Autor Cointelegraph By Turner Wright

Former Acting Comptroller of the Currency joins Voyager Digital's board

Crypto trading platform Voyager Digital announced Bitfury CEO and former Acting Comptroller of the Currency Brian Brooks has joined the firm’s board of directors.In a Monday announcement, Voyager chair Philip Eytan said Brooks had joined the board as an “independent, non-executive director,” citing the former comptroller’s experience at crypto companies and his leadership behind regulatory initiatives in the United States during his time at the OCC. Brooks served as acting Comptroller of the Currency until January, was Coinbase’s chief legal officer from 2018 to 2020 and held the position of CEO at Binance.US for less than four months this year.Welcome Brian Brooks as the newest member of our Board of Directors Brooks, the Former Acting Comptroller of the U.S. Currency, is a globally recognized leader in financial services with experience in both crypto and traditional finance.https://t.co/Lq45p3vSDZ— Voyager (@investvoyager) December 20, 2021During his time at the OCC, Brooks oversaw the enactment of the fintech banking charter, which allowed crypto companies to offer lending and payment products without oversight from state banking regulators. Bitfury appointed Brooks as CEO in October. Related: US is ‘unquestionably’ behind the curve on crypto ETFs, says Brian BrooksFounded in 2018, Voyager Digital currently offers more than 60 digital assets for trading on its mobile app, which also includes services such as yield farming. The firm has recently inked partnerships with sports organizations in the United States, including the Dallas Mavericks basketball team and the National Women’s Soccer League. In October, the platform announced it had received a $75 million investment from crypto quantitative trading firm and liquidity provider Alameda Research.

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Going meta: digital cities, attacks on female creators, and more

Following the announcement that Facebook’s parent company would be rebranding in a shift towards the metaverse, many projects have started similar initiatives entering the virtual space, from buying property to testing the limits of what this universe has to offer. Digital cities: Santa Monica and SeoulThe Downtown Santa Monica District west of Los Angeles was one of the first real-world areas to allow users to have access to the metaverse through the FlickPlay app. Branded as a metaverse tool, walking around the district seems to be more of a limited augmented reality experience rather than a virtual one, with people collecting digital tokens in the style of Pokémon GO. In contrast, Seoul’s entry into the metaverse is expected to be a 100% virtual environment once launched in early 2023. In November, the local government announced it would be starting its own platform, Metaverse Seoul, slowly integrating services related to the economy, culture, education and civil complaints. In addition, the Korean capital planned to create virtual versions of its major tourist attractions and hold festivals in the metaverse.Seoul, South Korea. Source: authorDoes Meta have a ‘women problem’?Following the launch of Horizon Worlds, the virtual reality game and online community platform released by Meta — formerly Facebook — at least one user reported that the virtual environment allowed sexual harassment. In a Dec. 16 report from MIT Technology Review, one of Horizon’s beta testers said a stranger had groped her avatar. Though there is a feature capable of encasing an avatar in a protective bubble to seemingly stop such an attack, the user was either unable to activate it in time, or was otherwise unaware of it.“At the end of the day, the nature of virtual-reality spaces is such that it is designed to trick the user into thinking they are physically in a certain space, that their every bodily action is occurring in a 3D environment,” said Katherine Cross, an online harassment researcher at the University of Washington. “It’s part of the reason why emotional reactions can be stronger in that space, and why VR triggers the same internal nervous system and psychological responses.”In November, another woman reported her metaverse persona under attack, this time without the use of avatars and with seemingly more real-world effects on her business. When Facebook rebranded to Meta, Australian artist Thea-Mai Baumann reported being locked out of her Instagram account. Her handle? “Metaverse.”Source: Thea-Mai Baumann’s Instagram account, “metaverse”Because Meta owns Instagram and Baumann’s account was relatively small — fewer than 1,000 followers at the time — many on social media suspected the company would simply seize her account rather than buy it. She ended up being locked out for more than a month without being able to verify her identity before Instagram restored access.“This account is a decade of my life and work. I didn’t want my contribution to the metaverse to be wiped from the internet,” said Baumann. “That happens to women in tech, to women of color in tech, all the time.”Companies going metaOn Dec. 10, Chinese internet giant Baidu announced plans to launch its own metaverse product, called XiRang, a universe capable of handling input from 100,000 users where it also plans to host an AI developer conference. The Baidu Create conference is expected to be held on Dec. 27.A city in Baidu’s metaverse. Source: BaiduSports footwear and apparel manufacturer Nike’s products are officially going virtual following the acquisition of virtual sneakers and collectibles brand RTFKT this week. RTFKT, which describes itself as “fully formed in the metaverse,” will likely help Nike advance its own plans to “just do it.”Facebook whistleblower issues metaverse warningFormer Facebook employee Frances Haugen, who turned over thousands of documents that implied that the company was not doing what it claimed in regard to removing hate speech and posts encouraging violence, voiced her concerns about the metaverse. In a Dec. 16 newsletter released by Time magazine, Haugen said she was “super scared” about the potential risks of the virtual world for surveillance, socializing, and more:“When you go into the metaverse, your avatar is a little more handsome or pretty than yourself. You have better clothes than we have in reality. The apartment is more stylish, more calm. And you take your headset off and you go to brush your teeth at the end of the night. And maybe you just don’t like yourself in the mirror as much. That cycle… I’m super worried that people are going to look at their apartment, which isn’t as nice, and look at their face or their body, which isn’t as nice, and say: ‘I would rather have my headset on.’”

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South Park excoriates NFTs as investments in latest vision of post-COVID future

Apparently, it only took a pandemic for the writers behind the animated TV series South Park to offer their take on nonfungible tokens (NFTs) and cryptocurrencies… and it’s not a positive outlook.In its “Post COVID: The Return of COVID” special that aired Thursday, South Park depicted one of the show’s protagonists, Leopold “Butters” Stotch, also known as Victor Chaos, locked away in an insane asylum for years after it’s discovered he has a certain power to wreak havoc on the world. That power? Gathering investors to put all their money into NFTs. When he manages to get out of his cell, the result is comical violence, comparisons to drug use, and the possible downfall of society:“He escaped once before. In just a few hours he managed to get thousands of people to invest in NFTs, just like he almost did you […] another 30 seconds in that room and you would have started considering NFTs as a viable investment.”NFTs in south park pic.twitter.com/LnEkVvcYjA— edgar.eth (@EdgarAronov) December 16, 2021Though referencing aspects of the crypto space in mainstream media has become somewhat common, South Park — which often tackles topical issues with a comedic twist — seems to have avoided mentioning token projects with seemingly absurd names for the last ten years. Bitcoin (BTC) only made its first appearance in 2008, and though everyone in South Park’s fictional future of the 2060s still used the cryptocurrency as a medium of exchange, they also described it as a “fly-by-night Ponzi scheme.”Related: Imprisoned Silk Road founder causes a stir with NFT dropSouth Park’s vision of a world roughly 40 years from now implies the frenzy around NFT drops is unlikely to subside for many investors. This week, Wikipedia entered the space for the first time, selling a tokenized version of the first message posted to its website in 2001 for $750,000. However, some NFTs have been auctioned off for millions of dollars and traded for valuable real-world items, including cars.

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Valkyrie’s latest ETF offering has exposure to Bitcoin

Crypto asset manager Valkyrie has launched an exchange-traded fund with exposure to Bitcoin on the Nasdaq Stock Market.In a Wednesday SEC filing, Valkyrie said its Balance Sheet Opportunities ETF will not invest directly in Bitcoin (BTC) but 80% of its net assets would offer exposure to the crypto asset through securities of U.S. companies with BTC on their balance sheets. These companies may include custodians, crypto exchanges, and traders. The filing specifies that Valkyrie’s ETF may invest up to 10% of its net assets in securities of Bitcoin mining firms, as well as up to 5% in the securities of pooled investment vehicles in the U.S. that hold BTC. At the time of publication, shares of the fund under the ticker VBB are trading for $24.48, having fallen more than 1.5% since launching on Wednesday.Introducing the Valkyrie Balance Sheet Opportunities ETF (Nasdaq: VBB). Launching today on @Nasdaq. Disclosures in bio. pic.twitter.com/YgiyQcDPPW— Valkyrie (@ValkyrieFunds) December 15, 2021Valkyrie’s latest ETF filing follows the firm launching a Bitcoin Strategy ETF in October which offered indirect exposure to BTC with cash-settled futures contracts. Shares of the fund are currently trading on the Nasdaq for $18.70, having fallen roughly 27% since opening on Oct. 22. Though the SEC has given the greenlight to investment vehicles linked to Bitcoin derivatives, including one from Valkyrie and another from ProShares, the regulatory body has yet to approve an application allowing direct investments in crypto. Several crypto ETF applications are still under consideration in the United States, while its neighbor to the north — Canada — has approved BTC ETFs from Fidelity.Related: SEC rejects WisdomTree’s application for spot Bitcoin ETFAccording to data from Cointelegraph Markets Pro, the price of Bitcoin rose above $49,000 today but has fallen more than 30% since reaching an all-time high price of $69,000 on Nov. 9. At the time of publication, the BTC price is $47,736.

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US Senate confirms CFTC chair as President Biden announces commissioner picks

Congressional lawmakers confirmed the nomination of Rostin Behnam, a commissioner at the Commodity Futures Trading Commission who had been serving as acting chairperson, to assume his position on a more permanent basis.In a Wednesday evening voice vote, members of the U.S. Senate approved President Joe Biden’s pick to lead the CFTC. Behnam has served as a commissioner since 2017 and acting chair following the departure of Heath Tarbert in January. Confirmed by voice vote: Executive Calendar #539 Rostin Behnam to be Chairman of the Commodity Futures Trading Commission.— Senate Cloakroom (@SenateCloakroom) December 16, 2021At his confirmation hearing before the Senate Committee on Agriculture, Nutrition, and Forestry in October, Behnam requested lawmakers consider expanding the authority of the CFTC, given the emerging digital asset market. He said that the CFTC had been “aggressively pursuing enforcement cases” in the crypto space, likening its approach to police officers doing their duty.“Given the size, the scope and the scale of this emerging market, how it’s interfacing and affecting retail customers, and with the scale of the growth being so rapid, potential financial stability risks in the future, I think it’s critically important to have a primary cop on the beat,” said Behnam at the time.Related: SEC has no authority over crypto, CFTC commissioner arguesThe confirmation came the same day President Biden announced his picks for two additional commissioners at the CFTC. A Wednesday notice from the White House shows he plans There are currently only two commissioners currently serving at the CFTC out of the normal five, and with the expected departure of Stump in February 2022, Biden will have the opportunity to completely reshape the Commission with four open positions. In December, the U.S. President announced he planned to nominate Emory University law professor Kristin Johnson and Christy Goldsmith Romero, a former senior counsel in the Securities and Exchange Commission’s Enforcement Division. Related: CFTC commissioner: Agency doesn’t have enforcement resources without CongressSuch a large change to the CFTC leadership could easily have an impact on regulation and enforcement of the crypto space. Currently, the Securities and Exchange Commission, CFTC and Financial Crimes Enforcement Network handle digital asset regulation in the country, but with different jurisdictional claims, resulting in a patchwork approach companies must navigate to legally operate. During Benham’s time as acting chair, the Commissions has slapped Tether and Bitfinex with a $42.5 million fine and reached a settlement with crypto exchange BitMEX to pay a $100 million civil monetary penalty.

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