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Jay-Z and Jack Dorsey fund bitcoin education program

Quick Take Rapper Shawn “Jay-Z” Carter and Twitter founder Jack Dorsey will fund a bitcoin education program for residents of Marcy Houses in Brooklyn. Dorsey said he thinks Bitcoin can be an important tool in empowering marginalized communities. Starting this summer, residents of Marcy Houses in Brooklyn will be eligible to receive free Bitcoin education classes as part of a new initiative funded by Twitter founder Jack Dorsey and rapper Shawn “Jay-Z” Carter. Dorsey announced the project, called The Bitcoin …

Terraform Labs ordered to cooperate with SEC probe of Mirror Protocol

Terraform Labs and its CEO Do Kwon must comply with Securities and Exchange Commission (SEC) subpoenas related to the Mirror Protocol, according to a ruling on Wednesday from the US Court of Appeals for the Second Circuit.  The SEC is investigating whether Terraform and Kwon were involved in selling unregistered securities through the Mirror Protocol, which lets users trade crypto tokens that represent popular stocks like Apple and Amazon. The regulator served Kwon with papers at Messari’s crypto conference, Mainnet, …

NY DFS issues new guidance on dollar-backed stablecoins

The New York Department of Financial Services (DFS) today became the first financial regulator in the US to issue guidance outlining compliance requirements for dollar-backed stablecoins. The guidance builds on informal policies used by the DFS since 2018, setting “baseline requirements” for any stablecoin issuer currently subject to DFS oversight, and any firm that applies to be regulated in the future. It “creates clear criteria for virtual currency companies looking to issue USD-backed stablecoins in New York,” according to Adrienne …

Major Korean exchanges delist Litecoin due to its new privacy features

South Korean crypto exchanges Upbit and Bithumb have announced today that they will delist Litecoin because of its newly activated privacy features. On May 20, Litecoin developers activated a privacy-preserving protocol on the coin, called MimbleWimble Extension Blocks (MWEB). This MimbleWimble update will allow Litecoin to conceal transactional data yet maintain its ability to process a lot of transactions quickly. Yet this causes an issue for Korean exchanges, which have to comply with strict laws on privacy coins. Upbit stated …

Open letter to Congress highlights rift among technologists over blockchains

A group of 20 international human rights activists has written an open letter to the US Congressional leadership advocating for a “responsible” crypto policy acknowledging the technology’s role in combating “monetary colonialism” worldwide. The letter is a direct response to an earlier letter submitted to Congress on June 1 by a group of 1,500 computer scientists, software engineers, and technologists urging lawmakers to take a “critical, skeptical approach” toward the industry. “To most in the West, the horrors of monetary …

PayPal adds new crypto services including transfers to other wallets

Payments firm PayPal has rolled out new functionalities for users of its crypto app. The changes, announced this morning, allow users to transfer crypto between PayPal and other wallets, and come in response to customer demand. Users can now send supported tokens — bitcoin, ether, bitcoin cash and litecoin — to external addresses, including those linked to exchange accounts and hardware wallets. They can also now use PayPal to send crypto to other users of the app. The move is …

Telegram says lurid Twitter claims have ‘all the hallmarks of a hoax’

Quick Take The messaging app says said a Twitter thread alleging crimes including rape and assassination is likely an attempt to steal users’ private keys. A Twitter user going by the handle @adyingnobody claims to have used an exploit in Telegram’s software to download more than 100GB of messages. Telegram, a messaging app popular with crypto investors, said a pseudonymous Twitter thread alleging crimes including rape and assassination “has all the hallmarks of a hoax” and is probably an attempt to …

Crypto IRA provider says it is suing Gemini for alleged role in $36 million breach

IRA Financial Trust, a provider of crypto IRA services, said Monday that it is suing crypto exchange Gemini for its alleged role in the breach of customer retirement accounts. IRA Financial, which has offered clients exposure to crypto via integration with Gemini, said in a press release that the New York-based Gemini’s systems were responsible for the February attack, which resulted in the theft of $36 million from those retirement accounts. The firm said that Gemini’s platform didn’t “have the …

Lido developer: DAO should sell $17 million of ETH to ‘prepare for bear market’

A Lido Finance core developer has put forward a proposal asking its governance platform to sell 10,000 ether (ETH) ($17 million) from its treasury funds — in case of a prolonged market downturn. The developer, who goes by kadmil, recommended that the governance platform, known as Lido DAO, should diversify around half of its ETH into stablecoins to pay for Lido’s operations for the next two years. “We propose to sell 10,000 ETH of treasury funds to DAI. This should …

White House office report on crypto mining expected in August: Bloomberg

Following President Biden’s crypto executive order in March, the White House Office of Science and Technology Policy (OSTP) is aiming to put out a report on cryptocurrency mining and its environmental impact this summer, according to Bloomberg. OSTP is digging into a wide variety of topics related to crypto mining, including claims that it could be beneficial to power grids in states like Texas, complaints about noise pollution, and the differences between proof-of-work and other network consensus mechanisms. The report …