Crypto Defenders Fight Back | Financial Time
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A senior Republican official has denounced Gary Gensler, chairman of the Securities and Exchange Commission, for his attempts to regulate cryptocurrencies, as digital currency advocates increasingly oppose several regulatory proposals.
Tom Emmer, a representative from Minnesota and co-chair of a group of lawmakers interested in blockchain, told the FT in an interview that he believes Gensler is overstepping his authority in trying to expand the SEC’s role in regulating cryptography.
Emmer’s intervention is part of a larger move by cryptocurrency supporters to fend off Democrat-led attempts to increase market surveillance by $ 2 billion.
Meanwhile, international regulators are taking their first steps towards overseeing stablecoins, the cryptocurrency tokens attached to underlying assets such as dollars.
A report from the International Organization of Securities Commissions said stablecoin operators should be regulated as a financial market infrastructure, alongside payment systems and clearing houses. The rules would apply to stable coins that regulators have decided to be systemically important and likely to disrupt payments. The rapid growth and limited transparency of stablecoins have attracted increasing scrutiny.
Finally, even though the world of crypto is digital, geography still matters – and London is at the forefront of crypto art, reports Alex Estorick. It is a hotbed of digital artists and a primary venue for auctions of NFT, the tokens that made the digital collectibles marketplace.
The Internet of (five) things
1. The supply chain is concerned that the battery is not included
South Korea’s dominance in the global rechargeable battery market is emerging as a potential new bottleneck for global supply chains as demand for electric vehicles increases, Song Jung-a reports in Seoul. Chinese electric vehicle maker BYD hopes its in-house lithium batteries will become a key platform for the global auto industry in the final part of our series on the electric vehicle revolution.
2. Spac looks at towers of power
A team of European data center veterans has raised $ 200 million through a blank check company, which aims to reclaim infrastructure, including towers and fiber optic networks, as interest of investors for the sector is booming. IX Acquisition completed a listing on the Nasdaq, becoming one of the first specialist acquisition companies to target communications assets.
#techFT brings you news, commentary and analysis on the big companies, technologies and issues shaping this fastest moving industry from specialists around the world. Click here to receive #techFT in your inbox.
3. The billionaire Dubai ruler targeted his ex-wife with spyware
Sheikh Mohammed bin Rashid al-Maktoum targeted his ex-wife Princess Haya’s phone with Pegasus spyware in a London court battle over their two children, a High Court judge has found .
4. We need to talk about Squid Game
The hit Korean series is fast becoming Netflix’s most popular show, but it exposes hard truths about human behavior, writes Fani Papageorgiou. Lex comments how Squid game sparked a dispute over the burden that hit shows take place on the Internet. Local provider SK Broadband has taken legal action against Netflix in a rare showdown between a video streaming platform and a broadband company.
5. The exponential and dizzying acceleration of technology
I love Azeem Azhar’s weekly Exponential view tech newsletter and its news Exponential book calls for a reframing of the way we organize and manage our economies and societies. Here is the opinion of the FT.
Forwarded from Sifted – European start-up week
London FinTech Revolut was under pressure this week after its first report on the gender pay gap found that women in the company earn an average of 31% less than men per hour. The report, which is mandatory for all UK companies with more than 250 employees, shows Revolut has one of the worst gender pay gaps in the industry. Revolut UK paid women 69p for every £ 1 they paid men in April 2020 – double the gap compared to rival Starling Bank, where women earned 84p for every £ 1 earned by their male colleagues . In Monzo, women earned 95.7 pence for every £ 1 earned by men.
In other News from European start-ups this week a new EU report was released detailing how a developed hyperloop network could change global travel and replace short-haul flights. It would be Elon Musk’s global vision of the hyperloop that would come to life. There is also a new NFT city trading game called Visionrare – but this time people can buy and sell start-ups.
Technical tools – Sky Glass
Sky today marked the biggest change in its business since its takeover by Comcast in 2018, unveiling a major technology collaboration with its US parent company. He announced Sky Glass, its own television, which eliminates the need for a decoder and the traditional satellite dish. The bundle, which will stream Sky content via its WiFi connection, will be available for purchase in the UK from October 18 and launch in Sky’s other European markets from 2022.
The UltraHD 4K voice-activated glass comes in five colors and three sizes – 43in, 55in and 65in – and it can be paid for in addition to the regular monthly subscription, starting at £ 13 per month over four years. The Sky Stream Puck offers a multi-room option for £ 10 per month and a 4K smart video camera option will be offered next year, along with new services.