A pro crypto member of the European Parliament has reportedly been arrested in Belgium after being accused of corruption. According to a new report by local Belgian publication Le Soir, Greek Social Democrat and European Union (EU) Vice President Eva Kaili, known for being in favor of digital assets, was arrested alongside three other officials […]
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Ripple defense lawyer John Deaton’s CryptoLaw website has a petition app, and readers are urging Congress to look into a suspicious meeting and other supposedly questionable links.
Almost 4,000 people have used a CryptoLaw petition app to demand that Congress investigate United States Securities and Exchange Commission head Gary Gensler’s “actions in the FTX fraud,” the organization claimed in a tweet on the morning of Nov. 14.
The CryptoLaw website is run by lawyer John Deaton, who is representing Ripple against the SEC and contributes frequently to the public discourse on the case. The petition reads, in part:
“Evidence has emerged that proves that Gensler met with […] [FTX CEO] Sam Bankman-Fried, before the $14 billion collapse of FTX. Members of Congress have already been informed that Gensler was working with Bankman-Fried to give FTX a regulatory free pass while a massive fraud was going on right under the SEC’s nose. […] It’s time for a full Congressional investigation of Gensler’s role in one of the biggest financial frauds in American history.”
Gensler’s alleged links with bankrupt FTX and Bankman-Fried, also known as “SBF,” began to attract attention practically as soon as the disgraced exchange’s troubles became public. Republican Representative Tom Emmer, who has a long record as a crypto supporter, tweeted on Nov. 10 that “reports to my office allege he [Gensler] was helping SBF and FTX work on legal loopholes to obtain regulatory monopoly.”
Memo on Samuel Bankman Fried’s 3/23/22 meeting with SEC Chairman Gensler’s staff. Remember these names. pic.twitter.com/CmsIqhtQQX
— FoiaFan (@15poundstogo) November 14, 2022
Emmer did not elaborate on the source or nature of the reports he referred to, but media reports point to a 45-minute Zoom meeting on March 23 between senior counsel Amanda Fischer and senior adviser Corey Frayer from the SEC and representatives of the IEX stock exchange and FTX, including SBF himself. FTX later invested in the IEX exchange.
As a development bank for El Salvador, BANDESAL created a $150 million trust fund to guarantee the convertibility to dollars for citizens and merchants.
Ever since El Salvador legalized Bitcoin (BTC) as mainstream tender, President Nayib Bukele used Twitter on numerous occasions to announce the country’s BTC acquisitions. However, ALAC El Salvador — a non-governmental anti-corruption bureau — was recently denied information from a state development bank, BANDESAL, regarding El Salvador’s Bitcoin purchases and sales.
As a development bank for El Salvador, BANDESAL created a $150 million trust fund to guarantee the convertibility to dollars for citizens and merchants. The request for disclosure of El Salvador’s Bitcoin acquisition was denied on the grounds of confidentiality.
ALAC El Salvador refuted the denial by highlighting that the BTC purchases were made using public funds. Their official statement translated to:
“The confidentiality limits the possibility for citizens to access and receive information on the operations carried out with public funds by BANDESAL.”
In its refusal statement, BANDESAL said that no information related to the Bitcoin Trust (FIDEBITCOIN) could be shared by the trustee or its board of directors to safeguard national interests.
Publicly available information hints that El Salvador purchased 2,301 BTC to date, which has fallen in value over the past year from $103.9 million to roughly $45 million.
Related: Pro-crypto city of Lugano and El Salvador sign economic agreement based on adoption
Adding on to the country’s piling pressure to suffice its year-long Bitcoin purchases, Spain took over El Salvador’s spot to become the third-largest crypto ATM hub in the world.
El Salvador attained the third spot after installing 205 ATMs to support the country’s thriving Bitcoin economy, amounting to a network of 212 crypto ATMs. However, Spain recently recorded 215 active ATMs, representing 14.65% of European installations.
The First Information Report (FIR) launched on Polygon allows the citizens of Firozabad to register complaints against the police without worry of it being dismissed or manipulated.
The 2.8 million citizens of India’s Firozabad district may now be able to sleep a little tighter, after the launch of a new police complaint portal that uses blockchain technology to prevent manipulation.
On Oct. 12, Polygon co-founder Sandeep Nailwal announced in a series of tweets that the Polygon blockchain protocol is now being used by Firozabad police in Uttar Pradesh to fight against local police corruption and crime.
Called the First Information Report (FIR), the portal allows victims of crimes to register complaints against local police officers without the complaints either being dismissed or manipulated by potentially corrupt officers.
Nailwal shared that the project was very close to his heart because he grew up hearing stories of victims not getting justice due to local police corruption, many of who were victims of rape.
Police Complaints(FIR) on blockchain powered by @0xPolygon
— Sandeep | Polygon 3️⃣ (@sandeepnailwal) October 12, 2022
This is very close to my heart. We grow up hearing about so many of such cases wherein due to some corruption in a local police department, victims(mostly of rapes) are not even able to register complaint or…1/2 https://t.co/k9gRMD6r08
The video shared by Nailwal was posted by the Firozabad police, featuring a video snippet from the Senior Superintendent of Police for Firozabad, Ashish Tiwari.
Nailwal said the FIR going on the blockchain ensures that the reports can not be manipulated or denied by lower-level officers, and “could be a game-changer in ensuring right to justice.”
In the announcement, Nailwal also thanked the police commissioner for going beyond the call of duty to implement and innovate with technology to ensure equitable justice.
The announcement from the Firozabad police has also been picked up by others in the crypto community, with many seeing it as great news for Polygon, blockchain technology and the citizens of Firozabad.
Twitter user @srinigoes, a veteran of the Indian navy, commented to their 15,200 followers it was “an amazing initiative” to get complaints registered on blockchain, which would ensure transparency.
“The biggest problem in the interiors of India was whoever registered the FIR (First Information Report) first, had first mover advantage,” he said.
1/2
— Srini ~ Akash the Ape (@srinigoes) October 12, 2022
This is an amazing initiative. To get the complaints registered on blockchain. At least the blockchain will ensure transparency. The biggest problem in the interiors of India was whoever registered the FIR (First Information Report) first, had first mover advantage. https://t.co/vMbEWRG4Rr
Kashif Raza, founder of crypto education start up Bitinning noted on Twitter that the first complaint portal on Polygon has now been launching meaning:
“1) Complaints are now immutable. 2) Verifiable. 3) Easy to file.”
Related: Australian state police sets up crypto division to trace transactions
On Oct 6, Cointelegraph reported that Polygon announced a partnership with the Ocean Conservation Exploration and Education Foundation (OCEEF) to promote ocean literacy through new creative, entertaining, and engaging ways to give people exposure to deep underwater missions.
The International Monetary Fund (IMF) says that an examination of crypto asset adoption reveals it is correlated with corruption and capital controls. In a new study, the IMF says that the use of cryptocurrencies is “significantly and positively” linked with corruption and capital controls, or restrictions placed on a domestic economy to limit the inflow […]
The post IMF Says Crypto Usage Significantly Correlated with Corruption and Capital Controls appeared first on The Daily Hodl.
The Russian parliament has adopted a new law obliging persons running for office to present information about their digital asset holdings. The legislation will amend a number of acts and apply to presidential and parliamentary candidates as well as government officials. Russian Politicians to Declare Their Cryptocurrency Funds Before Elections Members of the State Duma, […]
A government official in Rivne region of Ukraine owns close to $8 million in cryptocurrency and 500 Tesla shares, his declaration shows. The news comes as another Ukrainian lawmaker in Kyiv has found it hard to prove possession of the crypto holdings on her asset statement. Ukraine Officials Declare Crypto Assets, Fail to Provide Proof […]
The Federal Security Service of the Russian Federation has issued a draft order allowing its agents to request information from cryptocurrency platforms among other organizations. The move follows changes made to the anti-corruption legislation in Russia, the agency noted. FSB Wants Access to Crypto Data for Anti-Corruption Checks in Russia Russia’s main law enforcement agency, […]
According to reports stemming from the Salvadoran Court of Accounts, the regulatory body is planning to investigate the government’s bitcoin automated teller machine (ATM) purchases and Chivo kiosk construction. The investigation follows the recent protest in El Salvador against the adoption of bitcoin as the crowd set fire to a bitcoin ATM. Human Rights Group […]
Retirees and veterans in El Salvador are worried that the government would start paying their pensions in Bitcoin instead of the U.S. dollar.
Amid El Salvador preparing to officially enforce the country’s Bitcoin (BTC) law in early September, Salvadorans took to the streets to protest over the adoption of BTC as an official currency.
El Salvador’s anti-Bitcoiners have expressed discontent regarding the government’s plans to adopt Bitcoin as legal tender, with hundreds of protesters marching through the capital San Salvador last Friday, Euronews TV network reported.
The demonstrators — including retirees, veterans, disability pensioners, and workers — voiced their concerns over Bitcoin’s unstable price. The crowd was worried that the government would start paying their pensions in Bitcoin instead of the U.S. dollar.
“We know this coin fluctuates drastically. Its value changes from one second to another, and we will have no control over it,” a member of the Supreme Court of Justice's workers' union, Stanley Quinteros, reportedly said. El Salvadorans also expressed concerns over the lack of knowledge and understanding of the technology needed to use cryptocurrencies like Bitcoin. Protesters held up signs saying “We don’t want Bitcoin” and “No to corrupt money laundering.”
LA GENTE MAS HUMILDE NO QUIERE #BITCOIN, TODOS #NoQueremosBitcoin, solo los #BUKELES quieren el #Bitcoin . pic.twitter.com/YeAafHGCqS
— Blanca Huezo (@blanca_huezo) August 26, 2021
According to local reports, El Salvador’s latest anti-Bitcoin protests were apparently a part of a wider opposition campaign by local veterans protesting over low pensions on Aug. 27. As such, some protesters reportedly demanded a pension increase from $100 to $300.
Related: El Salvador’s Bitcoin adoption may transform remittances in Central America
The latest anti-Bitcoin protests in El Salvador followed some growing skepticism about the country’s Bitcoin move. Last week, the Salvadoran Association of International Freight Carriers reportedly initiated anti-Bitcoin protests, reportedly demanding the government to reconsider mandatory acceptance of Bitcoin in El Salvador.
As previously reported by Cointelegraph, Salvadoran president Nayib Bukele announced legislation to accept Bitcoin as legal tender alongside the U.S. dollar in early June. The bill later passed the nation's Legislative Assembly and is scheduled to be enforced on Sept. 7. Last week, the president clarified that Salvadorans would be free not to use Bitcoin, stating:
“What if someone doesn't want to use Bitcoin? Don’t download the Chivo app and continue living your normal life. Nobody is going to take your dollars. Someone can always queue up at Western Union and pay a commission.”
