Bitcoin Daily: Presidential Candidate Andrew Yang Supports Crypto; Crypto.com Platform Aims To Replace Bank Accounts

Democratic Presidential Candidate Andrew Yang, who recently launched a digital-asset platform, has revealed that he believes more regulatory frameworks for the crypto community could boost innovation.

“I believe that blockchain needs to be a big part of our future,” Yang said at the Consensus conference in New York, according to Fortune. “If I’m in the White House, oh boy are we going to have some fun in terms of the cryptocurrency community.”

While Yang does not directly own any cryptocurrencies, he does invest in at least one vehicle that has some holdings, and his campaign accepts crypto donations.

“We just need to provide rules of the road,” Yang said in an interview at the conference. “We need to figure out which agency is going to be interacting with individual currencies. It would be unfortunate if every time a new currency comes out we then have to decide which framework applies,” adding that the consumer protection aspect of his platform could loosely be based on existing security law.

In other news, Openfinance announced that it will become the first digital security trading platform to open trading of third-party digital securities to U.S. investors.

“Designed to act much like a traditional trading platform, Openfinance provides a broad set of third-party digital securities to investors — offering enhanced versatility and added liquidity to all of its users, which will soon include U.S. Investors along with our already active global users,” Juan Hernandez, founder & CEO of Openfinance, said in a press release. “The ability for U.S. Investors to trade these digital assets and access liquidity marks a significant next step in the evolution of the digital securities market. We look forward to introducing additional trading opportunities in the near future as our platform expands.”

Blockchain startups RepuX and JoyToken have pulled off an exit scam, conning investors out of $4.7 million and $3.3 million, respectively.

While RepuX said it was attempting to build a “blockchain-powered data marketplace,” JoyToken was building a decentralized gambling platform, powered by its own JOY token. But an investigation by Hard Fork revealed that their U.K. offices were dissolved earlier this week. In addition, the startups shared several connections, advisors, and marketing partners.

Now, all Telegram channels associated with the two ICOs have been deleted, and their websites are no longer live.

And for those looking to replace traditional bank accounts and place all of their bets on bitcoin, Crypto.com has launched two new key products to their consumer finance product line: Crypto Credit and Crypto Earn.

Crypto Earn allows users to earn up to 8 percent p.a. interest, beginning with BTC, PAX, and TUSD, while Crypto Credit gives users an instant loan by depositing crypto (initially bitcoin) as collateral. In fact, there is no fixed repayment schedule, monthly fees, late fees, or payment deadlines.

“Crypto Earn offers the most attractive interest rates in the market today. With the MCO Visa Card and Crypto Credit, we are uniquely positioned to do it while maintaining sustainable unit economics. MCO Visa Card, Crypto Earn, and Crypto Credit together form a powerful product suite that nobody else in the industry has today. We’ve never been more excited about the potential of our platform and look forward to continue scaling it globally later this year,” said Kris Marszalek, co-founder and CEO of Crypto.com, in a press release.

But while the offerings might sound enticing, it isn’t likely PYMNTS will be signing up for the an account anytime soon.