“The U.S. Senate Banking Committee put crypto on trial Tuesday as Sen. Elizabeth Warren (D-Mass.) said the industry needs tighter regulation and as the committee’s chairman sought to answer his own hearing’s titular question – “Cryptocurrencies: What are they good for?” – with a resounding “nothing.”
Warren said bitcoin decentralization is a fantastical narrative because the network’s true power brokers – miners and corporations – have the leverage to achieve false moral supremacy over big banks.
Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy faceless group of super coders and miners.
Painting the industry as a fraud-ridden, accountability-dodging, digital slot machine that enriches its creators and burns everyone else, Sen. Sherrod Brown (D-Ohio), the banking committee’s chairman, warned in his opening remarks that crypto could endanger U.S. consumers and financial stability. ‘There’s nothing democratic or transparent about a shady diffuse network of online funny money,’ Brown said. He called for “smart regulations” that protect consumers from crypto “extortionists” and their “phony populist marketing.”
“Zhao said there was no timeline for his succession and that he would not be stepping down right away.
We are looking for someone with a strong regulatory background to step in and be CEO.
Zhao acknowledged Binance’s communications with regulators in the past “have not been the best,” adding that the plan now is to hire ex-regulators and “become licensed everywhere.”
Binance has been lashed by a series of regulatory actions across a number of jurisdictions including the U.K. and Japan. On Tuesday, the company reduced its customer withdrawal limit from 2 bitcoins to 0.06 bitcoins.”
“If users spend funds immediately following the lock time in the first 2 blocks allowable by consensus rules (~20 minutes after receiving funds), then there is a good probability that the output can be identified as the true spend.
Users who don’t want to compromise their privacy should just wait at least an hour before transacting the XMR they have recently received.
The Monero Research Lab and Monero developers take this matter very seriously. We will provide an update when wallet fixes are available.”
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“The code contains a message that reads: ‘To protect your orders against price volatility, we may sometimes skip your recurring orders or buy less than your chosen amount.‘
Robinhood is also testing an option called “round up investments” that will allow users to purchase specific stocks with “spare change.” Whether this money will come from rounded-up debit and credit card purchases as done by competitors like Acorn is unclear.
Crypto has become an increasingly important part of Robinhood’s business model, with approximately 17% of its Q1 revenue coming from crypto transactions—up from 3% in Q1 of last year.”
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“Seven major global banks are live on SWIFT Go, a new service by the global interbank messaging system aiming to offer low-cost, cross-border payments, in a possible threat to the real-time payments network offered by Ripple.
BBVA, BNY Mellon, DNB, MYBank, Sberbank, Societe Generale and UniCredit are the seven banks using SWIFT Go.”
“The Government of Maharashtra recently announced a partnership with Indian blockchain startup LegitDoc to implement a credentialing system powered by Ethereum to provide tamper-proof diploma certificates.
To counter the rise in document forgery, the Maharashtra State Board of Skill Development (MSBSD) opposes India’s crypto ban narrative of using Ethereum-based public blockchains.
In the last 10 years, there has been a rampant increase in forgery of government-issued documents which have caused huge financial and reputational losses to the stakeholders involved.”
“Justin Sun, the founder of the Tron blockchain, is participating in a research project at the prestigious Central Party School, the higher education institution that trains cadres of the Communist Party of China. He will become a deputy leader in a research project on blockchain-based social governance.
Chinese reporter Colin Wu tweeted that Sun will not actually retire, but aims to show he has a good relationship to China’s ruling party.”
The Disrupt 