News of the week. Friday, August 20

Friday, August 20. The week is coming to an end, so we can talk about the most interesting news in the crypto industry for this week. 

The United States and China have ceased to be leaders in the distribution of digital assets

Analysts from Chainalysis note that over the past year, the distribution of digital assets increased by 880%. This was facilitated by the fact that citizens of developing countries are trying to save their money.

A sample of indicators from 154 countries.

The analysis showed that the citizens of these countries resorted to the help of digital assets in order to save their savings in the conditions of currency devaluation, for monetary transactions and doing business.

The experts wanted to find countries where cryptocurrency was mainly held by ordinary citizens who used it for payments and personal savings, and not for trading and speculation.

Kenya, Nigeria, Vietnam, Venezuela, and India have risen to the leading positions. The United States dropped four positions lower, to the eighth line, and China from the eighth, to the thirteenth.

In the end, the experts concluded that digital assets are now a global phenomenon. In developed countries and countries where the crypto infrastructure is well developed, you can observe an impressive increase in activity on bitcoin exchanges.

Trading brought online broker Robinhood more than 40% of income

For the second quarter of 2021, the Robinhood platform received $565 million in profit. This is 8.2% more than it was in the previous quarter.

More than half of the active clients of the platform carry out operations using digital assets, while 62% accounted for Dogecoin trading.

The online broker is working on the launch of new products that will be related to the crypto wallet, lending and savings accounts in cryptocurrencies.

Over the past quarter, the platform’s net loss amounted to $502 million.

The volume of assets on the balance sheet for the quarter increased to $102 billion. Active users also increased to 21.3 million.

Robinhood management predicts a decline in trading in the next quarter, due to seasonal factors.

The US Congress called for easing the burden of regulators on blockchain firms

The lower house of the US Congress has again introduced a bill on the legal certainty of the blockchain.

In 2019, such an initiative was first put forward by a member of the House of Representatives, Tom Emmer. Then he provided a number of documents, which included a Resolution in support of cryptocurrencies and blockchain.

Now the bill calls for protecting blockchain companies that do not have user funds in storage from excessive regulation.

Recall that this month the Senate has already sent a draft to the House of Representatives, where there were undesirable formulations for the industry. At that time, miners fell under the definition of “broker” along with exchanges and marketplaces.

Earlier, a member of the US House of Representatives, Anna Eshu, in an open letter, asked Speaker Nancy Pelosi to amend the provisions on taxation of cryptocurrencies in the infrastructure bill.

Members of Congress oppose the SEC’s approach to regulating digital assets

Congressman Patrick McHenry and Glenn Thompson made a statement that it is necessary to maintain a dialogue with participants in the cryptocurrency industry, and not to suppress innovation and create jobs for foreign regulators.

The congressmen said that Gary Gensler’s latest statement ” causes concern.” Also, representatives of the House of Representatives from the Republican Party did not stand aside, they believe that if the SEC is given additional powers, it can cause long-term consequences.

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