Bitcoin Guru

Last week we launched Neo N3 RC4, which we are hopeful will pass all our stability tests and graduate to become the Neo N3 Formal TestNet. Once we have achieved this milestone, we will begin rolling out the Neo N3 MainNet, along with migration and governance. While we are not yet ready to finalize dates, we can outline how we intend to move from Neo Legacy to Neo N3. We can also reveal some of the migration options that will be available at a high level. Essentially, the rollout will occur in three phases: TestNet, MainNet Setup, and Mass Migration. Various tasks will be completed during each phase to ensure that the Neo N3 MainNet is ready to support healthy network operations by the time the public migrates tokens en-masse. Token holders will have two migration options to choose from, depending on their preferences. The first option will be "Early Bird" migration, which will closely follow the minting of the Neo N3 genesis block. This will provide token holders with an oppo...

A bipartisan infrastructure bill in Congress proposes to raise $28 billion from crypto investors by applying new information reporting requirements to exchanges and other parties. According to a draft copy of the bill shared with CoinDesk, any broker that transfers any digital assets would need to file a return under a modified information reporting regime. The draft defined digital assets as "any digital representation of value … recorded on a cryptographically secured distributed ledger" or related technology. It also includes decentralized exchanges and peer-to-peer marketplaces in its definition of brokers. A separate summary of the bill further clarified that cryptocurrencies are treated as a subsection of the broader digital asset umbrella. "The provision includes updating the definition of broker to reflect the realities of how digital assets are acquired and traded," the document said. "The provision further makes clear that broker-to-broker reporting a...

The launch of the Neo N3 MainNet is gradually approaching after the release of multiple TestNet versions. One of the most prominent changes in Neo N3 is an entirely revamped governance model, which will push Neo towards a more decentralized future. NEO token holders will be empowered to vote on a 21 member Neo Council, of which the top seven will also become Consensus Nodes. The Neo Council will be responsible for maintaining the health of the Neo network, with rights to adjust critical blockchain parameters such as fees.   In order to ensure the stability of the Neo N3 MainNet in its early phases, the Neo Foundation is seeking candidates to become the initial members of the Neo Council. The primary goal is to ensure that the first members of the Neo Council have a fundamental understanding of the Neo platform and are technically capable of carrying out their duties. Neo Global Development will seed up to 10 candidates into the Neo Council. The remaining places will be filled by the Ne...

While we understand the Biden Administration's approach to crypto regulation is in the process of being defined, we have yet to see any definitive proposals or policy statements that will bring clarity and consistency. What we have glimpsed through statements by Treasury Secretary Janet Yellen and Chairman Jerome Powell, and from recent congressional hearings, appears defensive and reactionary. It also appears to be influenced more by recent ransomware attacks, China's policy regarding CBDCs, environmental issues, and El Salvador's adoption of bitcoin as legal tender than any effort to clarify markets and assist the industry's growth. It appears that agencies that are responsible for crypto regulation have shifted to national security concerns instead of competitive markets and products. The lack of progress is disappointing. Olta Andoni is Chief Legal Officer at Nifty's. Donna Redel is a Professor at Fordham Law and Board Member at NY Angels. This state of affairs ...