Home ICYMI SEC Chair: No Crypto-Specific Rules, Bitcoin VAT-Free in Portugal, Binance: China State...

SEC Chair: No Crypto-Specific Rules, Bitcoin VAT-Free in Portugal, Binance: China State Coin Delay

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. SEC Chair Jay Clayton says no specific rules are coming for crypto. Portugal declares crypto VAT-free. China state coin not likely to be launched next month. Mike Novogratz thinks cryptocurrency is still 5 years away from adoption. Mastering the Lightning Network book announced, and Amazon ex-employee accused of hacking AWS servers to mine cryptocurrencies.

SEC Chair Jay Clayton Clarifies There Will No Crypto Specific Rules

SEC Chair

SEC Chair Jay Clayton clarified there will no crypto or digital asset-specific rules developed to be included in new securities legislation. During an interview with Bloomberg, Clayton stated, “I think that many are delighted with the possibility of any change in the rules on our part to include technology in them. From the very beginning, I made it clear that this would not happen.” He also declared he was in favor of digital asset technology, but declared lawmakers shouldn’t “sacrifice the basic principles of securities laws and other laws” to allow their operation.

Portugal Tax Authority Reports Crypto is VAT Free

SEC Chair

Portugal could become a cryptocurrency-thriving country due to measures its tax authority is taking. They announced cryptocurrency trading in fiat currencies and also earning wages and salaries in the form of cryptocurrencies will be exempt of paying VAT, a tax ranging between 23% and 6% depending of the kind of goods being taxed. The report of the tax authority also states cryptocurrency earnings as a product of trading or other activities won’t pay income tax.

Chinese National Cryptocurrency Not Likely to be Launched Next Month

SEC Chair

A new report from Binance Research that analyzed the China-backed cryptocurrency in detail found this initiative has a low priority for the Chinese government, contrasting with several articles claiming the asset would be launched by early September. According to sources from Binance Research, “it may be difficult to launch the digital RMB in November based on existing information.” The Chinese government hurried development of their cryptocurrency fueled by the menace of Libra, Facebook’s cryptocurrency project, analysts believe.

Michael Novogratz Says Crypto Adoption Five Years Away

Michael Novogratz, the famous cryptocurrency investor from Galaxy Digital, asked for calm and patience, explaining recent price drops could be just bitcoin preparing to get its next leg up. Novogratz thinks institutional investment will be a key feature to achieve adoption. Institutions are “slowly and steadily moving in,” he declared while warning this process may take a while. “You gotta give them some more runway before we give them the thumbs up or thumbs down,” he concluded.

Mastering the Lightning Network Book Announced

Andreas Antonopoulos, the famous Bitcoin ambassador, announced his next book, titled “Mastering the Lightning Network,” to the community via a Youtube video. It’s a collaboration with René Pickhardt, mathematician and data scientist, and Olaoluwa Osuntokun, Lightning Labs CTO. The book will be ready by next year, and Antonopoulos declared they will be relying on open-source “contributions” to help with the production. It will focus on key LN features, directed at newbies, not at protocol developers or experienced users.

AWS Employee Accused of Hacking Amazon Servers to Mine Cryptocurrency

Paige Thompson, a former Amazon Web Services employee previously accused of hacking Capital One, is now being accused of using Amazon servers to mine cryptocurrencies. Thompson allegedly exploited a vulnerability in the configuration of these web servers and used them to maintain a passive income in the form of mined cryptocurrency. Documents from the court indicate Thompson had a fleet of miners, but documents did not mention which cryptocurrency was mined specifically.

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