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Twitter’s Jack Dorsey Speaks on Blockchain, Crypto; Fintech CEO Says Emerging Economies Should Listen

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3 years ago

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Jack Dorsey - Investors King

Recently, outlets reported on comments from Twitter CEO Jack Dorsey made at a conference, as well as on an earnings call, where the executive continued to prosecute the case for emerging blockchain-based technologies, including cryptocurrencies. He noted that cryptocurrencies are part of a technology trend which is beginning to mature and mainstream simultaneously, including artificial intelligence and decentralization.

“It is important to note that Jack Dorsey isn’t just a social media kingpin. He also was the founder of Square. He understands the payments stratosphere, and if he’s looking at cryptocurrencies and other blockchain-based payments to remain a considerable player in the way the world transacts its business, it’s definitely worth noting,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

Dorsey wrapped up the earnings call saying, “With decentralization, we increased the size of the corpus of conversation we have access to and improved conversational help by giving more people, more power to individuals. And with the global currency, we can ensure people and companies can freely trade goods and services anywhere on the planet.”

“Dorsey is making the same argument that I’ve been making for several years. Blockchain is bigger than blockchain. Blockchain itself is a gamechanger. But, adopting the technology is meaningful, even beyond the immediate implications in the payments space. Dorsey is talking about how shareholders will benefit from the company participating in the space and investing ‘aggressively’ in it. But, it isn’t just an opportunity for shareholders and individual companies. There could be implications for entire economies,” noted Gardner.

“To see that, I really think you need to look at just how Estonia has transformed over the past couple decades. Today, it has carved itself a niche as a startup destination. That was done over the course of time, with leadership which took methodical steps to create a culture of innovation. That same model can be replicated today, as new technologies and innovators are looking for jurisdictions which are friendly,” opined Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“You’re going to see some startups flock to tech hubs like Silicon Valley or Tel Aviv. But, a lot of innovators that feed into the blockchain pipeline will look for a home that provides regulatory guidance which is friendly to innovation. By now, we’ve found out that innovation moves much faster than bureaucracy. As countries begin to roll out central bank digital currencies, leadership in that arena could be just what a developing economy needs to stand out from the pack. I think we’ve seen countries like The Bahamas, El Salvador, and Ghana all work to begin to build a culture that is seen as friendly by the fintech community. There’s no reason that countries like Kenya or Morocco, or even others that might find themselves well positioned in Eastern Europe or Southeast Asia, to begin to build a regional presence, as well. Right now, the industry is still evolving. Welcoming blockchain-based technologies is the first step to creating a culture that values technology as a way to create jobs and strengthen an economy,” said Gardner.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Cryptocurrency

Dogecoin, Shiba Inu, NEAR Protocol Soar 5%-10% in Cryptocurrency Rebound

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2 days ago

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May 4, 2024

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Dogecoin- Investors King

Dogecoin, Shiba Inu, and NEAR Protocol have seen impressive gains ranging from 5% to 10%, igniting optimism among investors after a period of volatility.

Dogecoin, the meme-inspired digital currency, surged by 5% to add to its recent momentum while Shiba Inu, another popular meme coin, followed suit with a 10% jump.

NEAR Protocol, a blockchain platform focusing on decentralized applications, also joined the rally with a solid 5% increase.

This surge comes on the heels of Bitcoin’s resurgence, which saw a nearly 5% gain to briefly break the $62,000 price level.

Ethereum, the second-largest cryptocurrency by market capitalization, reclaimed the $3,000 level, further bolstering confidence in the market.

The rally was spurred by the release of the U.S. April jobs report, which showed the addition of 175,000 jobs, falling short of the expected 245,000.

This unexpected development eased concerns about higher interest rates, prompting a positive response from cryptocurrency investors.

Market analysts pointed out that the softer-than-expected jobs data led to an increase in the likelihood of at least one rate cut by September, according to CME FedWatch data.

This dovish sentiment, coupled with the Federal Reserve’s indication of no immediate interest in cutting rates, contributed to a more favorable environment for cryptocurrencies.

Moreover, Coinbase analysts highlighted the recent Federal Open Market Committee (FOMC) meeting, where policymakers tapered the pace of the central bank’s balance sheet runoff, signaling a more dovish stance.

This move was interpreted as a positive signal for both fiat and cryptocurrency markets.

Arthur Hayes, former CEO of BitMEX, expressed confidence in Bitcoin’s recent performance, suggesting that it may have bottomed out at $56,000.

However, he cautioned investors to expect a gradual recovery rather than a swift ascent to previous highs.

Hayes forecasted a period of range-bound price action between $60,000 and $70,000 until August.

As the cryptocurrency market continues to navigate through fluctuations, the recent rebound in Dogecoin, Shiba Inu, and NEAR Protocol reflects a renewed sense of optimism among traders, fueled by positive developments in the broader financial landscape.

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Binance Boss Behind Bars: CZ Sentenced to Four Months for Crypto Exchange Failures

Published

5 days ago

on

May 1, 2024

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Binance CEO

Binance founder Changpeng Zhao, widely known as CZ, has been sentenced to four months in prison for his role in security failures that enabled cybercriminals and terrorist groups to exploit the Binance platform.

The verdict, delivered by US District Judge Richard Jones in Seattle, is the first time a chief executive officer of a major cryptocurrency exchange has been incarcerated for breaching banking secrecy laws.

The courtroom, packed with onlookers and CZ’s legal team, witnessed the billionaire entrepreneur, clad in a dark suit and light blue tie, receive his sentence stoically.

Despite fervent pleas from prosecutors for a three-year sentence to set a precedent in the crypto industry, Judge Jones opted for a shorter term.

In his statement, Judge Jones emphasized that no individual, regardless of wealth or status, is exempt from accountability under the law.

The case against CZ stemmed from a protracted investigation by the US Department of Justice, casting a long shadow over Binance, one of the world’s largest cryptocurrency exchanges, and its high-profile leader.

Prosecutors argued that CZ’s failure to implement adequate money laundering safeguards facilitated illicit transactions, enabling cybercriminals and even terrorist groups like Hamas to operate freely on the platform.

The sentencing also comes on the heels of similar crackdowns within the cryptocurrency space, including the recent conviction of Sam Bankman-Fried, a former crypto titan who received a 25-year prison sentence for defrauding FTX customers of billions of dollars.

CZ’s defense team, however, contended that he should be spared imprisonment due to his non-US citizenship, which they argued put him at heightened risk in a US detention facility.

Nevertheless, Judge Jones emphasized the gravity of CZ’s offenses, terming them “unprecedented” in scale and impact.

In a post-sentencing statement on social media, CZ expressed acceptance of his fate, vowing to “do his time” and focus on education and philanthropy upon his release.

Despite his impending incarceration, CZ affirmed his commitment to the cryptocurrency sector as a passive investor.

The implications of CZ’s sentencing extend beyond his personal fate, raising questions about regulatory oversight and accountability within the burgeoning crypto industry.

Federal prosecutor Kevin Mosley underscored the deliberate nature of CZ’s violations, arguing that they were not mere oversights but intentional breaches of US law.

As CZ prepares to serve his prison term at Seattle’s Federal Detention Center, SeaTac, the crypto community grapples with the repercussions of his downfall.

The episode serves as a stark reminder that, despite the decentralized ethos of cryptocurrencies, regulatory scrutiny and legal accountability remain paramount in an increasingly interconnected financial landscape.

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Cryptocurrency

U.S. Prosecutors Recommend 36-Month Prison Term for Binance Founder Changpeng Zhao

Published

2 weeks ago

on

April 24, 2024

By

Binance CEO

In a significant development in the legal saga surrounding Binance, the world’s largest cryptocurrency exchange, U.S. prosecutors have recommended a 36-month prison term for its founder, Changpeng Zhao.

The recommendation follows Zhao’s guilty plea to violating laws against money laundering, a pivotal moment in the ongoing legal battle between Binance and U.S. authorities.

Zhao, commonly known as CZ, stepped down as Binance’s chief last November, simultaneously admitting to the violations alongside the exchange.

The firm agreed to a hefty penalty of $4.32 billion as part of the settlement with prosecutors.

According to court filings submitted to the U.S. district court for the western district of Washington, prosecutors argued that the magnitude of Zhao’s willful violation of U.S. law warranted an above-guidelines sentence.

While federal sentencing guidelines set a maximum term of 18 months in prison for Zhao, prosecutors emphasized the severity of the violations and their consequences in advocating for the extended sentence.

The legal scrutiny surrounding Binance stems from allegations that the exchange failed to report over 100,000 suspicious transactions involving designated terrorist groups such as Hamas, al Qaeda, and ISIS.

Furthermore, prosecutors alleged that Binance’s platform facilitated the sale of child sexual abuse materials and served as a recipient of a significant portion of ransomware proceeds.

As part of the settlement, Zhao agreed to pay a $50 million fine and disengage from any involvement with Binance, the platform he founded in 2017.

The penalties imposed on Binance included a staggering $1.81 billion criminal fine and restitution of $2.51 billion.

The recommendation for a 36-month prison term underscores the seriousness with which U.S. authorities are addressing violations within the cryptocurrency industry.

The outcome of Zhao’s sentencing, scheduled for April 30 in Seattle, will likely have far-reaching implications for both Binance and the broader cryptocurrency ecosystem.

As regulatory scrutiny intensifies, stakeholders across the industry are closely monitoring developments to gauge their impact on the future of cryptocurrency exchanges and their founders.

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