Lawmakers in the United Kingdom have voted in favor of a bill that looks to place bitcoin and other digital assets under existing financial instrument law, enabling existing regulatory infrastructure to build a framework.

Cash App users are now able to send and receive Bitcoin through the Lightning Network. Previously, users were only able to send BTC via the Lightning Network using Block’s Cash App.

A survey from asset manager Charles Schwab has found that nearly half of Gen Z and Millennials want to see cryptocurrencies become a part of their 401(k) retirement plans, with a similar percentage of investors having exposure to crypto outside of their 401(k) plans.

Top stories in the Crypto Roundup today:

• UK to Regulate Crypto Similar to Financial Instruments
• Cash App Expands Lightning Network Support
• Survey Finds Nearly 50% of Gen Z and Millennials Want Crypto in Retirement Funds

UK to Regulate Crypto Similar to Financial Instruments

Lawmakers in the United Kingdom have voted in favor of a bill that looks to place bitcoin and other digital assets under existing financial instrument law, enabling existing regulatory infrastructure to build a framework.

The lower house of Parliament, known as the House of Commons, read the Financial Services and Markets bill, which seeks to establish a framework for the ongoing regulation of digital assets. The draft bill includes extensions for existing regulations, which would apply current laws regarding payments-focused instruments to stablecoins.

Andrew Griffith, the financial services and city minister said:

"The substance here is to treat them [digital assets] like other forms of financial assets and not to prefer them, but also to bring them within the scope of regulation for the first time.”

Griffith explained that clause 14, a new addition, clarifies that “crypto asset could be brought within the scope of the existing provisions.” According to the minister, the Treasury will have ongoing consultations with existing stakeholders in the ecosystem and with industry experts to ensure the developing framework empowers the crypto ecosystem.

Cash App Expands Lightning Network Support

Cash App users are now able to send and receive Bitcoin through the Lightning Network. Previously, users were only able to send BTC via the Lightning Network using Block’s Cash App.

The Lightning Network is a layer-2 scaling solution designed to process Bitcoin transactions for a fraction of the cost of the processing fees seen on the blockchain, with faster processing times.

The network reduces costs and speeds up transactions through channels, without using the main Bitcoin blockchain. Through the Lightning Network, transactions are settled on-chain when channels are opened and closed.

The Cash App website touts the Lightning Network typically has “little to no fees involved, and it’s used to send smaller amounts of Bitcoin.” Cash App’s integration limits users to $999 per seven days.

Sending and receiving Bitcoin via the Lightning Network on Cash App is currently only available to customers in the U.S., except those in the state of New York.

Survey Finds Nearly 50% of Gen Z and Millennials Want Crypto in Retirement Funds

A survey from asset manager Charles Schwab has found that nearly half of Gen Z and Millennials want to see cryptocurrencies become a part of their 401(k) retirement plans, with a similar percentage of investors having exposure to crypto outside of their 401(k) plans.

According to the survey, 46% of Gen Z and 45% of Millennials wish they could add cyrptoassets to their retirement planning, while 43% of Gen Z and 47% of Millennials are already investing in crypto outside of it.

Charles Schwab surveyed 1,100 401(k) retirement plan participants aged between 21 to 70 in April of this year to reach its results. The results are in stark contrast to those of older generations – Gen X and Boomers – with 31% and 11%, respectively, wanting to invest in cryptocurrencies through their 401(k).

Millennials refers to those born in the early 1980s and up to mid-1990s, while Gen Z refers to the generation born up to the early 2010s. Gen X and Boomers are generations born between the mid-1940s and late 1970s.

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