• Growing Bitcoin transactions highlight Lightning Network’s importance
• Binance listing pushes Floki, Pepe up more than 50%
• Lawmakers throw weight behind New York’s CRPTO act
Growing Bitcoin Transactions Highlight The Importance of the Lightning Network
Bitcoin transactions have been growing rapidly and this has highlighted the importance of the Lightning Network. The network is an off-chain scaling solution for Bitcoin which allows users to conduct faster and cheaper transactions by reducing the load on the main blockchain. Binance recently listed Floki and Pepe, leading to a rise in price of over 50%. Additionally, WallStreetBets rallied after a suspect offered refunds for customers.
Israel Seizes Binance Accounts Over Terrorism Links
Israel seized nearly 200 Binance accounts over two years due to their suspected links with terrorism financing. Voyager has announced plans to return customer funds in the coming weeks.
Lawmakers Support New York’s Crypto Regulation Act
New York Attorney General Letitia James proposed a bill that would further extend regulatory authority over crypto companies. The Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act requires crypto firms to refund customers defrauded on their platform, undergo auditing and prevent insider trading or market manipulation.
What Does The CRPTO Act Do?
The proposed legislation will tighten regulations on the crypto industry in order to protect investors, consumers and the broader economy from fraud or dysfunction in the space. Banks and other financial services are regulated so this bill is aimed at achieving similar protection for cryptocurrency users as well.
The proposed CRPTO Act is intended to provide greater protection for cryptocurrency users by ensuring that companies adhere to regulations such as refunding customers if they have been defrauded or undergoing independent auditing processes. Several New York lawmakers have thrown their support behind this bill which could help foster confidence in using cryptocurrencies safely in future.