Brazil Suspends WhatsApp Payments; Grayscale ETH Trust Price Collapse; US Senate Backdoor Encryption Bill

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Brazil suspends WhatsApp in-app payments. Grayscale Ethereum Trust prices have come down 50% in a week. US Senate bill promotes backdoors for encrypted environments. New York loosens BitLicense requirements. Fidelity Digital Assets to target big investors with new service, and Binance loses domain name dispute in Australia.

Brazil Suspends WhatsApp In-App Payments

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The Central Bank of Brazil and Brazilian regulators suspended the recently launched WhatsApp feature that allowed users to make in-app payments between users and businesses. The Brazil central bank stated this decision seeks to “preserve an adequate competitive environment, that ensures the functioning of a payment system that’s interchangeable, fast, secure, transparent, open and cheap,” arguing the high popularity of the app and its relationship with banking partners would nullify any competition with the service.

Grayscale Ethereum Trust Prices Collapse 50%

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The price of the Grayscale Ethereum Trust, the second most important instrument in Grayscale’s offering, tumbled more than 59% just this week, while the price of the underlying asset (Ethereum) maintained its price. This sudden drop is happening as a consequence of massive liquidation of some investors after a mandatory 12-month lockup, according to CoinMetrics. “This means that extremely inefficient situations can develop like the one we’ve seen recently,” said Nic Carter, co-founder of CoinMetrics.

Senate Bill Promotes Backdoor Encryption Bill

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A US Senate bill introduced by Lindsey Graham, Tom Cotton, and Marsha Blackburn, three Republican senators, would force service providers and device manufacturers to provide access to backdoors to encrypted systems. The bill, called the “Lawful Access to Encrypted Data Act,” would let authorities to have access to user data after a qualified court issues a warrant. The senators have stated these current apps using encryption have done “little to the security of the communications of the ordinary user,” aiding criminals instead.

New York Loosens BitLicense Requirements

The New York Department of Financial Services (NYDFS) loosened requirements cryptocurrency and fintech companies must fulfill to operate in the state, allowing new companies to partner with already licensed ones to operate under the figure of a conditional license. NYDFS Superintendent Linda Lacewell declared that, while their licensing was good, they had to find opportunities to “make it more available.” Just 25 crypto companies have been licensed by the state to offer services since 2015.

Fidelity Digital Assets to Present Crypto Funds to Big Investors

Fidelity Digital Assets, the cryptocurrency branch of asset manager Fidelity, is reportedly preparing a service to promote and push cryptocurrency funds to big investors. While the company has seen its custody and execution services grow since the start of this year, it strives to grow by targeting hedge funds. Galaxy Digital, another crypto investment company, announced a partnership with Bakkt, the cryptocurrency derivatives exchange, to target big VIP institutional investors as well.

Binance Losses Domain Dispute to Florist in Australia

Binance, the world’s biggest cryptocurrency exchange, just lost a domain dispute for binance.com.au name to a florist company called Binancé. According to documents, the World Intellectual Property Organization denied the complaint presented because the exchange failed to show the florist doesn’t have a legitimate interest in the name. “Binancé flowers” would translate to “paired flowers” in French, a fact that would legitimize Binancé to own the domain, even when Binance trademarked it a year before the flower company.

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