you know bismarck said many years ago that there are two things you don't want to see
being made sausage and legislation and when it comes to particularly ugly legislation
this component the regulation of cryptocurrency may take the prize for the ugliest we have seen
all right welcome back everybody to altcoin daily where you subscribe because you're interested in
making money with cryptocurrency and this channel keeps you informed my name's austin in today's
video i want to update you on the latest news involving bitcoin involving lower cap altcoins
as well as the epic conclusion on what's happening with this cryptocurrency legislation in this
infrastructure bill and how it affects you like always check the timestamps down below and
let's start with our breaking story of the morning at least 611 million dollars stolen
in a massive cross chain hack this is now in the history books as the largest exploit in crypto
history on a protocol called the poly network which is an interoperability protocol meaning that
the hacker was able to drain funds from multiple different blockchains here was the direct tweet
put out by polynetwork important notice we're sorry to announce that polynetwork was attacked on
binance smartchain ethereum's blockchain as well as polygon maddox blockchain and assets have been
transferred to the hacker's following addresses here's the ether one here's the bsc one so this
is devastating for those involved me personally i never heard of poly network it is it is a
different cryptocurrency than polygon matic but this sucks and it just goes to show you how
experimental all these d5 protocols are as such this is the largest cryptocurrency hack in history
the previous record was held by centralized exchange coin check which lost about 530 million
dollars to hackers back in january 2018. what's more because poly network is an interoperability
protocol there may well be other projects that use polynetwork that are also affected we know
that other protocols that interoperated with them like zero three labs for example have started to
suspend certain functionalities and check into this we also know tether the company behind usdt
obviously centralized froze 33 million dollars worth of its stablecoin stolen by the hacker
and also in a public statement to the hacker polynetwork issued this dear hacker we are
the poly network team we want to establish communication with you and urge you to return
the hacked assets the amount of money you hacked is the biggest one in the defy history law
enforcement in any country will regard this as a major economic crime and you will be pursued it is
very unwise for you to do any further transactions the money you stole are from tens of thousands
of crypto community members hence the people you should talk to us to work out a solution what
do you think do you think this open plea from poly network will work as this story develops
i'll keep you updated next piece of news an update on this crypto amendment legislation that we have
been covering regarding the infrastructure bill here in the u.s for the last few days
it does not pass a loan senator has rejected the crypto compromise in the infrastructure bill
and unfortunately this crypto amendment this crypto compromise
needed unanimous consent meaning no objections and we got one so if you hold cryptocurrency
let me explain what this means because as a reminder which we covered in yesterday's video
there was two different crypto amendments that needed to be put in this infrastructure bill
one was a good one for crypto championed by loomis and a few other senators and one was
a sub subpar amendment that was better than nothing but still not as clear as it should be
in the final hour right before the vote both of these senators all of these senators came together
and formed a compromise for one single amendment which was good enough the amendment really cleared
up the language on what a crypto broker should be in a direct quote from toomey one of the senators
we're not proposing anything sweeping or anything radical the compromise makes clear that a broker
means only those persons that conduct transactions where consumers buy sell and trade digital assets
i.e exchanges and this was significant because this would now exclude entities that validate
transactions meaning minors or stakers so we needed this clarity did it happen no because
of one lone senator in a blow to the digital asset industry the us senate did not adopt a bipartisan
compromise on the crypto tax provision in its one trillion dollar infrastructure bill after a
vote monday and the one person that objected was senator richard shelby republican from alabama
who filed an objection after attempting to attach his own amendment to increase military spending so
he said i'm not going to vote yes unless you say yes to my military amendment well then after that
senator bernie sanders democrat from vermont objected to shelby's motion he didn't want
the military spending resulting in shelby then objecting to the overall compromise crypto holders
in the u.s i'm sorry it did not go through the amendment was killed to get more military spending
wow and get this because upon some further digging because you know altcoin daily always tries to go
that extra step bring you as much information as possible we can look at this senator from alabama
richard shelby's campaign finance history summary we can see that at least in the last five years
he was in the pocket of the big commercial banks receiving the most funding from commercial banks
as well as traditional investments and securities so the big banks through this senator are still
fighting crypto and now get this attention crypto world senator shelby just told us he's actually
for the crypto amendment he blocked yesterday but blocked it simply because he didn't want
them to get an amendment unless he got his defense amendment as well petty very petty and so you hear
it right from the horse's mouth here is a tweet from richard shelby from just a few hours ago
i support senator toomey's cryptocurrency amendment the amendment we all wanted i
know of its importance to innovation and job creation but i believe it pales in comparison
to the security of our nation which is why i called for a vote on my defense infrastructure
amendment it's unfortunate that dems meaning bernie sanders then blocked both amendments
what this means to you as a crypto holder is first understand this is by no means over the us senate
now sends it to the other half of congress the infrastructure bill is now sent to the house
of representatives here in the u.s we have two halves of congress as a whole and now gets sent
to the other half of congress for approval the infrastructure bill will now get sent to the house
of representatives which is expected to take up the issue in the fall so basically while it would
have been a whole lot easier just to put this to bed today get this taken care of in the senate
it goes to the house and we do now have a couple more months to try and get this amended or shut
down or taken out or fix this in the house of representatives before eventually it has to
go to the president biden and he would have to sign the infrastructure bill as a whole
so while the battle is over we did lose the battle i just want to be real with you the war continues
and the good news is that one bitcoin and ethereum are grinding upwards in spite of this people want
to accumulate and number two the other good news is even the biggest detractors are saying man this
cryptocurrency amendment probably was a good idea so give me your thoughts down below me personally
i'm optimistic i'm positive but i would love to hear your opinion on this down below hey and by
the way if you appreciate this information give the video a like really supports me
really lets me know i'm doing something right next piece of news amc america's largest theater chain
to accept bitcoin for tickets and concessions later this year this is big amc entertainment
holdings which runs the largest movie theater chain in the u.s their ceo adam aaron made
this announcement in a q2 earnings call monday and while amc did not specifically say what technology
it would use to process the payments meaning will they instantly turn that that money into fiat or
will they keep it in bitcoin either way the company has 593 theaters in the us and 335
international locations so i don't know about you but amc is now my movie theater of choice
if slash when they do this i'll keep you updated next piece of news update for xrp the scc demands
ripple deliver over 1 million slack messages in their ongoing legal battle so as you know the sec
is suing cross-border payments software platform ripple and the sec is claiming hey we see slack
messages that you're not sending us on july 1 2021 the regulatory authority informed ripple
that a previous supply of slack communications data was incomplete one month later after july 1st
the sec claimed ripple admitted to this mistake but still has not sent the data in a direct quote
after ripple repeatedly contending that their slack production was complete
ripple then admitted that due to a data processing mistake whoops ripple had only collected a small
fraction of their slack messages in a final remark the sec further claims that the messages
ripple has allegedly failed to provide to date collectively named the missing documents are
necessary for the sec to build a complete and accurate record for summary judgment and
trial so what this means to you if you hold xrp is ripple does admit oh you're right we
forgot to send them but this according to them was due to a processing mistake so it is still
unclear whether the sec will get over 1 million slack messages that may make the sec's case i'll
keep watching that is the video my name is austin like always see you tomorrow hit the like button