Michael Bloomberg on Crypto Rules, Tether Volume 50% of Market, EOS Governance Problems

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Michael Bloomberg proposes to establish clearer crypto regulations. Ethereum DeFi bZx protocol to integrate Chainlink oracles to avoid being exploited again. Binance goes trough unscheduled maintenance. Tether trading accounts for 50% of market volume. Samsung to natively support crypto with its Galaxy S20 series, and researchers point to problems in the EOS governance model.

Michael Bloomberg to Propose Clear Crypto Rules

Michael Bloomberg

Michael Bloomberg, the wealthy American entrepreneur who is now aspiring to the Democratic nomination for the US President, proposed establishing a clear set of crypto rules. Of his Financial Reform plan, Michael Bloomberg “will promote healthy competition in financial services by creating a ‘regulatory sandbox’ where startups can test concepts, and by providing a clear regulatory framework for cryptocurrencies.” The plan also mentions forcing a 0.1% tax on all financial transactions to “raise revenue needed to address wealth inequality.”

Ethereum DeFi Platform bZx to Integrate Chainlink Oracles

bZx, the decentralized finance protocol that has been exploited two times already with “flash loans,” is now making changes to its structure to avoid further losses. The bZx team explained integration of Chainlink Oracles to protect their platform: “We are meeting with Chainlink today and expediting the addition of the oracle to our model. After this is added, we will go online with extremely limited functionality.” However, the statistics and data portal, DeFi Pulse, decided to delist bZx from its Earn Income page until further notice.

Binance Announced Unscheduled Maintenance

Binance, the world’s biggest exchange, entered into an unscheduled maintenance time due to data issues. Changpeng Zhao, CEO of Binance, stated that “one of the market data pushers had issues, matching engine was fine, no data loss or corruption (other than market data). Working on it. Should be fixed soon.” He added futures trading was still operational because it uses different systems than normal spot and margin trading, and that “funds are #SAFU. No need to panic.” Despite this, users complained about slow orders and not having control of their funds during this period.

Tether, the main stablecoin for the crypto ecosystem, keeps growing in trading volume, and is now accounting for almost 50% of the total volume traded, according to data from Messari. Recently, $1.8 billion of USDT were traded, out of a total of $3.74 billion in the whole market. Tether even dwarves BTC, which just managed to get ahold of $1.2 billion worth of the trading market. USDT brings many benefits to traders despite the legal uncertainties it carries: managing the volatility of the market without having to leverage other fiat instruments and bringing instant liquidity and purchasing power.

Samsung Continues to Support Crypto With Its S20 Series

Michael Bloomberg

Samsung, one of the leading phone manufacturers, announced its new flagship line of phones (Samsung Galaxy S20) will keep having native support for cryptocurrency wallets. The highlights page of the new series of phones explicitly states they carry a “secure processor dedicated to protecting your PIN, password, pattern, and Blockchain Private Key.” Combined with the Knox platform, security is infused into every part of your phone from hardware to software. So private data stays private,” they claim.

Research Reveals Problems in EOS Governance

Binance Research, the investigative arm of the exchange, released a report called “Decentralisation, governance and EOS – a lost case?” where they point to the different problems the cryptocurrency has in these aspects. According to the document, “EOS’s vulnerability to Sybil attacks reduce transparency and thus make it difficult to have definite conclusions.” Researchers were able to conclude that EOS suffers from “a governance with an intransparent, poorly understood voting market, aggravated by the use of a dPoS consensus system with incomplete incentive allocations” and with block producers’ collusion.

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