Billionaire Mark Cuban is calling out the chair of the U.S. Securities and Exchange Commission (SEC), saying that the regulatory agency has yet to protect a single crypto investor against fraud. In a new message on the social media platform X, the business magnate says SEC Chair Gary Gensler’s tough stance against the crypto industry […]
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U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has unveiled his plan to put the entire U.S. budget on a blockchain. “Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day,” he explained, adding that if somebody is spending $16,000 for a toilet seat, everybody […]
“Web3 represents a paradigm shift that reimagines the very fabric of the internet,” said British MP Natalie Elphicke.
A group of British politicians took to the metaverse to address global leaders in a 51-nation gathering on Sept. 20, setting out a vision for the United Kingdom’s blockchain and Web3 industries.
The metaverse gathering saw eight British Lords and politicians address global leaders on the opportunities and challenges posed by the growth of Web3 technology
Natalie Elphicke, member of parliament and chair of the new All Party Parliamentary Group (APPG) for Blockchain Technologies, appeared as her unique avatar in the metaverse, where stressed the importance of the next iteration of the internet:
“Web3 represents a paradigm shift that reimagines the very fabric of the internet.”
As chair of the APPG on blockchain technologies, I was pleased that me and Avatar Natalie could join the British Blockchain Association’s Global Summit today to give a keynote speech - held in the metaverse. @Brit_blockchain @APPGBlock pic.twitter.com/hDriQA5rAv
— Natalie Elphicke MP (@NatalieElphicke) September 20, 2023
In her keynote, Elphicke said that the U.K. has the potential to become a blockchain-enabled “smart country” but noted the nation was “lagging competitors” in securing blockchain-related jobs.
The first UK national priority is Web3 industry growth and workforce planning, she said before adding:
“Part of that is about making the UK an attractive hub for Web3 founders, developers, programmers, and companies to work here,”
Elphicke called for more national blockchain roadmaps and collaboration between countries, commenting that so far, fewer than 12 countries have published roadmaps.
She said another priority was taking forward the National Blockchain Roadmap, published in 2021. The roadmap sets out an ambition to build a blockchain-based “digital nation” with the technology being applied to climate mitigation efforts, industrial symbiosis networks, and digital identity programs.
She also mentioned DeFi, stating that it poses “unique challenges and opportunities for regulators and policymakers,” before adding that “ensuring transparency, auditability, and accountability in these ecosystems is paramount.”
Related: Top 5 universities to study blockchain in the UK
The Conservative Party politician also spoke about real-world asset tokenization. “It is unquestionable that our world is being tokenized,” she said before adding “Physical assets are getting tokenized, and this trend will only grow from here.”
However, on Sept. 19, an online safety bill aimed at regulating certain UK internet services including activities in the metaverse passed through parliament.
Magazine: Is the Metaverse really turning out like ‘Snow Crash’?
The agreement came on the back of “good faith, arm’s length negotiations” with FTX’s debtors, the museum said.
The Metropolitan Museum of Art (Met) is set to return $550,000 in donations it received from crypto exchange FTX prior to its collapse in November.
The New York-based museum confirmed its intention to repay the funds to FTX debtors in a filing to the United States Bankruptcy Court in Delaware on June 2 — the same court where FTX commenced its bankruptcy proceedings.
The Met said the agreement came on the back of “good faith, arm’s length negotiations” with FTX’s debtors:
“The Met wishes to return the Donations to the FTX Debtors, and the FTX Debtors and the Met have engaged in good faith, arm’s length negotiations concerning the return of the Donations.”
The $550,000 was paid to the Met in two separate installments — the first $300,000 was paid in March 2022 while the additional $250,000 came two months later in May.
The donations were facilitated by West Realm Shires Services, the firm that operated FTX.US.
FTX’s management has been seeking to claw back its donations from politicians and other organizations since December, about a month after it filed for bankruptcy in Delaware.
FTX handed out $93 million in donations between March 2020 and November 2022, according to court documents.
Related: FTX philanthropic donations have created a complex dilemma for recipients
Of the 180 United States or so politicians to have recieved funds from FTX, only 19 have returned their funds or have signalled their intention to do so, according to data from Unusual Whales.
BREAKING: FTX founder Sam Bankman-Fried is charged with more than 300 illegal political donations.
— unusual_whales (@unusual_whales) February 23, 2023
He has given $42 million to Democrats & "dark money" to Republicans.
But there hasn't been a full list of the politicians.
Until now.
Click here to see: https://t.co/araVgIsCG3 pic.twitter.com/CezXTKq7cQ
“Protect our Future PAC” was the largest recipient of FTX, taking in about $27 million, according to data from Market Watch.
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
On April 13, a C6 Bank customer in Brazil shared screenshots of his online bank account, revealing that the financial institution was tracking CO2 emissions from his purchases and urging him to compensate monetarily. C6 Bank states that the new tool aims to inspire Brazilians to adopt more sustainable behaviors. ‘CBDC Preview’ — Bank Customer […]
The U.S. Central Bank has issued an update regarding the Federal Reserve’s Fednow project, which is scheduled to commence in July. The Fed has responded to recent criticism of the Fednow service and asserts that the Fednow payment network is “neither a form of currency nor a step toward eliminating any form of payment, including […]
Two Republican lawmakers from Texas, senator Bryan Hughes and representative Mark Dorazio, have introduced legislation to create a gold-backed digital currency that could be enacted by the state legislature. The policymakers believe that this currency could greatly benefit the Lone Star State and, as an alternative digital currency, it could provide Texas residents with the […]
A Pheu Thai candidate running for prime minister of Thailand position, Srettha Thavisin, has promised that every citizen in the country will receive 10,000 Thai baht ($300) in digital currency if he wins the general election in May. However, a minister within the prime minister’s office in Thailand is concerned and has explained that the […]
Cardano (ADA) creator Charles Hoskinson is slamming politicians for blaming the US banking crisis on the crypto industry. In a new statement, the Input Output Hong Kong (IOHK) chief executive urges digital asset investors to become single-issue crypto voters and ignore the noise made by politicians and central banks. “The central banks and politicians created […]
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A newly introduced resolution could potentially see lawmakers buying sodas and chips using crypto-supporting vending machines.
Texas Republican Senator Ted Cruz is pushing the United States Congress to adopt cryptocurrency within its halls using an incentive both sides might agree on — food.
Cruz introduced a concurrent resolution dated Jan. 25 that would only allow vending machine and food service contractors that accept crypto as a payment option within the U.S. Capitol.
If adopted, the Architect of the Capitol, the Secretary of the Senate and the Chief Administrative Officer of the House of Representatives would be required to find the crypto-accepting food and vending firms.
At the time of writing, the text of the resolution was not publicly available on the Congress website. It’s unknown the potential cost of implementing the measure, or if the resolution would require contractors to take payment in certain cryptocurrencies.
Cointelegraph contacted Cruz’s office for comment but did not immediately receive a response.
Cruz has long been a vocal advocate for cryptocurrencies, especially lauding Bitcoin (BTC) for its decentralization. At roughly this time last year, the senator bought between $15,000 and $50,000 worth of BTC, according to a financial disclosure.
Related: Crypto industry leaders ‘scared of a strong SEC’ — Senator Warren
He is one of only eight known crypto investors in Congress, according to the “Bitcoin Politicians” crowdsourced data project.
The list also includes Cynthia Lummis, the Wyoming senator behind a pro-crypto piece of legislation and Pat Toomey, a Pennsylvanian senator who recently introduced a stablecoin bill aiming to create a regulatory framework for payments.
Senator Cruz also has signaled his interest to make his home state of Texas an oasis for Bitcoin and other cryptocurrencies, saying crypto mining could be used to monetize the energy from oil and gas extraction and the activity may be used as an alternate way of storing energy.
The resolution put forward by Cruz will need to be agreed to in both the Senate and the House before it can be adopted.
