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Activists urge Hochul to sign crypto mining moratorium

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With the election in the rear-view mirror, environmental activists are urging Gov. Kathy Hochul to impose a moratorium on cryptocurrency mining.

A bill to do so is now on the governor’s desk and awaiting her signature.

Protestors gathered outside Hochul’s Manhattan office Tuesday, calling on her to sign a bill imposing a two-year ban on the energy-intensive mining in upstate New York.

What You Need To Know

  • Protestors gathered outside Gov. Kathy Hochul’s Manhattan office Tuesday, calling on her to sign a bill imposing a two-year ban on the energy-intensive mining in upstate New York
  • The bill was passed earlier this year by both houses of the legislature
  • Hochul has not committed to signing it

“So, governor I am asking you, I am joining people,” New York City Public Advocate Jumaane Williams said. “This is a very important bill to me. And my eldest, and my newborn daughter. I need to make sure that we are doing everything we can so they can have a better climate than we are facing right now.”

The bill passed both houses of the legislature earlier this year. Cryptocurrency miners have been repurposing old, defunct power plants and factories upstate and using them to generate massive amounts of electricity to mine for bitcoin and other crypto currencies.

Upstate communities remain divided on the issue. While many welcome the jobs that have been created in areas that desperately need them, others worry about the detrimental effect burning fossil fuels has on the environment.

“If people want to have an argument about the economic impact of cryptomining, the numbers are very clear,” said activist Ana Maria Archila, who ran for lieutenant governor earlier this year. “But the fact is that, in addition to that, there is a profound urgency to take action on climate.”

New York City Mayor Eric Adams has been a strong believer in the role of cryptocurrency in creating a new industry and generate jobs. He even took his first few pay checks as mayor in Bitcoin.

In a statement, a spokesperson for City Hall said the mayor “supports regulation on the industry, while also believing that we should not disincentivize those looking to set up shop here in our city or state.”

Hochul was asked whether she plans to sign the bill this past weekend at the annual SOMOS conference in Puerto Rico.

“There are a lot of bills on my desk. We got through-600 plus,” Hochul said.

“Right, but I’m asking about this one,” a reporter interrupted.

“I know you are, but we have about 400,” Hochul continued. “So, if people are wondering where I am? Find me behind my desk, surrounded by my team, reading hundreds and hundreds of pages of bills. So, we have a couple of weeks. I’ll make this prediction: it will be settled by midnight on Dec. 31.”

Also at the SOMOS conference, cryptocurrency entrepreneur Brock Pierce was shouted down by protesters.

“Get out of Puerto Rico! Get out of Puerto Rico!”

They yelled while following him through the halls of the El San Juan Hotel.

Pierce has been accused of displacing Puerto Ricans by buying up land on the island and making it unaffordable for those who currently live there.

Cryptocurrency has faced some headwinds lately, with volatility in the market and the bankruptcy last week of a hedge fund that traded in cryptocurrency.

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Green Cryptocurrency May Be the Future – This One Just Added Dyson and Samsung as Affiliate Partners

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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

The Impact project has added Samsung and Dyson as affiliate partners. This platform’s IMPT token is an ideal asset for value-seeking investors to have in their portfolios.

Samsung and Dyson Join the Impact Project’s Affiliate Network

This week, Impact Project expanded its affiliate network by adding two of the world’s biggest companies. Korean technology conglomerate Samsung and Singapore-based household appliances company Dyson has joined the platform’s network of partners, with both firms committing to a greener future by using the Impact Project as a channel.

With this new move, the Impact Project has continued to grow its ever-expanding affiliate network as it looks to bring the corporate landscape to a greater consciousness of the climate challenges faced by the world.

More than 25,000 companies worldwide have already signed deals to join the Impact Project’s network. In one way or another, these companies will integrate the platform into their operations, enabling their customers to shop, make payments for carbon credits, and offset their carbon footprint.

Of the 25,000-plus companies in the Impact Project’s affiliate network, over 10,000 are retailers. These companies will reward their customers with IMPT tokens for using the platform while also serving as an incentive for other companies to do the same.

Transforming the Carbon Credit Landscape

The Impact Project is a blockchain-based platform looking to make it easier for individuals and companies to purchase carbon credits. Built on the Ethereum blockchain, the initiative has gained massive buzz in the crypto market for its potential to transform the fight against climate change.

So far, Impact Project is operating in an untapped niche. For years, many have asked that the blockchain space be more active in the fight against global warming. And while there is still much to be desired, platforms like the Impact Project are leading the charge and showing that blockchain can be a force for good.

The Impact Project has recognized the need for blockchain to be at the center of the fight against climate change. The platform aims to optimize the trading process for these credits, improving efficiency and transparency in the process while taking industry players away from the old and antiquated processes that have been so far the standard.

Since the state-based credit issuance system has been prone to inefficiency and bureaucracy, interested buyers have found it more challenging to purchase these credits over time.

The Impact Project will also address the liquidity problem, with credits being offered as non-fungible tokens (NFTs) that would allow users to trade seamlessly and efficiently. Users can control the number of tokens in circulation while also choosing whether or not they’d like to sell or burn them entirely.

Buy IMPT & Create a Better World

IMPT, the native token for the Impact Project, is one of the most exciting coins on the market. The coin, available on presale, has been available on presale, has so far raised over $13.2 million in less than two months. And, even with the bearish forces on the market being strong, it is impressive how much IMPT has managed to capture the attention of value-seeking investors who would also like to create better work.

As each stage of the IMPT presale goes on, the asset’s value rises. This means that the token holds a lot of untapped potential for gains. The digital asset trades at $0.023 but will move to $0.028 in the next phase.

For investors looking for the perfect ESG investment, IMPT is a good coin to buy.

Buy IMPT on Presale Now

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IMF Seeks Stronger Regulation of Cryptocurrency in Africa as Adoption Takes Hold

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The collapse of the FTX cryptocurrency exchange has attracted the attention of global regulators, including the International Monetary Fund (IMF). Before its demise, FTX was the third-largest cryptocurrency exchange by trading volumes, and it had a significant presence in developing countries.

IMF calls for crypto regulations in Africa after FTX collapse

In a recent statement, the IMF said that the demise of FTX and the dropping prices of Bitcoin, Ethereum, and other cryptocurrencies, have necessitated better regulations in the industry and consumer protection measures.

The global financial institution noted that crypto assets were highly volatile, and their decentralized nature made it challenging for most governments to regulate the industry. Therefore, there was a need to balance lowering the risk posed by the industry and supporting innovation.

It further noted that only a quarter of the countries in sub-Saharan Africa regulated cryptocurrencies. Moreover, two-thirds of these countries had implemented some restrictions. In contrast, another six, including Cameroon, Ethiopia, Tanzania, Lesotho, Sierra Leone, and the Republic of Congo, had imposed a total ban on cryptocurrencies.

On the other hand, Zimbabwe has mandated all the banks licensed to operate in the country to halt processing cryptocurrency transactions. Additionally, Liberia instructed a crypto startup that had started offering services in the country to halt operations.

Africa has become a main hub for cryptocurrency activities. Data from Chainalysis shows that the number of crypto transactions in the country has increased over the years. However, the size of crypto transactions in the continent is smaller than in other regions, with the monthly transactions peaking at $20 billion in mid-2021.

The highest number of crypto users in the region are in Kenya, Nigeria and South Africa. The majority of people in the region use cryptocurrencies to make commercial payments. However, the volatility of these assets makes them unsuitable for use as a store of value.

Policymakers have raised concerns about whether crypto assets can be used to make illegal transactions outside the region and to avoid the rules put in place to avoid capital outflows. The high use of cryptocurrencies in the region could reduce the effectiveness of the monetary policy, which poses a danger to financial and macroeconomic stability.

IMF concerned about the adoption of crypto as a legal tender

The IMF has also said that the cryptocurrency sector’s risks were higher if these assets were adopted as a legal tender, citing an example of the Central African Republic. The country became the second globally to adopt Bitcoin as a legal tender. According to the IMF, holding crypto assets as a means of payment puts public finances at risk.

The IMF has also added that adopting BTC as a legal tender in the Central African Republic has caused conflict between the country and the Bank of Central Africa States (BEAC), as it violates the institution’s treaty. Central Africa’s Banking Commission, which oversees the BEAC banking sector, has banned using cryptocurrencies for financial transactions.

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Author: Ali Raza

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master’s degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, InsideBitcoins, BeinCrypto, and more. …

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Crypto Firm FTX’s Ownership of a U.S. Bank Raises Questions

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Among the many surprising assets uncovered in the bankruptcy of the cryptocurrency exchange FTX is a relatively tiny one that could raise big concerns: a stake in one of the country’s smallest banks.

The bank, Farmington State Bank in Washington State has a single branch and, until this year, just three employees. It did not offer online banking or even a credit card.

The tiny bank’s connection to the collapse of FTX is raising new questions about the exchange and its operations. Among them: How closely tied is FTX, which was based in the Bahamas, to the broader financial system? What else might regulators have missed? And in the hunt for FTX’s missing assets, how will Farmington get dragged into the multibillion-dollar bankruptcy?

The ties between FTX and Farmington State Bank began in March when Alameda Research, a small trading firm and sister to FTX, invested $11.5 million in the bank’s parent company, FBH.

At the time, Farmington was the nation’s 26th-smallest bank out of 4,800. Its net worth was $5.7 million, according to the Federal Deposit Insurance Corporation.

The sudden collapse of the crypto exchange has left the industry stunned.

  • A Spectacular Rise and Fall: Who is Sam Bankman-Fried and how did he become the face of crypto? The Daily charted the spectacular rise and fall of the man behind FTX.
  • A Symbiotic Relationship: Mr. Bankman-Fried’s built FTX partly to help the trading business of Alameda Research, his first company. The ties between the two entities are now coming under scrutiny.
  • Missing Assets: Lawyers for FTX said a substantial amount of the company’s assets had either been stolen or were missing, casting doubt on the odds of recovering billions of dollars in crypto that customers lost.
  • A Bid for Influence: ​​In just three years, Mr. Bankman-Fried built a massive operation to woo politicians, regulators and nonprofits to support his crypto goals. Here’s how.

FTX’s investment, which according to financial regulators was more than double the bank’s net worth, was led by Ramnik Arora, a top lieutenant of the exchange’s founder, Sam Bankman-Fried. Mr. Arora was responsible for many of the much larger deals that FTX signed with Sequoia Capital and other venture capitalists that eventually failed.

Farmington has more than one crypto connection. FBH bought the bank in 2020. The chairman of FBH is Jean Chalopin, who, along with being a co-creator of cartoon cop Inspector Gadget in the 1980s, is the chairman of Deltec Bank, which, like FTX, is based in the Bahamas . Deltec’s best-known client is Tether, a crypto company with $65 billion in assets offering a stablecoin that is pegged to the dollar.

Tether has long faced concerns about its finances, in part because of its reclusive owners and offshore bank accounts. Through Alameda, FTX was one of Tether’s largest trading partners, raising concerns that the stablecoin could have yet-undiscovered ties to FTX’s fraudulent operations.

Before the acquisition, Farmington’s deposits had been steady at about $10 million for a decade. But in the third quarter of this year, the bank’s deposits jumped nearly 600 percent to $84 million. Nearly all of that increase, $71 million, came from just four new accounts, according to FDIC data.

It’s not clear what FTX’s plan was for Farmington. Online, Farmington now goes by Moonstone Bank. The name was trademarked a few days before FTX’s investment. Moonstone’s website doesn’t say anything about Bitcoin or other digital currencies. It says Moonstone wants to support “the evolution of next generation finance.”

Deltec and Moonstone did not return a request for comment.

It’s unclear how FTX was allowed to buy a stake in a US-licensed bank, which would need to be approved by federal regulators. Banking veterans say it’s hard to believe that regulators would have knowingly allowed FTX to gain control of a US bank.

“The fact that an offshore hedge fund that was basically a crypto firm was buying a stake in a tiny bank for multiples of its stated book value should have raised massive red flags for the FDIC, state regulators and the Federal Reserve,” said Camden Fine , a bank industry consultant who used to head the Independent Community Bankers of America. “It’s just astonishing that all of this got approved.”

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