Snippings

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Every year, the U.S. government produces billions of new pennies. Even though a penny is worth only 1 cent, each penny costs about 2 cents to produce. In 2010, 70 million dollars of federal tax money went to subsidizing the existence of the penny, meaning that the U.S. has lost roughly $840 million over the past 12 years to the production of the penny. This is enough money to pay for the Inflation Reduction Act’s alternative fuel and low-emission aviation technology program 2.5 times.

New Data for Progress polling reveals that 58 percent of voters agree that the U.S. government should stop producing new pennies.

From Death to Pennies: A Majority of Voters Support Stopping the Production of New Pennies:

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In September 2021, T-REX Protocol was recognized as ERC-3643

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EIP-3643: T-REX – Token for Regulated EXchanges
An institutional grade security token standard that provides interfaces for the management and compliant transfer of security tokens.

 

From EIP-3643: T-REX – Token for Regulated EXchanges.

 

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The ERC3643 is a suite of smart contracts that enables issuers to mint and manage identity-based permissioned tokens to enforce compliance. These tokens only allow users who meet eligibility rules to become token holders by verifying the credentials of users’ digital identities. These credentials are issued by third parties of the issuers’ choices, be it a KYC provider, a bank or a government, etc. The identity-based whitelisting approach makes ERC3643 the most suitable standard for digital securities, as it ensures compliance while enabling on-chain and automated validation processes. Thus, compliant peer-to-peer transfers of digital securities are allowed, enabling their transferability. Aside from ensuring compliance, ERC3643 has more than 120 smart contract functions, enabling issuers to fully control their digital securities such as blocking and unblocking tokens, performing bulk operations and delegating responsibility for operations to third parties. The ERC3643 standard has already been used to tokenise over $28 billion in assets, including stablecoins and all types of assets: fine art, real estate, funds, debt, private equities, bonds, commodities, and more.

From Open-source ERC3643 brings standardisation and interoperability to digital securities.

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Despite having profited millions from crypto, Liron Shapira says the nascent space is “essentially worthless” and “should all be shut down.”

As both an early bitcoin holder and angel investor in Coinbase,

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This angel investor made a $6 million profit after investing $10,000 in Coinbase. Here’s why he sold his stake and now thinks all of crypto is ‘essentially worthless.’

From Early Coinbase Angel Investor: Crypto Is ‘Essentially Worthless.’.

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Well, things are moving along and the Bank of England has announced a new kind of settlement account, known as an “omnibus” account, that allows for the wholesale use of central bank money in interesting new ways. The operator of a payment system can hold funds in one of these omnibus accounts on behalf of their participants to support a wide range of high-value payments.

One of the first users of such an account will be Fnality, formerly known as the the Utility Settlement Coin (USC). Fnality is now backed by 15 major financial institutions, ranging from Barclays and State Street to UBS and ING, and plans to go live once its application for an omnibus account is approved, bringing programmable money to the wholesale markets.

From A Post-Industrial Economy Needs Post-Industrial Money.:

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MOSCOW, 5 September. /TASS/. The Ministry of Finance and the Bank of Russia have rethought their approach to cryptocurrencies and believe that in the near future it is necessary to legalize cross-border settlements in these currencies, Deputy Finance Minister Alexei Moiseev said in an interview with Russia-24 TV channel .

From Минфин заявил о возможной скорой легализации трансграничных расчетов в криптовалютах – ТАСС.

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Government efficiency minister Jacob Rees-Mogg at the weekend wrote to Starling Bank asking how it would recover cash lost under the scheme. Starling’s total value drawn under the scheme was £1.6bn, of which more than £600mn is either in arrears, default or has been claimed against and settled. It has identified £92mn in suspected fraud.

From UK taxpayer on hook for billions lost on Covid business loans | Financial Times.

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The US Department of Agriculture (USDA) is to run a series of pilot schemes to test the use of mobile payments technology to enable citizens entitled to financial support under its Supplemental Nutrition Assistance Program (SNAP) to receive benefits and make NFC or QR code payments for eligible purchases on their mobile device

More than seven in ten American consumers entitled to SNAP payments have a device capable of supporting this type of payment.

From US Department of Agriculture to trial NFC and QR mobile payments for contactless state benefits • NFCW.

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Nikeland, which is the sporting goods brand’s micro metaverse built in Roblox, has attracted 6.7 million people from 224 countries since its launch in November. The space allows users to try on virtual products in addition to playing to the strengths of Roblox as a platform with games such as dodgeball.

Nike’s results delivered compared with analyst expectations. Nike Digital continues to be the fastest-growing component of its marketplace, now representing 26% of our total Nike Brand revenue.

From Nearly 7 Million People Have Visited Nike’s Metaverse Store | The Drum.

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Each of these NFTs will attract quite a different classification for private law purposes, and may trigger different regulatory (e.g., consumer protection) perimeters or require different requirements of form and process. In particular, some of these NFTs would likely fall into our definition of “cryptoassets” (in particular, the in-game object that does not “represent” anything but just exists in digital form) while others would fall into some other category of “digital assets” (being a right in a thing or against a person that exists “off-chain”).

 

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The ultimate question at the heart of most cases concerns the property law treatment of cryptoassets, which is a preliminary issue for other questions of substantive and procedural law to be addressed. This question informs the other two trends: (ii) in the Anglo-Commonwealth world, there is a trend towards closer engagement with some of the “downstream” questions relating to cryptoassets’ treatment in the law of property; (iii) in the civil law world, the trend is towards finding workarounds to facilitate the ordered legal treatment of cryptoassets in the more restrictive conceptual schemata typical of Civilian property law.

From Cryptoassets in Private Law: Emerging Trends and Open Questions from the First 10 Years by Jason G Allen, Henry Wells, Marco Mauer :: SSRN.

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This trend is most clearly observable in England and Wales and the Commonwealth, where it manifests as the “tertium quid question”. Courts in these jurisdictions, often in the context of an application for some interim order, have confronted the “property status question” most directly and made deeper forays into the conceptual questions that cryptoassets raise as purely intangible “digital commodities”. Despite not fitting neatly into the two recognised categories of personal property (namely, “choses in possession” and “choses in action”), cryptoassets clearly warrant recognition as (some kind of) “property”. Such reasoning has gained noticeable traction within Anglo- Commonwealth jurisdictions and we may be at the cusp of a major development in the taxonomy of personal property law—whether led by judicial reasoning or legislative reform

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We hear from a fraud victim who’s calling on banks to stop putting people’s bank card PIN numbers in the mobile phone apps, after thieves steal her phone and spend thousands in minutes.

From BBC Radio 4 – You and Yours, Gym Locker Raids and Credit Cards.

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