Congressmen Todd Emmer and Darren Soto have sent a bipartisan letter to the Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, questioning why the agency denied the approval of a bitcoin spot exchange-traded fund (ETF) while approving a bitcoin futures ETF.

El Salvador’s president Nayib Bukele has announced a new public project which is going to be funded using  surplus from the country’s bitcoin fund. In a press conference, Bukele revealed plans for the country’s first 20 “bitcoin schools.”

Nasdaq-listed cryptocurrency exchange Coinbase is testing a subscription service that lets users trade without paying fees on each transaction. Customers would still pay spread fees on cryptocurrency transactions made using the service.

Sponsored: Laser Eyes Club is a community created to fight scams, educate everyone about blockchain technology, and create utility products that will help cryptocurrency investors avoid scams and invest only in legitimate projects.

Top stories in the Crypto Roundup today:

• U.S. Lawmakers Urge SEC Chair to Approve Bitcoin Spot ETF 
• El Salvador Announces Bitcoin Education Project             
• Coinbase Tests Commission-Free Subscription Service
• What Is a Gold-Backed Cryptocurrency?
• Sponsored: Laser Eyes - Protecting the Crypto Investor Community

U.S. Lawmakers Urge SEC Chair to Approve Bitcoin Spot ETF

Congressmen Todd Emmer and Darren Soto have sent a bipartisan letter to the Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, questioning why the agency denied the approval of a bitcoin spot exchange-traded fund (ETF) while approving a bitcoin futures ETF.

A spot ETF would see the fund hold actual BTC, while a futures ETF holds contracts to buy and sell the cryptocurrency at a future date at a specific price. In a press release announcing the letter Minnesota Republican Emmer said that the SEC’s “approach to cryptocurrency regulation has been unacceptable,” adding:

“If the SEC cannot outline the perceived material difference in risk profiles, then they should allow ETFs based on spot Bitcoin to be traded.”

Florida Democrat Soto added that cryptocurrency has been a “driver of economic growth in our society,” and should as such be regulated to “maximize the potential benefits and mitigate any risks.”

El Salvador Announces Bitcoin Education Project

El Salvador’s president Nayib Bukele has announced a new public project which is going to be funded using surplus from the  country’s bitcoin fund. In a press conference, Bukele revealed plans for the country’s first 20 “bitcoin schools.”

The project will be funded with the surplus of a $150 million bitcoin fund El Salvador’s lawmakers approved in late August before the country made BTC legal tender.

Bukele has said that the fund has had a surplus of a couple of millions of dollars due to an increase in bitcoin’s value. Per his words, the country will not be selling any bitcoin, but is instead using the trust’s U.S. dollars.

The president added the funds “don’t touch a cent” of the country’s national budget or citizens’ taxes, and are instead a result of the country’s bitcoin law. The country has so far purchased 1,120 BTC.

Coinbase Tests Commission-Free Subscription Service

Nasdaq-listed cryptocurrency exchange Coinbase is testing a subscription service that lets users trade without paying fees on each transaction. Customers would still pay spread fees on cryptocurrency transactions made using the service.

In a statement, Coinbase said it’s always looking to learn how to best serve its customers, and added:

“Right now we are still in early stages so everything about the future product experience will be shaped by the feedback we receive from our users.”

The move may be coming as commission-free trading platform Robinhood adds more cryptocurrencies and rapidly expands in the space. Owen Law, an analyst at Oppenheimer, was quoted saying Coinbase’s revenues may be more predictable through such a service.

What Is a Gold-Backed Cryptocurrency?

Gold has historically always held value. The precious metal isn’t just used as a component of decorative jewellery: it has often been used as a currency and as an investment. Gold-backed cryptocurrencies essentially bring gold to the blockchain.

Gold is valuable, among other things, because of its metallic qualities, scarcity, and its use to store value. While fiat currencies may lose their value over time because of inflation, gold’s supply is fixed and it’s hard to increase because it has to be extracted out of the ground. It does not corrode and is easy to mould as it can be melted over a flame.

Bringing gold onto the blockchain makes it easier to transact with gold and could even allow it to become an efficient medium of exchange. Nevertheless, gold-backed cryptocurrencies have historically struggled to gain widespread adoption.

Understand how these gold-backed cryptocurrencies work via CryptoCompare’s guide on them.

Laser Eyes - Protecting the Crypto Investor Community

Laser Eyes Club is a community created to fight scams, educate everyone about blockchain technology, and create utility products that will help cryptocurrency investors avoid scams and invest only in legitimate projects.

Hundreds of new projects are launched on the Ethereum and Binance Smart Chain (BSC) ecosystems every month, and because of the unregulated and decentralized nature of these blockchains, many of these projects take advantage of investors through numerous scams.

The Laser Eyes Club has already launched a solution for these: an automated tool that lets users enter the contract address of any Dx Sale to get an automated analysis of it. While the tool is still in beta, it already offers users useful information.

Laser Eyes Contract Scan

Laser Eyes Contract Scan is the first tool that the company released which works in the following way:

• Screens projects` source codes. If codes are unverified, these projects could be scams
• Checks liquidity to identify the availability of huge amounts of free-floating tokens. If found available, this indicates a rug pull scheme
• Looks for potential minting functions - these functions allows scammers to mint new tokens and dump them on unsuspecting investors
• Checks presale parameters to avoid token dumping on investors. When the token is actively traded, the tool identifies whether it is used as a honey pot.
• Upcoming: In-depth screen on other scam functions, checks on liquidity providers and ownership status, historic movements of developers wallets and many more. In addition, a learning platform with educational content, portfolio manager app, locking service, contract auditing service and launchpad will be released to support investors. 

The $LASERYES token

$LASEREYES token is deflationary and supported by an already working tool. $LASEREYES will be used for service fees and to airdrop rewards, with users being required to hold the token to use its services

Every transaction using $LASEREYES incurs a 10% tax, with 1% of the tokens being burned, 1% being used for static reflecting, 1% to promote liquidity, and 7% being used to further market the project and help it grow.

The token is currently being traded on PancakeSwap, but Laser Eyes Club plans on getting it listed on multiple regulated cryptocurrency exchanges. To learn more visit Laser Eyes Club official website.

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