Adam Levitin on the GENIUS Act: “[I]n regard to cash deposits, the stablecoin investors will have priority over the claims of ma-and-pa for their bank deposits (and thus over the FDIC's subrogation claim when it pays ma-and-pa). Yes, you read that correctly: Congress is about to put the claims of stablecoin investors ahead of ma and pa's bank deposits. That's just stunning. Now ma-and-pa's deposits are FDIC insured, so they'll be alright, but it means the FDIC's Deposit Insurance Fund is footing the bill. In other words, the GENIUS Act is subsidizing stablecoin issuance on the back of bank deposits. By subordinating the FDIC's subrogation claim in a bank insolvency to the claims of stablecoin investors, the GENIUS Act is effectively letting FDIC insurance leak out to cover uninsured stablecoins, without any insurance premiums paid.”
Coinbase says that the SEC has agreed to drop the enforcement case against the company. It only cost them $75 million in political contributions.
What could contribute more to government efficiency than securing lucrative contracts for your crypto donors to implement inefficient technology that is uniquely suited to solving problems you don’t have?
Hey folx, realized I still owe an #introduction. So (mario voice) here we go:
My handle means "serious business." I'm always hopeful. I'm rarely optimistic.
What I'm working on:
* Studying #cybersecurity as someone without a computer science background
* Self-hosting more of the tools I use, particularly as a means of -
* Opting out of surveillance capitalism tech platforms (you know the ones)
I'm a big fan of these things and you can expect me to toot about them:
* solidarity, mutual aid, organized labor, cooperative economics, and community defense
* #privacy and privacy self-defense tools like Signal, Tor, Cwtch, and GPG / PGP
* #FOSS, especially the more accessible #linux distros like Debian
* #solarpunk and #lunarpunk as incongruent and complementary ideals
Here's some things that are a meaningful part of my life, that you probably won't see me toot about: parenting, weightlifting, software product management, firearms, PC gaming, LARP, business, finance, positive nihilism, MApoli, CambMA
Here's what I think I can offer you:
* I've worked for all different kinds of organizations, ranging from big tech, little tech, governments, to DAOs
* for better or for worse, I know a lot about #cryptocurrency, particularly #ethereum, #bitcoin, and #monero
* I've been a software product manager for a while now, which means I help teams ship software that does what users need - mostly through prioritization, facilitation, and communication
If there's anything in my background that would be useful to you, please reach out. I'm happy to share.
One last thing - a message to fascists, TERFs, dominionists, abusers, and every other variety of petty authoritarian desperate for an excuse to control others: fuck you, y'all gonna lose
Changpeng Zhao's sentencing, FOIA requests reveal past FBI investigations into Coinbase, and the SEC is on a Wells notice bender.
The bitcoin "halving" looms, but that may not be as good news as coiners hope.
Catch up on that and other recent events including the Terra fraud trial outcome in my latest newsletter: https://www.citationneeded.news/issue-55/
Here's a peek into the sentencing hearing that ended with Sam Bankman-Fried receiving 25 years in prison. I also discuss some of the shock at what is being perceived as a light sentence, and the amount of time SBF is likely to actually serve.
https://www.citationneeded.news/sam-bankman-fried-sentenced/
#SBF #SamBankmanFried #crypto #cryptocurrency #FTX #newsletter #CitationNeeded
Sam Bankman-Fried has just been sentenced to 25 years in prison.
Been a minute so new #Introduction
I’m a IT guy who got bored during the pandemic and somehow got popular on #Tiktok talking about #3Dprinting, networking, #cryptocurrency ,#linux ,and #cybersecurity. I stream on Twitch #gamingonlinux and all my random hacking projects. I love #dogs and will mostly talk about tech, rarely do I mention politics but it’s mostly cyber and privacy rights. Also I make #music as a hobby sometimes and rock a classic iPod I modified myself. I’ll be on #youtube soon too
Issue 53 – Choose rich
Euphoria has risen along with crypto prices, but nothing has changed from the last bubble. Also in this issue: Tether-related defamation lawsuits, intra-government infighting, and a disappointing $300 million Bored Ape video game.
https://www.citationneeded.news/issue-53/
#crypto #cryptocurrency #tether #bitcoin #CitationNeeded #newsletter
This week: the aftermath of the #Bitcoin ETF approval, #Coinbase tells a judge that crypto's kind of like beanie babies, and an e-pastor says the Lord told him to run a crypto scam.
If you heard the headlines at the end of last year about Binance and Changpeng Zhao being charged by the DOJ, here's a LOT more detail on what they did, and what this may mean for the company going forward.