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MeWe social network boss says blockchain can solve the TikTok problem

CEO Jeffrey Edell laid out a six-point plan for social media companies planning the transition to blockchain.

MeWe chairman and CEO Jeffrey Edell recently penned an op-ed detailing how he believes the situation between the US government and China’s TikTok could be avoided through the implementation of blockchain technologies.

Edell’s in the unique position of helming a social media company with, reportedly, more than 20 million users that’s made the leap from traditional web2 to the blockchain.

A slew of recent reports indicate that the U.S. is currently weighing an outright ban on China’s TikTok social media platform. There are allegations that ByteDance, the platform’s owner, has turned over sensitive user data to the Chinese government with potential negative implications for U.S. security.

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$113B Asset Manager Files to Launch XRP ETF in US Amid Shifting Crypto Policies

US senators introduce new stablecoin bill

For months, Senators Kirsten Gillibrand and Cynthia Lummis had hinted that they were preparing legislation to establish guardrails for stablecoin issuers and users.

United States Senators Kirsten Gillibrand and Cynthia Lummis have introduced legislation establishing a regulatory framework for payment stablecoins.

In an April 17 announcement, the two U.S. Senators said they had introduced the Lummis-Gillibrand Payment Stablecoin Act, a bill the lawmakers had been drafting for months and expected to make public in 2024. According to Gillibrand and Lummis, the legislation prohibited “unbacked, algorithmic stablecoins” — likely a nod at TerraUSD (UST) depegging from the U.S. dollar in 2022 — required one-to-one reserves for issuers, created state and federal regulatory regimes for firms and prevented illicit uses of stablecoins.

“Passing a regulatory framework for stablecoins is absolutely critical to maintaining the U.S. dollar’s dominance, promoting responsible innovation, protecting consumers and cracking down on money laundering and illicit finance,” said Senator Gillibrand. “To draft the strongest bill possible, our offices worked closely with the relevant federal and state agencies and I’m confident this legislation can earn the necessary support in the Senate and the House.”

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$113B Asset Manager Files to Launch XRP ETF in US Amid Shifting Crypto Policies

Senate Banking Committee chair wants to combine stablecoin bill to boost chance of passage

A bill in the House of Representatives aimed at providing guardrails for stablecoins has not moved forward since July 2023.

Sherrod Brown, chair of the United States Senate Banking Committee, has reportedly revealed plans to advance a significant stablecoin bill by combining it with legislation related to marijuana businesses and clawing back compensation for bankers.

According to an April 16 Bloomberg report, Senator Brown said he was open to passing stablecoin legislation in Congress as one of his goals, provided his concerns were addressed. The U.S. lawmaker’s reported plans included placing the stablecoin bill in a package with legislation authorizing banks to conduct business with firms selling marijuana and clawbacks for executives of failed financial institutions.

Lawmakers in both the U.S. House of Representatives and Senate have largely failed to advance bills to address regulatory concerns around stablecoins despite support from many in Congress and industry leaders. In February, House Financial Services Committee Ranking Member Maxine Waters said Democrats and Republicans were “very close” to a compromise on a stablecoin bill. In the Senate, a bipartisan group headed by Republican Cynthia Lummis and Democrat Kirsten Gillibrand have spearheaded similar legislation efforts.

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$113B Asset Manager Files to Launch XRP ETF in US Amid Shifting Crypto Policies

Iraq commitment to capture flare gas sparks crypto mining speculation

Iraq is looking to reduce both pollution and its dependence on fossil fuels.

Iraq’s Deputy Prime Minister, Muhammad Ali Tamim, recently co-chaired a U.S.-Iraq Higher Coordinating Committee meeting with U.S. Secretary of State Antony Blinken to discuss the future partnership between the two nations. 

During the meeting, Deputy Prime Minister Tamim stated clearly that it was Iraq’s goal to reduce its dependence on fossil fuels, lower pollution, and engage in new partnerships to develop and employ technology to capture “flare gas,” a byproduct of the oil field industry considered a poisonous pollutant.

The statement surrounding the use of “technologies” to capture flare gas have caused some in the crypto community to speculate that Iraq intends to enter the Bitcoin mining sector.

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$113B Asset Manager Files to Launch XRP ETF in US Amid Shifting Crypto Policies

Montenegrin Supreme Court Postpones Terra Founder Do Kwon’s South Korean Extradition

Montenegrin Supreme Court Postpones Terra Founder Do Kwon’s South Korean Extradition

The Supreme Court of Montenegro is postponing the extradition of disgraced Terra (LUNA) founder Do Kwon to South Korea. According to a new memo, the Supreme Court of Montenegro is overturning a previous ruling that greenlit the extradition process to send Kwon back to his homeland of South Korea where he is wanted for alleged […]

The post Montenegrin Supreme Court Postpones Terra Founder Do Kwon’s South Korean Extradition appeared first on The Daily Hodl.

$113B Asset Manager Files to Launch XRP ETF in US Amid Shifting Crypto Policies

SEC Chair Gary Gensler Will Meet With Korean Regulator To Discuss Global Impact of Bitcoin ETF: Report

SEC Chair Gary Gensler Will Meet With Korean Regulator To Discuss Global Impact of Bitcoin ETF: Report

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler reportedly plans to meet with a top South Korean financial regulator later this year to discuss crypto and the newly approved spot Bitcoin (BTC) exchange-traded funds (ETFs). Lee Bok-hyun, head of South Korea’s Financial Supervisory Service (FSS), announced this week that he plans to travel to […]

The post SEC Chair Gary Gensler Will Meet With Korean Regulator To Discuss Global Impact of Bitcoin ETF: Report appeared first on The Daily Hodl.

$113B Asset Manager Files to Launch XRP ETF in US Amid Shifting Crypto Policies

The Pope and US regulators warn about AI risks: Law Decoded

The head of the Catholic Church warned humanity of AI’s potential dangers and explained what needs to be done to control it.

Nowadays, everyone has an opinion on artificial intelligence (AI) and its potential risks. Even Pope Francis — the head of the Catholic Church — warned humanity of AI’s potential dangers and explained what needs to be done to control it. The Pope wants to see an international treaty to regulate AI to ensure it is developed and used ethically. Otherwise, he says, we risk falling into the spiral of a “technological dictatorship.” The threat of AI arises when developers have a “desire for profit or thirst for power” that dominates the wish to exist freely and peacefully, he added. 

The same feeling was expressed by the Financial Stability Oversight Council (FSOC), which is comprised of top financial regulators and chaired by United States Treasury Secretary Janet Yellen. In its annual report, the organization emphasized that AI carries specific risks, such as cybersecurity and model risks. It suggested that companies and regulators enhance their knowledge and capabilities to monitor AI innovation and usage and identify emerging risks. According to the report, specific AI tools are highly technical and complex, posing challenges for institutions to explain or monitor them effectively. The report warns that companies and regulators may overlook biased or inaccurate results without a comprehensive understanding.

Even judges in the United Kingdom are ruminating on the risks of using AI in their work. Four senior judges in the U.K. have issued judicial guidance for AI, which deals with AI’s “responsible use” in courts and tribunals. The guidance points out potentially useful instances of AI usage, primarily in administrative aspects such as summarizing texts, writing presentations and composing emails. However, most of the guidance cautions judges to avoid consuming false information produced through AI searches and summaries and to be vigilant about anything false being produced by AI in their name. Particularly not recommended is the use of AI for legal research and analysis.

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$113B Asset Manager Files to Launch XRP ETF in US Amid Shifting Crypto Policies

Ripple, Coinbase, a16z invest $78M in pro-crypto PAC ahead of US elections

Prominent cryptocurrency companies and investors intend to support pro-cryptocurrency candidates during the 2024 U.S. election cycle.

Ripple CEO Brad Garlinghouse has publicly announced the company’s intent to support “pro-crypto’ candidates during the 2024 United States election season. The company is among a group to have pledged a total of $78 million to support the Fairshake political action committee (PAC).

Fairshake announced that prominent industry firms and players had contributed to a significant “war chest” to back candidates who support American crypto and blockchain innovation and responsible regulation in the upcoming 2024 elections.

The list includes individuals like Coinbase CEO Brian Armstrong, Tyler and Cameron Winklevoss, Circle, Coinbase, Kraken, Messari and Andreessen Horowitz (a16z).

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$113B Asset Manager Files to Launch XRP ETF in US Amid Shifting Crypto Policies

Can crypto mixers adapt to survive US authority prosecution?

Cryptocurrency mixers face a dilemma between preserving financial privacy freedom or embracing increased compliance measures to avoid U.S. scrutiny.

Tornado Cash — a cryptocurrency mixer service that can hide the origin of crypto transactions — hit the headlines after being sanctioned by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) in August 2022. 

The mixer opened Pandora’s box, igniting an open debate about the role of mixers in ensuring personal financial privacy when using cryptocurrencies.

U.S. authorities have continued sanctions against these services, with Sinbad.io being the most recent big player under OFAC sanction. Tornado Cash and Sinbad have been taken down by the FBI, with the U.S. Treasury accusing them of facilitating billions of dollars in illicit transactions, particularly those of North Korea-based hacking group Lazarus.

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$113B Asset Manager Files to Launch XRP ETF in US Amid Shifting Crypto Policies

Tether responds to US lawmakers’ calls for DOJ action

Tether has reacted to lawmakers' requests for DOJ action over its stablecoin use, claiming it wants to be a "world class partner to the U.S."

Tether, the company behind the stablecoin Tether (USDT), disclosed letters directed to U.S. legislators, addressing requests for intervention by the Department of Justice in relation to the illicit use of its stablecoin.

The communications were sent to members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the U.S. House Financial Services Committee on Nov. 16 and Dec. 15, detailing "Tether’s commitment to fighting illicit use of stablecoins."

The letters aim to answer calls from Senator Cynthia Lummis and Representative French Hill from October, urging the DOJ "to carefully evaluate the extent to which Binance and Tether are providing material support and resources to support terrorism.”

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$113B Asset Manager Files to Launch XRP ETF in US Amid Shifting Crypto Policies