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The U.S. House Financial Services Committee has passed four crypto bills. “Congress is asserting its authority to design a regulatory framework, rather than allowing overzealous federal agencies to fill the gap with enforcement actions,” said the CEO of Blockchain Association. US House Committee Advances 4 Crypto Bills The U.S. House Financial Services Committee passed four digital asset bills last week. Following the passing of the bills, Kristin Smith, CEO of Blockchain Association, tweeted Friday: “This is a result of a coordinated effort to educate + support crypto’s Congressional champions.” The executive continued: This week was a milestone for the American crypto industry, and for the promise of real progress on the path toward a workable regulatory framework in the U.S. The four bills are the Financial Innovation and Technology (FIT) for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act. T

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) and former U.S. Representative Ron Paul agree that America does not have a free market. Referencing RFK Jr. stating that America has “a crony corporatist system,” Paul stressed: “He’s right!” RFK Jr. and Ron Paul on Free Market Former U.S. Representative Ron Paul has expressed his agreement with U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.), who recently said that America does not have a free market. Kennedy is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy. Paul, an American author, physician, and retired politician, served as a U.S. representative and made three attempts to become the president of the United States. In 2015, he founded the Ron Paul Liberty Report, a platform dedicated to offering insightful opinions and analysis on contemporary issues affecting our lives and finances. Paul tweeted Saturday: “RFK Jr. recently pointed ou

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has warned that more banks in the U.S. will fail as the Federal Reserve continues to hike interest rates. He stressed: “It will break down in the regional banks, which support 60% of the economy … We’ve started to see the cracks.” Kevin O’Leary Foresees More Bank Failures Shark Tank star Kevin O’Leary, chairman of O’Shares Investments and O’Leary Ventures, has predicted that more banks in the U.S. will fail as the Federal Reserve continues to raise interest rates. Sharing his prediction in an interview with CNBC on Thursday after the Fed announced its latest interest rate hike , O’Leary stressed: “You keep squeezing the toothpaste tube, you keep rolling it up, you keep raising rates, and you know things are going to break, you just don’t know when and where.” Mr. Wonderful opined: I am just predicting — and I am very cautious on this — it will break down in the regional banks, which supports 60% of the economy. The Shark Tank st

PRESS RELEASE. Tallinn, July 31 – Gofaizen and Sherle, the leading Estonian crypto and fintech consultancy, proudly announces the launch of its latest product in El Salvador. The innovative service offers crypto companies and startup owners worldwide a comprehensive and streamlined solution for obtaining a crypto license in El Salvador . The newly introduced service features three distinct packages tailored to meet the varying needs of businesses – Basic, Fully Operational, and Complete. The Basic package encompasses turnkey company formation, essential corporate documents, AML/KYC policies, and a coveted crypto license. The Fully Operational package further includes additional benefits like personalized KYC and AML policies, assistance in bank account opening, and the crucial service of searching and employing a dedicated compliance officer. For those seeking a comprehensive package, the Complete option includes all the services offered in the Basic and Fully Operational packages,

A new report by McKinsey & Company suggests generative artificial intelligence (AI) technologies could boost global economic output by trillions of dollars annually. The study, titled “The Economic Potential of Generative AI” and published June 14, 2023, analyzes the impact AI tools like Chatgpt could have across sectors. McKinsey & Company Study: ‘Generative AI Is Poised to Unleash the Next Wave of Productivity’ The consulting firm McKinsey & Company estimates generative AI could add $2.6 to $4.4 trillion in global value per year by enhancing productivity across 63 different use cases. This would increase AI’s overall contribution to the economy 15-40% above previous projections that did not account for advances like natural language processing. The study emphasizes that industries ranging from banking to pharmaceuticals are poised to reap the most rewards in terms of revenue share. The report cautions that realizing the full potential requires adapting business pract

Danielle DiMartino Booth, holding the dual roles of CEO and chief strategist at QI Research, foresees that the 22-year peak in interest rates set by the Fed is merely a precursor to what’s to come. She anticipates further upheaval within the banking industry. The strategist articulated her belief that we have not yet witnessed the “full damage” wrought by the rate increases and their subsequent impact on the U.S. economy. QI Research’s CEO Analyzes the Fed’s 22-Year Interest Rate Peak This year marked a tumultuous period in the U.S. banking industry, with three of the largest bank failures in American history occurring in just a few short weeks. Then, last Friday, the Kansas banking regulator took action by shuttering Heartland Tri-State Bank. Much like the three aforementioned banks, this financial institution was placed into receivership with the Federal Deposit Insurance Corporation (FDIC). On July 27, 2023, Danielle DiMartino Booth, CEO and chief strategist at QI Research, mad

A covert cryptocurrency mining operation, suspected of electricity theft, was uncovered in a Marina Square shophouse in Miri, Malaysia. Representatives from the Sarawak police and Sarawak Energy plant revealed that the successful operation was made possible by a tip-off from the public. Malaysia’s Sarawak Energy and Police Uncover Illegal Crypto Mining Camp in Miri The state utility company, Sarawak Energy, and the local police department announced the dismantling of an alleged unauthorized crypto mining camp set up in Miri, Sarawak, Malaysia. Authorities captured roughly 34 application-specific integrated circuit (ASIC) miners and their associated connections. “All the equipment used for the mining operation, including the direct tapping cables and servers, were seized. A police report has been lodged and an investigation is currently underway,” Sarawak Energy stated. Compared to other global regions, electricity rates in Malaysia are relatively low. As such, Sarawak Energy repo

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Argentina is likely to settle part of a payment to the International Monetary Fund (IMF) using the Chinese yuan, Bolivia is already making payments using the Chinese yuan, and Sazmining announced the launch of mining operations in Paraguay. Argentina to Complete IMF Payments With Chinese Yuan The government of Argentina will complete part of a disbursement to the International Monetary Fund (IMF) using the Chinese yuan. According to sources linked to Economy Minister Sergio Massa, the $3.4 billion that must be settled this July will be made using “CAF funds, with yuan, and other sources of financing.” The Argentine government recently obtained a “bridge loan” from the CAF (the Latam Development Bank) of $1 billion, effectively getting indebted to pay for its outstanding debt with the IMF. If completed, this would not be the first time that Argenti

Two masterminds of the Telecoin cryptocurrency scam will each serve more than six years in jail after a court in the United Kingdom found them guilty of fraud. According to Lee Parish, the detective chief inspector, the duo used the allure of crypto investment to dupe prospective investors. Fraudulent Sale of Shares A court in the United Kingdom has convicted and jailed masterminds of the Telecoin cryptocurrency scam Ross Jay and Michael Freckleton to more than six years in prison each. In sentencing the duo, the Southwark Crown Court said Jay and Freckleton had orchestrated a fraudulent sale of shares and used the proceeds for personal gain. According to a statement on the City of London Police website, the duo perpetrated the scam between 2015 and 2017. During this period, the two scammers successfully convinced their victims to deposit a little over $650,000 into a bank account which they controlled via their company Digi Ex. Commenting on how Jay and Freckleton were able to d

Kyrgyzstan intends to build a new facility for cryptocurrency mining at one of the country’s hydroelectric stations. The project aims to minimize the power plant’s electricity losses by utilizing its full generating capacity that currently exceeds that of the transmission network. Kyrgyzstan to Power Crypto Mining Hardware With Surplus Green Energy President of Kyrgyzstan, Sadyr Japarov, told local media this week he had approved the construction of a mining farm digital assets with a planned capacity of up to 30 MW at the site of the country’s Kambar-Ata hydroelectric power plant (HPP). The building of the coin mining facility will require $20 million and the funds will be provided by an investor, Kyrgyzstan’s head of state added, speaking to the Kabar news agency. All processes will be automated and controlled by power engineers, Japarov noted. The president also stated that the Kambar-Ata HPP has been in operation since 2010. It’s capable of producing 120 MW of electricity but

Representatives Gus Bilirakis and Jan Schakowsky, part of the House Innovation, Data, and Commerce Subcommittee, have sent a letter to Apple requiring information and documents regarding Apple’s iOS Appstore policies on blockchain, non-fungible tokens (NFTs), and distributed ledger technologies. The representatives believe Apple’s policies might “limit innovation and American technology leadership” in these areas. Bilirakis and Schakowsky Inquire About Apple’s Blockchain Policies Representatives Gus Bilirakis and Jan Schakowsky have sent a letter to Tim Cook, CEO of Apple, requiring information about the rules on the iOS App Store regarding emergent technologies such as blockchain, non-fungible tokens (NFTs), and other distributed ledger technologies. In the letter , they express their concern about Apple’s walled garden policies’ effect on the development of apps using these tools, which might hurt innovation from American companies in this area. Furthermore, they also state Apple

The Kenyan data regulator said it is conducting an “assessment of Worldcoin’s practices to ensure compliance with the law.” The data regulator has urged “increased vigilance” by Kenyans who are signing up to receive Worldcoin’s “free money.” Immaculate Kassait warned of the consequences to token recipients and issuers should the data regulator fail to ensure Worldcoin and others’ compliance with the law. Kenya’s Data Protection Laws The Kenyan data regulator, the Office of the Data Protection Commissioner (ODPC), has called for “increased vigilance” by residents seeking to get their hands on Worldcoin’s “free” tokens. In a statement issued via Twitter on July 28, ODPC stated that Worldcoin’s activities in the East African nation are governed by the country’s 2019 Data Protection Act. STATEMENT: @ODPC_KE Calls for Vigilance from the Public as It Engages WorldCoin on Compliance with Data Protection Act, 2019. pic.twitter.com/xoY7uOqcNG — OFFICE OF THE DATA PROTECTION COMMISSIONER

PRESS RELEASE. SINGAPORE — 30 July 2023 — TOKEN2049 , Asia’s premier Web3 and crypto conference, announced a slate of prolific title sponsors and headline speakers for its upcoming Singapore edition. With just 50 days to go in the countdown, TOKEN2049 will take place from 13-14 September 2023 at Marina Bay Sands , ahead of the Formula 1 Singapore Grand Prix 2023 race weekend. Heralding a record-breaking repertoire of over 300 exhibitors, TOKEN2049 is set to welcome over 10,000 attendees with over 80 percent coming from overseas, making it the industry’s largest international gathering of the year. Congregating key business leaders from traditional finance and big tech to crypto-native entrepreneurs and builders as well as policy-makers, TOKEN2049 continues to cement its world-class status as the global premier Web3 event. Panels, keynotes, and fireside chats at this year’s TOKEN2049 will address a myriad of topics including the changing global regulatory landscape, the converg

Russia’s deputy prime minister has stated that the topic of a common BRICS currency may still be on the table at the economic bloc’s upcoming leaders’ summit. A total of 69 leaders, including all African heads of state, have already been invited to the August summit where de-dollarization will be among the key topics discussed. Russian Official on BRICS Currency Russian Deputy Prime Minister Alexei Overchuk stated in an interview with Russian news outlet Tass on the sidelines of the second Russia-Africa summit this week that the issue of creating a basket of BRICS currencies may be raised at the economic bloc’s upcoming summit that will take place from Aug. 22-24. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. The Russian official was quoted as saying: The BRICS leaders will hold a meeting soon where they may touch upon the settlement system issue. Perhaps, the idea of creating a basket of currencies based on a certain payment unit will also be discuss

The U.S. House Committee on Financial Services has passed the Keep Your Coins Act of 2023 to protect the self-custody of crypto. “Those attacking self-custody oppose individual freedom. They want someone they control to control your assets,” said Congressman Warren Davidson who introduced the bill. Keep Your Coins Act of 2023 Advances The U.S. House Committee on Financial Services passed the Keep Your Coins Act of 2023 (H.R. 4841) on Thursday. The bill, sponsored by Rep. Warren Davidson (R-OH), “would ensure that consumers are allowed to maintain custody of their digital assets in self-hosted wallets,” ⁦the committee described. Congressman Davidson tweeted Friday: Last night, U.S. House Committee on Financial Services⁩ passed my bill to protect self-custody. Those attacking self-custody oppose individual freedom. They want someone they control to control your assets. Defend Freedom. Keep Your Coins Act of 2023 prohibits federal agencies “from restricting the use of convertible

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has called crypto “a highly speculative asset class” and a field that is “ rife with fraud.” He stressed that there are far too many bad actors in crypto, noting that crypto platforms often commingle funds and trade against their customers. Gary Gensler Says Crypto Field Rife With Fraud The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, slammed crypto in an interview with Bloomberg on Thursday. “In this field of crypto investing, a lot of investors should be aware it’s not only a highly speculative asset class, it’s also one that they currently should not assume that they are getting the protections of the securities law, even though the securities laws apply to many of those tokens without prejudging anyone. But, you as investors are not getting the full, fair, and truthful disclosure,” the SEC chair cautioned. Gensler added: The platforms, the intermediaries are doing things that we

BRICS member states India and Brazil stand in the way of China’s bid to quickly expand the bloc, unveiled a media report. The two nations have different reasons to have reservations about Beijing’s plan to soon increase the organization’s geopolitical influence while they both seem to want to slow down the enlargement, sources have indicated. India and Brazil Push Back Against China’s Attempt to Expand BRICS, Officials Say Officials familiar with the discussions on the future composition of the BRICS bloc of developing economies have revealed that India and Brazil are pushing back against a Chinese bid to rapidly expand the group, which currently also includes Russia and South Africa. According to a report by Bloomberg, New Delhi and Brasília have raised their objections in preparatory talks for the organization’s upcoming summit in Johannesburg. During the forum on Aug. 22 – 24, the five nations will discuss the induction of new members. China has repeatedly lobbied for expansion

Thirteen years ago to the day, the enigmatic creator of Bitcoin, Satoshi Nakamoto, pronounced a quote that has since reverberated across various contexts. This prominent aphorism: “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry,” was Nakamoto’s curt response to questions surrounding the potential solutions for Bitcoin’s transaction speeds and double spending issues. The 13th Year Anniversary of Nakamoto’s Iconic Quote In the summer of 2010, Satoshi Nakamoto was a palpable presence in the nascent world of digital currency, busily shaping Bitcoin’s path and engaging in lively dialogues online. Within a span of two weeks – from July 2 to July 17, 2010 – Nakamoto found the time to articulate 73 thoughtful responses on specific discussions hosted on the forum bitcointalk.org. It was in this buzzing hub, on July 29, 2010, that Nakamoto memorably posted his now-famous line, “If you don’t believe me or don’t get it, I don’t have time to try to conv

Minnesota has become one of the few U.S. states to permit crypto donations to political campaign committees. However, according to the state’s new rules, crypto donations must be converted to U.S. dollars within five days. In the event of price changes within the five-day grace period, these must be shown separately in campaign finance reports. Converting Crypto Donations to Dollars The U.S. state of Minnesota has become one of the first states in the country to okay crypto donations to political campaign committees. Under the state’s new rules, which took effect in July 2023, recipients of crypto donations are nevertheless required to convert these to U.S. dollars within five days. According to a report by Axios, the crypto contributions must be valued at the digital assets’ respective prices when the donations were made. In the event of the prices changing within the five-day grace period, such changes must be shown separately in campaign finance reports. Minnesota’s decision t

U.S. lawmakers have advanced the Financial Innovation and Technology (FIT) for the 21st Century Act that establishes a regulatory framework for the crypto market. “Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate,” a lawmaker explained. FIT for the 21st Century Act Advances U.S. lawmakers have advanced the Financial Innovation and Technology (FIT) for the 21st Century Act ( H.R. 4763 ). On Wednesday, the House Financial Services Committee passed the bill, followed by the House Committee on Agriculture approving it on Thursday. The FIT for the 21st Century Act establishes a digital asset framework to provide regulatory certainty to the crypto market. Reps. French Hill (R-AR), chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion; Glenn “GT” Thompson (R-PA), chairman of the House Committee on Agriculture; and Dusty Johnson (R-SD), chairman of the Subcommittee on Commodity Mar

The long-standing legal feud between FTX Trading and Genesis Global Holdco is taking a turn towards resolution. The two parties have reached an initial agreement, in principle, following bankruptcy protection disputes that have made industry headlines. An official letter to the bankruptcy judge representing their cases has affirmed the intent of the firms to put their settlement into motion. FTX, Genesis Engage in Crypto Bankruptcy Settlement The saga, rooted in the insolvency of FTX Trading, began when the company claimed that Genesis, a crypto lending platform, owed them a sum of nearly $2 billion . This claim could have considerably slowed down Genesis’ court procedures. Now, with the letter to the presiding judge dated July 27, 2023, the path to settlement seems more tangible, promising to bring an end to the bankruptcy bickering. The missive to the court represents a significant step in resolving the issue between the disputing parties. FTX Trading Ltd., and its associated deb