British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated

According to British lawmakers, a central bank digital currency (CBDC) is likely to raise the cost of borrowing while hurting financial stability. They insist the touted potential advantages of a digital pound are being overstated. Erosion of Privacy British lawmakers have said the use of a central bank digital currency when making regular payments could potentially hurt financial stability and raise the cost of borrowing, a report has said. In addition, they insist the increasing use of the CBDC could also enable the central bank to monitor spending and therefore…

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Sinema speech turbocharges primary challenge buzz

Sen. Kyrsten Sinema (D-Ariz.) had hardly finished throwing cold water on President Joe Biden’s voting rights push on Thursday when Rep. Ruben Gallego (D-Ariz.) headed to the House floor to deliver a speech of his own. “Today the House showed where it stands. We won’t shrink from protecting our democracy and the voting rights of all Americans. It’s past time for the U.S. Senate and Sen. Sinema to do the same,” Gallego said during his speech, after the House passed a voting bill and Sinema said she would not support…

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Katko will not seek reelection, citing personal perspective shifts

ALBANY, N.Y. — Republican Rep. John Katko, a four-term congressman from Central New York who backed former President Donald Trump’s impeachment a year ago, will not seek reelection. Katko announced in a statement Friday that he will not run for another term representing the state’s 24th Congressional District, which has been competitive for some time. The district’s boundaries this year are unclear as the state Legislature works to finalize new lines in the coming weeks. Katko, 59, attributed the choice to personal priority shifts, and said his parents and those…

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We Found the One Group of Americans Who Are Most Likely to Spread Fake News

Whether it’s anti-vaccine messaging or falsehoods about the 2020 election, it’s easy to blame conservatives or Republicans as a group for spreading misinformation, as many in the media and academia have done. But this message is oversimplified, and anyone who wants to fight back against the very real scourge of fake news in American politics should look more closely. In newly published research, we found that it’s not conservatives in general who tend to promote false information, but rather a smaller subset of them who also share two psychological traits:…

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Opinion | What Does the DOJ’s New Jan. 6 Sedition Indictment Mean for Trump?

The latest development in the Justice Department’s criminal investigation of the attack on the U.S. Capitol last year was a particularly inconvenient one for many conservative politicians and pundits. On Thursday, only a day after Marco Rubio took to the Senate floor to mock the idea that “our government last year was almost overthrown by a guy wearing a Viking hat and speedos,” the department released an indictment charging the founder and leader of the Oath Keepers militia and 10 other people with seditious conspiracy. The indictment alleged an armed…

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What Joe Manchin told Steve Clemons at dinner

Steve Clemons is a D.C. institution — an operator who connects some of the biggest power players in the capital. He also happens to be the confidant of the most powerful senator in Washington, Democrat Joe Manchin. Playbook author Ryan Lizza joins Clemons for breakfast at the Four Seasons Hotel in Georgetown to dish on what’s motivating Manchin behind the scenes, and what he might do next. How Steve met Joe Manchin: Steve: I had gotten to know Joe Biden before. I’d been invited to some holiday parties and whatnot…

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Biden moves to remake the Fed

President Joe Biden’s latest nominations to the Federal Reserve Board mark a major victory for lawmakers and other diversity advocates who have long pushed for new voices at the world’s most powerful central bank. Biden on Friday tapped two Black economists — Lisa Cook and Philip Jefferson — for open seats on the board. He also named Sarah Bloom Raskin, an aggressive regulator and former Fed governor, for the top job overseeing the nation’s banks, which would make her the first woman to hold that post. Biden’s move, which came…

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FTX Launches $2 Billion Venture Capital Fund Focused on Bolstering Blockchain, Web3 Adoption

The cryptocurrency firm FTX has announced the launch of a $2 billion venture capital fund called FTX Ventures. The fund’s focus will be on advancing blockchain and Web3 technology alongside investments in “social, gaming, fintech, software, and healthcare.” FTX Reveals $2 Billion Venture Capital Fund, Hires Lightspeed Partner Amy Wu FTX Trading Limited has announced the launch of a new venture capital fund aimed at bolstering blockchain and cryptocurrency solutions that are applied to an assortment of different industries. In addition to launching FTX Ventures’ $2 billion venture capital fund,…

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Kingdom of Tonga May Adopt Bitcoin as Legal Tender, Says Former Member of Parliament

The Kingdom of Tonga may adopt bitcoin as legal tender, according to a former member of Tonga’s parliament, Lord Fusitu’a, who tweeted about a possible timeline for this event to occur. Fusitu’a believes that by next fall a bill will be passed by Tonga’s parliament and bitcoin could be legal tender in the region by November. Former Member of Tonga’s Parliament Lord Fusitu’a Claims Bitcoin Bill Could Be Passed in Order to Make the Crypto Asset Legal Tender Tonga’s chairman of the Commonwealth Pacific Parliamentary Group on Human Rights, Lord…

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Tesla Begins Accepting Dogecoin Payments — Some Merchandise Can Only Be Purchased With DOGE

Tesla now accepts dogecoin for some merchandise on its website. CEO Elon Musk delivered on the promise he made in December that his electric car company will accept DOGE. Meanwhile, Tesla still has not resumed accepting bitcoin. Dogecoin Now Accepted for Select Tesla Merchandise Elon Musk’s electric car company, Tesla, has begun accepting dogecoin payments for some merchandise. CEO Elon Musk announced early Friday morning on Twitter, “Tesla merch buyable with dogecoin.” He first tweeted in December last year that Tesla will accept DOGE. Following Musk’s tweet, dogecoin immediately surged…

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‘Talk About Clusterf—’: Why Legal Weed Didn’t Kill Oregon’s Black Market

CAVE JUNCTION, Ore. — The first unlicensed cannabis grow popped up near Gary Longnecker’s remote Southern Oregon home seven years ago. Now there are six farms surrounding the densely-forested property. “Last night I woke up at 12:30 with gunshots. [Then again] this morning, seven o’clock,” Longnecker said as he and I walked his land in November. “That’s them intimidating all of us neighbors to keep out of their face.” A Vietnam veteran and former firefighter, Longnecker retired to the woods of southern Oregon almost 30 years ago to get some…

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He Was Given Six Months to Live. Then He Changed D.C.

As he waited inside Room 2358c of the Rayburn House Office Building, the realization set in for Brian Wallach that he had five minutes to shape the rest of his life. Not save it. He had been given his death sentence nearly two years ago when, at the age of 37, on the day his newborn daughter came home from the hospital, his doctor told him he had the progressive neurodegenerative disease Amyotrophic Lateral Sclerosis, or ALS. No, this was a chance to accomplish what he’d set out to do…

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Swiss National Bank Trials CBDC in Transactions With Five Banks

The Swiss National Bank has successfully employed a wholesale CBDC to settle transactions with five commercial banks, the monetary authority announced. The tests are part of an experiment carried out together with the Bank for International Settlements and Switzerland’s financial services provider SIX. Swiss Central Bank Tests Integration of Wholesale CBDC Settlement With Private Banks A wide-range of transactions involving a wholesale central bank digital currency (CBDC) have been processed during the second phase of Project Helvetia, the Swiss National Bank (SNB) revealed in a press release issued on Thursday.…

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NYCB and Group of Banks Join to Launch USDF Stablecoin

A group of U.S.-based banks is launching their own stablecoin, USDF. The stablecoin will be issued by the USDF Consortium, which will allow its members (financial and banking institutions) to issue USDF. The proposed stablecoin will be the first currency of its kind to be minted by FDIC-insured institutions and compliant with the recommendations on the use of stablecoins made by the president’s working group. USDF Consortium to Launch Stablecoin The USDF consortium, a membership-based group of banks, is launching the first bank-minted stablecoin, also called USDF. According to a…

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Democrats start building their 2022 case assuming BBB will fail

Democrats are quietly preparing for life after Build Back Better. With little progress on Joe Biden’s signature legislation, elected officials and operatives from across the president’s party are busy plotting how to run midterm campaigns without the benefit of a bill to bolster the social safety net and make generational investments to address climate change. It’s far from the ideal position. And party leaders and campaign strategists are holding out hope that the White House may still be able to revive nascent talks around the initiative to at least salvage…

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Revolut Launches Banking Services in Spain Featuring Deposit Insurance

Revolut, a leading fintech platform and neobank, has received a special banking license to operate in Spain. User deposits are now insured up to €100K, with the coverage being provided by Deposit and Investment Insurance, a Lithuanian state company. The company, which now has over 800,000 customers in Spain, expects to grow its userbase with this new development. Revolut Customers in Spain Can Upgrade to Revolut Bank Revolut, one of the biggest fintech neobanks in Europe, has received a special banking license in Spain, and can now offer deposit insurance…

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Russia’s Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition

The Russian neobank Tinkoff is joining the world of cryptocurrencies with the purchase of a stake in Aximetria, a Swiss-registered and licensed company which provides clients around the world with services and solutions for digital financial assets. Tinkoff Bank Buys Stake in Aximetria TCS Group Holding, the owner of the Russian Tinkoff Bank, has reportedly acquired a controlling stake in the crypto company Aximetria. Official numbers are yet to be announced but according to The Bell, which broke the news quoting financial market sources, TCS Group may now control up…

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Near Foundation Raises $150 Million to Bolster Web3 Adoption

On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% against the U.S. dollar. Near Foundation Gets a $150 Million Capital Injection The team behind the sharded Near blockchain protocol, a proof-of-stake (PoS) network, has raised $150 million in capital in a recent finance round led by Three-Arrows Capital. According to the funding announcement, Mechanism Capital, Dragonfly Capital, a16z, Jump,…

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Bitcoin ETF Launch Hype Fades as Funds Slip in Value, BTC Futures Open Interest Down 38% in 2 Months

Following the charged-up debut of the Proshares bitcoin exchange-traded fund (ETF), Valkyrie’s bitcoin futures ETF and the Vaneck bitcoin strategy ETF, interest in these types of funds seems to have faded a great deal. After the Proshares bitcoin ETF BITO reached an all-time high on November 10, the ETF is down 39% over the last 64 days. Valkyrie’s bitcoin ETF has also shed 37% in value over the last two months. Bitcoin Futures ETF Lull Continues A large portion of the cryptocurrency community was very hyped up for years about…

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Kingdom Karnage Raises $2M From Animoca Brands, Enjin and DFG to Boost GameFi Features

PRESS RELEASE. United Kingdom — January 13th, 2022 – Kepithor Studios has announced a set of innovative new GameFi mechanics coming to its turn-based NFT battle game, Kingdom Karnage. The game will introduce new play-to-earn opportunities for its players, powered by its upcoming KKT token, which has received investment from Animoca Brands, Kriptomat, ExNetwork, MyMetaverse, DFG, Jsquare and many others. The team intends to build a bridge that will allow the KKT token to move from Binance Smart Chain to Enjin’s Jumpnet where users can transact with zero gas. Kingdom…

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Pakistan’s Central Bank Decides to Completely Ban Cryptocurrency: Report

The State Bank of Pakistan (SBP), the country’s central bank, has reportedly come to a decision to ban the use of all cryptocurrencies within the country. The central bank has also asked the Sindh High Court to ban “unauthorized operations” of crypto exchanges and impose penalties on them. Pakistani Interministerial Committee Recommends Banning Cryptocurrency and All Related Activities A high-level interministerial committee constituted to make recommendations on whether any form of cryptocurrency should be permitted under Pakistani law reportedly submitted its report to the Sindh High Court Wednesday. The committee…

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Coinbase Acquires Fairx Exchange to Make Derivatives Market Approachable for Millions of Retail Customers

Nasdaq-listed cryptocurrency exchange Coinbase has acquired a regulated derivatives trading platform. Coinbase plans to make the derivatives market more approachable to millions of its retail customers. Coinbase Plans to Offer Crypto Derivatives to All US Customers Nasdaq-listed crypto exchange operator Coinbase announced Wednesday that it has acquired Fairx, a regulated derivatives trading platform. Fairx is regulated by the Commodity Futures Trading Commission (CFTC) as a derivatives exchange or Designated Contract Market (DCM). “Through this acquisition, we plan to bring regulated crypto derivatives to market, initially through Fairx’s existing partner ecosystem,”…

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US Lawmaker Launches Bill to Prohibit the Fed From Issuing Digital Currency Directly to Individuals

A U.S. lawmaker has introduced a bill in Congress to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals. “It is important to note that the Fed does not, and should not, have the authority to offer retail bank accounts,” he stressed. Bill Introduced to Prohibit the Fed From Issuing CBDC Directly to Consumers U.S. Congressman Tom Emmer (MN-06) announced Wednesday that he has “introduced a bill prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals.” He explained…

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