Stablesats in lightning wallet, CEO MicroStrategy steps down and Senate bill classifying BTC as commodity
Michael Saylor will step down as MicroStrategy CEO but remain as executive chair
Michael Saylor has announced that he will step down as the chief executive officer of MicroStrategy, the business intelligence firm he helped co-found in 1989.
In a Tuesday notice on its second quarter earnings for 2022, MicroStrategy said Saylor would be assuming the new role of executive chair at the company, while president Phong Le will become CEO. The changes are expected to take effect on Aug. 8.
“I believe that splitting the roles of Chairman and CEO will enable us to better pursue our two corporate strategies of acquiring and holding Bitcoin and growing our enterprise analytics software business.”
Galoy lunches “stablesats”, brings US Dollar balances to lightning
Galoy — an open-source Bitcoin banking platform — has introduced a new feature allowing individuals to hold U.S. dollar balances over Bitcoin’s lightning network.
However, unlike other attempts to bring dollars to the blockchain, the feature uses neither stablecoins nor a direct fiat payment integration.
As explained in a video shared by Galoy on Tuesday, the new feature — known as “Stablesats” — lets users stabilize the value of their Bitcoin holdings at a specific USD denomination. This is achieved by utilizing Bitcoin derivative products called “perpetual inverse swaps” on Galoy’s backend.
Senate bill classifying bitcoin as a digital commodity to be introduced
Leaders of the Senate Agriculture Committee (SAC) are planning to introduce a bill that would classify bitcoin as a digital commodity, according to a report from the Wall Street Journal.
The category of digital commodity is fairly new. Currently the Commodity Futures Trading Commission (CFTC) oversees the regulation for derivatives of commodities, rather than the underlying commodity itself. This bill seeks to empower the CFTC to regulate spot markets for digital commodities which means the regulator would be given the ability to regulate the underlying asset itself.
The bill will also exclude securities from simultaneously being labeled a digital commodity. Therefore, any and all cryptocurrencies labeled as a security would fall under the jurisdiction of the Securities and Exchange Commission (SEC) rather than the CFTC.
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