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Lawmakers Ask Trump to Use Blockchain in COVID Relief

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Members of Congress are urging the federal government to use blockchain solutions to boost COVID relief efforts.

In a Wednesday letter addressed to the U.S. President Donald Trump and federal officials, lawmakers said blockchain technology can help identify and authenticate individuals set to receive government benefits, streamline supply chains and create a registry of medical professionals. 

This is the latest development in a trend of U.S. lawmakers actively advocating for blockchain applications and virtual currencies, with representatives re-introducing bipartisan legislation in January that would reduce the tax burden on small crypto transactions, and Massachusetts Representative Stephen Lynch (D-MA) proposing a bill in April to record national stockpiles on a blockchain. 

Read more: US Congressman Tom Emmer Will Accept Crypto Donations for Reelection Campaign

The letter was led by the four co-chairs of the Congressional Blockchain Caucus: Reps. Tom Emmer (MN-06), Bill Foster (D-IL), David Schweikert and Darren Soto (D-FL). 

They were joined by Caucus members Stephen Lynch, Warren Davidson (R-OH), Jerry McNerney (D-CA), Matt Gaetz (R-FL) and Ro Khanna (D-CA).

“The membership of the Congressional Blockchain Caucus urges your consideration, support, and implementation of utilizing blockchain technology that could greatly mitigate the effects of the Coronavirus,” the letter said.  

Ongoing effort

This is not the first time members of Congress have urged the government to consider innovative technologies in the pandemic response. In April, 11 representatives signed a letter calling on the U.S Treasury Department to consider blockchain and distributed ledger technologies (DLT) in streamlining the distribution of stimulus funds to citizens across the nation. 

Within a week of sending the letter, Lynch introduced a bill to mitigate the failures of the Strategic National Stockpile (SNS) in distributing personal protection equipment such as ventilators to those in need: it would require relevant government agencies to use private blockchain technology to inventory supplies in each state to ensure availability. 

Read more: Bermuda Starts Development of a Blockchain-Based National ID System

The goal of the bill is to facilitate the creation of a network that would allow the government to have a transparent view of stockpiles, and allocate resources to where they are most needed, Lynch told CoinDesk back in April. 

“I think there are reasons for adopting a very secure protocol. You could envision instances where if the country were at war you would not want this system to be hackable and so I think the private blockchain model probably works best,” he said.  

‘Wake-up call’

The lawmakers’ letter to Trump echoes Lynch’s call to use blockchain to create secure and efficient databases. 

The letter makes a case for a blockchain-based identification system, to securely store and authenticate an individual’s identity “to receive necessary funding or supplies” 

The lawmakers explained how the built-in architecture of blockchains can help easily identify individuals when receiving government benefits, while its strong encryption protects sensitive data. It also urged the government to consider putting crucial supply chains- that would map origins, inventories and transportation routes- on a blockchain.

“The lack of these fundamental supplies has served as a wake-up call across the nation as we continue to struggle to track, reroute, and deliver necessary supplies to those who need them most,” the letter said. 

The lawmakers also suggested that blockchain could help create a comprehensive registry of medical professionals that would verify qualifications, locations and help deploy “skilled resources” in times of crisis.

“Federal regulators must be willing to shed the bureaucracy and implement new solutions,” Rep. Emmer said in a statement to the press. 

Read the full letter below:

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



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Snap Stock Up 16% as Q2 2021 Earnings Beat Analyst Expectations

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Snap stock has risen approximately 184.94%, and 25.76% in the past year and seven months.

Snap Inc (NYSE: SNAP) stock traded 16.31% higher in today’s premarket around $73.24. The notable spike has been directly attributed to the second-quarter earnings results that beat analysts’ expectations. Notably, Snap reported revenue of $982 million in Q2 versus $846 million expected by analysts according to a survey by Refinitiv.

Additionally, the company recorded adjusted earnings per share of 10 cents versus 1 cent loss forecasted by analysts. During the second quarter, Snap’s average revenue per user (ARPU) was $3.35 against $2.92 expected by analysts according to a survey conducted by Refinitiv. Global daily active users (DAUs) hit 293 million users versus 290.3 million according to a survey conducted by StreetAccount.

Snap stock has risen approximately 184.94%, and 25.76% in the past year and seven months. However, they have dropped approximately 6.95% in the past month according to market analytics provided by MarketWatch.

Snap Stock and Company’s Q2 2021 Earnings

On the positive side, Snap noted that the iOS 14.5 update did not make severe changes to its operations as earlier forecasted. Partly due to the late rollout of iOS 14.5 by Apple’s developers.

Jeremi Gorman, Snap’s chief business officer added that the slow adoption of Apple’s software update also significantly contributed. “This has given us more time with advertisers to navigate the transition but also means the effects of these changes will come later than we initially expected,” Gorman said.

One of the key highlights from the Snap second-quarter report was the 53% decline in a net loss to $152 million from $326 million a year ago.

Forward, the company is weighing on different market outlooks, particularly Covid-19 and the rollout of the vaccine. On a year-over-year basis, Snap expects its revenue to grow by 58% to 60% during the third quarter. Additionally, the company said it anticipates hitting approximately 301 million daily active users (DAUs) in the third quarter.

This range reflects our best current estimate of the potential impact of anticipated disruptions associated with the iOS platform changes,” Snap Chief Financial Officer Derek Andersen said in his prepared remarks.

The foreseeable future remains uncertain for Snap management largely due to a resurgence of COVID-19 cases. As a result, the company said it will be operating in an uncertain environment until the end of the year.

The company has a reported market valuation of approximately $99.58 billion as of today with 1.32 billion outstanding shares. Having been rated by 38 Wall Street analysts, MarketWatch found out that Snap stock received an average of Over rating.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Binance US Pursuing Plans to Go Public, Opts for IPO amidst Regulatory Crackdown

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Binance US will be competing for a public spot proceeding despite facing allegations from global regulators.

Binance US which is a cryptocurrency exchange operating in the American market will opt for an IPO way to go public. The firm is currently in the process of navigating heavy regulatory concerns and crackdowns. Binance CEO Changpeng Zhao has commented on the possibility of the firm listing on an IPO and communicated possible plans of the company concerning regulatory requirements and protocols.

The CEO further highlighted how the company is still embroiled in regulatory trouble with central regulators and had taken accountability for the same. However, Zhao has been confident in making Binance US seek a public spot through the IPO and expressed his decision to accelerate compliance efforts to work in sync with the guidelines to safeguard the company’s interest and stake.

Binance US Opts for a Strategic IPO Listing

Binance US will be competing for a public spot proceeding as a separate company that seeks branding from the global exchange Binance. The company will be taking a fresh initiative to go public in the upcoming months.

It is to be noted that  Binance which is the leading cryptocurrency exchange was facing allegations from global regulators that involve claims such as the company being implicated in illegal trading in the USA. The concerning matter was later investigated by the States Department of Justice and the Internal Revenue Service. Later on, the company was approached by the US Commodity Futures Trading Commission on similar grounds.

Binance CEO Changpeng Zhang has asserted that the company is surely battling regulatory issues and interventions at the moment but is confident enough to accelerate the work operations by shifting the company into the financial domain from a previous tech setup.

The CEO has further admitted that they might encounter troubles with the regulators but this will never disregard the company’s vision to go public one day. Binance US is now pursuing ways to opt for a traditional initial public offering route to seek credible transition.

In a virtual blockchain summit called REDeFINE Tomorrow 2021, Zhao was seen communicating his plans regarding Binance’s prospects and strategies as well the company’s new goal that involves an IPO listing. Zhao later restated that the company will be expediting its compliance efforts that will also include hiring former regulators to speed things up.

In the summit held on Friday, Zhao was seen admitting the fact that the regulatory issue that the firm is currently facing will be mitigated very soon and the compliance efforts will be accelerated to localize communication in a structured manner.

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Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.



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TSLA Stock Up 2% Yesterday, Musk Anounces Opening Tesla Supercharger to All EVs

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Tesla is planning to make Superchargers that are accessible by all vehicles in most of the countries.

The founder and CEO of Tesla Inc (NASDAQ: TSLA) Elon Musk announced that the company’s chain of fast-charging stations for its electric automobiles, aka Tesla’s Supercharger network, will commence serving other brands of electric vehicles from this year.

Meanwhile, Tesla stock went up by 2% yesterday, reaching $660.50. Today in the pre-market, the stock lost 0.23%.

The tweet was posted on Tuesday by the business magnate. This announcement follows years of gossip on the development of Tesla charging stations that are compliant with all electric vehicles.

Despite the tall claims by Musk, there has, as of now, not been any communication on the details about this venture. For starters, where will the DC fast-charging stations be set up still remains a question. However, according to the Billionaire, Tesla is planning to make Superchargers that are accessible by all vehicles in most of the countries.

In recent times, the billionaire has communicated the idea of introducing Superchargers to other EVs and collaborating on the technology together. In an interview in 2014, Musk suggested contributing and curating designs to create a mainstream blueprint that can be exchanged across industries.

In a gathering in 2018, Tesla CEO had, however, answered a query during an earnings call that the Supercharger Network is not anomalous to a ‘walled garden’. By this, the billionaire wanted to suggest that different brands and designs of EVs might have different charging stations that are compatible.

The most critical marketing strategy for Tesla Electric vehicles has been the fact that the company has exclusive charging stations. This herculean advantage set the company apart from its competitors in battery vehicles. The Tesla charging network is accessible to operators of Tesla vehicles without any membership fees. The company keeps a tab of the charging per minute or kilowatt-hour.

The company’s new level 3 Charging Stations have not been opened to the general public, and are available only to the owners. The connectors used in powering the vehicles can be plugged into Tesla vehicles only, enabling less crowd and higher accessibility to the Tesla customers.

Several US companies have discussed and struggled to provide charging stations that cater to battery vehicles from different brands. The companies include ChargePoint, Electrify America, Sema, and many others. Tesla’s website claims that the company currently manages more than 25,00 charging stations across the globe.

In December 2020, Musk mentioned his company’s plan to create Supercharging stations for all electric automobiles. In a conversation with YouTuber MKBHD, Marques Brownlee, the billionaire said that other Brands of EVs were “low-key” on the lookout for access to Tesla’s Superchargers and that the apparatus was already being made available to other electric cars.

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Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.





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