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Ripple CEO Brad Garlinghouse has slammed Securities and Exchange Commission (SEC) Chairman Gary Gensler for claiming that he has the authority to determine which crypto tokens are securities, rather than relying on the legislation that governs his agency’s power. “It’s time for elected officials in the U.S. to take notice,” the Ripple executive stressed. Ripple’s CEO Slams SEC Chair Gensler Over What’s a Security The CEO of Ripple Labs, Brad Garlinghouse, has criticized the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for dictating which crypto tokens are securities. Garlinghouse tweeted Thursday: For the Chair of the SEC to assert that he dictates what is a security — and not the legislation from which his agency derives its power — is beyond comprehension. It’s time for elected officials in the U.S. to take notice. “When you behave like an autocrat running a $2.2B bloated agency, why would you ever want to provide clarity about what’s ‘in or out

This week, 2,600 tech industry moguls and entrepreneurs, including Elon Musk, Gary Marcus, and Steve Wozniak, signed an open letter requesting artificial intelligence (AI) labs to pause research and development for six months. The signatories believe that safety programs and regulations need to be strengthened, as they assert that AI labs are currently in an “out-of-control race to develop and deploy” this technology. On Thursday, Coinbase CEO Brian Armstrong disagreed with this approach, stating that people should not “let fear stop progress.” The Debate on AI Safety: Tech Industry Leaders Call for a Pause in Development, Many Oppose the Idea An open letter signed by 2,600 leaders and researchers in the tech industry recommends that AI labs pause their work for six months, and if they refuse, governments should impose a moratorium on development. The group believes that AI is “now becoming human-competitive at general tasks,” and asserts that powerful AI systems should be develope

In March 2023, Bitcoin’s average and median-sized fees jumped more than 40% higher after rising 122% in 10 days during the first week of February. The fees have followed the Ordinal inscription trend as more than 662,000 inscriptions reside on the Bitcoin blockchain, and 150 bitcoin worth $4.2 million have been added to fees. Bitcoin Fees Surge in March, More Than 50,000 Unconfirmed Transactions in the Mempool As of 2:30 p.m. (ET) on March 31, 2023, according to statistics from mempool.space, there are roughly 54,000 unconfirmed Bitcoin transactions. Bitcoin fees and wait times have increased in March following the network fee increase that occurred during the first week of February. At that time, due to the demand stemming from Ordinal inscription transactions, fees rose 122% in 10 days. With BTC ’s price significantly higher and the Ordinal inscription trend still in full swing, average and median-sized transfer fees have risen since February 8, 2023. According to data from b

Investigative journalist James Corbett has recently referred to the ongoing global banking crisis involving SVB, Signature Bank, Credit Suisse and others as the “Panic of 2023,” drawing comparisons to what he views as historical precedents, and pointing ahead to an inevitable and bleak, technocratic surveillance future leveraging central bank digital currencies (CBDCs) should nothing be done to stop it. The answer to the CBDC “total nightmare of monetary control,” as Corbett puts it, is cash, creativity, and to “choose to inform ourselves about agorism and the countereconomy.” James Corbett on Crisis, CBDCs, Cash, and the Countereconomy Investigative journalist and freedom activist James Corbett of The Corbett Report , a popular alternative news source based on the “principle of open-source intelligence,” has weighed in recently on the current global banking debacle and its echoes across recent history. Further, he has been cautioning his followers for years about the dangers of giv

China has been advancing its goal of positioning the yuan as an alternative to the U.S. dollar for settling international payments. The Chinese government recently struck a bilateral deal with Brazil to settle trades using their national currencies and completed a purchase of Liquefied Natural Gas (LNG) with a French company using yuan as payment. China Advances De-Dollarization Efforts With Brazil and France China is positioning its fiat currency, the yuan, as a U.S. dollar alternative for international settlements. The Chinese government recently achieved two milestones in this sense, inking a bilateral deal with Brazil that will allow the two countries to settle payments with their national currencies, and completing the first LNG (Liquefied Natural Gas) import trade settled in yuan. The Brazil-China deal allows the two countries to exchange goods using the Chinese yuan and the Brazilian real. The expectation is that this deal will ease the transactions between the two countri

Galaxy Digital Holdings chief executive Mike Novogratz has said he finds it shocking that U.S. authorities are interested in talking about the regulation of crypto, but have said nothing about artificial intelligence (AI) regulation. Novogratz added that by choosing mainly to focus on crypto regulation, the U.S. government has it “completely upside-down.” ‘A Real Technology That People Care About’ Crypto billionaire and Galaxy Digital Holdings CEO, Mike Novogratz, recently said he finds it shocking that regulators only seem to be interested in “talking so much about crypto regulation and nothing about AI [artificial intelligence] regulation.” Novogratz also suggested that it would “be dumb” for the government to “cache this industry because of Sam Bankman-Fried in his Bermuda shorts.” Speaking at Galaxy Digital’s Fourth Quarter (Q4) 2022 Shareholder Update Conference Call, Novogratz, who has previously slammed Sam Bankman-Fried, insisted that he is not against any move that weeds

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional hearing that the securities regulator “requires new tools, expertise, and resources” to combat misconduct in the crypto space. “We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class,” he stressed. SEC Chair Gary Gensler on Budget Request and Crypto Regulation The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified on his agency’s Fiscal Year (FY) 2024 budget request before the House Appropriations Subcommittee on Financial Service and General Government Wednesday. “I am pleased to support the President’s FY 2024 request of $2.436 billion for the SEC, to put us on a better track for the future,” Gensler began. “The FY 2024 request seeks funding for an additional 170 positions, as well as full-year funding for those staff hired in FY 2023.” Commenting o

Millions of U.S. dollars’ worth of cryptocurrency has been sent to centralized exchanges (CEXs), most notably Binance, from wallets providing funds in support of Russia’s war effort in Ukraine, transaction data suggests. According to Ukrainian analysts, the money was transferred to the crypto trading platforms in order to be laundered. Over 90% of Pro-Russian Crypto Transfers Identified in a Study Sent to Largest Exchange More than $40 million was sent last year from wallets that were used to sponsor the Russian invasion of Ukraine to cryptocurrency exchanges, according to an analysis of such transactions conducted by Hapi Labs. The main purpose of these transfers was to launder the money, the Ukrainian startup claims in a post on Twitter published Tuesday. While various amounts went to a number of crypto platforms, nearly 96% of the digital cash reached Binance, the world’s largest cryptocurrency exchange. Researchers at the company, which provides blockchain tracking tools and d

Court filings reveal that the FTX co-founder is seeking access to a $10 million insurance plan to cover his attorney fees. FTX debtors and unsecured creditors have opposed Sam Bankman-Fried’s request, arguing that every dollar spent on his defense is “one less dollar” available to cover the losses of the debtors. FTX Debtors and Unsecured Creditors Oppose Sam Bankman-Fried’s Request for D&O Funds Sam Bankman-Fried (SBF), the former CEO of FTX, is seeking access to a $10 million legal insurance fund to cover his defense expenses. The filing notes that FTX’s $10 million director and officer (D&O) insurance policy covers individuals who are “legally obligated to pay on account of any claim first made against them.” However, FTX debtors and the committee of unsecured creditors have criticized SBF’s request, arguing that granting him access to the insurance funds would harm the debtors and cause “material prejudice.” “Thus, for every dollar extended by the insurance carrier to

Four stablecoins have reduced their supplies this month, while the stablecoin token TrueUSD (TUSD) has seen its supply jump 110% higher over the last 30 days. TUSD resides natively on four different blockchains. The number of Ethereum-based TUSD rose 27%, while the number of Tron-based TUSD stablecoins increased by 218% . TUSD Supply Swells, Tron-Issued Stablecoins Rise 218% In the past month, several stablecoins experienced supply reductions, including usd coin (USDC), binance coin (BUSD), gemini dollar (GUSD), and USDD. Gemini’s GUSD led the pack with a 30.5% redemption rate over the last 30 days, while BUSD’s supply dipped by 30.1%. Additionally, the crypto community witnessed the USDC depegging event on March 11, 2023. On that day, USDC dropped to a low of $0.877 per coin and remained depegged until the U.S. Federal Reserve announced it would bail out California’s Silicon Valley Bank (SVB) and New York’s Signature Bank. On the same day that USDC dropped below the peg, an arch

Crypto exchange Binance has announced the opening of a blockchain hub in Georgia which will promote cryptocurrency adoption in the region. The move comes on the backdrop of a number of partnerships, initiatives, and events the company is involved in in the country. Digital Asset Exchange Binance Establishes ‘Web3 Outpost’ in Georgia Binance, the world’s largest crypto exchange by daily trading volume, has launched a new blockchain hub in Georgia, the small crypto-friendly nation in the South Caucasus. In an announcement on its website, the trading platform explained the motives behind the project: By establishing this Web3 outpost, we hope to attract top talent to the blockchain sector, facilitate educational initiatives related to digital finance, and further the development of Georgia’s crypto industry. The leading global exchange noted that it already employs 25 people on its Georgia team but hopes to add dozens more jobs in the coming months. Besides expanding its workforce

Verichains, a leading provider of blockchain security solutions, has announced that the firm discovered critical Key Recovery Attacks in Popular Threshold Signature Scheme (TSS), a Multi-Party Computing (MPC) protocol. MPC is one of the most popular technologies used by multiparty wallets and digital asset custody solutions. With these vulnerabilities, many of the current safety protocols will be impacted. It has quickly become the standard for securing digital assets of many major blockchain and financial organizations, such as the largest global custodian bank BNY Mellon, Europe’s largest neobank Revolut, ING, Binance, Fireblocks, and Coinbase. Popular Threshold Signature Scheme (TSS) Are Vulnerable to Key Recovery Attacks Although blockchain technology is increasingly developed and adopted, ensuring the security and availability of funds without relying on a single trusted entity is one of the challenges needed to solve. A Threshold Signature Scheme (TSS) is a cryptographic pr

The world’s largest asset manager, Blackrock, does not see the Federal Reserve cutting interest rates this year. “That’s the old playbook when central banks would rush to rescue the economy as recession hit. Now they’re causing the recession to fight sticky inflation – and that makes rate cuts unlikely, in our view,” said the firm’s strategists. Blackrock’s Interest Rate Prediction Blackrock, the world’s largest asset manager, published weekly commentary Monday explaining the state of the U.S. economy and why it does not see the Federal Reserve cutting interest rates this year. While noting that “Markets have been quick to price in rate cuts as a result of the banking sector turmoil and the Fed signaling a coming pause,” Blackrock’s strategists wrote: We don’t see rate cuts this year – that’s the old playbook when central banks would rush to rescue the economy as recession hit. Now they’re causing the recession to fight sticky inflation – and that makes rate cuts unlikely, in our

PRESS RELEASE. Volt Inu, the innovative crypto project and leading decentralized exchange (DEX) platform, announced a significant partnership with OKX, one of the top exchanges in the crypto industry, on March 27, 2023 . Volt Inu’s Twitter announcement revealed that the two companies would be teaming up to leverage their respective Web3 capabilities. As part of their collaboration, Volt Inu and OKX announced their first step – integrating Voltichange using the OKX Wallet Extension. This integration is a significant development for both platforms, allowing for cross-platform compatibility and seamless trading. Connect to Voltichange Easily through the OKX Wallet Web Extension Until recently, VOLT’s community has eagerly awaited Voltichange’s release. Today, this community is also witnessing more and more successes of this project, one of these successes being the new collaboration with OKX announced on the Volt Iau Twitter page. OKX is one of the most popular crypto exchanges, whi

According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least $10 million” from the now-defunct quantitative trading firm Alameda Research to his father. Sources Claim SBF’s Legal Defense Is Paid for by Alameda Loot After the latest revised indictment charges against Sam Bankman-Fried (SBF), Forbes reports that funds tied to Alameda Research may be paying for SBF’s legal defense. Forbes contributors Sarah Emerson and Steven Ehrlich explained that two unnamed sources disclosed that SBF directed “at least $10 million from Alameda” to his father, Joseph Bankman. The duo is accused of using a “lifetime estate and gift tax exemption” for the funds, which were allegedly given to Bankman in 2021. SBF has pleaded not guilty to his indictment charges, and last year, he pu

On Tuesday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, also known as the Senate Banking Committee, held a hearing to discuss the recent bank collapses in the United States and the regulatory response. Throughout the testimonies, digital assets and crypto businesses were mentioned. Senate Banking Committee chairman Sherrod Brown claimed on Tuesday that Signature Bank “found itself in the middle of Sam Bankman-Fried’s crime spree at the crypto exchange FTX.” Regulators Highlight Bank Exposure to Crypto Asset Businesses in Senate Banking Committee Hearing About Bank Failures Following the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank, the Senate Banking Committee held a hearing to discuss the situation and its implications. The hearing witnesses included Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC); Michael Barr, vice chairman for supervision with the Board of Governors of the Federal Reserve; and Nellie L