While the newest version of a proposed stimulus package to respond to the economic crisis caused by the coronavirus in the United States has scrapped mention of a digital dollar, at least one senator is fighting to keep those provisions.
As it was recently reported a draft of the proposed economic stimulus bill was circulating that included the requirement of developing a digital dollar. The provisions further stipulated that all banks party to the Federal Reserve would need to host digital dollar wallets — all measures to expand economic inclusion. Late last night, Democratic leadership in the House of Representatives introduced an updated “Take Responsibility for Workers and Families Act.” This new version of the bill clocks in at over 1,400 pages — but with all mention of a digital dollar stripped.
While other Democrats in the House removed the digital dollar from their longer stimulus bill, members of the House Financial Services Committee led by California Rep. Maxine Waters put forward related legislation on March 23 that resolutely maintained the requirement to implement digital dollars to send aid. Per the announcement of the legislation, Waters maintained the importance of the 269 pages of supplementary measures:
“As elected officials, it is our duty to ensure our nation’s workers, consumers, investors and the economy are equipped with the necessary resources to endure this unprecedented crisis, which is why I am calling on House and Senate leadership to include these critical pieces of legislation in the impending stimulus package.”
At least one senator is fighting to keep a digital dollar in the Senate version of the stimulus package. Ohio Sen. Sherrod Brown, the ranking member of the Banking Committee, released a bill almost identical to the provisions missing from the newest bill to appear in the House. In announcing the bill, Brown called upon his colleagues not just to consider it as self-standing legislation but to include it within the “Take Responsibility for Workers and Families Act.” He said:
“My legislation would allow every American to set up a free bank account so they don’t have to rely on expensive check cashers to access their hard-earned money.”
Brown’s announcement for the bill said it would “allow everyone to set up a digital dollar wallet, called a ‘FedAccount,’ a free bank account that can be used to receive money, make payments, and take out cash.” These FedAccounts would be accessible at local banks and post offices.
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
In a special announcement made at the Unitize conference on July 6, Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:
“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”
Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.
Telegram Is Set To Shut Down The TON Testnet By August 2020
Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.
Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.
Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “
“I, Brock Pierce, am running for President of the United States of America.”
Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.