March 2024 - cypherpunks@lists.ogf.org

House Bill To Undo SEC Crypto Accounting Bulletin Advances
by Gunnar Larson 01 Mar '24

01 Mar '24

House Bill To Undo SEC Crypto Accounting Bulletin Advances <https://www.law360.com/fintech/articles/1808596?nl_pk=d2b3e7ef-ab62-4a62-80…> By Aislinn Keely A bipartisan bill that would undo crypto accounting guidance from the U.S. Securities and Exchange Commission advanced out of the House Financial Services Committee on Thursday, despite concerns from some Democrats that it could have a chilling effect on future SEC guidance. Read full article » <https://www.law360.com/fintech/articles/1808596?nl_pk=d2b3e7ef-ab62-4a62-80…> | Save to favorites » <https://www.law360.com/fintech/articles/1808596?nl_pk=d2b3e7ef-ab62-4a62-80…>

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Meta Hit With GDPR Complaints By EU Consumer Groups
by Gunnar Larson 01 Mar '24

01 Mar '24

Meta Hit With GDPR Complaints By EU Consumer Groups <https://www.law360.com/compliance/articles/1808056?nl_pk=ab5ce197-c1fb-4d8e…> By Eddie Beaver Meta has been accused of "massive illegal data processing" by eight European consumer groups, which alleged on Thursday that the tech giant's "consent or pay" choice for customers is a cover-up for obtaining sensitive personal information. Read full article » <https://www.law360.com/compliance/articles/1808056?nl_pk=ab5ce197-c1fb-4d8e…> | Save to favorites » <https://www.law360.com/compliance/articles/1808056?nl_pk=ab5ce197-c1fb-4d8e…>

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Sierra Club Pushes For Survey On Crypto Grid Impacts
by Gunnar Larson 01 Mar '24

01 Mar '24

Sierra Club Pushes For Survey On Crypto Grid Impacts <https://www.law360.com/compliance/articles/1807830?nl_pk=ab5ce197-c1fb-4d8e…> By Tom Lotshaw The Sierra Club is urging a Texas federal judge to consider how the public stands to be harmed if a survey to gauge the growing cryptocurrency mining industry's impacts on the electric grid isn't completed soon to better inform utilities, grid operators and regulators. Brief attached | Read full article » <https://www.law360.com/compliance/articles/1807830?nl_pk=ab5ce197-c1fb-4d8e…> | Save to favorites » <https://www.law360.com/compliance/articles/1807830?nl_pk=ab5ce197-c1fb-4d8e…>

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Re: Regulations on the Administration of Network Data Security (Draft for Comment)
by Gunnar Larson 01 Mar '24

01 Mar '24

Dear Cyberspace Administration of China: It has been over one month since our inquiry, and I am kindly following up on the message below. Please note, the question concerning Proof of Transfer is critical to determining any degradation to the Bitcoin blockchain's software purity. As such, it would be ideal to determine Hong Kong's approach to Network Data Security <http://www.cac.gov.cn/2021-11/14/c_1638501991577898.htm> (Draft for Comment) issued by your office. Furthermore, this correspondence is to also reference autonomy between xNY and e-CNY (given several obvious factors). Sincerely yours, Gunnar Larson -- *Gunnar Larson - xNY.io <http://www.xny.io/> | Bank.org <http://bank.org/>* MSc <https://www.unic.ac.cy/blockchain/msc-digital-currency/?utm_source=Google&u…> - Digital Currency MBA <https://www.unic.ac.cy/business-administration-entrepreneurship-and-innovat…> - Entrepreneurship and Innovation (ip) G(a)xNY.io +1-646-454-9107 New York, New York 10001 On Fri, Feb 11, 2022 at 2:08 PM Gunnar Larson <g(a)xny.io> wrote: > Dear Sir or Madam: > We seek clarification to the recent notice of the Cyberspace > Administration of China on Public Comments on the Regulations on the > Administration of Network Data Security > <http://www.cac.gov.cn/2021-11/14/c_1638501991577898.htm> (Draft for > Comment). > > The Cyberspace Administration of China > <http://www.cac.gov.cn/2021-11/14/c_1638501991577898.htm> (and Hong Kong) > issued new guidance on third-party products and services that cause damage > to users. According to the Cyberspace Administration’s guidance, users can > request Internet platform operators to pay compensation in advance for data > violations. > > Hong Kong is the data hub for Stacks (STX), where internet platform > operators shall assume data security management responsibilities for > third-party products and services connected to their platforms. Hong Kong > mandates clarity of data security responsibilities for third parties > through contracts and other forms, and urges third parties to strengthen > data security management, and adopt the necessary data security protection > measures. > > - Stacks’ strong third-party presence in Hong Kong extends to China. > One of Stacks’ board members has served as a leader of a Shanghai based > incubator. > - The looming question is if Proof of Transfer (PoX) Stacks’ extension > to Proof of Burn (PoB), where miners compete by ‘burning’ (destroying) a > Proof of Work (PoW) from an established blockchain, is allegedly illegal in > Hong Kong, under the Cyberspace Administration’s new guidance. > > PoX, when used for participation rewards (Such as with MIA Coin, NYCCoin > and STX), could lead to miner consolidation. Because miners that also > participate as holders could gain an advantage over miners who do not > participate as holders, miners would be strongly incentivized to buy the > new cryptocurrency and use it to crowd out other miners. In an extreme > case, this consolidation could lead to a centralization of mining, which > would undermine the decentralization goals of the public blockchain. > > China, along with Hong Kong, has outlawed various forms of threats to > international peace and security. > > We seek the Cyberspace Administration of China's guidance if the Proof of > Transfer > <https://drive.google.com/file/d/1wL2kN6aMfsyT-T7g01YJSBB8meMn2SWg/view?usp=…> > is a legal or legal consensus software algorithm in China and Hong Kong? > Sending you the very best regards. > > Thank you, > > Gunnar Laron > -- > *Gunnar Larson - xNY.io <http://www.xNY.io> | Bank.org <http://Bank.org>* > MSc > <https://www.unic.ac.cy/blockchain/msc-digital-currency/?utm_source=Google&u…> > - Digital Currency > MBA > <https://www.unic.ac.cy/business-administration-entrepreneurship-and-innovat…> > - Entrepreneurship and Innovation (ip) > > G(a)xNY.io > +1-646-454-9107 > New York, New York 10001 >

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Lummis, Clement Slam SEC's Kraken Suit As Crypto Overstep
by Gunnar Larson 01 Mar '24

01 Mar '24

Lummis, Clement Slam SEC's Kraken Suit As Crypto Overstep <https://www.law360.com/compliance/articles/1807873?nl_pk=ab5ce197-c1fb-4d8e…> By Aislinn Keely Sen. Cynthia Lummis, R-Wyo., crypto industry groups and veteran appellate attorney Paul Clement have told a California federal judge in a series of amici briefs that the U.S. Securities and Exchange Commission's suit against crypto exchange Kraken expands the definition of investment contract beyond what Congress intended and overreaches its authority to issues lawmakers intend to address. 4 documents attached | Read full article » <https://www.law360.com/compliance/articles/1807873?nl_pk=ab5ce197-c1fb-4d8e…> | Save to favorites » <https://www.law360.com/compliance/articles/1807873?nl_pk=ab5ce197-c1fb-4d8e…>

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Wells Fargo Trying To Paper Over Sham Sign-Ups, Suit Says
by Gunnar Larson 01 Mar '24

01 Mar '24

Wells Fargo Trying To Paper Over Sham Sign-Ups, Suit Says <https://www.law360.com/banking/articles/1808423?nl_pk=feb6bbba-7878-4d39-be…> By Jon Hill Wells Fargo was hit Thursday in San Francisco federal court with a class action complaint that alleges the bank surreptitiously enrolled consumers in unwanted account products for years, and is now trying to buy them off on the cheap with murky offers of compensation. Complaint attached | Read full article » <https://www.law360.com/banking/articles/1808423?nl_pk=feb6bbba-7878-4d39-be…> | Save to favorites » <https://www.law360.com/banking/articles/1808423?nl_pk=feb6bbba-7878-4d39-be…>

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Don't Trust Trump, Carroll Says, Fighting Pause Of $83M Win
by Gunnar Larson 01 Mar '24

01 Mar '24

Don't Trust Trump, Carroll Says, Fighting Pause Of $83M Win <https://www.law360.com/newyork/articles/1808518?nl_pk=ac5a3855-e47c-4403-be…> By Henrik Nilsson Writer E. Jean Carroll urged a New York federal judge on Thursday to reject Donald Trump's effort to pause enforcement of an $83.3 million award in her defamation suit, saying the former president is asking the court to trust that the "least trustworthy of borrowers" is good for the money. Memorandum attached | Read full article » <https://www.law360.com/newyork/articles/1808518?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1808518?nl_pk=ac5a3855-e47c-4403-be…>

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Stolen Funds Render FTX Clawback Moot, Embed Parties Say
by Gunnar Larson 01 Mar '24

01 Mar '24

Stolen Funds Render FTX Clawback Moot, Embed Parties Say <https://www.law360.com/capitalmarkets/articles/1808280?nl_pk=abe82add-2a33-…> By Vince Sullivan Parties associated with stock trading platform Embed Financial Technologies told a Delaware bankruptcy judge Thursday that defunct cryptocurrency exchange FTX Trading Ltd. can't claw back $240 million from a prepetition acquisition because the funds used to buy Embed were stolen from FTX customers. Motion attached | Read full article » <https://www.law360.com/capitalmarkets/articles/1808280?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1808280?nl_pk=abe82add-2a33-…>

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Celsius Floats Fix For Customers' 'Devastating' Ballot Blunder
by Gunnar Larson 01 Mar '24

01 Mar '24

Celsius Floats Fix For Customers' 'Devastating' Ballot Blunder <https://www.law360.com/capitalmarkets/articles/1808289?nl_pk=abe82add-2a33-…> By Alex Wittenberg Hundreds of Celsius Network customers who mistakenly elected to receive a reduced payout for their cryptocurrency claims would get a chance to correct their "devastating" error under a plan filed by the crypto company in New York bankruptcy court. 2 documents attached | Read full article » <https://www.law360.com/capitalmarkets/articles/1808289?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1808289?nl_pk=abe82add-2a33-…>

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Discover Deal Prompts Dems To Seek Bank Merger Revamp
by Gunnar Larson 01 Mar '24

01 Mar '24

Discover Deal Prompts Dems To Seek Bank Merger Revamp <https://www.law360.com/capitalmarkets/articles/1807899?nl_pk=abe82add-2a33-…> By Courtney Buble Rep. Maxine Waters, D-Calif., the top Democrat on the House Financial Services Committee, and 15 other House Democrats are calling on federal bank regulators and the U.S. Department of Justice to quickly crack down on mergers in the wake of Capital One's recently announced $35.3 billion deal to acquire Discover Financial Services. Letter attached | Read full article » <https://www.law360.com/capitalmarkets/articles/1807899?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1807899?nl_pk=abe82add-2a33-…>

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