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carlp • Aug 1, 2023, 1:40 pm EDT

German Data Watchdog Probes Worldcoin Cryptocurrency Project Amid Privacy Concerns

A German data protection agency is meticulously examining Worldcoin, a nascent digital currency project led by OpenAI CEO Sam Altman. The scrutiny arises from growing concerns about Worldcoin’s large-scale processing of sensitive biometric data, particularly iris scans. Launched last week, Worldcoin requires users to exchange their iris scans for a digital ID. In some jurisdictions, people also receive free cryptocurrency as part of the project’s ambitious plan to construct a new “identity and financial network”. The Bavarian State Office for Data Protection Supervision, led by President Michael Will, initiated its investigation into Worldcoin in November 2022 due to anxieties about

2 minutes

satoshin • Jul 31, 2023, 3:33 pm EDT

US House Passes ‘Keep Your Coins Act’ Protecting the Right to Self Custody

The recent approval of the ‘Keep Your Coins Act’ by the U.S. House marks a pivotal moment for cryptocurrency enthusiasts. This groundbreaking legislation solidifies the right of individuals to self-custody their digital assets, ushering in a new era of control and ownership. Delve into how this act is reshaping the cryptocurrency landscape, ensuring that personal control over coins remains a fundamental principle in the rapidly evolving world of digital finance.

3 minutes

carlp • Jul 31, 2023, 1:47 pm EDT

Richard Heart, Hex and PulseChain Sued by SEC on Unregistered Securities & Fraud Allegations

The U.S. Securities and Exchange Commission (SEC) launched a lawsuit against Richard Schueler today, best known online as Richard Heart, and his blockchain crypto projects Hex, PulseChain, and PulseX. The suit alleges that Heart defrauded investors while raising over $1 billion across three unregistered securities offerings since 2019. Overblown Promises and Personal Gain The suit details that Heart regularly presented his projects as avenues to substantial wealth, claiming that Hex was “built to be the highest appreciating asset that has ever existed in the history of man.” However, the SEC alleges that these investments served a less noble purpose and

3 minutes

satoshin • Jul 28, 2023, 11:46 am EDT

Grayscale Advocates for SEC Approval of Spot Bitcoin ETFs Amid Legal Battle

As the appeal to the DC Circuit continues over the transformation of Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF), Davis Polk, Grayscale’s legal team, has submitted a comment letter to the Securities and Exchange Commission (SEC)

3 minutes

arusso • Jul 24, 2023, 12:57 pm EDT

Dystopian Data Collection or Digital AI Innovation?

Worldcoin, a new cryptocurrency project launched by the same team behind OpenAI has caught the collective attention of the digital ecosystem. But what is Worldcoin? Where did it emerge from? What potential promises and challenges does it hold? Why is it scanning iris’ with an orb? What is an orb? Founded over three years ago, Worldcoin was established with a lofty ambition: to create a new identity and financial network owned by every global citizen. The grand rollout commences today, paving the way for a venture that could ambitiously seeks to reshape economic opportunity on a global scale, address online

2 minutes

satoshin • Jul 21, 2023, 6:06 pm EDT

Upholding Privacy: Coin Center’s Legal Battle Against Tax Code Expansion

Coin Center stands for privacy in the face of a tax code expansion. Dive into the legal battle that champions individual rights amidst shifting financial regulations. Discover how this challenge echoes the broader conversation on safeguarding digital privacy in a rapidly changing landscape.

3 minutes

arusso • Jul 21, 2023, 10:43 am EDT

US Justice Department Supercharges Crypto Crime Unit

In a decisive move to bolster its digital crime unit, the United States Department of Justice (DoJ) announced on Thursday, July 20 its strategy to fortify the National Cryptocurrency Enforcement Team (NCET), marking a significant expansion of resources in the fight against cryptocurrency-related offenses. The department plans to more than double the staff of its cryptocurrency crime division, established in 2021, merging it with the Computer Crime and Intellectual Property Section (CCIPS). Nicole Argentieri, a senior Justice Department official, made the announcement at the Center for Strategic and International Studies, emphasizing that the merger would extend the resource pool and

3 minutes

arusso • Jul 20, 2023, 4:00 pm EDT

Federal Reserve’s Instant Payment System, FedNow®, Goes Live

The Federal Reserve made a landmark announcement on Thursday, rolling out the FedNow® Service, a new system that will enable instant payments. This move is expected to overhaul the banking sector, allowing banks and credit unions of all sizes to instantly transfer money on behalf of their customers 24/7. Unlike consumer applications that enable instant peer-to-peer transactions, FedNow® isn’t a retail facing app in the traditional sense, it is a payment rails system that will enable banks with the ability to instantly move customer funds. More than 50 financial institutions, including powerhouses like JPMorgan Chase, Wells Fargo, and Peoples Bank,

3 minutes

satoshin • Jul 20, 2023, 10:55 am EDT

El Salvador’s Bitcoin Experiment: Bonds Surge 62% Amid Rally

In defiance of traditional financial wisdom and rating agencies, El Salvador, the first country to adopt Bitcoin as legal tender, has seen its junk-rated bonds surge by 62% in the last six months. Despite Moody’s and Fitch downgrading El Salvador’s debt rating and predicting a debt default in January 2023, the market has expressed a different sentiment.

2 minutes

johnd • Jul 19, 2023, 4:13 pm EDT

Nasdaq Puts Crypto Custody Plans on Ice Amid Tightening U.S. Regulatory Climate

Nasdaq Inc. (NDAQ) has chosen to withdraw its plan to launch a cryptocurrency custody service due to the challenging regulatory climate in the United States, according to its CEO, Adena Friedman. In an earnings call on Wednesday, Friedman announced that the corporation, which had previously aimed to debut its crypto service in the second quarter of this year, has paused these plans. Nasdaq had previously revealed in September 2022 that it was in the process of developing the necessary infrastructure and regulatory approval to support its proposed crypto custody service. As part of its plan, the corporation had submitted an

3 minutes