The DeFi Education Fund (DEF), a group that supports decentralised finance, has given its feedback to US lawmakers about a new crypto bill. According to a report by Cointelegraph, DEF sent a letter to Senators Cynthia Lummis and Kirsten Gillibrand, who recently introduced the Lummis-Gillibrand Payment Stablecoin Act. This bill aims to regulate stablecoins, cryptocurrencies tied to real-world currencies like the US dollar.
In its letter, DEF said it supports the bill's effort to bring more legal clarity to the crypto sector. However, it raised concerns about how the bill treats decentralised stablecoins. These are different from regular stablecoins because they are not controlled by a single company or person. Instead, they are run by computer code on public blockchains. DEF said these decentralised stablecoins could be wrongly included in the bill's rules, which are meant for stablecoins managed by companies.
As per Cointelegraph, the senators had earlier stated that the goal of the bill is to bring clear regulations for stablecoin issuers and protect consumers. DEF hopes that their suggestions will lead to a more balanced law that doesn't harm the growth of decentralised finance.
SEC Commissioner Urges Crypto Firms To Return To The US
US SEC Commissioner Hester Peirce and former Commissioner Paul Atkins have expressed support for bringing crypto companies back to the United States. According to a report by Cointelegraph, Atkins spoke at the Bitcoin Policy Summit in Washington, DC, saying that it is time to "reshore" crypto businesses that left due to unclear regulations.
Atkins believes that better laws could help the US regain its leadership in the crypto space. He said that many firms moved to other countries because they felt the US was not friendly to innovation. Bringing them back could boost the economy and create jobs, he added.
Hester Peirce, who is known for her open stance on digital assets, agreed that the US needs to improve its regulatory approach. While she did not directly call for firms to return, she supported clearer and more welcoming rules. She also said that blockchain technology has the potential to increase trust and reduce risks in finance.
As per Cointelegraph, the event where they spoke was focused on discussing how to shape US crypto policy. Atkins also pointed out that too much regulation could push innovation away, and that other countries have already made progress in adopting blockchain.
Both Peirce and Atkins hope that the US can fix its current system and create an environment where crypto firms can grow. Their comments reflect a growing view that the country must act quickly to stay competitive in the global digital economy.
Bitcoin ETFs See Major Outflows While Ether ETFs Break Losing Streak
Spot Bitcoin exchange-traded funds (ETFs) in the US saw their second-largest net outflow in a single day, while Ether ETFs ended their recent streak of outflows. According to a report by Cointelegraph, Bitcoin ETFs lost a total of $148 million on July 30, with Fidelity's FBTC accounting for the biggest share of the outflows. It marked the highest daily outflow since mid-June.
Grayscale'sGrayscale's GBTC also reported a large outflow, adding to the total. Other ETFs like BlackRock'sBlackRock's IBIT and Bitwise'sBitwise's BITB did not report any inflows on the same day, showing a general dip in investor interest.
At the same time, Ether ETFs, which had been seeing continuous outflows for nearly a week, recorded net inflows of around $25 million. This marks a shift in sentiment towards Ethereum-based investment products. As per Cointelegraph, most of the inflows went to the Fidelity Ethereum ETF (FETH), which took in about $27 million.
The reason behind the change is not fully clear, but according to Cointelegraph, some analysts believe it could be due to changing market expectations or investor strategy.
