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Recent post

You can book your travel with crypto, and here’s why you actually SHOULD!

Buy a plane ticket with Bitcoin. A beachfront villa with Ethereum. Take a tour of Paris with XRP. These all sound like nice realities but will they ever be possible? FinTech platform YouHodler says it is. The company just announced new features that help connect crypto HODLers to popular branded travel sites like Expedia, Airbnb, Hotels.com and more, meaning there are limitless possibilities to use your crypto in the “real world.”

BUY TICKETS BOOK HOTELS, CREATE YOUR OWN ADVENTURE WITH CRYPTO ON YOUHODLER 

Laid out in a step by step format, YouHodler explains via company blog post how users can book a plane ticket on Expedia, hotel on Booking.com or a unique tour experience on Airbnb. Featuring all the major cryptocurrencies (BTC, BCH, ETH, XRP, XLM DASH, and LTC) YouHodler’s multi-faceted platform lets HODlers convert crypto to fiat and also use their credit line in crypto to book tickets, hotels, tours, etc. Users can then withdraw fiat to their bank card of choice. YouHodler states this option is a “creative way to book a holiday experience without having to sell your crypto holdings.”.

YOUHODLER CEO SEES ADOPTION HAPPENING “SOONER THAN WE THINK”

To promote YouHodler’s new offer, CEO Ilya Volkov stated that “this is just one possible example of how to use our platform for real-world scenarios. Everyone says mainstream adoption is right around the corner but actually, it’s happening sooner than we think. Right now, users can go on YouHodler, get a crypto-backed credit line, convert their crypto to fiat and withdraw it to a debit card in a matter of minutes. From there, it’s simple to go to any popular, branded website use those funds for real-world purchases. No more waiting. Crypto adoption is here with YouHodler.”

To see the detailed instructions on how to use your crypto to book hotels, air travel and more, ready YouHodler’s blog post here.

About YouHodler 
YouHodler is a FinTech platform focused on crypto-backed lending with fiat (USD and EUR) and stablecoin loans, crypto/fiat and crypto/crypto conversions.  YouHodler supports BTC, BCH, ETH, LTC, XLM, XRP, DASH, and other popular cryptocurrencies.

Sign up and request your first loan at YouHodler.com.

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Information provided via press release


Microsoft, JPMorgan, Intel, IBM, Accenture and more form alliance to usher in mass adoption...

The just announced alliance includes companies and organizations Accenture, Banco Santander, Blockchain Research Institute, Clearmatics, ConsenSys, Digital Asset, EY, IBM, ING, Intel, J.P. Morgan, Komgo, Microsoft, R3, and Web3 Labs, among others - all working together under the umbrella of the Enterprise Ethereum Alliance (EEA).

The alliance aims to provide both real-world use cases to help businesses evaluate implementing the technology, as well as agree upon the terms used when doing so.

What's clear is that the organizations involved are well beyond wondering 'what if?' regarding the future of cryptocurrency - they're openly saying they know the future includes everything 'from cash to securities to plane tickets and unique artwork' becoming tokenized.

Their goals include:

Clearly define a token in non-technical and cross-industry terms

Establish a common set of terms and definitions for use by business and technical participants

Create a Token Taxonomy Framework (TTF) that is simple to understand; educate and collaborate with structured Token Definition Workshops (TDW) to define new or existing tokens

Define meta-data using the TTF syntax and grammar to be able to generate visual representations, such as a token hierarchy or token design in tools that understand the taxonomy and be extensible for mapping TTF definitions to token solutions, implementations or source code for any platform

In simple terms, the end result will be guidelines any business can use if they wish to implement the use of tokens into their business, all with the stamp of approval from giants of the business world, and organizations from the blockchain and cryptocurrency world.

From examples to how the technology can be used, to agreeing upon the correct terms to use so businesses can communicate clearly with each-other - the whole process should become less confusing and intimidating, leading to more companies entering the space.

“...the world’s largest companies and innovative startups — are coming together to define tokenization in ways designed to address the needs of the global enterprise community” says Oli Harris of JPMorgan.

"The Token Taxonomy Initiative is a significant milestone in enabling a technology-independent, open ecosystem of innovation across enterprise use cases." added David Treat, managing director and global blockchain lead at Accenture.

The official press release can be read here.

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Author: Mark Pippen
London News Desk


Balkan’s Blockchain Projects at Center Stage in Dedicated Podcast...

æternity Ventures and Netokracija release ‘Blockchain from the Bloc(k)’, the first podcast about the region’s outstanding Blockchain potential.

Sofia, Bulgaria - 4th April 2019 - æternity Ventures, the investment arm of the decentralized smart contracts platform, æternity, and Netokracija, the Balkan’s leading digital media company, are collaborating on a new podcast series called Blockchain from the Bloc(k), which will shine a light on the region’s growing potential in blockchain technologies by exploring both startups and incumbent industries pioneering solutions in the emerging field.

The show is presented by Luka Sučić, Director of Investments at æternity Ventures, and Ivan Brezak Brkan, the Founder and Editor of Netokracija, and aims to drive more awareness of Balkan blockchain projects, which have lacked the attention you might expect of a burgeoning hot spot.

“As we have seen from the Balkan projects that are involved in the Starfleet Accelerator both this year and in 2018, that the region has a thriving blockchain scene which isn’t getting the attention it deserves,” said Sučić. “We’ve started this podcast to help change that and help the community by interviewing projects that exemplify the tremendous and high-quality work being carried out in the Balkans.”

So far, 7 episodes have been released by the duo, exploring some of the basics of blockchain technology (smart contracts, digital money, etc.) and the rise of the technology in the Balkans. In the coming weeks, Sučić and Brkan will further discuss the legal considerations in the region, the use of blockchain technology and the progress of æternity Ventures’ Starfleet Accelerator. The pair will interview the brains behind Limechain, Honeycomb and Locktrip in order to get a feel for the wider blockchain movement in the area.

“One of the aims that æternity Ventures and Netokracija share is increasing adoption and public understanding of blockchain technology, so much of the content we focus on in the podcast will be aimed at encouraging this,” said Brkan. “The blockchain scene in the Balkans is nascent but emerging and we want to do everything we can to help it.”

The Blockchain from the Bloc(k) podcast will be published every week, with 20 episodes planned in total. It is available to download and listen to episodes for free on the Transistor.fm , iTunes , Spotify or Android Stitcher apps.

For more information, please contact
Steffy Stojanow at Steffy@aeternity-ventures.com

About æternity Ventures
æternity Ventures is аn asset management company investing in Blockchain startups at every development stage. The company is part of æternity Blockchain and also operates the æternity Starfleet Accelerator Program for Blockchain startups.

For more information, visit: www.aeternity-ventures.com and www.aeternitystarfleet.com

About Netokracija 
Netokracija is the leading independent regional magazine for everyone who lives for, on or from the Internet - dedicated to digital business, marketing and culture.


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Information provided via press release


The New Pro-Cryptocurrency Bills WILL PASS and Become Law - A Look At Each Step of the Process...


There's several bills coming down the pipeline, and if passed they could take the cryptocurrency markets to places we've only imagined.

We've heard time and time again - institutional investors and Wall Street are coming, so where the hell are they?

It is true we've had countless announcements from big institutional players saying they're entering the cryptocurrency space, one after the other saying they're setting up various new cryptocurrency based operations.

So why have we only heard those announcements, but haven't seen these plans put into action?  These firms want in, that part is true - but the money is on hold until the regulations are clear.

That clarity is what these bills would finally bring.

UPDATE: The most important bill of them all, the Token Taxonomy Act has officially been introduced to Congress! That story here

Warren Davidson (Republican) and Darren Soto (Democrat) are behind the bill at it's inception and it solves the biggest issues US based cryptocurrency investors and project developers have faced over the last year.

The bill states that tokens shall no longer be defined as 'securities' and therefore shouldn't have to follow the same guidelines as investments such as stocks, it also makes clear what needs to be reported for tax purposes, and what doesn't.

It officially frees the emerging technologies of blockchain and cryptocurrencies from it's current state - bound to outdated laws passed in the 1940's. To put that in perspective, the first color TV was sold in 1954 - but cryptocurrencies in the United States are being regulated with laws written nearly a decade before that. 

Another bill that's even further along in the process is House Resolution 528 which addresses laws regarding the transferring of money - and frees cryptocurrency from them.  This bill has already been officially introduced.

But none of this matters if the bills can't pass. I believe they will - let's go through each step of the process.

BIPARTISAN INTRODUCTIONS:

The bill is written by 1 Republican and 1 Democrat.

Do you ever feel like elected officials from each party just looks to see if an idea is presented by the opposing party, and if it was - then they're against it?

However, a bill authored and introduced by members of both parties will require politicians to actually look into what it's about.

I believe even if they don't understand the technical aspects, the core concept is quite simple: using regulations written in 1945 and applying it to technology invented in 2008 is absurd. They don't need to understand much more than this to know this bill is vital to keeping America competitive in the global marketplace.

THEY'VE GATHERED WIDE SUPPORT FOR CRYPTOCURRENCY ONCE BEFORE: 

The first move in the right direction began with these same congressmen issuing an official letter to the SEC requesting their clarification regarding how they will regulate ICOs, back in September of this year.

It used bold language, clearly stating their concern that the SEC was using "a heavy-handed regulatory approach that could stall innovation" when it came to cryptocurrency.

They submitted this letter with 14 signatures in total, from a variety of both Democrats and Republicans. I think it's reasonable to assume we can expect these same officials to also be supporters of this bill when it comes time to vote.

THE BITCOIN BOOGIEMAN IS DEAD:

The days of people hearing "bitcoin" and thinking it's just the official currency of everything evil are behind us.

With companies such as Bakkt, owned by the New York Stock Exchange, Starbucks, and Microsoft entering the cryptocurrency space, and 99% of news stories being on the topic of it's price and fundamentals, not drugs purchased online - the public perception has changed drastically.

Before casting a vote, government officials may even want to check with other agencies to see if this new perception is true.

If they do, they'll find reports from people like Special Agent Lilita Infante of the US Drug Enforcement Administration (DEA).  The report states that in the 5 years of monitoring illegal activity using cryptocurrencies - they've seen a dramatic drop.

Those 5 years began with them suspecting up to 90% of cryptocurrency transactions were for illegal purchases.  Today that's 10% and still dropping.

NO LONGER JUST WATCHING FROM A DISTANCE:

I clearly remember the feeling I would get when I heard there would be any kind of hearing that included the topic of cryptocurrency.  Wondering if anyone has ever actually sat down with our elected leaders and given them at least a basic overview of what cryptocurrency even is.

Finally, now roaming the halls of congress are people representing the cyptocurrency and blockchain industry.

The US Blockchain Association is backed by funding from the top exchanges and blockchain startups, and it's only existed since September of this year.

If a member of congress expresses their opposition to the bill, it's their job to set up a meeting, to help guide them in the right direction and correct any misconceptions.

Those who vote in support of bills that fuel the industry's growth can likely expect some help when it comes time to funding their next campaign.

Like it or not, this is how the game is played. Many people, myself included see this as long overdue.  We may not be in the position we are now if these efforts had begun earlier.

IT ALL ENDS ON THE DESK OF A PRESIDENT, WITH A CRYPROCURRENCY ADVOCATE AT HIS SIDE:

If what i've said so far turns out to be correct - the final step is the bill arriving to the White House where it needs it's final signature of the President before becoming law.

Once again, there's reason to believe the bill will pass this final step.

That's because 2019 kicked off with cryptocurrency supporter Mick Mulvaney as President Trump's new Chief Of Staff.

Mulvaney is a former congressman - actually, he's the first member of congress to accept Bitcoin campaign donations.

He was also the author of two bills - 1108 and 7002, which urged officials to take a reasonable regulatory approach to the cryptocurrency markets, and make smart contracts legally binding equal to a signature on paper.

IN CLOSING:

There's one final point I always try to mention when writing on the subject of regulations, because there's a common misconception that things like this bill would suddenly turn the cryptocurrency markets into a lawless wild west for investors, and somehow make things easier for the bad apples and scam ICOs.  That is not the case. It always has, and always will be illegal to lie in order to get other people's money - that's called fraud.

With that said, I just cannot look at all of the factors above and come to any other conclusion - the odds are in our favor!

This story originally ran Jan 2019, it was updated April 15th 2019 to include recent developments and current data.
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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk

Innovasis announces Wall Street executive Stephen Inglis as new CFO, company moves closer to launch of first hotel!


Innovasis completed their seed funding round last year - you may already know them as “Blockchain Hotels” and remember their pitch of building completely re-imagined, ultra-modern high tech hotels  targeting millennials and digital nomads.

Then, through smart implementation of technology like solar panels, zero waste water systems and blockchain, which will lower operating costs - offer customers surprisingly affordable prices.

In a time when too many ICO’s seem to disappear after funding, these guys never slowed down.  Since then it’s been all about turning that vision into a reality.

So, how have they spent their time?  Scouting potential building sites around the world, consulting with industry experts, coordinating with suppliers and specialists - finalizing every aspect of the plan all leading up to this point.

Now rebranded as ‘Innovasis Hotels’ - it’s all happening.

The location has been chosen - Puerto Rico! Along with that comes a new member of the team to help in this most-important phase of bringing their plans to life.


Innovasis has just announced their new CFO, Stephen Inglis. He brings experience as a top Wall Street Executive now residing in both Puerto Rico and New York, allowing him to be part of every step of establishing the first hotel.

Having experience conducting business in Puerto Rico has given Steven valuable insights, business
connections, an understanding local laws, including Puerto Rico's unique tax incentives.

“The company formed when we imagined all the things we would do differently if we were building a hotel from the ground up.  What made that vision so unique was our backgrounds as professionals in tech.  But no matter how innovative you are, some of the logistics are the same regardless - we’re buying land, building on it, hiring the workers to build it, and hiring a staff to operate it.” says company founder Pawel Alva Nazaruk​ “We’ve studied the industry in depth, but no amount of knowledge makes up for experience - that’s what Stephen brings to the team”.

Stephen Inglis brings Innovasis Hotels his experience from serving as an employee for Morgan Stanley,  Executive Director at both WESTLB Securities and the Arab Banking Corporation, CEO at Enclave Capital, Fund Manager at Green Acres, and VP of Equity Sales at Baring Securities.

However, there’s one more major accomplishment Stephen has under his belt - organizing a Security Token Offering that raised nearly $42 million! 

"STO's are still relatively new, so the list of experienced experts out there could fit on 1 sheet of paper. That's why we're beyond excited to have one of the few, and one of the best among them on our team." says Pawel Alva Nazaruk.

Stephen recognized the potential of Innovasis as being one of the biggest and hottest projects on the market. Impressed with the amount of preparation and research, Innovasis opened their books, let him dig deep - and he was convinced this was a project capable of becoming a massive success!

So what’s next for Innovasis Hotels?  They’ll be signing the contacts soon, already working and building a strong relationship with the government they expect to break ground shortly after!

You can own a piece of the project and position yourself for a smart early entry as soon as the STO begins later this year- by making sure you’re among the first to know when it starts by signing up now at https://innovasishotels.com

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Information provided via press release


YouTube & Facebook could lose it all - first warning shot comes as #1 YouTuber moves to 'blockchain powered' platform...


No one has created higher demand for YouTube and Facebook alternatives, than YouTube and Facebook.

To understand the mess these companies find themselves in today, you need to understand some of the choices they've made along the way.

One of the strangest was their need for approval from dying old media.  But the dying old media is out for blood as TV, radio, and print, now get less viewers, listeners, and readers than YouTubers, Podcasters, and bloggers.

Now the #1 YouTuber is testing the waters outside of the tech giant's waters - and the timing matters.

I'm personally not a PewDiePie fan, only because there's always something i'd rather watch more, I guess it's just not my taste. He makes silly videos, but still, has reason to fear he could get booted off of YouTube any day.  As explained by Forbes:

"PewDiePie's partnership with DLive comes after a petition to ban PewDiePie from YouTube, accusing his channel of being "one of the largest platforms for white supremacist content"

He doesn't. I'm Hispanic, if he did I would say so. He's said some dumb stuff, but not knowing where to draw the line is not what they accuse him of. What the old media is really outraged about is his popularity - specifically, compared to theirs.

I should know, i'm from that world. After majoring in Mass Communications, I was an on-air host and producer at a #1 rated radio station in one of the top 5 US markets for several years.

Thankfully, I got out in time, before the layoffs and pay-cuts began. Always being obsessed with tech and living in Silicon Valley, I was the first among my friends to stop using my car radio completely, and get in the habit of immediately plugging in my iPod upon entering the vehicle.  I knew 'mass adoption' of this was coming soon.

It wouldn't be long until the iPhone came out, and everyone I knew (who was in their early 20's like me) was done with radio.

TV and print went through similar transformations, bringing us to where things stand today. 

I'm not saying traditional broadcast media is dead or even going to die, but to survive they lowered budgets, let some people go, and telling people they'll be getting paid less because they're losing audience to Podcasters and YouTubers has left that industry with a lot of bruised egos, and resentment for online personalities.

THE ANGRY OLD MEDIA:

Members of the traditional media aren't delusional enough to believe they will get people to tune into FM radio instead of Spotify again, they know they won't get people to cancel their Netflix account and start watching shows when they're actually airing.

I believe purely out spite, they're using the last bits of influence they have to trash as much of the new media as possible.

Think of how many times you've heard something on Netflix is "controversial" or "offensive" but you watch it and cannot fathom what that journalist was thinking.

Independent digital media figures like PewDiePie and Joe Rogan faced the same as old media went straight for the throat, labeling them "white supremacists".  The attack itself shows just how out of touch they are, in their world if someone gets that label put on them, it's over.

All it did was result in the media losing more of the little trust they had left.

But here's where things get strange - the tech companies themselves still seem hungry for approval from the old media that secretly hates them.

HOW THE DIGITAL PLATFORMS ARE BLOWING IT:

Companies like Google, Facebook, and Apple have benefited the most from these changes in people's viewing habits, yet that hunger for approval often surfaced by allowing the old media to dictate how they will operate.

Disclaimer - I'm no fan of Alex Jones. I don't hate him either, to be honest I don't know much about the guy. If it helps - ignore that he's the example being used here.

He was kicked off in 2018 for a rule he broke in 2013.

Put aside whatever feelings you have about the guy and let that sink in. The old media got together with the plan to get him take offline, and decided old video clips about the Sandy Hook school shooting were the best material they had against him.

Today they talk about him 'being kicked off for his comments about Sandy Hook' like there isn't a 6 year gap there. It's odd.

Because once you focus on that 6 year gap between what he said, and being kicked off for it - what happened is immediately obvious.

Does anyone believe that news networks getting less viewers than Jones, had a genuine sudden concern over 2013 statements he made? I promise you, that wasn't it.

Now include in other scandals like Elsagate, and the newest one showing pedophiles having a total open community on YouTube.  YouTube knew about, and ignored these issues when it was only YouTubers bringing it up.

But as soon as the mainstream media turned them into 'official' news stories, we saw YouTube spring into action.

Once again, the old mainstream media flexed their power over today's digital platforms, showing their power spans from getting YouTube to act when they never should have, or getting YouTube to finally act when they should have long before.

A PATH TOWARDS SELF-DESTRUCTION:

CNN's prime-time often won't break 1 million viewers.

YouTube's top 100 channels all have 19 million subscribers or more, topping it is PewDiePie with 94 million. 

Yet the CNN could probably get PewDiePie kicked off if they really decided to, they don't even have to wait for him to screw up - just dig something up.

So imagine being in the shoes of a popular digital creator and relying on these platforms, you've had the old media write articles misquoting you, or taking your jokes seriously to label you racist or sexist - you must have some concern that one day it, one of these articles could end with your content being deleted.

So far, creators are responding with the middle finger.

Joe Rogan, and Logan Paul have now had Alex Jones on as a guest - sending a message to YouTube that old TV and print media may decide who YouTube should allow to have a channel, but they decide who will be allowed on theirs.

DECENTRALIZED PLATFORMS SPELL DISASTER:
It's just begun, and it couldn't be off to a worse start for the tech giants.

YouTube's #1 channel announced they'll be live streaming on a new, decentralized platform that raised $20 million promoting themselves as "YouTube on the blockchain".

An article in Forbes about PewDiePie's big move had grasp on the situation, saying:

"PewDiePie, one of the world's biggest internet stars and long-time holder of the most subscribed YouTube channel, has signed an exclusive deal with blockchain streaming platform DLive, edging PewDiePie closer to bitcoin and cryptocurrencies as his fractious relationship with mainstream services and the media continues."

There's going to be more "YouTube on the blockchain" sites coming, and there's several projects aiming to replace Facebook as well such as Minds.com, and promising to secure personal data, instead of one scandal after another involving it being misused.

Leading platforms have positioned themselves as rulers over their users, creating an 'us VS them' mentality - which you immediately hear when you listen to a YouTuber talk about YouTube.

The last thing a company wants is demand for a site that has the same features, and different owners - that's when their fate is set.  All of Silicon Valley needs to remember that the authority they've been given can be taken away.

Ask yourselves 'Decentralized platforms offer a solution to what problem?' and make sure the answer isn't YOU.

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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk

Cryptocurrency added to topics on IMF meeting agenda, after leaders say it's "Shaking up the entire banking system"...



Formed in 1944, the International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., consisting of 189 countries working to "foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world."

There's some hints on where the IMF leaders stand.  While there hasn't been any blatant anti-cryptocurrency statements, they have described crypto as "shaking up" the banking industry.

IMF Managing Director Christine Lagarde recently warned "We don't want innovation that would shake the system so much, that we lose the stability that is needed."

FinTech Platform YouHodler Adds Dash (DASH) To Crypto/Fiat Banking Experience...

FinTech platform YouHodler continues to meet community demand with the addition of Dash (DASH) to their crypto/fiat banking experience. The new coin quickly follows the addition of Stellar (XLM) to the platform, along with eight other major coins. Users can now receive instant EUR, USD or stable coin loans secured by DASH as collateral. In addition, they can convert DASH for any crypto/fiat on the platform and also withdraw directly to a crypto or fiat wallet.

YOUHODLER CONTINUES TO GROW LIST OF COINS TO THEIR PLATFORM

Previously, YouHodler had BTC, BCH, BSV, ETH, LTC, XRP and XLM on the platform and now, they will add Dash (DASH) to the list. As a user on the platform, this allows one to receive a loan in EUR, USD or USDT while putting up DASH as collateral. Using a credit/debit card, stable coin wallet or verified bank account, users can then withdraw their loan from the platform quickly and conveniently. Aside from that, there are several ways to use DASH on YouHodler.

CREATING AN ALL INCLUSIVE CRYPTO/FIAT BANKING SOLUTION

In addition to using DASH as collateral, users can also deposit DASH into YouHodler and convert to any of the available crypto options, fiat options (EUR or USD) or stablecoins. With full credit/debit card integration on the platform, users can convert DASH to fiat and instantly withdraw that amount onto their personal cards, adding a unique “real world” utility for crypto.

On the topic, YouHodler CEO Ilya Volkov mentioned that “with crypto lending, crypto/fiat conversion, crypto for fiat purchases and fiat deposits/withdrawals, we have a “one-stop” banking solution for crypto HODLers. YouHodler is happy to welcome the Dash community and we look forward to a long and healthy collaboration between their team and community members.”

SPECIAL OFFER FOR DASH HOLDERS NOW AVAILABLE AT YOUHODLER

In order to celebrate the latest market growth, and also to welcome new members to the community, YouHodler has a special promotion. For a limited time, all platform users can receive a 90% LTV on all loans by choosing the special “Crypto Spring” tariff option. YouHodler states this is a limited time offer. Users can take advantage of it by signing in at YouHodler.com and clicking the “Get a Loan” option on their personal profile.

For more visit https://www.YouHodler.com


About YouHodler 
YouHodler is a Blockchain-based FinTech platform focused on cryptocurrency-backed lending with fiat loans. YouHodler provides USD and/or EUR loans, secured by collateral in BTC, BSV, BCH, ETH, LTC, XLM, XRP, DASH, and other popular cryptocurrencies.

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Information provided via press release


It's Happening! US Congress Members From Both Parties Unite, Officially Submit Most Powerful Pro-Cryptocurrency Bill Of Them All!

As the reporter who broke the story months ago (read "Exclusive: US Congress members to submit major pro-cryptocurrency bill" article here) I've been following the progress of the Token Taxonomy Act closely - it's a bill that solves the regulatory uncertainty issue once and for all, and that has huge implications for the market.

Those plans we shared months ago, just went into action! The bill is officially submitted to Congress, and the first step of becoming law is now underway.

For those catching up, here's everything you need to to know:

"...the bill would implement the one vital and important change the markets truly need for a full-on comeback, by giving tokens their proper legal classification, and thus allow US citizens once again to have the freedom to fully participle in the markets.

In the US cryptocurrencies are being legally classified 'securities' so oversight of them goes to the Securities Exchange Commission (SEC). The Token Taxonomy Act takes this on directly and removes the 'security' classification, and the SEC oversight."

To understand why this is so important, you need to understand how awful the current regulatory situation is:

"Cryptocurrency and blockchain technology are often mentioned alongside Artificial Intelligence and IOT technology as the 'cutting edge' tech of our time - but cryptocurrency is the only one being held back by government regulations written in the 1940's.

While cryptocurrencies are intended to be freely exchanged, the laws surrounding them are so outdated they were written for the stock market at a time when stocks were traded on paper certificates.  In fact, the hot new technology when these regulations were written - color TV."

Not just something nice for crypto traders - the US has suffered some real economic damage in the meantime:

"Companies involved in the cryptocurrency space that began in the US packed up and left, taking the jobs with them.  When a company leaves - no more tax revenue for the state and federal government either. 

No one wanted to risk building something that could be torn down the next day - even if they conducted honest ethical business. The law meant that a company based around a cryptocurrency could still be shut down - simply for existing as an 'unlicensed security'."

It's always important to note the following, because if there is an attack on the bill it will be from this angle - but it does NOT make things easier for scammers and fraudulent ICOs. Fraud is illegal, lying to investors is illegal - this does not change if cryptocurrencies are no longer classified as a security.

The only change we imagine in this regard is that the CFTC would likely be the agency pressing these fraud charges instead of the SEC - as crypto changes from a security and to a commodity.

Now the next big question is - will it pass?

I believe YES, it will - I've outlined in depth why it looks like this bill will be met with approval at every step of the process in another report titled "Why the new pro-cryptocurrency bills WILL PASS and become law..." you can read that here.

Next we can expect Congressional committees will examine the bill in depth, suggest possible amendments, then it goes up for a vote.  This process can take weeks or months, depending on the levels of support or opposition.

You can find the full bill online here.

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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk