A library of snippets
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,
xxx
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.’.
xxx
xxx
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.:
xxx
xxx
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.
xxx
xxx
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.
xxx
xxx
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.
xxx
xxx
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.
xxx
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”).
xxx
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.
xxx
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
xxx
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.
xxx
xxx
Banks and credit unions, often at odds when it comes to legislation, are united in condemning the bill, saying it will only benefit big-box retailers and not small businesses.
A joint letter from a coalition made up of 51 state bankers associations and state credit union associations sent to Congress states that the proposed bill “will reduce the number of credit card issuers competing for consumers’ business, wring out the competitive differences among card products, decimate card rewards programs (such as airline miles) valued by American families and the tourism sector, and put the nation’s private-sector payments system under the micromanagement of the Federal Reserve Board.”
From Credit Card Rewards Would Be Collateral Damage in ‘Durbin 2.0’ Bill:
xxx
xxx
More than 17 years after Congress approved legislation mandating more consistent and secure federal identification, enforcement of the Real ID Act is finally slated to start on May 3, 2023.
After then, you’ll need a Real ID-approved driver’s license (or other approved identification, like a passport) to board a domestic flight and enter federal facilities.
From After This Date, You Won’t Be Able to Fly Without a Real ID – CNET.
xxx
Snippings