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For taking part in the $37 million Coinbase spoofing scam, an Indian citizen faces 20 years in US prison

In order to steal over $37 million by impersonating cryptocurrency exchange Coinbase, an Indian national entered a guilty plea to wire fraud conspiracy in the United States. He and his accomplices set up a phony Coinbase Pro website where they stole two-factor authentication tokens and login passwords, then transferred the victims’ bitcoin to their own accounts.

Appears Guilty in $37 Million Coinbase Crypto Case Including Spoofing

On May 20, the Western District of North Carolina U.S. Attorney’s Office declared that Chirag Tomar, an Indian national, had entered a guilty plea to “federal charges for stealing more than $37 million through a spoofing scheme of the Coinbase website.” He entered the country on December 20 of last year and was taken into federal custody at the Atlanta airport.

According to the release, Tomar and his accomplices created a fictitious Coinbase Pro website with the intention of “stealing millions in cryptocurrency from hundreds of victims located worldwide and in the United States.” They tricked customers into inputting their login information and two-factor authentication codes by “spoofing” the Coinbase website. Because of this, the scammers were able to access the victims’ Coinbase accounts without authorization and move a sizable quantity of Bitcoin to wallets under their control.

As stated in the announcement:

Tomar entered a guilty plea to the charge of wire fraud conspiracy, which has a potential penalty of twenty years behind bars and a fine of $250,000.
The fraudulent scheme required careful preparation and implementation. Users may find it challenging to recognize the fraud since the phony website bore striking similarities to the real Coinbase Pro platform. Tomar and his group swiftly took advantage of the users’ entry of personal information to withdraw money from their accounts. After then, the pilfered bitcoin was utilized to pay for opulent purchases and trips abroad, underscoring the magnitude and complexity of the scam.

Court documents show:

Tomar spent the money from the victims to finance his opulent lifestyle, which included buying a Lamborghini and Porsche, a Rolex, and other pricey items. He also used the money to go to Dubai, Thailand, and other places.

The UK approves the first Ethereum and Bitcoin ETPs to be listed on the London Stock Exchange with physical backing

Exchange-traded products (ETPs) for Bitcoin and Etherium that are physically backed have received approval from the Financial Conduct Authority (FCA), the leading financial regulator in the UK, to list for the first time on the London Stock Exchange. According to Wisdomtree, “FCA approval in this regard could result in greater institutional adoption of the asset class.”

First-ever LSE listings for Bitcoin and Ethereum ETPs

Wisdomtree and 21shares’ cryptocurrency exchange-traded products (ETPs) have been given the go-ahead by the UK Financial Conduct Authority (FCA) to list on the London Stock Exchange (LSE).

The business stressed that Wisdomtree was one of the first issuers to have the FCA approve its prospectus for cryptocurrency ETPs.

Wisdomtree Physical Bitcoin and WisdomTree Physical Ethereum, its 100% physically backed bitcoin and ethereum ETPs, are anticipated to list on the LSE as soon as possible on Tuesday, May 28. These ETPs will only be accessible to seasoned investors at the time of launch.

The costs for the two physically backed Ethereum and Bitcoin ETPs from Wisdomtree will be 0.35%, the same as those of comparable instruments offered on many exchanges in continental Europe. The FCA’s clearance, according to Alexis Marinof, Head of Europe at Wisdomtree, is a significant breakthrough for the cryptocurrency sector and may result in more institutional use. Exchange-traded notes (ETNs), a structure common to the European cryptocurrency sector, will be used to create all of the UK-listed cryptocurrency funds.

Co-founder of 21shares Ophelia Snyder stated: “London hosts one of the deepest, most liquid capital markets in the world—where there is proven institutional interest in cryptocurrencies.” 21shares will cross-list its current bitcoin and ethereum staking ETPs in the UK at fees of 1.49%.

“The industry and professional investors in the UK who are looking to gain exposure to the asset class will benefit greatly from the FCA’s approval of our crypto ETPs’ prospectus. Professional investors in the UK had previously been able to allocation to cryptocurrency ETPs through foreign exchanges, but Wisdomtree explained that they will soon have a more accessible entry point:

In this sense, FCA approval may lead to increased institutional adoption of the asset class. Since regulatory uncertainty and restrictions have prevented many professional investors from investing in bitcoin and other cryptocurrencies, we anticipate that FCA approval of our crypto ETPs’ prospectus will eliminate these entry barriers.

Bitcoin vs Ethereum: A Comprehensive Comparison for Developers

In the world of cryptocurrencies, Bitcoin and Ethereum have emerged as two of the most prominent and influential players. Both Bitcoin (BTC) and Ethereum (ETH) have unique features and capabilities that make them attractive to developers. In this article, we will take a closer look at the advantages and disadvantages of each protocol from a developer’s perspective. Whether you are building decentralized applications or exploring the potential of blockchain technology, understanding the nuances of Bitcoin and Ethereum is crucial. Let’s dive in!

Bitcoin’s Advantage: Security and Focus

Bitcoin, the original cryptocurrency, offers several advantages for developers. One of its key strengths lies in the security of its programming language. Bitcoin’s scripting language, known as Discrete Log Contracts (DLCs), is designed to minimize attack surfaces. In contrast, Ethereum’s smart contracts have faced coding mistakes and exploits, leading to significant financial losses for users.

According to Tony Cai, CEO of Bitcoin-based DeFi platform Atomic Finance, “In ETH, one tiny mistake can lead to millions lost.” This highlights the importance of Bitcoin’s focus on security and robustness. The Bitcoin development experience benefits from a laser focus on innovation, ensuring that the network’s primary function remains intact. Unlike Ethereum, Bitcoin’s scripting language and capabilities are intentionally limited, preventing developers from getting distracted by “shiny object syndrome.”

Ethereum’s Advantage: Expressiveness and Dev Infrastructure

While Bitcoin emphasizes security and focus, Ethereum offers a more expressive and versatile platform for developers. Ethereum’s programming language, Solidity, is widely regarded as more user-friendly, especially for developers familiar with JavaScript. This accessibility has attracted a larger developer community to Ethereum, resulting in a broader range of decentralized applications and tools.

Furthermore, Ethereum provides a robust developer infrastructure through tools like Truffle Suite and Infura. These tools simplify the development process by offering comprehensive frameworks, libraries, and APIs. Ethereum also hosts numerous hackathons and events dedicated to fostering innovation, creating a fertile ground for developers to experiment and create new tools.

In terms of funding, Ethereum has enjoyed a more structured approach. The Ethereum Foundation and the Initial Coin Offering (ICO) boom have provided significant financial support for developers. On the other hand, Bitcoin startups often face challenges in securing funding due to the network’s limited tokenization. Despite this, organizations like Blockstream and Chaincode Labs have stepped in to support the Bitcoin ecosystem.

Security and Stability: Bitcoin’s Forte

When it comes to security and stability, Bitcoin has a clear advantage over Ethereum. Bitcoin’s blockchain is renowned for its robustness, having never experienced a significant security breach since its inception. This track record instills confidence in developers and users alike, making Bitcoin a trusted and reliable platform for building applications.

Bitcoin’s focus on preserving the integrity of the network also contributes to its stability. Changes to the Bitcoin protocol are made cautiously, prioritizing the long-term viability and security of the system. This conservative approach ensures that developers can rely on a stable foundation when building applications on Bitcoin.

Flexibility and Innovation: Ethereum’s Strength

Ethereum, on the other hand, excels in flexibility and innovation. Designed as a platform for decentralized applications (dApps), Ethereum offers developers a wide range of possibilities. One of Ethereum’s groundbreaking features is the ability to create and trade non-fungible tokens (NFTs). NFTs have gained significant popularity in recent years, enabling unique digital assets such as digital art and virtual real estate.

Moreover, Ethereum’s support for tokenization has opened up new avenues for developers. Tokens facilitate various functionalities, such as governance, voting, and access to specific features within a decentralized application. This flexibility has led to the rise of decentralized finance (DeFi) applications on Ethereum, revolutionizing traditional financial services.

Developer Community and Culture

The developer communities surrounding Bitcoin and Ethereum have distinct characteristics that shape their respective ecosystems. Bitcoin’s community values decentralization and preserving the core principles of the network. This cautious approach ensures that changes to the Bitcoin protocol are thoroughly debated and tested, prioritizing the long-term sustainability of the system.

In contrast, Ethereum’s community embraces experimentation and exploration. Developers are encouraged to push the boundaries of what is possible with blockchain technology, leading to constant innovation and the rapid development of new use cases. This dynamic culture has allowed Ethereum to evolve quickly and adapt to emerging trends in the industry.

Application Ecosystems

The differences between Bitcoin and Ethereum are evident when examining their respective application ecosystems. Bitcoin’s application landscape primarily revolves around four categories: lightning network micropayments, fiat on-ramps, multisig providers, and bitcoin rewards. While these applications serve essential functions, the limited scripting capabilities of Bitcoin restrict the range of possibilities.

On the other hand, Ethereum’s application ecosystem is vast and diverse. Decentralized finance (DeFi) applications dominate the Ethereum landscape, enabling users to engage in lending, borrowing, and yield farming. NFT marketplaces, decentralized exchanges (DEXs), and prediction markets are also flourishing on Ethereum, showcasing the platform’s versatility and potential for innovation.

Conclusion

In conclusion, both Bitcoin and Ethereum offer unique advantages and disadvantages for developers. Bitcoin’s focus on security and stability makes it an ideal choice for applications that prioritize these aspects. On the other hand, Ethereum’s flexibility and expressive programming language provide a fertile ground for innovation and experimentation.

Ultimately, the choice between Bitcoin and Ethereum depends on the specific requirements and objectives of your project. Developers must carefully consider factors such as security, scalability, community dynamics, and the desired scope of functionality. By understanding the strengths and weaknesses of both platforms, developers can leverage the full potential of blockchain technology and contribute to the growth of the decentralized ecosystem.

Remember, whether you choose Bitcoin or Ethereum, the world of cryptocurrencies offers an exciting and ever-evolving landscape for developers to explore and build upon. Happy coding!

Understanding the Resumption of Block Production on Shiba Inu’s Shibarium Network

Introduction

In recent news, Shiba Inu’s layer-2 blockchain network, Shibarium, has successfully resumed block production after a temporary pause. The Shibarium network experienced a surge in traffic following its mainnet launch, leading to the activation of a fail-safe mode. This article aims to provide an in-depth analysis of the situation, including the challenges faced, measures taken to safeguard funds, and the community’s response. Let’s delve into the details.

The Challenges Faced by Shibarium

Shibariumscan.io, a block explorer for Shibarium, confirmed the reactivation of block production on the network. However, it’s important to understand the circumstances that led to the pause in operations. The increased blockchain traffic posed certain challenges for the network, prompting the activation of fail-safe measures. Shytoshi Kusama, the lead developer, acknowledged the impact of the elevated traffic but assured users that fund security remained intact.

“In fact, as we slowly and carefully investigated where the problem exactly took place and found thousands upon thousands of contract creation and normal transactions IN ONE BLOCK.” – Kaal Dhairya, Shiba Inu developer.

Securing Funds and Restarting Shibarium

To address potential fund retrieval challenges, the Shiba Inu project decided to obtain insurance coverage amounting to $2 million. This step provides reassurance to users and demonstrates the team’s commitment to maintaining the security and integrity of the network. Following the announcement of the insurance coverage, the block production on Shibarium resumed, signaling a positive development for the network.

Scaling Operations to Accommodate Traffic

In an official blog post by Kaal Dhairya, a Shiba Inu developer, plans for scaling operations on Shibarium were outlined. The team intends to enhance the network’s capacity to accommodate substantial traffic and ensure a seamless user experience. Shibarium, a fork of Polygon, aims to leverage its infrastructure and expertise to address the challenges posed by high transaction volumes. Regular updates on the status of the network will be provided to keep the community informed.

The ShibArmy Community’s Response

The ShibArmy community, consisting of passionate supporters of the Shiba Inu project, has expressed concern over the spreading of Fear, Uncertainty, and Doubt (FUD) that can negatively impact the project. However, the community remains positive and supportive of the network’s efforts to address the transaction pause and resume normal operations. This resilience demonstrates the strong community spirit and belief in the potential of Shibarium.

Market Impact and Price Fluctuations

The temporary pause in block production on Shibarium had some repercussions in the market. Large holders and traders decided to offload their SHIB, BONE, and LEASH tokens, influenced by the spread of FUD. This divestment resulted in significant price fluctuations for these tokens. However, with the reactivation of Shibarium and the proactive measures taken by the team, prices have shown signs of rebounding, even amidst a broader crypto market sell-off.

Over the past 24 hours, the value of SHIB has experienced an 11% drop, currently standing at $0.0000082. The price range within this timeframe fluctuated between a low of $0.0000076 and a high of $0.0000093. Similarly, BONE’s price witnessed a 15% decline, settling at $1.18, while LEASH recorded a 5% decline, currently priced at $430.

The Importance of Shibarium for the Shiba Inu Ecosystem

Shibarium plays a vital role in the overall Shiba Inu ecosystem by providing a layer-2 blockchain solution. As a fork of Polygon, Shibarium leverages the strengths and infrastructure of its parent chain to offer scalability and enhanced transaction capabilities. The successful resumption of block production on Shibarium underscores its importance as a critical component of the Shiba Inu project.

Looking Ahead: Future Developments and Community Engagement

Moving forward, the Shiba Inu team is focused on further enhancing Shibarium’s capabilities and addressing any potential challenges that may arise. Regular updates and open communication channels with the community will be maintained to ensure transparency and foster trust. The ShibArmy community’s engagement and support will continue to be crucial in the project’s growth and success.

Conclusion

The temporary pause in block production on Shiba Inu’s Shibarium network due to elevated traffic highlights the challenges faced by rapidly growing blockchain projects. However, the team’s swift response, insurance coverage, and the community’s resilience have contributed to the successful resumption of operations. Shibarium’s importance in the Shiba Inu ecosystem cannot be understated, and the project’s future developments hold promise for its users and supporters. By prioritizing scalability and user experience, Shiba Inu aims to solidify its position in the crypto space and continue its mission of creating a decentralized and inclusive financial ecosystem.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice. The cryptocurrency market is highly volatile, and readers are encouraged to do their own research before making any investment decisions.

Keywords: Primary Keyword: Shibarium network, block production Secondary Keywords: Shiba Inu, traffic challenges, fund security, scaling operations, insurance coverage, ShibArmy community, price fluctuations, Shiba Inu ecosystem, future developments, community engagement

Bitcoin Mining

Introduction

Bitcoin mining is a crucial process that lies at the heart of the cryptocurrency industry. It involves verifying and recording transactions on the Bitcoin network to ensure its privacy and integrity. Miners compete with each other using powerful computing power to solve complex mathematical puzzles and add new blocks of transactions to the blockchain. In addition to creating new bitcoins, this process also maintains the decentralized nature of the network. Bitcoin mining is essential for the functioning and survival of the entire cryptocurrency ecosystem.

Why Bitcoin Needs Miners

Miners play a vital role in maintaining the decentralized network and verifying transactions on the Bitcoin network. By solving challenging mathematical puzzles, miners ensure the confidentiality and integrity of the blockchain. They are rewarded for their work with newly created bitcoins and transaction fees. Without miners, the Bitcoin network would be vulnerable to attacks and manipulation. Therefore, miners are crucial for the operation and long-term viability of the Bitcoin ecosystem.

How to Mine Bitcoin

Bitcoin mining involves using specialized computer technology to solve complex mathematical challenges. By validating transactions on the Bitcoin network and adding new blocks to the blockchain, this process rewards miners with bitcoins. However, it’s important to note that mining bitcoins is highly competitive, requires significant computing power, and consumes a substantial amount of energy. Before embarking on Bitcoin mining, it’s essential to consider the costs, potential rewards, and environmental impact.

Earnings Potential for Miners

The earnings potential for miners can vary greatly depending on several factors, such as the type of mining, the resources being extracted, market demand, and location. Miners can sometimes earn significant profits, especially in sectors like cryptocurrency mining or precious metal extraction. However, mining can also be physically demanding and susceptible to fluctuations in the economy, which can impact potential revenues. When estimating potential earnings, it’s crucial to take into account the specific industry and market conditions.

Considering Bitcoin Mining

If you are interested in entering the world of cryptocurrencies, mining bitcoins may be an option to consider. It involves using powerful computer systems to solve complex mathematical puzzles and earn fresh bitcoins. However, it’s important to be aware that mining can be resource-intensive and may not always guarantee substantial profits due to increasing competition and energy costs. Thorough research and careful consideration of the pros and cons are essential before diving into Bitcoin mining.

Mining Hardware

Mining hardware refers to specialized computer equipment designed for cryptocurrency mining. These devices are equipped with powerful processors and graphics cards optimized for solving complex mathematical algorithms required for validating transactions and adding them to the blockchain. Miners use these hardware setups to compete for rewards in the form of newly minted coins and transaction fees. As the cryptocurrency landscape evolves, mining hardware continues to advance, becoming more efficient and powerful to meet the demands of this competitive industry.

An Analogy: The Digital Gold Rush

Bitcoin can be compared to a modern-day digital gold rush, where individuals mine for a finite resource in the vast virtual landscape. Just as gold is rare and requires effort to extract, bitcoin is mined through complex computations. The value of bitcoin is driven by scarcity, demand, and belief, much like gold’s allure transcends its inherent usefulness. Bitcoin’s appeal attracts a diverse range of individuals, including tech enthusiasts, investors, and skeptics, shaping the financial frontier of our digital age.

The Mining Process: Extracting Value

Mining, in general, involves extracting valuable minerals and resources from the earth’s crust through various techniques such as drilling, blasting, and excavation. It is a complex process that requires careful planning, consideration of the environment, and safety precautions. Once extracted, the minerals undergo processing and refinement to obtain usable materials that are essential for various industries and everyday products. While mining plays a crucial role in supporting economies and technological advancements, it also raises concerns about environmental impact and sustainability. Balancing the benefits of mining with its potential drawbacks remains a key challenge for industry stakeholders.

Frequently Asked Questions

Q1. Is crypto mining legal? Cryptocurrency mining legality varies from country to country. Some nations consider it legal and even encourage the activity, while others have imposed restrictions due to concerns over energy consumption, taxation, or potential illicit activities. It’s crucial to research and understand the regulations in your jurisdiction before engaging in crypto mining to ensure compliance with local laws.

Q2. How do I start crypto mining? To start crypto mining, begin by researching and selecting a cryptocurrency to mine. Next, choose appropriate hardware, such as ASICs or GPUs. After that, download mining software, join a mining pool, and configure your setup based on reliable guides and tutorials.

Q3. How long does it take to mine a single bitcoin? The time required to mine one bitcoin varies based on factors like computing power and network difficulty. On average, it takes around 10 minutes per block, with new bitcoins being mined approximately every 10 minutes. However, this time can fluctuate due to adjustments in mining difficulty and the overall network hash rate.

Q4. What is the easiest cryptocurrency to mine? The easiest cryptocurrency to mine changes over time due to factors like network difficulty and coin value. Generally, low-tier altcoins with simplified mining processes and low competition are considered relatively easy options for beginners.

Q5. Which coin is the most profitable to mine? Determining the most profitable coin to mine depends on various factors, including current market value, mining difficulty, and energy costs. Researching and comparing these aspects for different cryptocurrencies can help identify the optimal choice for mining profitability.

Conclusion

Bitcoin mining is an essential process that ensures the integrity and privacy of transactions within the Bitcoin network. Miners play a crucial role in maintaining the decentralized nature of Bitcoin by solving complex mathematical puzzles. This process is vital for the functioning and survival of the entire cryptocurrency ecosystem. As the cryptocurrency industry continues to evolve, mining remains a fundamental aspect, driving innovation and shaping the future of digital finance.

Earn Free Bitcoin: A Comprehensive Review of Freebitco.in Win $200 Every Hour

Introduction

In the world of cryptocurrencies, Freebitco.in has established itself as a prominent name, offering users a chance to earn Bitcoin through various activities. In this comprehensive review, we will delve into the features, usability, security, and overall user experience provided by Freebitco.in. With its user-friendly interface, earning opportunities, rewards and bonuses, and a solid reputation, Freebitco.in has become the go-to platform for those looking to earn free Bitcoin.

User Interface and Navigation

Freebitco.in boasts a user-friendly interface that makes navigation a breeze. The website is well-organized, with a clean design and an intuitive layout. The main dashboard provides easy access to all the essential features, including faucet claims, dice game, contests, and account settings. Whether you’re a novice or an experienced user, you’ll find it easy to navigate through the site and make the most of its features.

Earning Opportunities

The primary attraction of Freebitco.in is its faucet, where users can claim free Bitcoin every hour. The amount earned varies based on the current Bitcoin price and can be significantly higher during bull markets. It’s a great way for users to accumulate Bitcoin over time without any investment.

Additionally, users can multiply their earnings by participating in the provably fair Hi-Lo dice game. This game not only offers entertainment but also the potential to win more Bitcoin. However, it’s important to note that there is an element of risk involved, so users should approach it responsibly.

Rewards and Bonuses

Freebitco.in goes beyond just the faucet and offers several additional ways to earn rewards. The platform provides a generous referral program, allowing users to earn a percentage of their referred friends’ earnings. This creates a win-win situation, where both the referrer and the referred user benefit from each other’s activities on the platform.

Moreover, users can participate in contests such as the weekly Wagering Contest and the Monthly Lottery for a chance to win substantial prizes. These bonus features add an exciting element to the platform and enhance the earning potential for users. By actively participating in these contests, users can boost their chances of winning and increase their overall earnings.

Security and Trustworthiness

When it comes to dealing with cryptocurrencies, security is of utmost importance. Freebitco.in takes security seriously and has built a solid reputation since its inception in 2013. With over 52 million registered users, the platform has gained trust and credibility in the crypto community. Users can feel confident knowing that their funds and personal information are protected.

Freebitco.in implements various security measures, including two-factor authentication, encryption, and cold storage for funds. These measures ensure that users can enjoy a safe and secure experience while using the platform.

Additional Features

Apart from the primary earning opportunities and bonuses, Freebitco.in offers additional features that enhance the overall user experience. The platform has a dedicated section for betting on sports events, giving users a chance to earn Bitcoin by predicting the outcomes of various matches. This adds an element of excitement for sports enthusiasts, who can combine their passion for sports with their desire to earn crypto.

Furthermore, Freebitco.in provides a feature called “Multiply BTC,” where users can try their luck and multiply their Bitcoin earnings. This feature allows users to place bets on a game of chance, which can result in exponential growth of their Bitcoin holdings if they win. However, it’s important to approach this feature with caution, as there is also a risk of losing earnings.

Usability and Mobile Experience

Freebitco.in understands the importance of a seamless user experience, and it has optimized its platform for easy usability and mobile access. The website is responsive and adapts to different screen sizes, ensuring that users can access and navigate the platform on their smartphones and tablets.

The mobile experience is as smooth as the desktop version, allowing users to earn free Bitcoin on the go. Whether you’re waiting in line, commuting, or simply prefer using your mobile device, Freebitco.in ensures that you can make the most of your time and earn crypto effortlessly.

Customer Support

Freebitco.in believes in providing excellent customer support to its users. The platform offers a comprehensive FAQ section that addresses common queries and concerns. In case users need further assistance, they can reach out to the support team via email. The team is responsive and strives to resolve user inquiries in a timely manner.

Conclusion

In conclusion, Freebitco.in is a reliable and user-friendly platform that offers ample opportunities to earn free Bitcoin. With its faucet, dice game, referral program, contests, and additional features, users can maximize their earning potential and enjoy a rewarding experience. The platform’s emphasis on security and its solid reputation make it a trusted choice for those looking to venture into the world of cryptocurrencies.

So, why wait? Start earning free Bitcoin today with Freebitco.in!

Additional Information:

Freebitco.in is the best Free Bitcoin Faucet since 2013.

4 Crypto Bills are Passed National House Committee

The American House Financial Services Committee has approved four cryptocurrency-related proposals. Instead than letting overzealous federal agencies fill the void with enforcement measures, the CEO of the Blockchain Association stated, “Congress is asserting its authority to design a regulatory framework.”

The US House Committee Advances Four Crypto Bills

Four digital asset proposals were approved last week by the U.S. House Financial Services Committee. The measures were passed, and Blockchain Association CEO Kristin Smith tweeted on Friday: “This is the result of a coordinated effort to educate + support crypto’s Congressional champions.” The executive kept going:

The American cryptocurrency sector reached a significant turning point this week, and there are signs that the route to a functional regulatory framework in the U.S. is finally moving in the right direction.

The four measures are the Keep Your Coins Act, the Clarity for Payment Stablecoins Act, the Blockchain Regulatory Certainty Act, and the Financial Innovation and Technology (FIT) for the 21st Century Act.

A thorough regulatory framework for the issue and trading of digital assets is established by the FIT for the 21st Century Act at the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The Blockchain Regulatory Certainty Act “provides that blockchain developers and providers of blockchain services that do not take control of consumer funds are not deemed financial institutions or money service businesses under the law,” the committee explained.

For the purpose of authorizing and regulating stablecoin issuers, the Clarity for Payment Stablecoins Act acknowledges many regulatory approaches. The self-custody of cryptocurrency is safeguarded by the Keep Your Coins Act in the meanwhile.

For crypto in the United States, these votes are significant, according to Smith. “While the FIT 21 Act still needs improvement, we are encouraged by the progress.”

The executive underlined that “Congress is asserting its authority to design a regulatory framework, rather than allowing overzealous federal agencies to fill the gap with enforcement actions.”

On their route to a full House vote, the first crypto regulation proposals have been approved by the committee.

An Hydropower Plant in Kyrgyzstan Will Feature a $20 Million Crypto Mining Farm

At one of the nation’s hydropower plants, Kyrgyzstan plans to construct a brand-new facility for cryptocurrency mining. By utilizing the whole producing capacity of the power plant, which is currently greater than that of the transmission network, the project seeks to reduce the electricity losses at the power plant.

With Extra Green Energy, Kyrgyzstan Will Power Crypto Mining Equipment

The development of a mining farm with a potential capacity of up to 30 MW at the site of the nation’s Kambar-Ata hydroelectric power project (HPP) was authorized, according to Kyrgyzstan’s President Sadyr Japarov, who made the announcement to local media this week.

According to the chief of state of Kyrgyzstan, who was speaking to the Kabar news agency, the construction of the coin mining plant would cost $20 million, and the money will come from an investor. According to Japarov, all procedures will be automated and under the authority of electricity engineers.

The Kambar-Ata HPP has been operational since 2010, the president added. Although it is capable of generate 120 MW of power, only 90 MW of that may currently be used by customers due to the capacity of the electric grid.

According to Sadyr Japarov, as a result, during the previous 13 years, the Central Asian country has lost 6.816 billion kWh of power, which is equivalent to 3.275 billion Kyrgyz som (more than $37 million). He made a point of saying that once the crypto mining farm is operational, these losses will be eliminated.

After China cracked down on the business two years ago, the region attracted a large number of mining companies. A rule restricting their electricity use went into effect this year in Kazakhstan, a neighboring country where the inflow of miners was cited as the cause of the nation’s expanding power shortage.

In late 2021, Kyrgyzstan increased the cost of power for miners after earlier closing down unlawful mining operations. A specific legislation was passed in 2022 that established a legal definition for virtual assets, including cryptocurrencies, outlawed cryptocurrency payments, and added taxation to investment income and mining profits. The law also enforced a registration process on mining companies.

Crypto donations to political campaign committees are permitted in the US state of Minnesota

One of the few American states that already allows cryptocurrency payments to political campaign committees is Minnesota. However, under the state’s new regulations, gifts made in cryptocurrencies must be converted to dollars within five days. Price adjustments made during the five-day grace period must be noted individually in campaign funding reports.

Donation Conversion from Crypto to Dollars

The American state of Minnesota was one of the first in the union to permit cryptocurrency contributions to political campaign organizations. However, beneficiaries of crypto gifts must convert them to dollars within five days under the state’s new regulations, which went into force in July 2023.

Axios reported that the cryptocurrency donations have to be evaluated at the corresponding prices of the digital assets at the time they were made. The pricing must be updated individually in campaign funding reports if they vary during the five-day grace period.

The state’s Campaign Finance & Public Disclosure Board got questions from campaign teams asking about the steps for receiving cryptocurrency donations, which prompted Minnesota to decide to accept them. In response, the state’s political finance and transparency agency reportedly asked legislators to investigate into this, according to Jeff Sigurdson, CEO of the organization.

Although the government has approved cryptocurrency donations, receivers of such gifts are nonetheless hesitant due to the volatility of digital assets. Another major issue for the campaign committees is the identification of cryptocurrency donations.

Political figures are not in a rush to accept cryptocurrency donations

The story also quotes U.S. representative Ken Martin as saying that he is not actively pursuing donations in cryptocurrency.

Martin noted that accepting cryptocurrencies is “sort of an administrative nightmare” because there is so much that has to be done to authenticate it.

According to Minnesota Republican David Han, state officials will take any “lawful contribution to further our cause.” He asserted, however, that state lawmakers are not now very interested in obtaining money through cryptocurrency donations.

The new regulations, according to the article, could make it legal to accept political donations through Venmo and other mobile payment apps.

With over 10,000 attendees, TOKEN2049 Singapore will be the biggest Web3 event in the world

POST RELEASE. SINGAPORE — The highly anticipated return to Singapore of TOKEN2049, Asia’s leading Web3 and crypto conference, has already revealed its first lineup of illustrious title sponsors and keynote speakers. Prior to the Formula 1 Singapore Grand Prix 2023 racing weekend, TOKEN2049 will take place from September 13–14 at Marina Bay Sands.

Over 10,000 people from over 3,500 enterprises are expected to attend TOKEN2049, making it the biggest event of its type this year. The conference’s return to Singapore highlights the region’s continued significance as a source of expansion and a hub of innovation in the world’s digital asset ecosystem. After the tremendous success of its record-breaking Singapore 2022 event, TOKEN2049 will present a comprehensive schedule of over 300 side events and networking opportunities taking place from 11–17 September around the city-state.

The event’s co-founder, Alex Fiskum, said in a statement celebrating the event’s victorious return to Singapore: “We’ve seen extraordinary momentum and excitement among a record number of ticket registrations to date and confirmed speakers, sponsors, and partners in our line-up. The largest cryptocurrency event of the year, TOKEN2049 Singapore is anticipated to be a memorable experience that will outpace our past iterations in terms of scope, fervor, and enthusiasm.

New additions to the program for 2023 include, among others, hacker homes, technical workshops, and NFT galleries, which will bring together top innovators, decision-makers, and leaders in the world of business. The conference’s attendance, sponsorship, and speaker records have already been surpassed for the 2023 edition, and those figures are expected to continue to rise as September approaches.

The agenda for this year includes topics like the constantly changing regulatory environment, the emergence of AI, Web3 gaming, NFTs and the metaverse, DeFi, scalability, interoperability, and many others. The Network State founder, investor, and author Balaji Srinivasan are among the impressive list of speakers, along with Joe Lubin, co-founder of Ethereum and founder of ConsenSys, Stani Kulechov, founder and CEO of Aave, Mike Novogratz, CEO of Galaxy Digital, Sandeep Nailwal, Co-Founder of Polygon, and Brad Garlinghouse, CEO of Ripple.

The Singapore Grand Prix, where the new McLaren OKX special livery will be unveiled, and TOKEN2049 have combined for the last two years. The event is a fantastic way to kick off the weekend and to significantly increase interaction between crypto and F1 enthusiasts. Through our most recent “rewrite the system” campaign, we have been working to help people understand the potential of Web3, and Singapore will be a great place for us to increase the impact of those efforts, according to Haider Rafique, Chief Marketing Officer of OKX.

The variety of this year’s TOKEN2049 Singapore title sponsors reflects the industry’s innate vitality. This includes leading cryptocurrency spot and derivatives exchange OKX; international financial technology company Circle Internet Financial (Circle); largest cryptocurrency exchange Binance; international digital asset market maker and multi-stage Web3 investment firm DWF Labs; open-source blockchain technology company EOS Network Foundation; DeFi asset management protocol Tranchess; leading cryptocurrency exchange platform Kucoin; and the biggest multichain ecosystem Polkadot, all of which are included.

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