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carlp • Apr 29, 2024, 2:11 pm EDT

ConsenSys Stands Up to SEC’s Regulatory Overreach with Ethereum Lawsuit

ConsenSys, a key developer of Ethereum, has initiated a lawsuit against the U.S. Securities and Exchange Commission (SEC), contesting what it describes as an “unlawful seizure of authority” over Ethereum. This move by ConsenSys comes amidst a broader assertion by the SEC that the company’s popular MetaMask wallet operates as an unregistered securities broker. This litigation marks a critical moment for Ethereum and the broader crypto landscape, challenging the regulatory encroachments that threaten to reshape the industry’s future. Unregistered Broker Allegations and Ethereum’s Status The SEC’s contention revolves around MetaMask’s functionalities, particularly its “swap” and “stake” features, which the agency

3 minutes

johnd • Apr 18, 2024, 12:24 pm EDT

House Passes FISA 702 Renewal & Looks to Expand Surveillance Powers

Instead of letting the Patriot Act expire, the way it was always intended to, it’s being expanded. The US House of Representatives has passed the renewal of Section 702 of the Foreign Intelligence Surveillance Act (FISA), embedded within the Reauthorization of the Intelligence Surveillance Act (RISAA). The bill, passed last Friday, contains what could be the most substantial expansion of domestic surveillance since the Patriot Act, according to critics like Senator Ron Wyden, who described the expanded powers as “terrifying.” Under the existing framework, electronic communications service providers such as Verizon and Google are compelled to assist the NSA in

2 minutes

satoshin • Apr 8, 2024, 10:50 am EDT

Louisiana State Legislature Unanimously Approves Bitcoin Rights Bill

Louisiana has officially become the 11th state to adopt groundbreaking legislation that significantly bolsters the rights of Bitcoin users, marking a notable trend in state-level pro-Bitcoin legislation. The bill, unanimously passed with a 103-0 vote in the State House of Representatives, was sponsored by Louisiana State Representative Mark Wright. Dennis Porter, CEO of the Satoshi Action Fund, lauded the bill as a testament to Bitcoin’s rising importance. “This landmark bill led by Mark Wright is indicative of the growing recognition of Bitcoin’s significance in today’s digital economy,” Porter noted. Central to this legislation is the guaranteed freedom for individuals to

2 minutes

johnd • Mar 20, 2024, 3:15 pm EDT

UK’s FCA Unveils New Overreaching Crypto Regulation

The UK’s Financial Conduct Authority (FCA) has taken a significant step in further regulating crypto assets, a plan they have outlined in their 2024/2025 Business Plan. The FCA’s initiative claims to tackle insider trading, market manipulation and the “neglect” of suspicious transaction reporting in the crypto sector. The move marks a concerning trend of increasing government intervention in a market trying to build upon fairness and transparency. Earlier this year the United Kingdom dialed up surveillance on digital assets held in self custody. Global Reach, Global Concerns The new FCA guidelines will scrutinize individuals and entities engaged in market abuse

2 minutes

arusso • Feb 20, 2024, 10:07 am EST

Is Self Custody Under Attack?

Significant concerns have been raised about the future of financial autonomy, as the United Kingdom appears to be tightening its grip on cryptocurrency transactions, particularly those involving self-custodial wallets. Kraken, a leading cryptocurrency exchange, has been compelled to inquire into its UK users’ self-custodial wallet activities, citing unspecified local regulations. Kraken’s Unprecedented Request to UK Users Kraken’s recent directive to its UK clientele to verify their self-custodial wallets or validate their identities marks a departure from the traditional ethos of cryptocurrency, which values privacy and user autonomy. This development, first highlighted by Kraken’s UK user James Van Straten, signifies a

3 minutes

carlp • Feb 19, 2024, 11:38 am EST

Florida Continues to Lead the Way in Legislative Cooperation

Florida’s Legislative Strides in Blockchain and Bitcoin: Pioneering a Crypto-Friendly Future Florida’s recent legislative session, heavily influenced by the efforts of the Florida Blockchain Business Association (FBBA) and key industry players including our own Byte Federal, Inc., has seen significant developments and wins for the bitcoin and blockchain ecosystem. These legislative moves position Florida as a frontrunner in the digital currency space, aligning with a global ecosystem that is increasingly embracing blockchain technology. Overview of Key Blockchain and Bitcoin Legislation The session’s highlight is the array of bills that reflect a keen interest in integrating blockchain technology and bitcoin into

3 minutes

carlp • Feb 16, 2024, 12:29 pm EST

Cash App Under Federal Scrutiny

Amid a growing scrutiny of digital payment platforms, Cash App, a widely used mobile payment application, finds itself at the center of new regulatory attention. Recent allegations by whistleblowers suggest that the platform, alongside its transaction service partners, may have fallen short in conducting adequate due diligence on customers, potentially opening doors to illegal activities like money laundering and terrorism financing. NBC News first broke the story this morning. The Whistleblowers’ Allegations: A Wake-Up Call for Digital Payments The whistleblowers, whose complaints have been taken up by the Financial Crimes Enforcement Network (FinCEN), paint a picture of potential regulatory lapses

3 minutes

carlp • Feb 12, 2024, 1:58 pm EST

Another Federal “Emergency” is Just an Excuse to Collect Bitcoin Mining Data.

In a recent, controversial move, the Energy Information Administration (EIA) of the United States has initiated an emergency data collection on Bitcoin mining operations. This step, taken amidst growing, albeit debunked, concerns over electricity systems and market uncertainties, raises significant questions about the future of Bitcoin mining in the U.S. and its impact on the power grid. Bitcoin Mining’s Unexpected Role During the Texas Winter Storm Interestingly, the EIA’s decision coincides with an event demonstrating Bitcoin mining’s potential benefits to the power grid. During a severe winter storm in Central Texas, Bitcoin miners voluntarily shut down operations, alleviating stress on

3 minutes

Zach Menzel • Feb 7, 2024, 4:16 pm EST

Binance Set To Delist Monero Among Other Alt Coins

Binance, a leading cryptocurrency exchange, has announced that effective February 20th, 2024, it will be delisting several altcoins from its platform. This decision follows a lawsuit from the United States Securities and Exchange Commission (SEC), which has clarified which specific coins are affected. Among those being removed are Aragon (ANT), Multichain (MULTI), Vai (VAI), with Monero (XMR) being the largest and most notable. The Unique Case of Monero Monero stands out among these altcoins. While the precise reasons for its delisting are not disclosed, some news outlets, including The Crypto Potato, speculate that the primary concern is the coin’s emphasis

2 minutes

carlp • Jan 30, 2024, 11:09 am EST

Big Tech Teams Up with Wall Street: Reverses Bitcoin Advertising Ban

Google’s recent update to its advertising guidelines, allowing Bitcoin Exchange-Traded Funds (ETFs) to market their products, marks a significant change in the company’s approach to cryptocurrency. However, this shift appears less about championing the broader bitcoin and crypto industries and more about aligning with the interests of major financial players. “It’s frustrating to have spent years being locked out of such a massive piece of the advertising game and now, just like that, ‘crypto trusts’ can advertise freely. The influence of lobbyists is remarkable.” Laurie Argall, Byte Federal, CMO For those of us in the Bitcoin ATM business, Google’s decision

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