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A bill has been introduced in the U.S. state of New York to allow state agencies to accept cryptocurrency payments, including bitcoin, ether, litecoin, and bitcoin cash. The legislation proposes allowing crypto to be used as “a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges,” and more.
Bill to Allow State Agencies to Accept Crypto Payments
New York State Assembly member Clyde Vanel introduced a bill Thursday that “establishes cryptocurrencies as a form of payment for state agencies,” according to the bill’s description on the New York State Senate website. Assembly Bill A2532 has been referred to the New York State Assembly Committee on Government Operations. According to its summary, the bill:
Establishes that state agencies are allowed to accept cryptocurrencies such as bitcoin, ethereum, litecoin and bitcoin cash as payment.
The bill seeks to amend New York’s state finance law by adding “cryptocurrency as a form of payment.” The legislation defines cryptocurrency as “any form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank including but not limited to, bitcoin, ethereum, litecoin, and bitcoin cash.”

According to its text, the bill proposes authorizing state agencies to enter into agreements with individuals or entities to accept cryptocurrency “as a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts, including penalties, special assessments and interest, owed to state agencies.”
This week, Arizona State Senator Wendy Rogers introduced a similar bill to allow state agencies to accept cryptocurrency. She also launched a bill to make bitcoin legal tender in her state.
Do you think this bill will pass and state agencies will be able to accept crypto payments? Let us know in the comments section below.


A bill has been introduced in the U.S. state of New York to allow state agencies to accept cryptocurrency payments, including bitcoin, ether, litecoin, and bitcoin cash. The legislation proposes allowing crypto to be used as &#8220;a means of payment of fines, civil penalties, rent, rates, taxes,...

news.bitcoin.com

New York Considers Bill to Establish Cryptocurrency as a Form of Payment for State Agencies

A new bill introduced to the New York Senate seeks to make certain cryptocurrencies a legal form of payment for state agencies.
This would include accepting crypto as payment for civil penalties, fines, taxes, and other fees charged by the state. 

As detailed in the legislation set forth on Thursday, accepted cryptocurrencies would include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, though it could include more. 
Specifically, the legislation describes cryptocurrency as “any form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.” 
The bill would allow the state to voluntarily enter into agreements “with persons to provide the acceptance, by offices of the state, of cryptocurrency as a means of payment,” though they would not be legally bound to accept such transactions. 
The proposal was introduced by Democratic Assembly Member Clyde Vanel. He is often regarded as a crypto-friendly politician, though many members of his party oppose crypto for fears of its environmental impact and use for sanctions evasion. 
Last week, a bill was introduced in Arizona by senator Wendy Rogers to make Bitcoin and other cryptos legal tender across the state. Like Vanel’s bill, it would allow state agencies to enter agreements with cryptocurrency issuers to provide a pathway to citizens for paying taxes rent, and fines in crypto. 
Rogers proposed a similar bill in January 2022, but it didn’t appear to gain traction. 

The post New York Senate Bill Proposes Legalizing Crypto for Payment in State Agencies appeared first on CryptoPotato.

A recently proposed bill would give state agencies the option to accept Bitcoin, Ethereum, Litecoin, or Bitcoin Cash as payment for various fees. 

cryptopotato.com

New York Senate Bill Proposes Legalizing Crypto for Payment in State Agencies

Bitcoin Cash (BCH) advocate and veteran of the crypto space Roger Ver is being sued by bankrupt lender Genesis for allegedly failing to settle options trades.
According to a filing at the New York State Supreme Court, Ver has 20 days to answer a complaint from Genesis regarding his alleged failure to settle $20 million worth of cryptocurrency options transactions.

The complaint in the filing states,
“This action seeks the following relief: 1) a judgment awarding Plaintiff with money damages for Defendant’s failure to settle cryptocurrency options transactions that expired on December 30, 2022, in an amount to be determined at trial but no less than $20,869,788; and 2) an award of Plaintiff’s costs, expenses, and reasonable attorneys’ fees incurred in bringing this action.”
Ver has since responded to the lawsuit via a Reddit post admitting that he owes Genesis the money, but that Genesis violated the terms of the agreement by not remaining solvent, and potentially being dishonest about their solvency.
“I have sufficient funds on hand to pay Genesis the sums allegedly owed, and I’m happy to pay what I actually owe. However, Genesis was required by our agreement to remain solvent — as Genesis can’t ask its clients to play a “heads clients lose, tails Genesis wins” game. It appears that at points since at least last June Genesis dipped under the solvency line. Last June, I asked Genesis for assurances of their solvency. In return, Genesis provided me with financial information that has been called into question by recent events. 
When I asked Genesis to clarify the financial information they had provided me, they refused, and instead chose to file suit. I look forward to an explanation from Genesis as to how exactly they valued some of the questionable line items, including what appear to be discrepancies between the valuation of customer collateral and their own digital assets. I had hoped to obtain this information from them quickly and amicably, as I value our relationship, but it appears I will now be forced to get to the bottom of this in discovery.”
Genesis filed for bankruptcy earlier this month, and is in the process of recovering its creditors’ assets.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
The post Bitcoin Cash Backer Roger Ver Sued for $20,000,000 by Bankrupt Crypto Broker Genesis appeared first on The Daily Hodl.


Bitcoin Cash (BCH) advocate and veteran of the crypto space Roger Ver is being sued by bankrupt lender Genesis for allegedly failing to settle options trades. According to a filing at the New York State Supreme Court, Ver has 20 days to answer a complaint from Genesis regarding his alleged failur...

dailyhodl.com

Bitcoin Cash Backer Roger Ver Sued for $20,000,000 by Bankrupt Crypto Broker Genesis

Market intelligence firm Glassnode says that Bitcoin (BTC) could soon face sell-side pressure from short-term holders (STHs) eager to cash in on the king crypto’s latest price uptick.
In a new analytics report, Glassnode finds Bitcoin’s recent surge to $23,000 pushed 97.5% of its short-term holders into the green at one point during the week, something that hasn’t happened since the top crypto asset by market cap hit its all-time high in November 2021.

The crypto analytics platform defines short-term holders as those holding BTC for less than 155 days.
According to Glassnode, 97.5% of STHs having unrealized gains historically marks that sell pressure is on the horizon.
“Interestingly, during bear markets, when [over] 97.5% of the acquired supply by new investors is in loss, the chance of seller exhaustion rises exponentially. Conversely, when [over] 97.5% of short-term holder supply is in profit, these players tend to seize the opportunity and exit at break-even or profit… 
Given this substantial spike in profitability, the probability of sell pressure sourced from STHs is likely to grow accordingly.” 
Source: Glassnode
Miners are also selling Bitcoin due to the recent price rally, according to Glassnode.
 “With a notable recovery in miner USD-denominated revenues, the resulting behavior shift has switched from accumulation of +8,500 BTC/month, to distribution of -1,600 BTC/month. Miners have spent some -5,600 BTC since 8-Jan and have experienced a net balance decline [year-to-date].” 
Source: Glassnode
Other metrics paint a different picture, however. The intelligence firm notes the volume of Bitcoin that hasn’t moved in more than six months has shot up by more than 301,000 since early December, underscoring the conviction of holders.
“This divergence highlights the strength of the HODLing conviction via the recent market rally.” 
BTC is trading for $22,678 at time of writing, down 1.16% in the past 24 hours but up 38% from its 30-day low of $16,464.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sensvector/EB Adventure Photography
The post Analytics Firm Glassnode Issues Bitcoin Alert, Says BTC May Face Sell Pressure From This Investor Cohort appeared first on The Daily Hodl.


Market intelligence firm Glassnode says that Bitcoin (BTC) could soon face sell-side pressure from short-term holders (STHs) eager to cash in on the king crypto’s latest price uptick. In a new analytics report, Glassnode finds Bitcoin&#8217;s recent surge to $23,000 pushed 97.5% of its short-term...

Analytics Firm Glassnode Issues Bitcoin Alert, Says BTC May Face Sell Pressure From This Investor Cohort

Vitalik Buterin, the co-founder of Ethereum, recognizes the privacy problem in the most active smart contracting platform. He is proposing a stealth address system as a possible fix.
Vitalik Buterin’s idea radically differs from what Tornado Cash, a crypto mixer, and similar platforms offer. Instead of the sender having control, it would be the recipient in charge. This is crucially important because, in ordinary settings, the asset receiver would desire to keep transactions, financial or otherwise, private and away from the public’s prying eyes. 

By default, transactions in Ethereum and other public blockchains can be traced. This characteristic is available for all users, despite the basic levels of encryptions concealing the identity of the sender and receivers. 

Ethereum Price on January 23| Source: ETHUSDT on KuCoin, Trading View
Vitalik Buterin Talks Stealth Addresses
To counter the openness in Ethereum and cushion the privacy of asset receivers, stealth addresses would be created by the sender or receiver. However, the receiver will be the one in charge. At any point in the transfer cycle, the receiver will be free to create a spending key which he can then use to create a “stealth meta-address.” 
This address is then sent to the sender, who does a small computation and creates a stealth address that belongs to the recipient. The recipient will always be in charge if they send assets to this address. 
Additional cryptographic data will be published on-chain to affirm that the receiver controls the stealth address. A key blinding mechanism is added to break the public link between the sending and receiving addresses due to the additional cryptographic data sent on-chain.

Vitalik also proposes the integration of ZK-SNARKs to boost privacy further when using stealth addresses. Integrating ZK SNARKs would increase the difficulty of linking transactors, a benefit for the receiving address seeking more privacy.
Different from Tornado Cash
Vitalik explains in his research blog that the stealth address system provides a different kind of privacy offered by Tornado Cash. The co-founder notes that Tornado Cash is only suitable for individuals who want to send assets to their addresses. While Tornado Cash is widely popular and used by thousands to obscure ETH and ERC-20 transactions, it cannot hide the receiving address of assets complying with the ERC-721 standard, mainly NFTs. 
In early August 2022, the United States Treasury Department barred U.S. citizens from using the mixer. The Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian Nelson, said the Tornado Cash creators had failed to add adequate controls to prevent the tool from being used to launder money. 
Treasury alleged that North Korean hackers and other agents had used the tool to launder billions of dollars since 2019. Most of the laundered funds came from Decentralized Finance (DeFi) and exchange hacks. 


Vitalik Buterin, the co-founder of Ethereum, recognizes the privacy problem in the most active smart contracting platform. He is proposing a stealth address system as a possible fix. Vitalik Buterin&#8217;s idea radically differs from what Tornado Cash, a crypto mixer, and similar platforms offer...

Bitcoin Cash price	$134.72
Low - High 24H	$134.75 - $138.20
Market cap	$2.60B
Volume 24H	$567.43M
All time high	$3,785.82 -96.43% December 20th 2017
All time low	$76.93 75.81% December 16th 2018
Genesis date	N/A

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