Month: June 2023

Ava Labs CEO to testify before US House

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Dr. Emin Gün Sirer, who leads the development of the Avalanche protocol, is set to testify before the U.S. House Financial Services Committee. Computer scientist and key developer of the Avalanche protocol, Dr. Emin Gün Sirer, is poised to testify before the U.S. House Financial Services Committee. The announcement was first revealed via a tweet, and Sirer himself later confirmed this, expressing gratitude for the opportunity on his own Twitter feed. My written testimony for the…

Cybernetic organizations — BORGs — are doomed to fail

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What makes a decentralized autonomous organization (DAO) a DAO? In practice, the democratic structure of these organizations has been compromised because a number of self-purporting DAOs are operating like traditional corporations. With this in mind, developers at Delphi Labs proposed an alternative framework, incorporating so-called BORGs (Cybernetic Organizations) into governance structures to automate decision-making so that action could be taken without a DAO proposal. In effect, a BORG would be an artificially intelligent bureaucrat, implementing law through code. However, the project of democratization should not be abandoned yet. DAOs should…

North Korean hackers swipe over $100M from Atomic Wallet users

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Atomic Wallet, a noncustodial decentralized wallet, has been hit by a staggering exploit, leading to users reporting losses of their entire cryptocurrency portfolios. This unforeseen breach has sent shockwaves through the crypto community, as Atomic Wallet’s fundamental premise relies on users assuming full responsibility for storing their assets securely.  The losses from the Atomic Wallet heist have now skyrocketed to over $100 million, according to an analysis conducted by Elliptic. This alarming figure highlights the severity of the attack, which compromised an estimated 5,500 crypto wallets. Despite the magnitude of the incident, Atomic…

U.S. Judge Rebuffs SEC Request for Binance.US Asset Freeze for Now

If the two sides can agree on limits, Judge Amy Berman Jackson, of the D.C. District Court, said “there’s absolutely no need” for a restraining order. In the meantime, the judge ordered Binance.US to provide a list of its business expenses to the court, and ordered the parties to continue negotiating. A status update is due by close of business Thursday. Source

Hinman Emails Show SEC Officials Questioned Ether Security Status in 2018, Spurring XRP Price Surge Amid Ripple’s Legal Battle

“As written, the language remains vague as to whether ETH is a security. If you want to make an affirmative statement that it is not a security, the language could be stronger (i.e., just say it). If you don’t want to take an affirmative stance, we suggest using language similar to what you used for Bitcoin re. the disclosure regime to make it more consistent,” wrote former SEC Director of Trading and Markets Brett Redfearn on June 12, 2018. Source BattleemailsEtherHinmanLegalOfficialsPricequestionedRipplesSECSecurityShowSpurringStatusSurgeXRP CryptoX Portal

Hinman documents suggest SEC is the wrong agency to govern digital assets, crypto lawyer says

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On June 13, the long-awaited Hinman documents were finally unsealed and released to the public. The unveiled documents offer valuable insights into a significant speech delivered in 2018 by Bill Hinman, the former director of the United States Securities and Exchange Commission’s (SEC) corporation finance division.  In this 2018 speech, Hinman shared his perspective that Ether (ETH), one of the largest cryptocurrencies, should not be categorized as a security. The Hinman documents consist of internal communications within the SEC, providing a comprehensive view of the agency’s discussions and considerations leading…