Bitcoin and other cryptocurrencies are headed for regulation



Cryptocurrency regulations may soon become codified in law as a bipartisan group of U.S. Senators is preparing to introduce legislation that would treat most digital assets as commodities under CFTC oversight.

Sens. Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the first major bipartisan legislation that intends to tame the “Wild West” crypto market on Tuesday. This legislation would treat digital assets like commodities, similar to how wheat or oil are regulated, and empower the Commodity Futures Trading Commission to rein in the burgeoning digital currency industry.

Gillibrand, a progressive Democrat who sits on the Senate Agriculture Committee, and Lummis, a first-term Republican serving on the Banking Committee, both articulated their appreciation that the Responsible Financial Innovation Act is the culmination of several months of bipartisan collaboration in both chambers of Congress.

The senators said that this legislation represents a critical first attempt to structure the markets for digital assets with long-awaited legal definitions, CNBC reported.

The senators’ office touted the bill as “landmark bipartisan legislation that will create a complete regulatory framework for digital assets that encourages responsible financial innovation, flexibility, transparency and robust consumer protections while integrating digital assets into existing law.”

The legislation’s cornerstone is the way in which it defines the vast number of digital assets that are available to American investors and consumers.

With very few exceptions, the bill defines digital currencies as “ancillary assets,” or intangible, fungible assets that are offered or sold in tandem with a purchase and sale of a security.

People close to Gillibrand and Lummis said that this proposed legislation will treat all digital assets as “ancillary” unless they behave like a security that a corporation would issue to investors to build further capital.

This legislation also makes it so that cryptocurrencies and other digital tokens won’t be treated like traditional securities under the Securities and Exchange Commission’s scrutiny unless the individual holding cryptocurrency is entitled to the privileges and benefits that are granted to corporate investors such as dividends, liquidation rights, or a financial interest in the issuing entity.

In a press release, Lummis said, “My home state of Wyoming has gone to great lengths to lead the nation in digital asset regulation, and I want to bring that success to the federal level. As this industry continues to grow, it is critical that Congress carefully crafts legislation that promotes innovation while protecting the consumer against bad actors.”

Gillibrand said that the bill would “provide clarity to both industry and regulators, while also maintaining the flexibility to account for the ongoing evolution of the digital assets market.”

Great Britain announces a plan to mint NFTs through the Royal Mint in a bid to 'lead the way' in the increasingly digital economy



On Monday, the British government announced its plans to move forward with minting its own non-fungible tokens (NFT) as it attempts to become a "world leader" in the cryptocurrency space in the global economy.

British Finance Minister Rishi Sunak asked the Royal Mint — the entity responsible for the manufacture of the United Kingdom's currency — to create and issue the NFT "by the summer," CNBC reported.

The United Kingdom's NFT initiative is the British government's attempt to "lead the way" in crypto, according to City Minister John Glen.

Glen stated that there are a number of regulatory steps the U.K. plans to introduce to bring digital assets — like NFTs and Bitcoin — scrutiny.

These include:

  • Regulate stablecoins with existing regulations on electronic payments;
  • Strategizing on a "world-leading regime" for regulating trade in other cryptocurrencies, like Bitcoin and Ethereum;
  • Asking the British Law Commission to consider the legal status of blockchain-based communities;
  • Examine the taxability of decentralized finance loans and interest gaining services;
  • Establishing a Cryptoasset Engagement Group that will be an official government body and will engage with British regulators and cryptocurrency-oriented businesses;
  • Explore the possibility of using blockchain technology in regulating debt instruments.

Glen said, "We shouldn't be thinking of regulation as a static, rigid thing. Instead, we should be thinking in terms of regulatory 'code' — like computer code — which we refine and rewrite when we need to."

He also said that the British government was "widening" its gaze to look at introducing more diverse regulations on the ever-expanding world of cryptocurrency, including the burgeoning Web3 movement, which would establish a more decentralized global internet that is powered and regulated through blockchain technology.

"No one knows for sure yet how Web3 is going to look," Glen said. "But there's every chance that blockchain is going to be integral to its development. We want this country to be there leading from the front, seeking out the greatest economic opportunities."

Similarly, across the pond, the American federal government is continuing to move forward with the development of a central bank digital currency — fully digitizing the U.S. dollar — and preparing to regulate the cryptocurrency holdings of the American public.

In an era with historic levels of regulation, the wages and savings of the American people are constantly losing value, and storing money in a savings account with a sub-1% interest rate is becoming less appealing to more and more people. So naturally, they're looking for a more secure alternative other than storing cash under their mattresses.

There are currently trillions of dollars invested in cryptocurrencies for these very reasons, and the more that government tries to regulate them, the less appealing they become to potential investors.

Congressional candidate creates NFT to have daughter's murder video taken off the internet



The father of a slain television news journalist is taking an unconventional measure to get his daughter's horrific murder video taken off the internet. His plan is to create an NFT (non-fungible token) of the video and use copyright law to leverage big tech companies into taking the video down.

Virginia news reporter Alison Parker was murdered on live television in August 2015. Her father, Andy Parker, has fought for years to have the video of her shooting death removed from big tech platforms like YouTube and Facebook.

In an interview with Fox News, Parker explained that tech companies have refused to take the video down and claimed legal protections from being forced to do so.

"We have talked to Google, we've talked to Facebook ... they are protected by Section 230," Parker told Fox News host Dana Perino on "America's Newsroom" Wednesday. "That gives them complete immunity from any kind of liability, so they do what they do because they can," he said.

"The only exception to that is copyright," he continued. "If they violate copyright, then you can go after them."

Parker said attempts to obtain the copyright to the video from Gray Television have been unsuccessful.

"Chris Hurst, who's Alison's boyfriend, came up with the idea that, you know what if we create an NFT of this, this might be to enable us to circumvent the copyright issue," Parker told Fox News. "And so that's what we did ... We were at the point where we're throwing spaghetti against the wall to see what sticks."

Alison and fellow WDBJ-TV colleague Adam Ward, a photojournalist, were killed while live on-air by a disgruntled former employee of the news station in August 2015. Video of their violent murders has circulated on social media for years, despite Andy Parker's numerous attempts to have it removed permanently.

Last month, Parker launched a campaign for Congress in Virginia's 5th Congressional District focused partly on holding big tech companies accountable for the content posted on their platforms.

Under federal law, social media platforms are protected from liability for content posted by their users. But these platforms can still be liable for copyright claims if they neglect to remove infringing content.

"This is not a Democrat issue, it's not a Republican issue," Parker told Fox News.

"This is an American issue, and if we don't rein in Big Tech — if we don't rein in Google and Facebook and try and prevent them from enabling bullying and harassment and pornography and drugs and graphic content — it's going to tear our country apart," he said.

Cheering schoolchildren celebrate custodian after he becomes US citizen



School children in Plainfield, Illinois, clapped, cheered, and waved American flags in a surprise celebration for a custodian at their school who became a legal citizen of the United States last week.

Leo Magalang, a night janitor at Charles Reed Elementary school, received a rock star's reception when he showed up for work on Jan. 25, the day after his naturalization ceremony.

When he walked through the front door of the building, he was enthusiastically greeted by the entire school, as students had lined up to welcome him and cheer for him.

"Leo, Leo, Leo!" the children shouted, as he made his way through the building, waving to the crowd.

Entire school cheers for janitor who obtained US citizenship https://trib.al/wqFaujO\u00a0pic.twitter.com/O7huH7XdKY
— New York Post (@New York Post) 1643997003

“It was overwhelming, heartwarming, and I feel so loved,” he told WMAQ-TV, becoming emotional. “So loved.”

The hallways were lined with students and teachers waving American flags to celebrate their friend.

“I just came in as usual, but when I opened the door the kids were already shouting, 'Leo! Leo! Leo!'” Magalang said. “I was so touched.”

The touching moment was captured on cellphone video and shared on social media.

“I was crying the whole time,” he said. “It’s a good thing we have the mask because if we don’t they could see my ugly face when I cry.”

Magalang, 64, emigrated from the Philippines with his family hoping to find a better life in the United States.

“The U.S. has given us an opportunity to be here, reside here, and to work here and for a better life,” he said.

Charles Reed Elementary principal Curtis Hudson told WMAQ the school wanted to do something special for Magalang to show that they care for him and appreciate the work he does. In addition to the surprise greeting, the children wrote him notes and messages

“We’re just happy that we did something to make him feel good, and there’s so much craziness going on in the world itself and here in school there’s been so many challenges,” said Hudson. “We take every opportunity we can to celebrate, and that was a good reason to celebrate.”

People on social media celebrated the heartwarming video.

"This is the best thing I've seen all week," said one Twitter user who shared it.

"#NFTs are worthless. THIS is a well earned and priceless reward," said another. "This is how we are great. I was born here by accident. Like so many millions of others, he earned his right to be called a US citizen."

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