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The metaverse division of Disney has apparently fallen victim to the latest round of layoffs announced by the company. Per reports from the Wall Street Journal citing people “familiar with the situation,” the whole next-generation storytelling and consumer-experience unit, comprised of 50 people, has been axed — this being part of the 7,000 layoffs the company is executing as a cost-cutting measure. Disney’s Metaverse Division Is No More, According to Reports Disney, the well-known entertainment behemoth, seems to have lost interest in the metaverse. According to reports coming from the Wall Street Journal (WSJ), the metaverse unit of the company was wholly disintegrated in the latest round of layoffs that CEO Bob Iger announced on March 27. The measure, which will be completed in three waves, will reduce Disney’s headcount by 7,000, aiming to cut costs by $5.5 billion. In a memo sent to employees, Iger justified this move stating that it was “part of a strategic realignment of t...

Famous Hollywood actor Matt Damon has revealed the story of how he became involved in creating a cryptocurrency commercial called “Fortune Favors the Brave” with Crypto.com. After the release of the crypto ad, Damon faced global criticism for his involvement in it. Matt Damon Talks About His Crypto Commercial Famous actor and producer Matt Damon shared how he became involved in creating a cryptocurrency advertisement with crypto exchange platform Crypto.com in an interview with the Associated Press on Wednesday. The Oscar-winning actor is known for his roles in movies such as Good Will Hunting, Saving Private Ryan, and the Bourne franchise. “The story behind that for me personally was that we had a down year in Water.org, and I did that commercial in an attempt to raise money for Water.org,” the famous actor said, adding: I gave my whole salary to Water.org because we were down. Crypto.com heard about that and they gave $1 million to Water.org … just on their own. So, I definitel...

Ripple CEO Brad Garlinghouse has slammed Securities and Exchange Commission (SEC) Chairman Gary Gensler for claiming that he has the authority to determine which crypto tokens are securities, rather than relying on the legislation that governs his agency’s power. “It’s time for elected officials in the U.S. to take notice,” the Ripple executive stressed. Ripple’s CEO Slams SEC Chair Gensler Over What’s a Security The CEO of Ripple Labs, Brad Garlinghouse, has criticized the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for dictating which crypto tokens are securities. Garlinghouse tweeted Thursday: For the Chair of the SEC to assert that he dictates what is a security — and not the legislation from which his agency derives its power — is beyond comprehension. It’s time for elected officials in the U.S. to take notice. “When you behave like an autocrat running a $2.2B bloated agency, why would you ever want to provide clarity about what’s ‘in or out...

The cryptocurrency hardware wallet manufacturer Ledger has raised €100 million ($109 million) in funding, according to the company’s disclosure on Thursday. Ledger CEO Pascal Gauthier says there has been significant demand for hardware wallets. He added, “2023 is even better for us because now you can’t even leave money at a Swiss bank.” Ledger to Expand Distribution, Production, and Research and Development With New Funding Injection According to a Thursday report by Bloomberg, Ledger, the cryptocurrency hardware wallet maker, has revealed it raised €100 million ($109 million) from investors. The capital raise comes at a time when crypto companies have been going insolvent and laying off significant portions of their workers. Ledger CEO Pascal Gauthier told Bloomberg’s Anna Irrera that the company will leverage the cash injection to expand distribution, production, and research and development. Gauthier noted that in 2022, people became very aware that leaving money on centralize...

The U.S. Securities and Exchange Commission (SEC) has filed charges against crypto trading platform Beaxy and its executives. Additionally, the regulator alleged that the cryptocurrency exchange’s founder raised $8 million in an unregistered crypto token offering and “misappropriated at least $900,000 for personal use, including gambling.” SEC Charges Crypto Exchange Platform Beaxy The U.S. Securities and Exchange Commission (SEC) announced Wednesday that it has filed charges against crypto asset trading platform Beaxy, its founder, and its executives. SEC Chairman Gary Gensler commented: We allege that Beaxy and its affiliates performed the functions of an exchange, broker, clearing agency, and dealer without registering with the Commission and complying with clear, time-tested rules governing those activities. Besides alleging that Beaxy and its executives failed to “register as a national securities exchange, broker, and clearing agency,” the securities watchdog said that it...

Economist Peter Schiff has warned of “the biggest economic disaster” in U.S. history. He stressed that we are on the cusp of a financial crisis and “it’s going to be much bigger than the last.” In addition, he said the U.S. dollar is being debased in order to fund the bank bailouts. Peter Schiff Foresees ‘Biggest Economic Disaster’ in US History Economist and gold bug Peter Schiff shared his warnings about the U.S. economy, the banking crisis, and where inflation is headed on NTD News Monday. Commenting on Federal Reserve Chairman Jerome Powell claiming that the U.S. banking system is sound and resilient, Schiff exclaimed: “It’s not sound at all. It’s a house of cards that’s starting to collapse.” Schiff explained: “Thanks to the mistakes the Fed has made since the 2008 crisis, we have a much bigger bubble now. The Fed caused the bubble that led to the financial crisis of 2008, and then they inflated a bigger bubble to try to paper over those mistakes and kick the can down the road...

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional hearing that the securities regulator “requires new tools, expertise, and resources” to combat misconduct in the crypto space. “We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class,” he stressed. SEC Chair Gary Gensler on Budget Request and Crypto Regulation The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified on his agency’s Fiscal Year (FY) 2024 budget request before the House Appropriations Subcommittee on Financial Service and General Government Wednesday. “I am pleased to support the President’s FY 2024 request of $2.436 billion for the SEC, to put us on a better track for the future,” Gensler began. “The FY 2024 request seeks funding for an additional 170 positions, as well as full-year funding for those staff hired in FY 2023.” Commenting o...

Crypto exchange Binance has announced the opening of a blockchain hub in Georgia which will promote cryptocurrency adoption in the region. The move comes on the backdrop of a number of partnerships, initiatives, and events the company is involved in in the country. Digital Asset Exchange Binance Establishes ‘Web3 Outpost’ in Georgia Binance, the world’s largest crypto exchange by daily trading volume, has launched a new blockchain hub in Georgia, the small crypto-friendly nation in the South Caucasus. In an announcement on its website, the trading platform explained the motives behind the project: By establishing this Web3 outpost, we hope to attract top talent to the blockchain sector, facilitate educational initiatives related to digital finance, and further the development of Georgia’s crypto industry. The leading global exchange noted that it already employs 25 people on its Georgia team but hopes to add dozens more jobs in the coming months. Besides expanding its workforce ...

The U.K. government has confirmed that it is not proceeding with a plan to launch a non-fungible token (NFT). British Prime Minister Rishi Sunak asked the Royal Mint to create an “NFT for Britain” while he was serving as the Chancellor of the Exchequer last year as part of his efforts to make the U.K. a global hub for crypto-asset technology and investment. Britain Drops NFT Plan Parliament Member Harriett Baldwin, chair of the House of Commons Treasury Select Committee and a member of the NATO Parliamentary Assembly, asked the Chancellor of the Exchequer “whether it remains the policy of his department that the Royal Mint issue a non-fungible token.” Wholly owned by His Majesty’s Treasury, the Royal Mint is the official mint of the U.K. and the maker of British coins. Responding to Baldwin’s question on Monday, Economic Secretary to the Treasury Andrew Griffith stated: In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a non-fungible token at t...

EU lawmakers have voted in favor of imposing a €1,000 limit on crypto transactions where the customer cannot be identified. “Entities, such as banks, assets and crypto assets managers, real and virtual estate agents, and high-level professional football clubs, will be required to verify their customers’ identity, what they own and who controls the company,” the European Parliament emphasized. Lawmakers Vote on New EU Regulation On Tuesday, members of the European Parliament (MEP) from the Economic and Monetary Affairs Committee (ECON) and the Civil Liberties, Justice and Home Affairs Committee (LIBE) adopted their position on three pieces of draft legislation on the financing provisions of EU Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policy. One of the three was the “single rulebook” regulation, which aims to harmonize financial regulation across the EU. It was adopted with 99 votes to 8 and 6 abstentions, according to an announcement by the European...

The world’s largest asset manager, Blackrock, does not see the Federal Reserve cutting interest rates this year. “That’s the old playbook when central banks would rush to rescue the economy as recession hit. Now they’re causing the recession to fight sticky inflation – and that makes rate cuts unlikely, in our view,” said the firm’s strategists. Blackrock’s Interest Rate Prediction Blackrock, the world’s largest asset manager, published weekly commentary Monday explaining the state of the U.S. economy and why it does not see the Federal Reserve cutting interest rates this year. While noting that “Markets have been quick to price in rate cuts as a result of the banking sector turmoil and the Fed signaling a coming pause,” Blackrock’s strategists wrote: We don’t see rate cuts this year – that’s the old playbook when central banks would rush to rescue the economy as recession hit. Now they’re causing the recession to fight sticky inflation – and that makes rate cuts unlikely, in our...

Binance CEO Changpeng Zhao (CZ) has addressed the allegations against him by the U.S. Commodity Futures Trading Commission (CFTC). “We do not agree with the characterization of many of the issues alleged in the complaint,” the executive stressed. CZ Responds to CFTC’s Allegations The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), published a blog post on Monday to address the civil enforcement action against him and his crypto exchange by the U.S. Commodity Futures Trading Commission (CFTC). The U.S. regulator charged Zhao and three entities that operate the Binance platform “with numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations.” Noting that the CFTC’s civil complaint against him and Binance was “unexpected” and “disappointing,” Zhao explained: Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint. “We wil...

The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says the current banking crisis has pushed the U.S. economy closer to a recession. “We have fundamental issues, regulatory issues facing our banking system,” the Fed official stressed. Neel Kashkari on U.S. Economy, Banking Crisis, Recession Federal Reserve Bank of Minneapolis President Neel Kashkari shared his thoughts on the state of the U.S. economy, the current banking crisis, and whether the U.S. is headed toward a recession in an interview with CBS News Sunday. Responding to a question about whether the present banking crisis has caused the U.S. economy to edge closer toward a recession, Kashkari said: It definitely brings us closer. Right now, what’s unclear for us is how much of these banking stresses are leading to a widespread credit crunch. “That credit crunch … would then slow down the economy,” he cautioned, noting that the Fed is monitoring the situation “very, very closely.” “Such strains c...

Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would be a complete implosion of the global economic system.” Crowley Warns of ‘Catastrophic’ Consequences if the U.S. Dollar Loses Global Reserve Currency Status Monica Crowley, former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury, explained on Fox News Saturday what would happen if emerging economies move away from the U.S. dollar towards the Chinese yuan and the USD is no longer the world’s dominant currency. She stressed: It’s really hard to overstate exactly how catastrophic the abandonment of the U.S. dollar would be as the world’s global reserve currency. Crowley explained that since the end of World War II, the dollar has been considered a safe haven. I...

Ethereum co-founder Joseph Lubin says the strength of the crypto ecosystem “has never been better or stronger.” He believes “more clarity” from regulators would be helpful for the crypto industry. “I think our industry has suffered from having two major factions lumped into one: the money-crypto faction … and the tech-crypto faction,” he explained. Ethereum’s Co-Founder on Crypto Ecosystem, Regulation Ethereum co-founder Joseph Lubin discussed the state of the crypto ecosystem, regulation, and whether ether ( ETH ) is a security in an interview with CNBC last Wednesday. “The strength of our ecosystem has never been better or stronger,” he began. While noting that “There are certainly headwinds — some microeconomic, financial headwinds — out in the world,” as well as “banking issues for a small number of companies” in the crypto space, he emphasized: “The sizes of the conferences that are going on in Paris and Denver and Los Angeles have never been bigger.” The Ethereum co-founder a...

Market strategist Jeremy Grantham, co-founder of asset management firm GMO, has warned of “super bubbles” bursting. He explained that the Federal Reserve has “created an environment conducive to a chain-linked series of super bubbles that break with outrageously consequential, painful effects.” Jeremy Grantham’s Warnings Investment strategist Jeremy Grantham shared his U.S. economic outlook with economist David Rosenberg during a Rosenberg Research webcast, published on March 16. Grantham is a co-founder and chief investment strategist of asset management firm GMO. He has been an investment strategist for over 40 years and has served on the investment boards of several non-profit organizations. Grantham criticized the Federal Reserve for repeatedly causing asset bubbles. He noted that he was not surprised by the recent collapses of major banks. He compared the present economic situation to that of 2000, emphasizing that back then, “the economy had a gentle recession” without any re...

The CEO of investment management firm Vaneck has predicted a bull cycle for gold and bitcoin. “We are at the very beginnings of what could be a several-year cycle in gold, and I also put bitcoin in that category as well,” the executive said, adding that the Federal Reserve is “close to the end of their tightening.” Bull Cycle for Gold and Bitcoin Jan van Eck, CEO of investment management firm Vaneck, shared his prediction regarding gold and bitcoin in an interview with CNBC last week. His firm has $69 billion in assets under management. When asked whether gold, at its present levels, should be viewed as an investment or a temporary trade that may yield additional profits, he replied: We are at the very beginnings of what could be a several-year cycle in gold, and I also put bitcoin in that category as well. “Finally, as a gold investor, you’ve been rewarded over the last couple of weeks. Weakness in the banking system and gold rallied. That’s why you own gold,” the executive co...

Over the past century, the number of American banks has significantly decreased, dropping from 30,000 banks in 1921 to 4,997 U.S. banks in 2021, according to data from the Federal Reserve. Recently, the U.S. central bank denied Custodia Bank of Wyoming, a financial institution that holds $1.08 for every dollar deposited by customers. Although there appears to be a need for such a bank after the collapse of three major U.S. banks, the Federal Reserve stated that board members have “heightened concerns” about institutions with plans to focus solely on a narrow sector. The Fed’s Explanation on Why it Denied Custodia Bank Highlights Adversity to Crypto-Asset Sector Shortly before the collapse of Silvergate Bank , Silicon Valley Bank , and Signature Bank , the Cheyenne, Wyoming-based financial institution, Custodia Bank, was denied membership in the Federal Reserve System. The Federal Reserve Board specified that the application submitted by Custodia was “inconsistent with the factors ...

U.S. law enforcement has seized 18 cryptocurrency ATMs that were purchased using fraudulent loans from the Small Business Administration (SBA) meant to assist small businesses financially harmed by the Covid-19 pandemic. The loans were also used to purchase bitcoin from a New York-based cryptocurrency exchange, said the U.S. Department of Justice (DOJ). Coindawg’s Crypto ATMs Seized The U.S. Department of Justice (DOJ) announced on Thursday that Charles Riley Constant, aka Chuck Constant, has been arrested “for charges in connection with a scheme to steal and launder over $1 million in fraudulently obtained loans from the Small Business Administration (SBA), including the use of fraud proceeds to purchase cryptocurrency ATMs.” The Justice Department detailed: Law enforcement agents seized, among other things, 18 cryptocurrency ATMs in Texas and Oklahoma that Constant purchased with fraud proceeds to start a cryptocurrency ATM business named ‘Coindawg LLC,’ as well as Coindawg’s we...

A U.S. lawmaker has introduced the Blockchain Regulatory Certainty Act to ensure that developers and non-custodial service providers in the crypto space are not considered money transmitters and are not subject to the same level of regulation as custodial cryptocurrency exchanges. “The longer we delay providing this commonsense clarification, the greater risk that this transformative technology is driven overseas, depriving domestic users and investors,” the lawmaker warned. Blockchain Regulatory Certainty Act Launched U.S. Congressman Tom Emmer (R-MN), the majority whip of the U.S. House of Representatives, announced on Thursday that he has introduced the Blockchain Regulatory Certainty Act (BRCA), “which affirms that blockchain developers and service providers that do not custody consumer funds are not money transmitters.” This bipartisan bill is co-led by Representative Darren Soto (D-FL). Emmer first introduced a similar bill in 2018. “Crypto and blockchain technology, by natur...

Regulations governing tokenized deposits and crypto assets are likely to become effective on Jan. 1, 2025, a senior fintech analyst at the South African central bank has revealed. However, according to the analyst, regulators are still trying to understand or learn the risks that come with using distributed ledger technology. Central Bank Considers Appropriateness of Retail CBDC Gerhard van Deventer, a senior fintech analyst at the South African Reserve Bank (SARB) recently disclosed that regulations governing the so-called tokenized deposits and crypto assets are expected to come into effect on Jan.1, 2025. Although taking this step is seen as an important milestone, Deventer, however, warned regulators still need to understand the risks that are associated with the technology underpinning digital assets. To achieve this, the SARB and its partners have conducted experiments whose objective was to understand and identify the risks as well as the benefits of distributed ledger techn...

Billionaire Barry Sternlicht, chairman and CEO of Starwood Capital Group, has warned that the U.S. economy is going to implode, emphasizing that interest rates have to fall. He further stressed that the economy “will have a hard landing.” Barry Sternlicht on Hard Landing, Economic Implosion The chairman and CEO of Starwood Capital Group, billionaire Barry Sternlicht, discussed the state of the U.S. economy in an interview with CNBC on Thursday. Following the Federal Reserve hiking interest rates by 25 basis points (bps) on Wednesday, Sternlicht reiterated that the Fed should have stopped raising interest rates, citing the banking crisis. Recently, several major banks failed, including Silicon Valley Bank and Signature Bank . “I think you have to lower rates. That’s how you recapitalize the banks. I think they’ve done enough,” Sternlicht opined, adding: The bond market is telling you what’s going to happen. The bond market is right. Interest rates have to fall. The economy is go...

Billionaire Bill Ackman has warned that the U.S. economy is “heading for a train wreck” if the government allows the current banking crisis to continue. “Trust and confidence are earned over many years, but can be wiped out in a few days,” he said. “Hopefully, our regulators will get this right.” Bill Ackman’s Warning Billionaire Bill Ackman, CEO and portfolio manager of Pershing Square Capital Management, has warned of an incoming train wreck. Pershing Square is a hedge fund management company with approximately $18.5 billion in assets under management. Ackman’s net worth is about $3.4 billion. Commenting on the current banking crisis following the failures of major banks, including Silicon Valley Bank and Signature Bank , Ackman tweeted Wednesday: Consider recent events impact on the long-term cost of equity capital for non-systemically important banks where you can wake up one day as a shareholder or bondholder and your investment instantly goes to zero. Systemically impor...