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I expect most people here don't know, but back in March, the 9th circuit reversed Wit v UBH for, basically, no reason. All the law blogs were croggled: the decision of the court was both very short and just made no sense. What's Wit vs UBH? A really important decision about a law suit against a health insurance company under a federal law called ERISA. ERISA is a consumer protection law that says if a company takes your money to provide you a financial service, they can't take advantage of the fact they have your money hostage to fleece you. It asserts the company has what's called a "fiduciary duty" – they have to behave in a trustworthy manner and do what they said…

Interesting indeed

According to a statement issued by State Department spokesperson Ned Price on Friday, the United States is offering up to $15 million in rewards for information on the Russian-based Conti ransomware operation. Any information that leads to the identification or location of the Conti group's leaders might reward you up to $10 million. In addition, any information leading to the arrest of anybody conspiring with the Conti group will be awarded $5 million. The FBI estimates that more than 1,000 victims have paid the Conti group more than $150 million in ransomware payments, making its ransomware variant the most expensive ever documented. Just last month, the group…

On Friday, a Federal Judge dismissed former President Donald Trump's case against Twitter, which sought to revoke his permanent suspension from the social media giant which had recently accepted Elon Musk’s (aka the Dogefather) offer of $44 billion offer to buy Twitter. Mr Trump’s contentions which rested on his right to free speech under the first amendment were shot down by the judge who stated that it only applied to “governmental abridgements of speech, and not to alleged abridgements by private companies.” Ironically, Mr Trump had declared just two weeks ago that he would not be coming back to the platform even if Mr Musk lifted the ban. https://www.th…

Binance has reportedly stopped offering its crypto derivatives services in Spain as it awaits approval from the Spanish regulator, Comisión Nacional del Mercado de Valores (CNMV). Binance’s official Spain website has removed the derivatives option from its interface by removing the drop-down menu. However, the URLs for derivative services in Spain, including futures, battle, and derivative portal, are still active, according to Cointelegraph. According to a local report, Binance would reintroduce the derivatives option only after gaining regulatory approval from the Bank of Spain in the form of a guarantee certificate (BdE). https://cointelegraph.com/news/b…

Sony Electronics has partnered with Theta Labs to launch nonfungible tokens (NFTs) that can be viewed in mixed reality through Sony's Spatial Reality Display, a display that allows individuals to experience things in 3D without the use of typical 3D peripherals. The Spatial Reality Display follows the viewer's eye movement and modifies the display accordingly, providing a 3D viewing experience. Sony and Theta will be releasing an NFT called The Tiki Guy which is a 3D Tiki Mask. There will only be ten of these NFTs produced. While the NFT drop is designed for 3D viewing, 2D versions will be available as well. According to Nick Colsey, a Sony Electronics executive…

The Securities and Exchange Commission (SEC) has reached a $5.5 million settlement with NVIDIA over the company’s alleged failure to disclose that crypto mining was a significant contributor to its 2018 revenue. The company also agreed to a cease-and-desist order based on violations of the Securities Act of 1933 and the Securities Exchange Act of 1934's disclosure requirements. According to the SEC, throughout the fiscal year 2018, the company failed to disclose that crypto mining was the primary driver of sales of its graphics processing units (GPUs) advertised and developed for gaming. The SEC stated, “NVIDIA’s omissions of material information about the …

According to CNBC, Google is forming a web3 team that will build back-end services for developers operating blockchain applications. Amit Zavery, Vice President of Google Cloud, reportedly informed his team in an email on Friday that the goal is to make the Google Cloud platform the first choice for Web3 developers while not being involved in the cryptocurrency wave directly. His email as reported by CNBC read, “While the world is still early in its embrace of Web3, it is a market that is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and Crypto-related technologies.” https://www.theblockcrypt…

Julian Holguin, former executive at Billboard, was announced as the new CEO of Doodles. ‘Doodles’ is the popular community and PFP collection of 10,000 NFTs on Ethereum. According to the tweet, “Julian will work alongside the founders to expand Doodles IP throughout music, gaming, and entertainment, while deeply integrating culture into the product. In the coming weeks, we will introduce you to the next phase of Doodles — groundbreaking projects, transformative partnerships and a full reveal of our vision & roadmap.” Holguin has previously worked at Billboard for ten years, serving as vice president of brand partnerships, senior vice president of revenu…

Blender.io, a crypto mixer, has been added to the US Office of Foreign Assets Control's list of businesses sanctioned for interacting with the North Korean-backed hacker group involved in Axie Infinity's Ronin Bridge attack. According to the official press release, North Koreans allegedly used Blender.io to process $20.5 million of the nearly $620 million taken. According to the report, Blender.io has handled the movement of almost $500 million in Bitcoin since its launch five years ago. Blender.io has also allowed money-laundering operations for the Russia-affiliated ransomware gang Conti. This follows widespread concern over the cryptocurrency industry's role …

For example we've been recently admonished via scripture to "not hurry ourselves to become offended" and in the same admonishment hear the words "someone hurt our feelings". Do you see how the former suggests the locus of control is internal, that becoming offended is an act of the will on our part, whereas the latter is an external locus of control and lacking in free will, but rather a reaction to an external act? The latter, in my view is more along the lines of "I didn't like what you said" vs "you hurt my feelings" as if ones "feelings" was some naked worm crawling along the sidewalk defenseless against being stepped on.

Not everything that is true can be proven. This discovery transformed infinity, changed the course of a world war and led to the modern computer.

According to research from Coinbase, the worst of the crypto market's macro capitulation is over, with a bullish second half of 2022 arriving. The exchange published a report which outlined several factors for its findings. Specifically, Ethereum's shift to proof-of-stake (PoS), which would reduce ETH supply and, ideally, make it a deflationary asset, is something bulls can anticipate, according to the report. Another factor might be the "commoditisation of Ethereum layer-2 networks," which would result in new L2 tokens and possibly a new crypto investment category. The report also highlighted that incoming regulatory clarity in the US will ground confidence for…

Argentina's central bank (BCRA) announced today that financial institutions cannot allow their consumers to conduct transactions using digital assets, only days after two Argentine private banks indicated that crypto trading will be available to their customers. According to the BCRA statement, banks are barred from providing services for any digital assets that are not regulated by the central bank, and because no digital assets are currently regulated, the measure amounts to a de facto ban. According to the statement, “The measure ordered by the BCRA's board of directors seeks to mitigate the risks associated with transactions with these assets that could…

As part of its aim to bring social media and news sites into ‘Web3’, Binance Holdings Ltd. has committed $500 million to Elon Musk's proposed buyout of Twitter Inc. The crypto exchange is among a dozen outside investors backing Elon Musk's $44 billion takeover of Twitter, according to a filing published on Thursday. Binance CEO, Changpeng Zhao stated, “We’re excited to be able to help Elon realise a new vision for Twitter. We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology.” Binance is forming an internal team to look into how blockchain can help Twitter and ot…

The three co-founders of BitMEX crypto derivatives exchange, including former CEO Arthur Hayes, have been ordered to pay a total of $30 million in civil monetary penalties by the United States District Court for the Southern District of New York. The order comes as a result of a suit lodged in October 2020 by the US regulator against the exchange and its executive team for facilitating the trading and processing of swaps without the necessary CFTC licensure in the US. In addition to failing to register with the CFTC, the firm failed to undertake adequate anti-money laundering and know-your-customer checks, according to the order. https://www.theblockcrypto.com/l…

After an initial pump in prices following the announcement of a half-point interest rate hike by the Federal Reserve, markets quickly tumbled as investors realised that a 0.5% interest rate hike was still rather high by historical standards. Moreover, there were concerns it may not still not be enough to stave off inflation. The initial pump was a sign of relief from investors who had expected the hike to be much higher. Bitcoin fell 8% in under 24 hours, dipping below $36,000 before stabilising. The crypto market as a whole dropped 7% within the same time period, with Ethereum losing 7% from yesterday's price and the rest of the top 10 losing between 5% and 9%. The…

Argo Blockchain has received more than $70 million in loans to expand its Bitcoin mining business in Dickens County, Texas. Helios, the company's flagship crypto mining operation in Texas, is borrowing an aggregate principal amount of $70.6 million from New York Digital Investment Group (NYDIG). This is the second 8-figure loan that Argo has taken out from NYDIG in the last month. The funds from the loan are expected to be utilised in “fitting out Phase 1 of the Helios site”. CEO Peter Wall stated, “With our mining operations at Helios expected to commence in May, along with the development of custom mining machines using Intel’s next-generation Blockscale …

Kazakhstan's government has issued new reporting rules for cryptocurrency mining companies, with a focus on how the industry's energy use affects the local power infrastructure. The order published by the country’s Minister of Digital Development earlier this week requires new miners and hosting centres to register company names as well as physical and IP addresses and contact information for responsible parties 30 or more days before beginning operations. Expected power usage, hardware needs, and investment are also included in these reports. Miners will also be required to produce proof of Kazakhstan residency. Existing miners must also provide quarterly updat…

According to the Autorité des Marchés Financiers (AMF) (the French financial market regulator), Binance can now operate its digital asset trading platform in France, which means it can facilitate digital asset custody, let users buy and sell crypto, and help users exchange digital assets for each other. This is the exchange's first major approval from a G-7 member country, indicating that the company's development into other European markets is possible. Last week, CEO Changpeng "CZ" Zhao praised the country as a "crypto-friendly" government and announced a $100 million investment in the country's blockchain ecosystem. https://www.bloomberg.com/news/articles/202…

California Governor Gavin Newsom signed an executive order on Wednesday to start implementing a crypto framework in the state. The state will create a "transparent and consistent business environment" for blockchain-related enterprises, including crypto-asset asset projects and those of related financial technology, under the order, as well as the California Consumer Financial Protection Law passed in 2020. According to Newsom, "California is a global hub of innovation, and we’re setting up the state for success with this emerging technology – spurring responsible innovation, protecting consumers and leveraging this technology for the public good. Too ofte…

Polkadot has announced the launch of its cross-chain messaging system called ‘Cross-Consensus Messaging format (XCM)’. With this arrival, Polkadot has finally implemented the function of interoperability between its parachains. The newly launched XCM messaging system is intended to promote Polkadot’s multichain ecosystem and enable communication between parachains themselves as well as smart contracts. The system will eliminate the need for bridges and facilitate the movement of data and crypto-assets across Polkadot's parachains. https://cointelegraph.com/news/polkadot-launches-cross-chain-messaging-system-to-solve-blockchain-s-bridge-problem

The popular fashion label Gucci has announced that it will begin accepting crypto payments from customers in select store locations across the United States. The fashion label has been quite active in the crypto, web3 and metaverse space for a while now by acquiring land in The Sandbox and launching its own NFT collections. Gucci plans to accept crypto payments starting with five store locations with one each in New York, Los Angeles, Miami, Atlanta and Las Vegas by the end of this month. Eventually, the label hopes to implement crypto payments across all its 111 locations in North America. Customers will be able to make cryptocurrency payments simply by scannin…

Michael J. Saylor understood that it is the best strategy with Bitcoin. Regular purchases, taking advantage of price drops to accumulate more. Bitcoin is an accumulation game for years to come. The more you can accumulate, the better.

A recent report by the European Union Commission, published last month, analyses the implications and avenues with which DeFi could be regulated. According to Patrick Hansen, Head of Strategy at Unstoppable Finance and widely followed for his analysis of European crypto regulation, the report shows that the officials have a good grasp on DeFi and how it works, including individual protocols. The report recognising the blunder of applying traditional financial laws to DeFi stated, “Adapting the EU financial services regulatory framework to a decentralised environment will require a rethink; and regulatory cooperation with the main jurisdictions relevant to t…

Decrypt, a crypto media firm previously owned by blockchain incubator ‘ConsenSys Mesh’, has raised $10 million at a $50 million valuation. The new funding and separation from ConsenSys Mesh is a result of Decrypt’s goal to become a "truly independent news organisation”. The round saw participation from 22 organisations which include venture capital firms Canvas Ventures, Hack.vc, Hashkey Capital, IOSG Group Limited, SKH Group and XBTO Humla Ventures, as well as a group of angel investors, strategic partners and DAOs like Global Coin Research DAO and Honey DAO. According to Decrypt CEO and co-founder Josh Quittner, "It's an extremely tribal world of crypto …

Riot Blockchain (RIOT), one of the world's largest publicly traded bitcoin miners, announced that it sold 250 Bitcoin out of the 508 Bitcoin it mined last month, generating nearly $10 million in revenue. The sale comes as a result of the company’s recent announcement of its ambitious expansion plan which includes two new facilities in Texas. The miner had revealed plans to build a 1-gigawatt plant in Navarro County, Texas. The first part of the project is expected to cost $333 million and will be completed over the next two years, according to the company. Riot is also expanding its Whinstone facility in Rockdale, Texas, with a 400-megawatt infrastructure upgrad…

Today, the Hawaii State Senate has unanimously approved the launch of a specialised task force to explore the use and regulation of the crypto ecosystem through bill SB2695. The bill was co-signed by Sens. Donovan Dela Cruz and Rosalyn “Roz” Baker. Hawaii's bill seeks to determine how the state could regulate, oversee, and potentially use blockchain and cryptocurrencies. The task force is to study data from other states and develop "a plan to expand blockchain adoption in both the private and public sectors," among other things. The task force will be comprised of government officials and members of the Web3 space, plus professors from the University of Hawaii t…

Dubai’s Virtual Asset Regulator VARA has reportedly bought virtual land in ‘The Sandbox’ metaverse to set up a virtual office called the ‘MetaHQ’. This makes VARA the first national regulator to do so. This news comes in the backdrop of many crypto firms and organisations increasingly making moves to the country due to its friendly crypto regulations. According to the statement issued by VARA, MetaHQ intends to provide digital users with virtual access to regulatory resources, something that will become vital as the metaverse and Web3 ecosystem develop. Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum stated, “By expanding VARA’s resources to …

According to a blog post yesterday, Kraken has opened the waitlist for its upcoming custodial NFT marketplace. Kraken’s marketplace seeks to democratise the experience of NFTs to a wider audience by allowing gas-free trades through its custodial model. Users of the platform can also view the rarity score of their NFTs directly on the platform and take out collateralised loans using the NFTs. According to the blog post, “This helps you build your dream collection with near-instant transfer speeds and the peace of mind that spikes in network activity will not impact the cost of your purchases and trades,” https://cointelegraph.com/news/kraken-nft-market…