PayPal accepts withdrawals to external wallets, 600-pages crypto regulation US leaked and open letter to Congress

PayPal now allows crypto transfers to external wallets

Payments processor PayPal is finally offering a feature that will let people transfer their crypto-holdings to a third-party wallets (and/or exchange).

In October 2020, PayPal started letting users buy and sell bitcoin, ethereum, litecoin, and bcash. The California-based firm then extended this service to its Venmo subsidiary and also launched a “Checkout with Crypto” feature for customers to pay merchants with the assets.

The fact that customers can now transfer their crypto to external destinations is momentous because the platform is used by hundreds of millions of people around the globe to move funds.

Source: Zycrypto

Open letter to Congress highlights rift among technologists over blockchains

A group of 20 international human rights activists has written an open letter to the US Congressional leadership advocating for a “responsible” crypto policy acknowledging the technology’s role in combating “monetary colonialism” worldwide.

The letter is a direct response to an earlier letter submitted to Congress on June 1 by a group of 1,500 computer scientists, software engineers, and technologists urging lawmakers to take a “critical, skeptical approach” toward the industry.

“The crypto industry is undoubtedly rife with scams,” the letter concedes, “but the solution is not to conflate genuinely useful fintech instruments with harmful crypto schemes.”

Source: The Block

600+ pages of draft US crypto bill gets leaked online

A leaked copy of a United States draft bill concerning cryptocurrencies surfaced online earlier on Tuesday.

The 600-page copy of the leaked bill with an “EMBARGOED” watermark over it, contains key areas of concern for regulators including decentralized finance (DeFi), stablecoins, Decentralized Autonomous Organizations (DAOs), crypto exchanges, and that they must be legally registered.

Interestingly, the legislation will not ban non-custodial or self-hosted crypto wallets. Finally, the bill mandates 100 percent backing for stablecoins owing to last month’s demise of Terra’s UST stablecoin.

Source: Cryptoknowmics

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