Keep Archives -
The social network’s algorithms scan billions of posts each day in hopes of flagging misinformation before it goes viral; humans play a supporting role, but in the end they simply can’t keep up.
WSJ.com: US Business
Ariana Grande and Pete Davidson have called it quits, and that usually means dividing up the pots and pans, or in their case a super expensive engagement ring and a pet pig. Sources close to Ariana tell us she’s already returned the…
Dear Liz: My husband and I have no debt other than the mortgage on our home. My husband will retire in three years while I will continue to work. (I will have to pay for healthcare at that time, as I currently receive my benefits through his employer.) My husband insists that we pay our mortgage…
Sears Holdings is inching closer to a deal with lenders about a bankruptcy plan that would close at least 150 stores and provide a lifeline loan to keep a small footprint of around 300 locations open.
WSJ.com: US Business
China’s effort to support its slowing economy is heaping pressure on the yuan, signaling challenges for Beijing as it tries to stimulate growth amid rising trade tensions without triggering capital outflows.
WSJ.com: What’s News Asia
U.S. stocks are rising again Tuesday as strong company earnings lift the market. The benchmark Standard & Poor’s 500 index is up for the fourth day in a row and fifth day out of the last six. Technology companies and banks are making some of the largest gains. Overseas markets are also higher.
Wells Fargo & Co. foreclosed on 400 homeowners after improperly denying them loan modifications that could have allowed them to stay in their homes, the bank said in a regulatory filing Friday.
From 2010 to 2015, amid the recovery from the housing bust that caused millions of Americans to lose…
Trump is pressuring the Fed to keep interest rates low. Nixon actually did it — and damaged the economyJuly 29, 2018 | dailybusinessnews
The Federal Reserve was raising interest rates and the president wasn’t happy about it.
No, it wasn’t President Trump, who took the unusual step of publicly criticizing the independent central bank last week. It was another volatile president — Richard Nixon — and the experience presents a cautionary…
U.S. Regulations Round-Up: CFTC Can’t Keep Pace with Crypto, Libertarian Candidate Accepts Bitcoin DonationsJuly 26, 2018 | dailybusinessnews
In recent regulatory news, the CFTC chairman has warned that the regulator is falling behind its international counterparts with regards to virtual currency and blockchain regulations; a U.S. Congressional bill is advocating the incorporation of cryptocurrencies into the regulatory mandate of FinCEN; and a candidate of the Wisconsin Libertarian Party is accepting donations in the form of bitcoin despite a state Ethics Commission finding that cryptocurrency donations may not be legal.
CFTC Chairman Warns Regulator is Failing to Keep Pace with Crypto and DLT
Whilst speaking to the House Committee on Agriculture during a Congressional hearing on the “upcoming agenda for the CFTC” that took place on the 25th of July, J. Christopher Giancarlo, the chairman of the United States Commodity Futures Trading Commission, warned that the CFTC is falling behind its international counterparts with regards to regulation in the spheres of cryptocurrency and distributed ledger technology.
“We’re falling behind. Just two days ago, the Bank of England announced that they’re putting in a new bank-to-bank payment system in the U.K., and it’s gonna be blockchain-compliant. And they’ve had the last four years […] to participate in all these blockchain beta tests that we’ve not been able to participate in. […] So I feel like we’re four years behind, because we do need to test it, […] we need to see how it can help us do a better job as regulator. […] Emerging financial technologies are taking us into a new chapter of economic history. There’s a lot of coordination going on,” the CFTC chairman said.
Mr. Giancarlo also promoted a bill put forward by Ag Committee member Georgia Representative Austin Scott that the CFTC believes “would greatly enhance the Commission’s ability to keep pace with emerging technology, explore its potential, and facilitate its adoption.”
U.S. Congressional Bill Proposes FinCEN Mandate Covering Cryptocurrencies
A Congressional bill filed by U.S. Congressmen Ed Perlmutter (D-CO) and Steve Pearce (R-NM) on July 18th seeks to establish a regulatory mandate for the United States Financial Crimes Enforcement Network (FinCEN) to examine the use of cryptocurrencies for the financing of illegal activities.
The “FinCEN Improvement Act” claims that “Although the use and trading of virtual currencies are legal practices, some terrorists and criminals, including international criminal organizations, seek to exploit vulnerabilities in the global financial system and are increasingly using emerging payment methods such as virtual currencies to move illicit funds.”
Wisconsin Libertarian Candidate Accepts BTC Donations Despite Ethics Commission Concerns
Libertarian candidate for the governor of Wisconsin, and chair of the state branch of the Libertarian Party, Phil Anderson, has stated that he will accept campaign donations in the form of bitcoin, despite a state Ethics Commission finding that BTC contributions could be in violation of Wisconsin law.
“We will not allow the lack of appropriate interpretation of the current statute (to) affect the First Amendment rights of those who want to show support and contribute,” said the candidate, adding that he holds “no faith in the Assembly to handle this fairly nor expeditiously.”
Mr. Anderson asked the state Ethics Commission to permit candidates to accept political donations in the form of bitcoin and other cryptocurrencies earlier this year. In May, the commission found that “allowing cryptocurrency contributions presents a serious challenge to the commission’s ability to ensure compliance with state law,” ultimately deferring the issue to the state Legislature.
Do you expect that Mr. Anderson will face recourse for his decision to accept bitcoin donations? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, fincen.gov, lp.org
Want to create your own secure cold storage paper wallet? Check our tools section.