amicus brief on behalf of proponents of XRP in opposition to the regulator’s demand for summary judgment. In 2020, the SEC filed a lawsuit against Ripple for allegedly marketing XRP as unregistered securities.
Crypto Oversight Bill Introduced In California Vetoed By Governor
The post Crypto Oversight Bill Introduced In California Vetoed By Governor appeared first on Coinpedia Fintech News
California Governor Gavin Newsom vetoes a crypto oversight bill, ‘Assembly Bill 2269’. The bill was intended to ensure that crypto businesses and exchanges acquire a special license from the California Department of Financial Protection and Innovation. The ’Digital Financial Assets Bill’ was aiming to tighten oversight over crypto companies in California. Notably, the bill had passed the assembly (with a 71-0 vote) and the state senate.
The reason behind the veto was the rising popularity of cryptocurrencies. Newsom emphasized the need for transparent regulation to protect Californians and a more flexible approach is needed to inculcate a balance between protection and innovation. He said that the bill will draw a loan worth tens of millions from California’s general fund. The community has applauded the Governor for his decision.
California Assembly Passed Crypto Licensing Bill, Now Awaits Governor’s Signature – Coinpedia – Fintech & Cryptocurreny News Media
The California assembly has passed a crypto regulating bill that now requires cryptocurrency-related businesses to gain a special license to offer services to users in California. The crypto bill is now in the final process of becoming law in California.
California Is Aiming For Crypto Regulation
On Monday, California Assembly member Timothy Grayson produced the bill, AB 2269, with support from the Consumer Federation of California with a 71-0 majority. The crypto bill will establish the Digital Financial Assets Law in California.
The Digital Financial Assets Law is known as California’s “BitLicense.” A simple pen stroke is left to create a full-fledged law in California. The bill now requires Governor Gavin Newsom, who has until 30 September to sign or veto the bill. California will become one of the first states to require crypto platforms to obtain a special license to offer services in the state.
What Does This Crypto Bill Say?
The crypto law will tighten crypto regulations and bring more transparency to the crypto industry in California. If the governor signs the bill, it will take effect from 1 January 2025. Companies of digital-asset exchanges will get license approval from the state’s Department of Financial Protection and Innovation.
The Department will also be allowed to enforce drastic actions against those who are unlicensed. A non-licensed corporation engaging in digital financial asset business activity will be charged a civil penalty of up to $100,000 daily. Furthermore, if a licensee breaks the rule, they will have to pay a fine of $200,000 for each day of violation.
Stablecoin issuers holding securities as a reserve must have a total amount of stablecoins not less than the amount of all outstanding stablecoins sold or issued in the United States.
Tim Grayson stated, “While the newness of cryptocurrency is part of what makes investing exciting, it also makes it riskier for consumers because cryptocurrency businesses are not adequately regulated and do not have to follow many of the same rules that apply to everyone else.”
Regulators and governments are framing crypto space. Crypto bill provides the user with more closure looks of the crypto space. However, The California BitLicense now completely depends on the governor whether to sign it or not.