Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
ICYMI China's top court calls for blockchain to record vast number of transactions, 31 May supply chain, ahem, mandate from heaven
Published last week, the opinion* [25 May 2022] reveals that the Court has already recorded 2.2 billion items on a judicial blockchain. The Court now suggests 32 more initiatives, most of which concern using blockchain to enhance efficiency of, and trust in, the nation's judiciary.
That suggests the Courts like the idea of most transactions being recorded on blockchain so that evidence can be easily obtained and verified, a situation that may not appeal to lawyers who often charge plenty of money for discovery of documents in the lead up to large cases.
pirate guideline UPDATE!
Two senators unveil their crypto regulation proposal, 7 June
Introduced by Sens. Cynthia Lummis (R-WY) and Kirstin Gillibrand (D-NY), the proposed bill - dubbed the Responsible Financial Innovation Act -- aims to create ["]clarity["] for regulators and the crypto industry to safeguard investors and consumers.
The legislation creates a common set of definitions for digital assets, virtual currency [!], payment stablecoins [!!], and smart contracts [!!!] that everyone can abide by. The bill also attempts to settle the score between the Securities & Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) to define which agency has jurisdiction over what.

"[The bill] creates regulatory clarity for agencies charged with supervising digital asset markets, provides a strong, tailored regulatory framework for stablecoins, and integrates digital assets into our existing tax and banking laws," Sen. Lummis said.

Mommy. What is an asset?
The bill makes a clear distinction between digital assets that are securities and those that are commodities by looking at how the asset is used.
possession is 9/10 the law, Sugar Puff.
White House | Executive Order on Ensuring Responsible Development of Digital Assets, 9 Mar 2022
S&P Global Commodity Insights | Description change for Polyester China symbols, 7 June etc
< wipes tears >
Mommy. What is a transaction?

archived Always Read the Footnotes

by Cat on Tue Jun 7th, 2022 at 02:27:48 PM EST
[ Parent ]
Politico | 'The IMF is evil': Rich countries take aim at nations adopting crypto, 13 June. Not really. Rather, Rich countries seek for rich country tax revenue.
Officials from the U.S., IMF, World Bank and the Bank for International Settlements argue that by adopting cryptocurrencies, nations could facilitate money laundering and undermine capital controls, while exposing their citizens to severe price volatility.
Dong He, Deputy Director of the IMF's Monetary and Capital Markets Department, said the prospect of a sudden drop in the price of Bitcoin -- which has lost more than half its value since November -- made it unsuitable as a national currency.

"What would happen to the tax revenue? What would happen to your obligations to spend on social services?" said He, who declined to address the anti-crypto provisions in Argentina's letter to the fund.
[G7] Activists and [*coin] investors ... contend that the reservations of the world's monetary stewards have less to do with protecting the well-being of citizens of the developing world than with preserving a system in which the central banks and governments of rich countries dominate the global ["messaging"] system.

"Bitcoin stands against everything the IMF stands for," said Alex Gladstein [!], chief strategy officer of the ["]Human Rights["] Foundation, an NGO that supports Bitcoin adoption sales. "It's an ["]outside money["] that's beyond the control of these alphabet soup organizations."

Politico | Crypto markets reel as trading platforms suspend customer withdrawals, 13 June
currency swaps and capital gains losses
Celsius Network, a crypto lending margin loan business whose promise of eye-popping yields for retail consumers traders attracted a barrage of scrutiny from regulators, announced late Sunday night that it was halting withdrawals and crypto-for-crypto trading services for more than 2 million customers "due to extreme market conditions."
State and federal market regulators have targeted crypto lending strategies as a potential violation of securities law. BlockFi, a New Jersey-based platform brokerage, reached a $100 million settlement with the Securities and Exchange Commission and 32 state agencies after it was accused of selling unlicensed investment products for about three years.
Always read the footnotes.
by Cat on Tue Jun 14th, 2022 at 01:31:02 AM EST
[ Parent ]
by Cat on Tue Jun 21st, 2022 at 11:18:20 AM EST
[ Parent ]
A day late, and a shilling short.

(I'm old enough to remember when a shilling was worth something. They still exist in ex-british East Africa, but worth, not so much)

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Tue Jun 21st, 2022 at 01:07:26 PM EST
[ Parent ]


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