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The Unchained Web Daily #143

Alexandros Dolgov CBA? (Study/Bitcoin)

发布日期: 2023年9月28日

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Reclaim (some) Privacy Webinar Series: Intro to SearXNG & other privacy engines

In April, I am planning my first webinar in a series focused on privacy. The specific webinar will be focused on why Google may not be the best search engine to use and the SearXNG meta search engine and how it can be used to enhance privacy when using a search engine to research or find something to one's interest.

If you are interested in the topic, feel free to click "attend" on the link to the event below: https://www.dhirubhai.net/events/7167975601373458433/about/

UAE sees major institutional influx: Chainalysis by Shalini Nagarajan

In the United Arab Emirates (UAE), institutional investment in the cryptocurrency space has seen significant growth, accounting for over 67% of crypto transactions between July 2022 and June 2023, according to data from Chainalysis. Professional investments, ranging from $10,000 to $1 million, followed institutional transactions, while retail investments comprised 4.63% of all transfers in the UAE during this period. The prevalence of institutional investment highlights a diverse group of professional investors entering the market, reflecting confidence in the UAE's regulatory clarity and its position as a global crypto hub. Despite a 17% decrease from the previous year, the UAE's crypto market outperformed other countries in the region, with a total crypto value received of nearly $35 billion. The UAE's business-friendly environment, strategic location, and early regulatory efforts have contributed to its crypto market growth, with decentralized exchanges being particularly popular in the region. Additionally, the UAE has shown significant interest in non-fungible tokens (NFTs), with 4 million web traffic visits to UAE NFT websites during the same period, offering opportunities for practical NFT use cases in the area. Click here for more.

Binance CEO CZ: Selfies Do Not Mean We’re Friends by Ciaran Lyons

Binance CEO Changpeng "CZ" Zhao has cautioned the public against misinterpreting photos taken with him as evidence of a close relationship with the crypto exchange, emphasizing that selfies don't imply trust or insider status. CZ, who has taken selfies with over 10,000 people, clarified his stance on social media, revealing he has only a small circle of close friends. He described the process behind accommodating numerous photo requests, which involves interns organizing queues and quickly snapping pictures, allowing for hundreds of selfies in a short time. This comes amid ongoing regulatory actions against CZ, Binance, and Binance.US, with the SEC filing a lawsuit against them in June, alleging various charges related to unregistered operations. CZ and the exchange deny causing harm to investors, while allegations of trading volume manipulation have also emerged. Click here for more.

Bitcoin gains legal recognition as digital currency in Shanghai, China

The Shanghai No. 2 Intermediate People’s Court in China has officially recognized Bitcoin as a unique and non-replicable digital asset, acknowledging its scarcity and inherent value. In a report released on September 25, the court highlighted Bitcoin's distinctiveness among digital currencies and emphasized its key currency features, such as scalability, ease of circulation, storage, and payment. This recognition provides Bitcoin and other digital currencies in China with greater legitimacy, despite the Chinese government's hostile stance on cryptocurrencies, including a ban on Bitcoin mining in 2021. Several Chinese courts have now recognized Bitcoin and other digital assets as legal properties protected by the law, contributing to the ongoing legal debate surrounding cryptocurrencies in China. Click here for more.

Coinbase CEO Brian Armstrong Forsees Bitter Crypto Regulation Battle in Supreme Court by Kyle Baird

Coinbase CEO Brian Armstrong is leading a "Stand with Crypto" initiative supported by over 50 crypto industry founders, advocating for clear and industry-friendly regulations in Washington. Armstrong warns of the potential loss of jobs overseas if the US doesn't act now, highlighting the lack of clear crypto regulations compared to other G-20 countries. Coinbase and other industry leaders are supporting legislation aimed at bridging the gap between the CFTC and SEC rules to classify crypto tokens as commodities or securities, though critics express concerns about the CFTC's experience with retail investor protections and the legislation's Senate future. Armstrong also criticizes the SEC's regulatory approach, fearing a Supreme Court battle, while Coinbase's legal disputes with customers move into arbitration, setting a potential precedent. The future of US crypto regulations remains uncertain as lobbying efforts continue. Click here for more.

Meta Launches ChatGPT AI Competitor on Instagram and Messaging Services by Martin Young

Meta, formerly known as Facebook, has introduced its conversational AI assistant called Meta AI, competing with AI chatbots like OpenAI's ChatGPT, Google's Gemini, and Anthropic's Claude. Powered by large language models and Microsoft Bing partnerships, Meta AI aims to provide users with information across its apps, including Instagram, WhatsApp, and Messenger, while also launching 28 celebrity and cultural icon chatbots. Meta CEO Mark Zuckerberg envisions it as a transformation in user interactions with Meta products. Additionally, Meta is rolling out AI image creation tools for Instagram. The AI assistant will integrate with smart glasses and virtual reality headsets, and it seeks to offer a more personality-driven social assistant. Click here for more.

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Do Kwon’s Legal Team Objects to SEC Deposition Request by Ciaran Lyons

Do Kwon's legal team has strongly opposed the United States Securities and Exchange Commission (SEC) regarding their demands for his deposition, asserting that such a deposition would be impossible for him to attend. Kwon's lawyers also contested the SEC's request to prevent them from submitting requests on Kwon's behalf, arguing that he has never opposed deposition opportunities and has already testified for approximately 21 hours during the two-year investigation. Kwon, who is currently in a Montenegrin prison for possessing counterfeit passports, is facing scrutiny from both the SEC and South Korean authorities in connection with the Terra ecosystem's collapse in May 2022, which involved two digital tokens, Terra LUNA and TerraUSD. Both tokens suffered significant losses, leading to charges of fraud against Kwon by both regulatory authorities, with the SEC seeking his extradition to the United States. Click here for more.

Binance urges users to convert euros to USDT after Paysafe debank by Martin Young

Binance, a cryptocurrency exchange, has urged its European Paysafe users to convert their euro balances into Tether (USDT) before the end of October due to the loss of support from its banking partner. Paysafe has decided to stop processing euro deposits for Binance users, leading to the recommendation for users to convert to USDT. While Binance noted that EUR balances could still be withdrawn to bank accounts, EUR spot trading pairs on the platform were suspended, and open orders were canceled. Paysafe had previously facilitated fiat deposits and withdrawals for Binance users in Europe but suspended euro deposits on September 25. Binance is working on integrating new fiat channels to address these issues. This development adds to Binance's ongoing regulatory and banking challenges in Western markets. Click here for more.

Brazil’s crypto surge prompts central bank to tighten regulation by Dave A.

The governor of Banco Central do Brasil, Roberto Campos Neto, has highlighted a significant increase in cryptocurrency adoption in the country and announced plans to tighten regulations on digital assets. He reported a 44.2% surge in "cryptocurrency imports" by Brazilians from January to August 2023, totaling about 35.9 billion Brazilian reals ($7.4 billion). Campos Neto also emphasized the popularity of stablecoins for payments rather than investments. The central bank intends to respond to these trends by increasing regulatory oversight on crypto platforms to address concerns related to tax evasion and illicit activities. While the central bank has a primary role in crypto regulation since June 2023, token projects classified as securities still fall under the jurisdiction of the Comiss?o de Valores Mobiliários (CVM), Brazil's equivalent of the SEC. Additionally, the central bank is working on its own digital currency called Drex, which has raised concerns about central authority control over funds and balances. Click here for more.

Former CEO of sham crypto miner IcomTech pleads guilty to wire fraud for Ponzi scheme by Derek Andersen

Marco Ochoa, the former CEO of IcomTech, has pleaded guilty to conspiracy to commit wire fraud in connection with a Ponzi scheme. IcomTech, which claimed to be a crypto mining and trading company, promised investors daily returns and held extravagant events to attract customers. However, it allegedly did not engage in crypto mining, and investors couldn't withdraw their profits. The company collapsed in 2019, and Ochoa now faces a potential maximum sentence of 20 years in prison. This plea follows the recent sentencing of Pablo Rodriguez, co-founder of the AirBit Club Ponzi scheme. In a separate case, the Commodity Futures Trading Commission (CFTC) has filed charges against Mosaic Exchange and its CEO, Sean Michael, for allegedly engaging in unauthorized cryptocurrency trading. CFTC commissioner Kristin Johnson emphasized the need for regulatory measures to address gaps in these markets. Click here for more.

SEC's Gensler taken to task over crypto custody guidance again in House hearing by Derek Andersen

During a House Financial Services Committee hearing on September 27, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), faced criticism for the agency's policies and actions, with a particular focus on the SEC's Staff Accounting Bulletin (SAB) 121 issued in March 2022. Representative Mike Flood questioned Gensler about the issuance of SAB 121, highlighting that the SEC did not consult with prudential regulators or the Financial Accounting Standards Board (FASB) before its publication. Gensler defended the bulletin, stating it provided guidance on existing SEC rules, but Flood pointed out that there were no SEC rules directly addressing the custody of digital assets at the time SAB 121 was issued. This raised questions about the justification for issuing the bulletin. SAB 121 required disclosure of risks associated with custodying digital assets and had faced opposition from several quarters. Click here for more.