LATERALUS NWSLTR

🇮🇱 Israel Targets Hamas' Global Finance Network Involving Cash-to-Crypto Operations

• Hamas employs a global financing network that includes cash channels and cryptocurrencies to receive support from various sources, with an estimated budget of over $300 million.

• Recent Israeli actions have disrupted their financial operations, including freezing a bank account and blocking cryptocurrency channels, leading to a significant decrease in cryptocurrency donations. Despite this, Hamas continues to receive support through various means, including funds from Iran, donations, and a network of companies managing substantial investments.

📚 Read More

🏴󠁵󠁳󠁣󠁡󠁿 California Governor Gavin Newsom Approves Crypto Regulation Legislation

• California Governor Gavin Newsom signed a bill to regulate the crypto industry in the state, requiring crypto companies to obtain a license to operate.

• The regulation bill aims to address the urgent need for crypto rules in the state, especially following the collapse of the FTX crypto exchange and other market turmoil. It expands regulatory aspects to stablecoins, with the law expected to go into effect in January 2025.

📚 Read More

🇪🇺 EU Securities Regulator Finds DeFi Not Yet a Threat to Financial Stability

• The European Securities and Markets Authority (ESMA) has reported that while decentralized finance (DeFi) presents risks to investors due to its speculative nature, it currently does not pose "meaningful risks" to financial stability.

• ESMA notes the rapid evolution of DeFi and the growth of its user base, highlighting the challenges it presents to EU supervisors as the current legal framework primarily focuses on the regulation of intermediaries. The report also underscores the relatively small size of the DeFi market compared to the overall crypto market, with its total value of digital assets locked in DeFi products representing only around 6% of the total crypto market capitalization.

📚 Read More

🇧🇸 Bahamas Securities Regulator Sees FTX Collapse as Catalyst for Crypto Regulation Evolution

• The collapse of the FTX cryptocurrency exchange, along with the "crypto winter," has played a significant role in helping regulators understand the rapidly evolving crypto industry and its associated risks.

• Notably, the former CEO of FTX's sister trading firm testified that approximately US$14 billion from FTX customer funds was used to repay lenders before the exchange's collapse, underscoring the impact of the incident. It highlights the importance of the event in shaping regulatory evolution.

📚 Read More

🌐 Project Atlas: Major Banks Test Advanced Crypto Surveillance System

• The Bank of International Settlements (BIS) and several European banks are launching a pilot program called Project Atlas, aiming to provide full surveillance of international crypto transactions by combining data from crypto exchanges with on-chain data.

• Project Atlas, a proof-of-concept initiative, seeks to collect granular and aggregate data relevant to central banks' mandates, allowing regulators and central banks to surveil the crypto space. The system will link addresses to specific entities or individuals, enhancing the surveillance capabilities for Bitcoin and crypto flows, potentially impacting the privacy of crypto holdings.

📚 Read More

🏦 Urgent Request from Democratic Senators: Expedite Crypto Tax Reporting Regulations, IRS Told

• Democratic senators, led by Sen. Elizabeth Warren, are urging the Internal Revenue Service (IRS) and Treasury Department to expedite the implementation of tax reporting requirements for crypto brokers, concerned that the final rule may not become effective until 2026.

• The proposed crypto tax reporting rules, outlined by the Treasury and IRS in August, aim to treat crypto brokers similarly to brokers for traditional investments, requiring them to provide information needed for tax filing and report information on certain crypto sales. These rules resulted from the Infrastructure Investment and Jobs Act passed in 2021, with senators emphasizing the need to combat tax evasion in the crypto industry and generate tax revenue. A public hearing is scheduled for November 7, with comments on the proposed rules due at the end of October.

📚 Read More

🇺🇸 Caroline Ellison Reveals Sam Bankman-Fried's Aspiration for U.S. Presidency

• Former FTX CEO Sam Bankman-Fried had aspirations of becoming the President of the United States, as revealed by his ex-girlfriend and business associate Caroline Ellison during her testimony in court. Their personal relationship ended, but they continued to work together at Alameda Research and FTX until November 2022.

• Ellison also testified about financial irregularities, stating that between $10 and $20 billion in FTX user funds were deposited into Alameda from 2020 through 2022. She claimed the funds were used to repay loans, investments, and stablecoin conversions, and that FTX did not disclose Alameda's line of credit to investors or auditors. She mentioned that SBF was willing to take significant risks and had an annual salary of $200,000 with a $20 million bonus in 2021. Bankman-Fried is currently on trial, pleading not guilty to all charges.

📚 Read More

🇮🇩 Enhancing Public Services: Indonesia's Foray into Blockchain Pilot Trials

• Indonesia is actively embracing blockchain and Web3 technology, with a focus on educating the public and promoting innovation in collaboration with various blockchain-focused associations.

• The government plans to conduct trials to apply blockchain technology in public service use cases, specifically testing blockchain-based digital certificates for land ownership and certificates of competencies in the education sector, with the goal of combatting certificate fraud and enhancing verification processes.

📚 Read More

₿ OpenAI CEO Hails Bitcoin as a 'Super Logical' Advancement on the Tech Tree

• OpenAI CEO Sam Altman expressed his enthusiasm for Bitcoin, considering it a "super logical" step on the tech tree that is free of government control and has the potential to combat corruption.

• Altman, along with Joe Rogan, shared their concerns about central bank digtal currencies (CBDCs), expressing worries that CBDCs could lead to increased government control and even social credit scores, emphasizing their skepticism of the U.S. government's recent approach to the cryptocurrency industry.

📚 Read More

👒 Fashion Brands in Milan Signal a Crypto Divide: 'We Do Not Speak Your Language

• Milan Fashion Week's "Web3 x Fashion" event featured luxury fashion houses like Prada, Dolce & Gabbana, Balenciaga, and others, but it emphasized challenges faced by traditional luxury brands regarding blockchain and emerging technologies rather than focusing on digital fashion projects.

• The event revealed a significant communication gap between crypto natives and traditional brands, highlighting that while some fashion giants are cautiously exploring Web3 technologies and blockchain solutions, a substantial portion of the fashion industry remains hesitant about adopting these technologies.

📚 Read More

🤖 Exploring Immutable Links in the Latest Web3 Gaming Endeavor with AWS

• Immutable, a Web3 gaming platform, has partnered with Amazon Web Services (AWS) as part of AWS's startup accelerator programs. This partnership allows game developers to access technical support, training, and $100,000 worth of AWS cloud credits when building on Immutable's blockchain.

• Immutable has integrated Amazon EventBridge and AWS Lambda serverless services, increasing its scalability to handle a 10x increase in partnered games. This partnership aims to expand Web3 game development using AWS infrastructure. Immutable was valued at $2.5 billion in March 2022 after a $200 million Series C funding round led by Temasek, a Singaporean state-owned investment firm.

📚 Read More

🥃 Coke Studio to Debut at Crypto.com Arena in Partnership with Coca-Cola

• Coca-Cola has renewed its partnership with AEG, bringing a new "Coke Studio" to Crypto.com Arena in Los Angeles, providing immersive fan experiences and music-driven activations all year. The partnership also includes Coca-Cola maintaining its official soft drink partner status at AEG's landmark venues and professional sports franchises worldwide, as well as retaining exclusive pouring and sponsorship rights at AEG's music festivals.

• Coca-Cola has actively explored blockchain technology, cryptocurrencies, and NFTs to enhance its brand presence and audience engagement. This includes NFT auctions, blockchain integration in supply chain management, and accepting cryptocurrencies as a form of payment. They have also launched an NFT collection on the Polygon blockchain.

📚 Read More

🇬🇧 UK Sports Committee Calls for Football to Address Fan Tokens and NFTs

• The UK's Culture, Media, and Sports (CMS) committee recommends that the government collaborate with NFT marketplaces to address copyright violations. The committee expressed concern about NFTs infringing on artists' intellectual property rights and misleading advertisements in the NFT space.

• The committee is also cautious about the use of NFTs and fan tokens in professional sports, particularly football, due to price instability and concerns raised by fan groups. They advise against considering fan tokens as a valid measure of fan engagement in sports.

📚 Read More

🏎️ Ferrari Embraces Cryptocurrency: Super Cars Available for Crypto Payment

• Ferrari is set to accept cryptocurrency as a payment method for its luxury sports cars in the United States, with plans to expand to Europe in the near future. This decision is driven by increasing demand from both young investors and more traditional investors interested in diversifying their portfolios.

• The automaker has partnered with BitPay to process cryptocurrency payments, which will be instantly converted into traditional currency, shielding dealers from cryptocurrency price fluctuations. Ferrari aims to promote carbon neutrality across its value chain by 2030 and sees this move as an opportunity to connect with a broader audience while keeping a close eye on cryptocurrency regulations and environmental considerations. The company has not disclosed the number of vehicles that will be sold via crypto.

📚 Read More

🕹️ Q3 Highlights: Resilient Blockchain Gaming Amidst a Shifting Crypto Landscape

• The blockchain gaming sector maintained its position in Q3 2023, despite slight declines in metrics like unique active wallets and transactions, which are attributed to the changing landscape as other crypto sectors gain prominence.

• The report highlights emerging trends in blockchain gaming, including the growth of casual gaming studios, "move-to-earn" applications, and the rise of social decentralized applications (dapps). Investments in the blockchain gaming sector reached approximately $2.3 billion since the beginning of 2023, with a positive growth trajectory, although challenges persist.

📚 Read More

💰 Unfulfilled Promises: DeFi's Ongoing Struggle with Privacy

• The DeFi sector, which promised strong privacy features during the DeFi boom of 2021, has faced challenges with maintaining user privacy. On-chain analytics services have revealed the traceability of DeFi users' on-chain activities, leading to increased regulatory pressure for de-anonymizing transactions.

• The article emphasizes that the challenges do not mark the end of privacy in DeFi but are a reflection of the current state of DeFi technology. As the underlying infrastructure matures, developers are working on more nuanced solutions that cater to both regulators and end users, ensuring user privacy while complying with regulations. Technologies like zero-knowledge proofs and decentralized identity systems are highlighted as key elements in achieving this balance.

📚 Read More

🎮 Revolutionizing iGaming: How Blockchain Technology is Changing the Game

• Blockchain technology has significantly impacted the iGaming industry, bringing benefits such as enhanced security, privacy, and transparency to online transactions. The introduction of cryptocurrencies and blockchain has allowed iGaming companies to expand their reach and cater to a global audience.

• The iGaming market was valued at $63.53 billion in 2022 and is projected to reach $95.05 billion in 2023, with the potential for further growth due to increasing crypto and blockchain adoption. The technology has introduced fairness through features like Random Number Generators (RNG) to ensure gaming outcomes are genuinely random and tamper-resistant.

📚 Read More

🎨 NFTs' Evolution: Their Enduring Presence in a Transformed Landscape

• NFTs experienced a meteoric rise in 2021, with high trading volumes, but the market took a hit during the "Crypto Winter," with the trading volume plummeting to $395 million in August 2022.

• While picture-for-profile (PFP) NFTs have slowed down, NFTs are evolving to tokenize real-world assets, offer exclusive physical and digital experiences, and engage mainstream and luxury brands, making loyalty programs, digital content, and rewards the potential driving force behind the next generation of NFTs.

📚 Read More

🖲 Exploring the Pros and Cons of Blockchain-Powered Web Hosting

• Blockchain web hosting offers advantages like enhanced data privacy, security, and control, along with the ability to utilize cryptocurrencies and reduce operational costs.

• However, it also faces limitations such as scalability, latency, transaction throughput, limited storage for large files, standardization and interoperability challenges, technical complexity, regulatory issues, and security vulnerabilities. These challenges represent opportunities for improvement, given that blockchain web hosting is still an early-stage technology.

📚 Read More