Top stories in the Crypto Roundup today: US legislation seeks to ban tech giants from issuing digital assets, Samsung Electronics and LG Uplus among tech giants in Blockchain Consortium and vulnerability spotted in 0x exchange v2.0 smart contract.

Bitcoin (BTC) has continued its slide down in the last 24-hours and is trading at the time of writing at $10,274.47 (-7.70%) with a daily volume of $7.08 bn. Ether (ETH) is trading at $224.93 (-15.35%) with a daily volume of $3.25 bn. The MVIS CryptoCompare Digital Assets 10 Index is tracking at 3,681.89 (-4.21%).

US Legislation Seeks to Ban Tech Giants from Issuing Digital Assets

A draft discussion bill titled "Keep Big Tech Out of Finance Act" has been revealed ahead of Facebook’s back-to-back congressional hearings this week. The Block explained that “the bill aims to prevent tech colossuses from becoming financial institutions. It also seeks to prohibit these companies from "establishing, maintaining, or operating a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value," as defined by the Board of Governors of the Fed.”

Per the draft, the proposed legislation will apply to technology companies with annual revenue above $25 billion and predominantly engaged in the business of offering online public marketplaces, exchanges, and/or platforms for connecting third parties.

Samsung Electronics, LG UPlus, Among Tech Giants in Blockchain Consortium

Some of the world’s leading companies operating in the IT, telecommunications, and financial services sectors have aligned to form a consortium intent on launching a blockchain-based form of mobile identification, reported The Korea Times on July 14.

Among the participants are South Korea’s largest wireless telecommunications operator SK Telecom, LG Electronics parent LG UPlus and Samsung Electronics. According to the Korean news agency, the seven-member consortium “will develop a technology to help establish a “self-sovereign identity,” a new form of identification that will remove the involvement of intermediaries – mostly government-certified or publicly run entities that manage personal data – thereby enabling individuals and organizations to assert their identity in online transactions.”

 

Vulnerability Spotted in 0x Exchange v2.0 Smart Contract

The team behind 0x – an open protocol that facilitates the decentralized exchange of Ethereum-based tokens and cryptoassets – was on Friday notified of a potential exploit in its 0x v2.0 Exchange contract. In a blog post detailing the incident, 0x co-founder Will Warren wrote that the 0x team were notified about it by a third-party researcher known as ‘samczun’ on July 12 at approximately 16:30 (PT). “This vulnerability would allow an attacker to fill certain orders with invalid signatures,” Warren explained.

According to the 0x co-founder, the team’s engineers and developers spent much of the weekend patching and re-deploying the entire 0x smart contract pipeline from scratch, as well as updating its developer tools and packages, 0x Instant, and 0x Launch Kit. In the next day or two, the 0x team will publish a formal post-mortem blog post.

State of the Crypto by Top Tier Exchange Volume

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