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Economist Peter Schiff has predicted that the U.S. Federal Reserve will ultimately throw in the towel on its inflation fight to confront “something it fears even more, which is a complete economic collapse, another financial crisis, or a sovereign debt crisis.” He stressed, “The months of declining inflation are in the review mirror,” emphasizing that now “we’re going to see accelerating inflation.” Peter Schiff on Potential Economic Collapse Economist and gold bug Peter Schiff shared some dire warnings about where the U.S. economy is headed and the consequences of the Federal Reserve’s fight against inflation in an interview with Greg Hunter on the USAWatchdog show, published Saturday. Citing recent economic data, including the personal consumption expenditures price index which rose 0.6% in January, Schiff said: “The months of declining inflation are in the review mirror. And now we’re going to see accelerating inflation as measured by these government indexes.” Asserting that t...

Israel’s public stock exchange is suggesting regulatory amendments that would permit some clients to trade crypto assets. The proposals, which have been put forward for public consultation, come at the backdrop of a growing number of regulated institutions getting involved in the digital asset market, the exchange noted. TASE Exchange Moves to Regulate Cryptocurrency Trading for Brokers The Tel Aviv Stock Exchange ( TASE ) has published a draft proposing to allow clients of non-banking institutions (NBMs) among its members to buy and sell cryptocurrencies. It intends to expand the list of authorized activities for such entities in order to add crypto trading. NBMs provide brokerage, investment and advisory services, and operate as intermediaries. While they can process various transactions such as the transfer of funds, they are not permitted by law to accept direct deposits from customers or act as custodians. Israel’s only public exchange is now seeking feedback on its regulator...

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has detailed why he considers all crypto tokens other than bitcoin as securities. While acknowledging that crypto tokens may have different setups, he stressed that “at the core, these tokens are securities.” SEC Chair Believes All Crypto Tokens Other Than Bitcoin Are Securities The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, explained why he believes all crypto tokens other than bitcoin are securities in an interview published Thursday by New York Magazine’s Intelligencer . Gensler believes that the securities watchdog has all of the legal tools needed to oversee the crypto sector, the publication conveyed, adding that the SEC boss explained that pretty much every sort of crypto transaction already falls under the SEC’s jurisdiction except spot transactions in bitcoin itself and the actual purchase or sale of goods or services with cryptocurrencies. The SEC chairman was quoted as ...

The Canadian rapper and singer Drake lost $400,000 in bitcoin after betting that the YouTuber-turned-boxer Jake Paul would beat Tommy Fury by knockout. Drake could have potentially raked in a $1.44 million bitcoin payout, but Fury won the fight in a split-decision victory. Drake Loses $400K Bitcoin Bet on Jake Paul’s Bout On Feb. 26, 2023, in Diriyah, Saudi Arabia, YouTuber-turned-boxer Jake Paul’s winning streak was stopped by Tommy Fury, the half-brother of Mike Tyson. The fight was a close bout, with Fury winning by split decision (74-75, 76-73, 76-73), despite Paul knocking Fury down in the eighth round. Paul had six straight wins under his belt before losing to Fury on Sunday. Before the fight, the rap star and actor Drake placed a $400,000 bitcoin wager, or roughly 17 BTC , on Paul winning the fight by knockout (KO). Drake took to Instagram and showed off his bet, which was placed on the crypto betting platform Stake. “Knock knock,” Drake said, with a door emoji. The screen...

U.S. Treasury Secretary Janet Yellen says “it is critical to put in place a strong regulatory framework” for crypto on the sidelines of the G20 meeting for finance ministers and central bank governors. “We haven’t suggested outright banning of crypto activities,” Yellen added. Janet Yellen on ‘Strong’ Crypto Regulation U.S. Treasury Secretary Janet Yellen talked about crypto regulation in an interview with Reuters Saturday on the sidelines of the G20 meeting for finance ministers and central bank governors under India’s presidency in Bengaluru. Yellen emphasized the importance of establishing a robust regulatory framework for cryptocurrencies while clarifying that the U.S. has not proposed an outright ban. The treasury secretary said: We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework … We’re working with other governments. Crypto regulation was among the key topics discussed by the G20 finance ministers ...

Billionaire Jeffrey Gundlach, aka the “Bond King,” has warned of “painful outcomes that are coming in the next recession.” Commenting on the Federal Reserve’s attempt to curb inflation, he cautioned: “The more you try to reduce the severity of problems, you’re going to end up ultimately having a very high severity problem.” ‘Bond King’ Jeffrey Gundlach on the Next Recession Jeffrey Gundlach, chief executive officer and chief investment officer of investment management firm Doubleline, shared his outlook on the U.S. economy in an interview with Yahoo Finance last week. Gundlach is nicknamed “the Bond King” after he appeared on the cover of Barron’s as “The New Bond King” in 2011. According to Forbes, his net worth is currently $2.2 billion. “It doesn’t matter if it’s a soft landing or a hard landing,” he began. “People are always asking me this question: ‘How bad is the recession going to be?’ It doesn’t matter, as long as we’re going into a recession, you have to have a certain deg...

Major crypto exchanges have failed to prevent sanctioned Russian banks and traders from transacting, according to a blockchain forensics report. At least two established coin trading platforms continue to allow Russians to use their bank cards in peer-to-peer deals, the analysis shows. It also highlights an increased Russian interest in tether. Russian Traders Still Using Leading Cryptocurrency Exchanges to Bypass Restrictions Some of the world’s largest digital asset exchanges have been failing with measures to prevent Russian banking institutions under sanctions from operating through their platforms, reveals a report by the blockchain analytics firm Inca Digital, announced on the first anniversary of Moscow’s invasion of neighboring Ukraine. According to the research, quoted by Bloomberg and Politico, traders can still use debit cards issued by Russian banks sanctioned by the U.S., Canada, U.K., and the European Union among others, including the state-owned Sberbank, to trade o...

India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop “a synthesis paper” on crypto assets as part of the G20 meeting of finance ministers and central bank governors under India’s presidency. “This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,” said India’s finance ministry. India Asks IMF and FSB for Technical Paper on Crypto The Indian government released on Saturday its “G20 Chair’s Summary and Outcome Document” following the first two-day G20 meeting of finance ministers and central bank governors that took place in Bengaluru on Feb. 24-25. Crypto regulation was among the topics discussed. During a panel discussion on cryptocurrency regulation as part of the G20 meeting, India requested that the International Monetary Fund (IMF) and Financial Stability Board (FSB) collaborate on a technical paper on crypto assets. According to the summary document: IMF and the FSB to jointly su...

The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on “an action plan to drive timely global implementation of FATF standards” on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the “travel rule.” Countries Agree to Implement FATF Crypto Standards The Financial Action Task Force (FATF), an intergovernmental organization established to combat money laundering and the financing of terrorism, announced Friday the outcome of its plenary which took place on Feb. 22-24. “Delegates from over 200 jurisdictions of the Global Network participated” in a number of discussions at its headquarters in Paris, the FATF said. A number of issues, including those relating to crypto assets, were discussed, the FATF noted, elaborating: Delegates further agreed on an action plan to drive timely global implementation of FATF standards relating to virtual assets (also termed cr...

The executive board of the International Monetary Fund (IMF) has provided guidance for member countries to develop effective crypto policies. The board stressed the need to develop comprehensive crypto regulations to “better mitigate the risks posed by crypto assets while also harnessing the potential benefits of the technological innovation.” IMF Executive Board Provides Guidance on Crypto Regulation The International Monetary Fund (IMF) announced on Thursday the outcome of a discussion held by its executive board directors on a paper titled “Elements of Effective Policies for Crypto Assets.” Noting that the paper sets forth a regulatory framework that “can help members develop a comprehensive, consistent, and coordinated policy response” to crypto assets, the IMF emphasized: By adopting the framework, policymakers can better mitigate the risks posed by crypto assets while also harnessing the potential benefits of the technological innovation associated with it. The first elem...

U.S. regulators and the Federal Reserve have issued a joint warning about key liquidity risks associated with crypto assets. However, the regulators clarified that banks “are neither prohibited nor discouraged from providing banking services to customers of any specific class or type, as permitted by law or regulation.” US Regulators Issue Joint Statement on Crypto The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) jointly issued a statement regarding crypto on Thursday. The Federal Reserve, the FDIC, and the OCC explained that their statement “highlights key liquidity risks associated with crypto assets and crypto-asset sector participants that banking organizations should be aware of.” They warned: In particular, certain sources of funding from crypto asset-related entities may pose heightened liquidity risks to banking organizations due to the unpredictability of the s...

On Friday, the cryptocurrency firm and stablecoin issuer Circle announced that the financial institution Citizens Trust Bank will hold $65 million in usd coin cash reserves. Circle said the move is part of the company’s plan to allocate shares of the stablecoin’s denominated reserves to minority-owned depository institutions (MDIs) and community banks across the United States. Circle Partners With Atlanta-Based Citizens Trust Bank The digital currency firm Circle has announced that Atlanta-based Citizens Trust Bank , founded in 1947, will hold $65 million in usd coin (USDC) reserves. This move follows a series of announcements where Circle allocated funds to various U.S.-based financial institutions over the past year. For example, Circle stated on April 1, 2022, that BNY Mellon would hold USDC reserves, and in June, the Boston-based company announced that New York Community Bancorp would hold USDC reserves. Additionally, Circle announced last November that it is working with B...

The cryptocurrency exchange Coinbase has announced the deployment of Base, an Ethereum layer two (L2) scaling network, after developers launched the Base testnet on Thursday. The company said it is incubating Base within Coinbase and that the L2 chain will progressively decentralize over time. Coinbase L2 Scaling Platform Aims to Help Scale the Crypto Economy Coinbase is joining the competition of Ethereum L2 scaling projects, such as Polygon, Arbitrum, Optimism, Loopring, Starknet, and others, by launching an L2 called Base. The company announced the launch of the Base testnet on Thursday and advised the public to stay tuned for the upcoming mainnet launch. On Twitter, Coinbase stated , “Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps. Our goal with Base is to make onchain the next online and onboard 1B+ users into the crypto economy.” The cryptocurrency exchange explained that Base will be open-sour...

U.S. Congressman Tom Emmer has introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act “to halt efforts of unelected bureaucrats” from “stripping Americans of their right to financial privacy.” The bill also prohibits the Federal Reserve “from issuing a CBDC directly to anyone.” CBDC Anti-Surveillance State Act Introduced U.S. Congressman Tom Emmer (R-MN) announced Tuesday that he has introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act in the House of Representatives. The recently elected House Majority Whip tweeted: Today, I introduced the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats in Washington, DC from stripping Americans of their right to financial privacy. Emmer elaborated in a follow-up tweet that the bill “does three things” by amending the Federal Reserve Act. Firstly, it “prohibits the Fed from issuing a CBDC directly to anyone,” the lawmaker wrote. Secondly, it “bars the Fed from using a...

Indian Finance Minister Nirmala Sitharaman has stressed the importance of international cooperation in order to regulate the crypto sector. She also confirmed that Indian regulators’ crypto awareness campaign will continue to alert people about the risks of investing in crypto. Indian Finance Minister on Crypto Regulation, Bill, and Awareness Campaign India’s finance minister, Nirmala Sitharaman, answered some questions about crypto during a press conference on Monday. She said: In India, crypto is on the agenda of G20. This is because we think technology-driven crypto asset creation and buying and selling of assets in the crypto world will have to have international cooperation. “The reason is they can be anywhere but operated in India or they can be in India but operated somewhere else,” the Indian finance chief added. Sitharaman also addressed the issue of young Indians, particularly students, putting their pocket money into risky crypto assets with the hope of generating bi...

World Wide Web inventor Sir Tim Berners-Lee says cryptocurrency is “really dangerous” and “only speculative.” While claiming that crypto is for those who “want to have a kick out of gambling,” he noted that it could be useful for remittances. Sir Tim Berners-Lee on Crypto Sir Tim Berners-Lee, the British computer scientist who is widely credited with the invention of the World Wide Web, shared his thoughts about cryptocurrency on CNBC’s “Beyond the Valley” podcast, published last week. Berners-Lee called cryptocurrency “dangerous” and likened it to gambling. Claiming that “cryptocurrency can be 100% speculative” and “not linked to anything at all,” he opined: It’s only speculative. Obviously, that’s really dangerous. He asserted that crypto is for “if you want to have a kick out of gambling, basically.” He also compared cryptocurrency to the dot-com bubble, noting that people were valuing various internet stocks “because of what they imagined other people will value them in the...

PRESS RELEASE. After over a year of preparation and restructuring, decentralized and privacy-enabled AI organization Federated Learning Consortium (FLC) is set to launch as a for-profit research consortium in Hong Kong, China, shifting from a previously non-profit approach. FLC is set to be led by founding keystone members – blockchain technology platform Phoenix and leading China-based consumer data and AI company APEX Technologies. FLC’s vision is centered on researching, developing, and promoting cutting-edge technologies surrounding federated AI, including federated learning, blockchain-enabled AI, multi-party computation (MPC), and TEE (trusted execution environment). The organization will be particularly interested in combining large-dataset deep learning technologies, such as reinforcement learning, with highly performant infrastructures using GPU computing using a decentralized/federated approach. Organizational membership will be open to AI related technology firms, blockc...

The CEO of crypto exchange Kraken, Jesse Powell, says U.S. regulators “let the bad guys get big and blow up because it serves their agenda.” The executive explained: “Bad guys operate with huge competitive advantages. They suck up users, revenue, and venture capital that would otherwise have gone to good guys.” Kraken’s CEO Has a Theory on U.S. Crypto Regulation The chief executive of cryptocurrency exchange Kraken, Jesse Powell, took to Twitter Sunday to express his opinion regarding crypto regulation in the United States. The executive began: I have a theory: Regulators let the bad guys get big and blow up because it serves their agenda. Powell proceeded to name three goals he believes regulators are trying to achieve. The first is to “destroy capital/resources in [the] crypto ecosystem,” he wrote. The second is to “burn people, [and] deter adoption,” he continued, adding that the third is to “give air cover to attack good actors.” The Kraken boss asserted that for regulators...

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has warned that U.S. crypto regulation is “getting very, very aggressive.” Noting that regulators are now “regulating by enforcement, penalties, and massive fines,” O’Leary emphasized the importance of staying out of the way of the SEC, Chair Gary Gensler, and other regulators. Kevin O’Leary Shares Outlook for Crypto Regulation Shark Tank star Kevin O’Leary has shared his outlook for the crypto industry following several enforcement actions by the U.S. Securities and Exchange Commission (SEC). Mr. Wonderful tweeted Monday: Venture funding for new crypto projects is virtually dead and aftermarket trading for existing projects is at massive discounts. Reason? The regulator is now regulating by enforcement, penalties, and massive fines. “The venture community has moved on to the next ‘big’ thing, AI,” he added. O’Leary explained in an interview with Trader TV Live, published Sunday, that following the collapse of cryptocurrency exc...

On Tuesday, all four major U.S. benchmark stock indexes fell as real estate data showed home sales dropped by 0.7% last month and Russian President Vladimir Putin suspended the nuclear arms control treaty with the United States. Additionally, the chief U.S. equity strategist at Morgan Stanley said the stock market is in a “death zone” and could drop another 26%. Investor Fears of a Prolonged Recession Swell, U.S. Tensions With Russia Further Disrupt Global Markets On Tuesday, markets traded lower compared to the previous day as investors have been shaken by the current macroeconomic backdrop. The National Association of Realtors (NAR) published a report on Tuesday showing the U.S. real estate market weakening, with home sales slipping 0.7% in January. The price of gold and silver as well as the crypto economy dropped, with the latter shedding 1.37% over the last 24 hours, down to $1.11 trillion. Stocks followed the same pattern , with all four major stock indexes (DJI, GSPC, IXIC...

Using a solution that is based on blockchain technology, the South African startup Momint has said the recently launched Suncash initiative aims to ease the country’s power generation challenges. For about $9, investors can reportedly buy non-fungible tokens (NFTs) linked to solar cells which are then leased to institutions such as schools and hospitals. Momint Pilots Solution at One Local School A South African startup, Momint, recently said it has launched a blockchain-powered solution that can ease the African country’s energy woes by installing more rooftop solar systems at public institutions like hospitals and schools. According to a News 24 report, the startup’s solution has already been piloted at Delmas High School in South Africa’s Mpumalanga province. As explained in the report , investors that wish to participate in this project can do so by acquiring non-fungible tokens (NFTs) which are linked to solar cells and are sold for a minimum price of just under $9. The solar ...

Edogawa Ward in Tokyo plans to use metaverse tech to help social recluses, also known as “hikikomori,” begin to integrate with society again. The ward will organize a series of hybrid (virtual and in-person) meetings this year with the objective of reuniting people with social reclusion problems and helping them in their reintegration process. Edogawa Ward to Leverage the Metaverse in Hikikomori Reintegration Processes Edogawa Ward, located in Tokyo, announced that it will offer a series of metaverse meetings as part of the reintegration process for social recluses in the area. The meetings will be held in hybrid form, with social recluses having the opportunity of attending in person or online, allowing a safe haven for meeting and talking about their common problems. There will be six of these events in 2023, organized by the Kazoku Hikikomori Japan nonprofit, with a capacity for up to 80 participants, 50 in the metaverse platform, and 30 in the designated venue. The meetings wi...

Globant, a Luxembourg-based tech giant with Argentine origins, has referred to the short-term future of the metaverse in its latest Tech Trends report. According to the company, this year the metaverse will “burn bright or burn out,” as it needs to show its potential when compared to other trendsetting tech like artificial intelligence. Metaverse at a Decisive Moment, According to Globant Globant, one of the biggest IT technology companies in the world, has referred to the potential future that metaverse and technology related to this new vision might have in the short term. According to its 2023 Tech Trends report , the company believes that 2023 is the year for the metaverse to “burn bright or burn out,” as the market is still waiting for significant and practical applications to rise in this field. Companies like Meta have already invested billions of dollars in the sector, and while the company has produced VR headsets directed at mainstream audiences, it has failed to penetra...