The Supreme Court ruled on Thursday that the U.S. Securities and Exchange Commission (SEC)’s use of in-house proceedings to impose civil penalties for securities fraud violates the Seventh Amendment’s right to a jury trial. The case arose from the SEC’s action against George Jarkesy Jr. and his firm, Patriot28 LLC, for alleged securities fraud. The […]
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Tanzania Targets Crypto Traders With Proposed Income Tax Act Amendment
Tanzania plans to amend its Income Tax Act to tax crypto trades. The proposal includes a three per cent withholding tax on income from digital asset transactions. Digital platform owners or facilitators of digital asset transfers will act as withholding agents. Foreign citizens operating such platforms must register under Tanzania’s Simplified Tax Regime. The government […]
Bitcoin News
Blackrock Advances Spot Ether ETF With SEC Amendment, Analyst Eyes June Launch
The world’s largest asset manager, Blackrock, has updated its S-1 registration statement for the Ishares Ethereum Trust, which will be listed as “ETHA.” According to the update, ‘Seed Creation Baskets’ were acquired by the fund’s ‘Seed Capital Investor.’ Furthermore, several spot ether exchange-traded fund (ETF) applicants now have their respective tickers listed on the Depository […]
Bitcoin News
New Stablecoin Bill Faces Criticism for Stifling Innovation and Breaching First Amendment
A new bill co-sponsored by Senators Cynthia Lummis and Kirsten Gillibrand, aimed at regulating stablecoins, has drawn criticism for potentially stifling innovation and breaching First Amendment rights. The bill includes a provision that bans all “algorithmic payment stablecoins,” which could have significant implications for software developers and the broader tech community. Lummis-Gillibrand Stablecoin Bill Criticized […]
Bitcoin News
Edward Snowden Sounds Alarm on NSA’s Plans to Expand Surveillance Under New FISA Amendment
NSA whistleblower Edward Snowden has warned that the National Security Agency (NSA) is on the verge of significantly expanding its surveillance capabilities through a new bill amending Section 702 of the Foreign Intelligence Surveillance Act (FISA), potentially allowing the government to compel a wide array of businesses and individuals to assist in NSA surveillance operations. […]
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House Approves Amendment to Limit SEC’s Crypto Enforcement Authority
The U.S. House of Representatives has approved an amendment to the Financial Services and General Government Appropriations Act that limits the authority of the U.S. Securities and Exchange Commission (SEC) to carry out enforcement actions against the crypto industry. “Gary Gensler is as ineffective as he is incompetent,” said Congressman Tom Emmer. “Congress will hold unelected bureaucrats accountable.”
House Passes Amendment to Rein in ‘SEC Enforcement Abuses’ Against Crypto Industry
The U.S. House of Representatives approved an amendment by Congressman Tom Emmer (R-MN) to limit the authority of the U.S. Securities and Exchange Commission (SEC) on Wednesday. Emmer’s amendment to HR 4664, the Financial Services and General Government Appropriations Act of 2024, “Ensures none of the funds made available by this Act may be used by the Securities and Exchange Commission to carry out an enforcement action related to a crypto asset transaction.”
The congressman explained on social media platform X Wednesday: “My amendment prohibits the SEC from using taxpayer-funded resources to pursue enforcement actions against the digital asset industry until Congress passes legislation that authorizes regulatory enforcement jurisdiction.” Criticizing SEC Chairman Gary Gensler, the lawmaker wrote:
Gary Gensler is as ineffective as he is incompetent. Fortunately, my nonpartisan appropriations amendment to reign in SEC enforcement abuses against the digital asset industry passed the House today with no opposition. Congress will hold unelected bureaucrats accountable.
Two other crypto-related amendments to the Financial Services and General Government Appropriations Act of 2024 were also adopted on Wednesday.
One was an amendment by Congressman Warren Davidson (R-OH) that “Ensures no funds may be used by the Department of the Treasury to design or develop a central bank digital currency, or establish a United States central bank digital currency as legal tender.” The other amendment was by Congressman Alex Mooney (R-WV) which “Prohibits funding for the CBDC (Central Bank Digital Currency) Working Group led by the Department of Treasury.”
Several U.S. lawmakers have criticized Gensler for his enforcement-centric approach to regulating the crypto industry. Congressman Davidson has introduced legislation to remove Gensler as the chair of the SEC. Emmer slammed Gensler in September, stating: “It’s clear that you are working to consolidate your own power even though it means crushing opportunities for everyday Americans and frankly the financial future of this country.”
What do you think about the amendment to restrict the SEC’s authority in enforcing actions against the crypto industry? Let us know in the comments section below.
Defense Distributed Unveils ‘Gatgpt’ – Championing the Digital Second Amendment and AI Freedom
As artificial intelligence (AI) and large language models (LLMs) continue to gain prominence, the organization Defense Distributed has unveiled an experimental LLM-based agent named “Gatgpt.” The platform is being referred to as “The Digital Second Amendment,” and the LLM is trained on a combination of open-source and proprietary firearms files, texts, and datasets.
Cody Wilson’s Defense Distributed Steps Into Generative AI
Cody Wilson and his organization, Defense Distributed (DD), are well-known for advocating fundamental privacy rights and the right to bear arms. Wilson is also the co-creator of the now-defunct bitcoin (BTC) wallet, Dark Wallet, and the inventor of the first functional 3D-printed firearm, known as the Liberator. Now, Wilson and DD are entering the era of AI with a generative chatbot project called “Gatgpt,” an LLM that enhances open-source gun datasets in support of “the interests of American riflemen.”
“The Digital Second Amendment” document hosted on the website explains that current “AI journalism is uniformly produced in assistance of the narrative that the public requires regulation in advance of a national security event or, as is more fashionable, because the public cannot be trusted to live online with its own information interests.” The missive opines that American journalism is now simply an extension of the government. DD’s new generative chatbot aims to combat the propagandized narratives.
The firm details:
Defense Distributed, in releasing Gatgpt, declares a Digital Second Amendment. Americans must have access to compute, databases, and AI models, the newest weapons of the digital age, not just to defend ourselves against corporate and government depredations, but to defend our civic identity and humanity.
Currently, Gatgpt is in private beta, and users will receive invitations to test the model. Beta testers are selected to provide feedback on Gatgpt’s responses. Through collaboration with beta testers and DD’s partners, the organization aims to create “the Internet’s best, unbiased public resource for firearms information.” Beta testers are required to pay a upfront fee to access the platform, and DD plans to introduce a monthly subscription service in the future.
The website states that Gatgpt was “built by expert engineers, scholars, and activists” and trained on “datasets disputed by private and government agencies.” Furthermore, DD’s Digital Second Amendment argues that AI regulation infringes upon the rights of Americans.
“AI regulation is an open and official provocation against the Liberty and Sovereignty of American citizens,” the declaration says. “All who advocate for it are domestic enemies of the Constitution and must be absolutely opposed. The right of the people to keep and deploy models shall not be infringed.”
What do you think about DD’s new Gatgpt platform? Share your thoughts and opinions about this subject in the comments section below.
Video Justin S. Wales on How the First Amendment Protects Bitcoin
Justin S. Wales, senior council at Carlton Fields, discusses his recent research paper and how the First Amendment protects the Bitcoin network.nThe post Video Justin S. Wales on How the First Amendment Protects Bitcoin appeared first on Bitcoin Magazine.n
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French Parliament’s Finance Commission Approves Budget Amendment to Lower Crypto Capital Gains Tax Rate
The post French Parliament’s Finance Commission Approves Budget Amendment to Lower Crypto Capital Gains Tax Rate appeared first on DCEBrief.