Telegram to SEC: Grams Not Securities, Congressman: Zuck Should Use Bitcoin, Binance DEX BCH

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Grams, Telegram’s TON tokens, are not securities, according to the company. Congressman suggests Facebook should have used Bitcoin instead of Libra. 99.7% of BTC was inactive during June. Overstock subsidiary to help St. Kitts and Nevis build a blockchain land registry. Binance DEX to list Bitcoin Cash-pegged token, and Dash will include a second blockchain.

Grams Not Securities, According to Telegram

Grams

Telegram, the company behind the popular messaging platform and now the Telegram Open Network (TON) crypto project, filed its answer against the emergency measure proposed by the US SEC to stop launch of its ICO platform. Telegram argued that, different to what the regulators supposed, Grams are not a security, and they were not offered to the public through any ICO. However, Telegram has agreed to stop the launch of Grams and their network until all the legal controversy regarding it has been resolved.

US Congressman Suggests Facebook Should Use Bitcoin Instead of Libra

Grams

Congressman Warren Davidson suggested Facebook should have adopted Bitcoin as a currency instead of trying to create its own cryptocurrency … in order to avoid heavy regulations. The lawmaker affirmed the centralization of Libra, Facebook’s proposed cryptocurrency, would lead it to be treated as a security. When asked about Facebook taking Bitcoin as a currency like Cash App, he urged, “I hope they try it because it’d be a way better idea than Libra.”

99.7% of BTC Were Inactive During the Month of June

Grams

It seems like the HODL meme maximalists made popular is being followed by the masses. 99.7% of the BTC available was not moved from addresses during the entire month of June, according to numbers from BitInfoCharts. This could mean several things: that BTC’s first function is being a store of value, or even that BTC is now a badly designed payment currency. In any case, the trend started as a meme has now become the norm behavior for BTC owners all over the world.

Overstock’s Medici to Help St. Kitts With Land Registry

Medici Land Governance, a subsidiary of Overstock, the furniture online retailer, entered a partnership with the government of St. Kitts and Nevis to help them modernize and rebuild the small country’s land ownership registry. Medici will enhance the actual system by adding aerial pictures of the landscape to better identify each plot of land. This data will then be entered into a blockchain to create an immutable cadaster system, to maintain the data of each lot and owner always available for institutions and the government.

Binance Dex to List Bitcoin Cash-Pegged Token

Binance proposed to list a Bitcoin Cash-pegged token on their decentralized exchange, Binance DEX. The BCH-1FD token will be used as another instrument to further enhance the utility and liquidity of funds. This would be the third pegged token to be listed on Binance DEX, after BTC-pegged and an XRP-pegged currency. The listing proposal was made by Changpeng Zhao himself, who declared BCH had “one of the strongest crypto communities, and we’re excited to collaborate with them”

Dash is Introducing Another Blockchain for Applications

Dash, the popular merchant oriented cryptocurrency, is proposing a secondary blockchain dedicated to applications and storage. These applications will be able to interact with the blockchain via DAPI, the Dash decentralized API, and will also be able to store relevant app data using a service called Drive, that will leverage master node storage to host application data. While this feature is still in planning stages, it presents a panorama of a modern crypto app layers for the future of the platform.

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