40 Burst results for "Hong"
The Crypto Overnighter
A highlight from 677:FTXs $157M Suit, MiCAs EU Impact, and Senates Crypto Gridlock
"Why do tacos get their own day of the week? Is it because Mondays are so rough we need a Tuesday filled with beefy tortillas shared with good friends? If so, why don't we have Wellington Wednesdays stroganoff Saturdays and, heck, beefball Mondays? Then Mondays would just be another reason to enjoy our favorite beef with our favorite people. Together we bring more. Beef. It's what's for dinner. Funded by beef farmers and ranchers. Good evening and welcome to the Crypto Overnighter. I'm Nick Ademus and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax, and let's get started. And remember, none of this is financial advice. And it's 10 pm pacific on Friday, September 22nd, 2023. Welcome back to the Crypto Overnighter, where we have no sponsors, no hidden agendas, and no BS. But we do have the news, so let's talk about that. Tonight we're diving into the labyrinth of legal battles, regulatory walls, and the global maneuvers that are reshaping the crypto landscape. From FTX's massive lawsuit, to Binance's European jitters, and from the Senate's stalemate on crypto legislation, to India's tightening grip, things are heating up. Buckle up, you don't want to miss this one. FTX is suing former employees of its Hong Kong affiliate, Salamata, for a staggering 157 .3 million dollars. The lawsuit makes allegations against Michael Burgess, Matthew Burgess, and their mother Leslie Burgess, Kevin Nguyen, and Darren Wong, along with two companies they controlled. The suit says the defendants fraudulently withdrew assets leading up to FTX's bankruptcy. This 90 -day period before the bankruptcy filing is known as the preference period. During this time, these individuals allegedly exploited their connections to FTX personnel to prioritize their withdrawals over other customers. But wait, there's more. The lawsuit also claims that Matthew Burgess enlisted other FTX employees to expedite certain pending withdrawal requests. These withdrawals were made just hours after FTX halted all withdrawals on November 8, 2022. More than 123 million dollars of the total 157 .3 million dollars were withdrawn on or after November 7th. Now let's talk about the man at the center of this all, Sam Beckman -Free. Now he's currently in jail awaiting trial. His appeals to get out of jail have been rejected, and so he remains in jail as his trial approaches. What happened is the U .S. Court of Appeals for the Second Court also ruled against SBF. They found no merit in his arguments for release. The court stated that his actions likely fall outside constitutional protection. The court ruled that he likely tampered with witnesses, a claim that he denies. His trial starts on October 3rd where he faces fraud and conspiracy charges. This lawsuit isn't the first time FTX has tried to reclaim payments. They've targeted Beckman -Free, his executives, they've even gone after his parents looking for company funds. But that's not all. His day got a lot worse when Judge Lewis Kaplan blocked all of SBF's proposed expert witnesses. The defense had a lineup of seven individuals from various fields. The Department of Justice objected and the judge sided with them. The defense can't try again, but they're in a tight spot. If convicted, SBF could face over 100 years in prison. Now if you think FTX's legal woes are a storm, brace yourself. We're venturing into the choppy waters of Binance and the EU's regulatory typhoon. Smash that like button and follow us for more analysis. Now let's dive in.
The Crypto Overnighter
Fresh update on "hong" discussed on The Crypto Overnighter
"Why do tacos get their own day of the week? Is it because Mondays are so rough we need a Tuesday filled with beefy tortillas shared with good friends? If so, why don't we have Wellington Wednesdays stroganoff Saturdays and, heck, beefball Mondays? Then Mondays would just be another reason to enjoy our favorite beef with our favorite people. Together we bring more. Beef. It's what's for dinner. Funded by beef farmers and ranchers. Good evening and welcome to the Crypto Overnighter. I'm Nick Ademus and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax, and let's get started. And remember, none of this is financial advice. And it's 10 pm pacific on Friday, September 22nd, 2023. Welcome back to the Crypto Overnighter, where we have no sponsors, no hidden agendas, and no BS. But we do have the news, so let's talk about that. Tonight we're diving into the labyrinth of legal battles, regulatory walls, and the global maneuvers that are reshaping the crypto landscape. From FTX's massive lawsuit, to Binance's European jitters, and from the Senate's stalemate on crypto legislation, to India's tightening grip, things are heating up. Buckle up, you don't want to miss this one. FTX is suing former employees of its Hong Kong affiliate, Salamata, for a staggering 157.3 million dollars. The lawsuit makes allegations against Michael Burgess, Matthew Burgess, and their mother Leslie Burgess, Kevin Nguyen, and Darren Wong, along with two companies they controlled. The suit says the defendants fraudulently withdrew assets leading up to FTX's bankruptcy. This 90-day period before the bankruptcy filing is known as the preference period. During this time, these individuals allegedly exploited their connections to FTX personnel to prioritize their withdrawals over other customers. But wait, there's more. The lawsuit also claims that Matthew Burgess enlisted other FTX employees to expedite certain pending withdrawal requests. These withdrawals were made just hours after FTX halted all withdrawals on November 8, 2022. More than 123 million dollars of the total 157.3 million dollars were withdrawn on or after November 7th. Now let's talk about the man at the center of this all, Sam Beckman-Free. Now he's currently in jail awaiting trial. His appeals to get out of jail have been rejected, and so he remains in jail as his trial approaches. What happened is the U.S. Court of Appeals for the Second Court also ruled against SBF. They found no merit in his arguments for release. The court stated that his actions likely fall outside constitutional protection. The court ruled that he likely tampered with witnesses, a claim that he denies. His trial starts on October 3rd where he faces fraud and conspiracy charges. This lawsuit isn't the first time FTX has tried to reclaim payments. They've targeted Beckman-Free, his executives, they've even gone after his parents looking for company funds. But that's not all. His day got a lot worse when Judge Lewis Kaplan blocked all of SBF's proposed expert witnesses. The defense had a lineup of seven individuals from various fields. The Department of Justice objected and the judge sided with them. The defense can't try again, but they're in a tight spot. If convicted, SBF could face over 100 years in prison. Now if you think FTX's legal woes are a storm, brace yourself. We're venturing into the choppy waters of Binance and the EU's regulatory typhoon. Smash that like button and follow us for more analysis. Now let's dive in.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Ethereum Activity Lags Despite Network Upgrades, Altcoin Volatility Surprises
"This episode of Markets Daily is sponsored by Kraken. It's Friday, September 22nd, 2023, and this is Markets Daily from CoinDesk. My name is Noelle Acheson, CoinDesk collaborator and author of the Cryptos Macro Now newsletter on Substack. On today's show, we're talking about Ethereum activity, altcoin volatility, and more. So you don't miss an episode, be sure to follow the podcast on your platform of choice. Just a reminder, CoinDesk is a news source and does not provide investment advice. Now, a markets roundup. Markets this morning seemed to be recovering after a rough few days. Bitcoin has been fairly range -bound for the past 24 hours and at 10 am Eastern Time this morning was up 0 .6 percent, trading at $26 ,607 according to CoinDesk indices. Ether has been doing better so far today, up almost 1 .1 percent over the past 24 hours, trading at $1 ,595. On the week, Bitcoin is up 0 .4 percent, while Ether is down 1 .8 percent. In traditional markets, yesterday was the S &P 500's worst day since the aftermath of the S &P 500's steepest drop in over 100 days. This morning, however, stocks are recovering, with the S &P 500 up over two -tenths from yesterday's close, NASDAQ up almost half a percent, and the Dow Jones up one -tenth of a percent. In Europe, the FTSE is also recovering after yesterday's late trading slump and earlier today was up two -tenths of a percent. This comes in spite of economic releases this morning showing contracting activity from the service sector and a steeper -than -expected year -on -year slump in UK retail sales. Eurozone data out this morning showed a deeper -than -expected contraction in manufacturing activity with new orders declining the most in nearly three years. The German DAX index dropped sharply on the open today but has since largely recovered. The Euro Stoxx 600 index is down almost two -tenths of a percent. In Asia, Japan's Nikkei index fell just over half a percent as the country's year -on -year core inflation came in slightly higher than expected. This is fueling speculation that the Bank of Japan could end its negative rate policy early next year. However, economic growth is a concern. Data out today showed that business activity in Japan slowed to a seven -month low in September. In China, the Shanghai Composite closed up over one -and -a -half percent yesterday. Recent data suggests the growth slump has bottomed out. This is fueling optimism that recent stimulus measures will speed up economic growth. Hong Kong markets also had a good day with the Hang Seng up over half a percent. In commodities, the Brent crude benchmark continued its pullback trading at $93 .27 per barrel, down almost eight -tenths of a percent over the past 24 hours. Concerns about global economic activity are outweighing concerns about tightening oil supply. Yesterday, the Russian government announced gasoline and diesel export restrictions in order to stabilize fuel prices in the domestic market. Gold lost some ground yesterday as investors reacted to the prospect of a stronger US dollar, reaching a weekly low before climbing again. Earlier today, it was trading down almost eight -tenths of a percent at $1 ,927 per ounce. Stay tuned. After the break, we'll take a look at Ethereum activity and is the crypto market's largest meme coin becoming stable? Meet the all -new Kraken Pro, the powerful, customizable, beautiful way to trade crypto. It's Kraken's most powerful trading platform ever, packed with trading features like advanced order management and analytics tools, all in a redesigned, modular trading interface. So head to pro .kraken .com and trade like a pro. Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the crypto assets market can lead to loss of funds and profits, maybe subject to capital gains tax. Welcome back. In this section, we're going to look at what's going on with Dogecoin volatility. But first, despite network upgrades, Ethereum's activity is not picking up. In a recent report, JP Morgan analysts noted that Ethereum's Shanghai upgrade, implemented in April to enable the withdrawal of staked tokens, has not delivered much of a boost to network activity. Ethereum's daily transaction count has fallen 12 % since the upgrade, according to the analysts, and the number of daily active addresses has dropped nearly 20%. To be fair, the purpose of the Shanghai upgrade was not to boost Ethereum transactions. It was to encourage staking by making it more flexible. Ethereum's security depends on the spread of its staking network. It has succeeded in that. Since the upgrade, the number of validators has increased by almost 50%. Also, the circulation of Ether has always been heavily influenced by DeFi activity, which is still grappling with regulatory uncertainty, recent exploits and last year's market shocks. But network activity is an important part of liquidity, which is significant for investors. And Bitcoin's activity has been recovering. The average number of daily transactions on the Bitcoin blockchain has more than doubled over the past few months, while the number of active addresses is more than 10 % higher on a seven -day moving average basis. Looking further out, Ethereum has some more upgrades in the pipeline, which will be focused on increasing throughput and therefore also, in theory, network activity. Given the community's success so far in implementing ambitious changes to improve the blockchain's functionality, Ethereum's declining activity now should not necessarily be taken as a sign that the network is less interesting. And finally, just in case you needed more evidence that these markets are, well, strange, this morning Omkar Ghoboli reported that Dogecoin, the largest meme token by market value and typically one of the riskier crypto investments, now has a lower 30 -day historical volatility than Bitcoin. Normally, a decline in volatility signals deep market liquidity and maturity. With Dogecoin, neither is the case at the moment. So, as with Bitcoin, below volatility is yet another sign that investors are staying away. That's it for today's show. I hope you all have a great weekend. You can reach us at podcasts at coindesk .com. Do also please send us questions you'd like us to address on the Spotify Q &A. Follow us and, if you like the show, please leave us a five -star rating on whatever platform you're listening to us on. Markets Daily is produced and edited by Michelle Musso with executive production by Jared Schwartz. I'm Noah Latcheson for Coindesk. We're back tomorrow with more market news and insights.
Bloomberg Businessweek
Fresh update on "hong" discussed on Bloomberg Businessweek
"Fast. Now your company news headlines from Bloomberg. Bloomberg Radio from Bloomberg World headquarters. I'm Charlie, powered Apple's latest iPhones and watches went on sale today. A test of whether a new smartphone design and modest watch changes can help return the company to growth. The devices went on sale in about 40 countries in its first wave including Australia, Hong Kong, Mainland China, the US, UK and France, the iPhone 15 Pro and Pro Max models will represent Apple's biggest sellers throughout the rest of year the and the ability to both create and fulfill demand for the products will make or break its holiday period. McDonald's is pumping up the fees that it charges its American and Canadian franchisees to operate some restaurants and with more on that story here's Bloomberg's Kimberly Adams. Charlie owners who open new restaurants or buy locations previously run by McDonald's will have to pay the parent 5 % of sales that's up from the current rate of 4%. This is according to a message signed by Chief Financial Officer Ian Borden that was reviewed by Bloomberg. Restaurants that change hands as a result of the transaction between franchises won't be subject to the new rate and operators that sign new 20
Markets Daily Crypto Roundup
A highlight from Crypto Update | Ethereum Activity Lags Despite Network Upgrades, Altcoin Volatility Surprises
"This episode of Markets Daily is sponsored by Kraken. It's Friday, September 22nd, 2023, and this is Markets Daily from CoinDesk. My name is Noelle Acheson, CoinDesk collaborator and author of the Cryptos Macro Now newsletter on Substack. On today's show, we're talking about Ethereum activity, altcoin volatility, and more. So you don't miss an episode, be sure to follow the podcast on your platform of choice. Just a reminder, CoinDesk is a news source and does not provide investment advice. Now, a markets roundup. Markets this morning seemed to be recovering after a rough few days. Bitcoin has been fairly range -bound for the past 24 hours and at 10 am Eastern Time this morning was up 0 .6 percent, trading at $26 ,607 according to CoinDesk indices. Ether has been doing better so far today, up almost 1 .1 percent over the past 24 hours, trading at $1 ,595. On the week, Bitcoin is up 0 .4 percent, while Ether is down 1 .8 percent. In traditional markets, yesterday was the S &P 500's worst day since the aftermath of the S &P 500's steepest drop in over 100 days. This morning, however, stocks are recovering, with the S &P 500 up over two -tenths from yesterday's close, NASDAQ up almost half a percent, and the Dow Jones up one -tenth of a percent. In Europe, the FTSE is also recovering after yesterday's late trading slump and earlier today was up two -tenths of a percent. This comes in spite of economic releases this morning showing contracting activity from the service sector and a steeper -than -expected year -on -year slump in UK retail sales. Eurozone data out this morning showed a deeper -than -expected contraction in manufacturing activity with new orders declining the most in nearly three years. The German DAX index dropped sharply on the open today but has since largely recovered. The Euro Stoxx 600 index is down almost two -tenths of a percent. In Asia, Japan's Nikkei index fell just over half a percent as the country's year -on -year core inflation came in slightly higher than expected. This is fueling speculation that the Bank of Japan could end its negative rate policy early next year. However, economic growth is a concern. Data out today showed that business activity in Japan slowed to a seven -month low in September. In China, the Shanghai Composite closed up over one -and -a -half percent yesterday. Recent data suggests the growth slump has bottomed out. This is fueling optimism that recent stimulus measures will speed up economic growth. Hong Kong markets also had a good day with the Hang Seng up over half a percent. In commodities, the Brent crude benchmark continued its pullback trading at $93 .27 per barrel, down almost eight -tenths of a percent over the past 24 hours. Concerns about global economic activity are outweighing concerns about tightening oil supply. Yesterday, the Russian government announced gasoline and diesel export restrictions in order to stabilize fuel prices in the domestic market. Gold lost some ground yesterday as investors reacted to the prospect of a stronger US dollar, reaching a weekly low before climbing again. Earlier today, it was trading down almost eight -tenths of a percent at $1 ,927 per ounce. Stay tuned. After the break, we'll take a look at Ethereum activity and is the crypto market's largest meme coin becoming stable? Meet the all -new Kraken Pro, the powerful, customizable, beautiful way to trade crypto. It's Kraken's most powerful trading platform ever, packed with trading features like advanced order management and analytics tools, all in a redesigned, modular trading interface. So head to pro .kraken .com and trade like a pro. Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the crypto assets market can lead to loss of funds and profits, maybe subject to capital gains tax. Welcome back. In this section, we're going to look at what's going on with Dogecoin volatility. But first, despite network upgrades, Ethereum's activity is not picking up. In a recent report, JP Morgan analysts noted that Ethereum's Shanghai upgrade, implemented in April to enable the withdrawal of staked tokens, has not delivered much of a boost to network activity. Ethereum's daily transaction count has fallen 12 % since the upgrade, according to the analysts, and the number of daily active addresses has dropped nearly 20%. To be fair, the purpose of the Shanghai upgrade was not to boost Ethereum transactions. It was to encourage staking by making it more flexible. Ethereum's security depends on the spread of its staking network. It has succeeded in that. Since the upgrade, the number of validators has increased by almost 50%. Also, the circulation of Ether has always been heavily influenced by DeFi activity, which is still grappling with regulatory uncertainty, recent exploits and last year's market shocks. But network activity is an important part of liquidity, which is significant for investors. And Bitcoin's activity has been recovering. The average number of daily transactions on the Bitcoin blockchain has more than doubled over the past few months, while the number of active addresses is more than 10 % higher on a seven -day moving average basis. Looking further out, Ethereum has some more upgrades in the pipeline, which will be focused on increasing throughput and therefore also, in theory, network activity. Given the community's success so far in implementing ambitious changes to improve the blockchain's functionality, Ethereum's declining activity now should not necessarily be taken as a sign that the network is less interesting. And finally, just in case you needed more evidence that these markets are, well, strange, this morning Omkar Ghoboli reported that Dogecoin, the largest meme token by market value and typically one of the riskier crypto investments, now has a lower 30 -day historical volatility than Bitcoin. Normally, a decline in volatility signals deep market liquidity and maturity. With Dogecoin, neither is the case at the moment. So, as with Bitcoin, below volatility is yet another sign that investors are staying away. That's it for today's show. I hope you all have a great weekend. You can reach us at podcasts at coindesk .com. Do also please send us questions you'd like us to address on the Spotify Q &A. Follow us and, if you like the show, please leave us a five -star rating on whatever platform you're listening to us on. Markets Daily is produced and edited by Michelle Musso with executive production by Jared Schwartz. I'm Noah Latcheson for Coindesk. We're back tomorrow with more market news and insights.
Bloomberg Businessweek
Fresh update on "hong" discussed on Bloomberg Businessweek
"Its first wave including in australia hong kong mainland china the u .s. uk. and france the iphone fifteen pro and pro max models will represent apple's biggest sellers throughout the rest of the year and the ability to both create and fulfill demand for the products will make or break its holiday period charlie and steve rapoport reporting today apple shares did gain by just about five tenths of one percent the fdc according to sources is expected to amazon for antitrust violations next week marking the agency's fourth swipe at the retail giant this year and again repeating the earlier headline right eight planning to shut down hundreds of stores this according to the wall street journal those were some of our top company stories at this hour i'm charlie but and this is bloomberg
The Crypto Overnighter
A highlight from 676:GOP vs CBDCs, JPEXs Collapse, and Vivek Ramaswamys Crypto Vow
"Good evening and welcome to The Crypto Overnight -er. I'm Nickademus, and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax, and let's get started. And remember, none of this is financial advice. And it's 10 p .m. Pacific on Tuesday, September 21st, 2023. Welcome back to The Crypto Overnight -er. Yes, but we do have the news, so let's talk about that. Tonight, we're diving deep into the House Republicans' latest move against central bank digital currencies. We'll also unpack the turmoil surrounding JPEGs in Hong Kong and what it means for global crypto regulation. GOP presidential hopeful Vivek Ramaswamy has some bold plans for crypto policy, and you'll want to hear them. Meanwhile, the Republic of Korea grapples with a significant offshore crypto stash, and PayPal pushes its stablecoin into Venmo. And don't go away, we have an update on the never -ending Mt. Gox saga. House Republicans advanced a bill opposing U .S. central bank digital currency efforts. The bill, known as the CBDC Anti -Surveillance State Act, aims to prevent the Federal Reserve from issuing a CBDC to individuals. It was introduced by Representative Tom Emmer and has gained the support of 60 members in Congress. The bill has passed the House Financial Services Committee and will next face a congressional vote. Democrats, led by Maxine Waters, criticized the bill. Waters renamed it the CBDC Anti -Innovation Act and argues that it could threaten the U .S. dollar status as the global reserve currency. The bill has also faced scrutiny for its language and its impact on CDBC research. The Federal Reserve has been exploring the possibility of issuing a CDBC, but is not close to developing one. Some conservative politicians, including Florida Governor Ron DeSantis, have taken strong positions against CDBCs. The bill prevents the issuance of a CDBC without an act of Congress. This aligns with the Federal Reserve's stance. The committee rejected amendments to the bill and passed it, recommending it to the full House on a vote of 27 to 20. The advancement of the CBDC Anti -Surveillance State Act is a significant move in the ongoing battle over financial privacy and government control. Emmer's bill is a clear attempt to seize as an overreach by the Biden administration. His concerns about CDBCs turning into surveillance tools echo a broader distrust of government power. Maxine Waters' opposition to the bill highlights a divide not just among politicians, but also in the nation. Her renaming of the bill to the CDBC Anti -Innovation Act suggests that Democrats see CDBCs as a potential innovation, not a threat. However, her stance could be seen as naive, especially when considering the potential for CDBCs to be used for mass surveillance, as is the case in China. The bill's passage to the House Financial Services Committee is a telling sign of the times. It reflects a growing skepticism about the role of centralized financial systems and a preference for decentralized solutions. The rejection of amendments to the bill, especially those that would allow the Federal Reserve to study the Chinese digital yuan, indicates a reluctance to even explore centralized digital currencies. All that said, I don't see it passing. I've said many times that when crypto becomes a left versus right issue, both sides lose. The same thing goes for CDBCs. This bill likely doesn't stand a chance of becoming law because I don't see it passing the Senate. As divided as Congress is, I don't see the two sides putting down their torches and pitchforks long enough to do some good for the country. From lawmakers playing defense against CDBCs in the U .S. to a complete offensive on crypto exchanges in Hong Kong. Next up, the whirlwind around JPEGs. And hey, if you want to stay ahead of such storms, hit that subscribe button.
Bloomberg Surveillance
Fresh update on "hong" discussed on Bloomberg Surveillance
"We have some disinflation, but there are plenty of risks out there, even the Fed's Goldilocks that view they set out at the FOMC, the level of uncertainty around that they are emitting is quite high. But, by the same token, it's not so long as you've already highlighted that everyone was forecasting a recession, first half of last year, this year, second half of this year, now a soft landing. The fact is, is this an unusual cycle. The last three years were unusual. Why does the market keep fitting with the idea that this is going to be a very ordinary downturn with a very ordinary Fed response? Has something changed, Janet, from your perspective, the relationship between the labour market and price pressure, just based on those forecasts, and Chairman Powell himself hesitant to ascribe a narrative to a median projection, but let's have that conversation anyway, have we done over the last couple of days. They're essentially saying we can get inflation down to two with unemployment not climbing much above four What have we learned from that? We've learned that they are extrapolating what's happened far. Right now? Yes. So you're right. I mean, it's remarkable. We've never been in in the recession the recession camp, we've been in the more protracted slowdown, the rolling recession camp, a couple of years of sub trend kind of growth. But now the Fed has overtaken us on the unemployment rate. You know, we only had unemployment at 4 % by the end of the year, but we've got it four and a half by the end of next year. The Fed hasn't even got that having previously said that it was going to rise by more, it has been extraordinary that wage growth has gone from nearly six to just over four. But the recent progress has actually been a bit slower. And everyone's talking about the strike. We don't know. It could be that actually there are other areas of the economy where, because of collectivised wage bargaining in Europe, because of public sector pay in the UK, because of strikes US, in the that it's not a linear story. Actually, it's a bit rocky on the way lockdown and the disinflationary process, as we've discussed before, does not continue us. We've got other areas of inflation volatility, and the markets are going to have to accept that they really are willing to keep interest rates higher the longer. For people who go on the Federal Reserve website and they open up the summary of economic projections, should they view them as carceral aspirations? What are they? They should view them, obviously, that every central bank, given their inflation targets, their inflation priorities, that is their primary goal, and they will do what is required to get there. Obviously, what we got in the Fed projections, and to some extent we've got in other central bank projections as well, is that they're always willing to take a little bit longer get to there. The Fed is saying it's not going to be at target till 2026. And they have said that their central scenario is now that they can get there by being a bit lower, a bit more patient about getting there. They can get there without a traditional recession when the economy has kind some of deep contraction. But no one's ever reached page two, page four, question four, question five, what's your certainty about this range of forecasts? It's still very high. It's it not where was during the pandemic, but it's still high. Are you basically saying that what we're seeing this week in markets is a sea change about our understanding of central banks' patience with such high inflation, that they will tolerate it quite for a bit longer? And that means it will become more entrenched in a way that people previously had not expected? I'm not saying they will tolerate it staying at these levels. And they certainly will not tolerate any signs it's that reigniting, whether that's from wage pressures or elsewhere. They need to see further progress. They need to be confident that that progress is going to continue. And obviously financial markets The first sign that maybe a central bank is done is celebrating the fact that the next move is going to be downwards. And actually, the more that financial markets do that, the more likely it is that a central bank that's trying to tighten the conditions financial actually stops raising rates. So I think that what they're telling us is that they determined are to drive it lower. They might be patient about the timeline with which they get there, but they're not going to take any risk that it becomes entrenched. You had that from the Bundesbank again overnight. The game theory that you just laid out, does that mean that the yields that we're seeing now are finally self -fulfilling and will actually create or foster the tight credit conditions that are necessary to get to the feds and the other central bank's goals? In other words, do you think that these are sustainable or do you do think you that this is what we need to get lower? I think how financial markets react, obviously I'm just the macro economist, will be a function of what central banks obviously do. But the central bank is trying to tighten financial conditions, it's trying to slow demand. They still think by slowing demand they can impact on inflation and ensure that the inflation continues to slow. But we keep talking about all of the uncertainties that are still out there. We've got a renewed inflation volatility, not least from oil and from food. We've still got lot of uncertainties regarding labour markets. The truth is they don't know what they're going to have to do, which is why, as well as saying we're ready to raise rates higher, we're ready to keep them on hold for a very, very long time. It's actually all still about the data dependency. So yes, they're still watching all of these factors as long as can they see progress, whether it's a consequence of higher yields, whether it's a consequence of what's happening in equity markets, whether it's a consequence of what's happening in spending behaviour. As long as they see the inflation data coming down, that will enough be to become more confident about the medium term. I have to ask this question, and it's with immense respect for what HSBC and like Bloomberg went through with COVID. I mean, we've heard from the quarantines of HSBC and travels during COVID in China. You walk out of the Bloomberg building in Hong Kong, you go across that historic railway, and there's one Queen's Senate, your building, your place. It's the foundation of Hong Kong finance. What's the stereotype right now we most get wrong That on? is a very broad question. It's a Friday, but actually, as an economist, I always think that sometimes we think about countries, you know, obviously, as an economist, I love it that people want to talk about countries, they want to talk about central banks. But a lot of the things that happen, whether it is in Hong Kong, whether it's in Dubai, whether it's in London, whether it's in New York, is actually more about sectors, and it's more about companies. So whatever view you have regarding the macro story, when we're thinking about where the true transformational shifts lie in the coming years, and a lot of it is in technology, there is still a lot of dynamism, and there's still money being provided to companies. Are you trying to cause some trouble? That's what you're trying to do. Am I a Hong Konger? Absolutely. As someone that lived in Hong Kong for five years, I'm still a Hong Kong activist. Are you done on that subject? I think it's important. I think HSBC, Steve Major, Janet Henry, these people have a prism in there. You know, all stereotype blather we deal with? Are Steve Engle? Since we're causing trouble, I miss David Bloom. I miss David Bloom. Yeah, he was trouble. He was trouble too. Janet Henry, thank you, of HSBC. Appreciate it, it's good to see you. Fabulous. If you are just tuning in, welcome to the programme. Equity is right now positive by 0 Now with the latest news from New York City and around the world, here's Michael Barr. Tom, Lisa, John House Speaker Kevin McCarthy has suffered yet another setback within his own party's ranks, as some GOP members have gone home for the weekend. Bloomberg's Nancy Lyons reports. A vote to allow debate on the Pentagon spending bill was once again defeated with some hardline GOP members voting against it. The yeas 212, are the nays are 216. The resolution is not adopted. Speaker McCarthy McCarthy admits he's frustrated. This is a whole new concept of work. Minority leader Hakeem Jeffries says the civil war now underway within the House GOP could lead to a shutdown. We need the extreme MAGA Republicans to get their act together.
The Crypto Overnighter
A highlight from 675:SECs DeFi Sweep and Coinbases Political Gamble
"Good evening and welcome to The Crypto Overnight -er. I'm Nicodemus and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax and let's get started. And remember, none of this is financial advice. And it's 10 p .m. Pacific on Wednesday, September 20th, 2023. Welcome back to The Crypto Overnight -er where we have no sponsors, no hidden agendas and no BS. But we do have the news, so let's talk about that. Tonight, we'll delve into the SEC's ongoing battle with the crypto world, scrutinizing both exchanges and DeFi platforms. Finance is also in hot water, basing challenges on multiple fronts. Across the pond, the UK is grappling with its own regulatory maze, affecting everything from the metaverse to basic banking. Stanford University finds itself embroiled in a legal quagmire that ties back to the cryptosphere. Meanwhile, Hong Kong plots a different course from mainland China, leaning into crypto rather than shunning it. And finally, Coinbase isn't just sitting idly by, they're launching a campaign to influence the future of crypto legislation. Buckle up, it's going to be a jam -packed episode. David Hirsch is the head of the SEC's Crypto Assets and Cyber Unit. Hirsch made it abundantly clear, the SEC is far from done with its enforcement actions against crypto exchanges and DeFi platforms. Speaking at the Securities Enforcement Forum central in Chicago, Hirsch emphasized that the SEC's focus extends well beyond high profile cases like Coinbase and Binance. The agency is actively investigating other firms involved in similar activities. Hirsch stated that the SEC's jurisdiction covers brokers, dealers, exchanges, and clearing agencies that are not meeting their obligations, either through failure to register or inadequate disclosures. The SEC is also turning its attention to DeFi projects. Hirsch warned that the label DeFi won't deter the agency from its enforcement actions. However, he acknowledged that the SEC's resources are limited and they can't just go after every old token and platform. The SEC has already taken action against two Floridians in their company, Blockchain Credit Partners, for selling unregistered securities. The agency also filed actions against LBRY and the founder of the pulse chain ecosystem, Richard Hart. While the agency's resources may be limited, their intent is clear, to bring the industry to heel. This is about setting a precedent that will affect the entire crypto landscape. The SEC's focus on DeFi is particularly noteworthy. DeFi platforms, often touted as the epitome of decentralization, are now squarely in the SEC's crosshairs. This could have far reaching implications for the DeFi ecosystem, potentially innovation stifling or forcing projects to operate in a more regulated environment. The SEC's actions also raise questions about the agency's true motives. Is this a genuine attempt to protect investors or is it a way to exert control over a burgeoning industry that threatens traditional financial systems? Given the SEC's history of enforcement actions, it's hard not to see this as a strategic move to rein in an industry that has long operated in a regulatory gray area. While the SEC aims its canons at DeFi, Binance finds itself at the agency's crosshairs too. Now what's common? Regulatory scrutiny and it's global. Make sure you like this episode and let's switch focus to Binance's battles.
Daily Crypto Report
Fresh update on "hong" discussed on Daily Crypto Report
"Bankrupt crypto exchange FTX has filed a lawsuit against former employees of its Hong Kong affiliate Salamata, seeking to recover over 157 million in asset. The lawsuit alleges that employees there withdrew assets from FTX preferentially or fraudulently before the bankruptcy proceedings. The majority of these assets, more than 123 million, were withdrawn after FTX filed for Chapter 11 bankruptcy protection. Well, Google Cloud's BigQuery data analytics service has expanded its support for blockchains by adding 11 new options. Users can now perform in-depth on-chain queries and analyze various aspects of these blockchains, such as NFT minting and transaction fees. Google Cloud launched its blockchain data service in BigQuery in 2018, focused on Bitcoin and Ethereum. These additions now support a total of 19 blockchains. Well, the Wall Street Journal says Tether, the stablecoin issuer, has continued to lend the USDT stablecoins to clients, despite earlier plans to discontinue this practice. Their latest financial update reveals that they had 5.5 billion in loans as of June 30th, up from 5.3 billion the previous quarter. The spokesperson for the company noted that loans would be reduced to 0 by 2024, an update on their previous ambition to eliminate secured loans by 2023. Tether emphasized that it remains committed to removing secured loans from its reserves and that its assets are independently audited. And finally, Bitcoin mining rig manufacturer Bitman is set to invest 53 million in Core Scientific, the Bitcoin mining company based in Texas. That investment hopes to strengthen their existing relationship as part of a supply contract. Bitman plans to supply Core Scientific with 27,000 Bitcoin mining servicers in exchange for 23.1 million in cash and 53 million in Core Scientific common stock. The stock's value is currently being determined by a bankruptcy court as part of their reorganization plan, with approval expected in the fourth quarter of this year. Core Scientific currently operates around 206,000 Bitcoin mining rigs, producing 965 Bitcoin in August and almost 10,000 Bitcoin in the first eight months of the year. Well, that's all for us today. Visit us at dailycryptoreport.io for sources and links. And listen to us everywhere else you podcast under Daily Crypto Report.And four of us were swept down the side of the mountain. And then I knew there was no way out of this thing. From the heart pounding to the inspiring and the downright insane. Find Armchair Explorer, a part of APT Podcast Studios, wherever you get your podcasts. Go and find what it is in the world that matches that wildness in yourself. podcast, it's all about keeping it real. We're talking fashion, beauty to religion, sex, drugs, mental health. I mean, there's no topic off limits here. And vulnerability is mandatory. You can find my podcast, The Low Life. That's L-O, no W, everywhere and anywhere you listen to your podcasts. New episodes are out every Thursday. We'll see you then.
The Breakdown
A highlight from Is the SEC About to Go Scorched Earth?
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Wednesday, September 20th, and today we're asking whether the SEC is about to go scorched earth. Before we do that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find the link in the show notes or go to bit .ly slash breakdown pod. Hello friends, lots to get through today, so let's dive right in. The SEC is not done going after crypto exchanges, according to David Hirsch, the head of the agency's crypto assets and cyber unit. Speaking at the Securities Enforcement Forum Central in Chicago on Tuesday, Hirsch said securities law violations within the industry extend far beyond existing litigation. Now, keep in mind, the crypto division of the SEC is currently bogged down with complex lawsuits against both Coinbase and Binance, two of the largest crypto exchanges. Hirsch said his unit is investigating similar activity across other firms and believes non -compliant business practices, quote, hold true well beyond any two entities. Hirsch warned, Now, the SEC is apparently also turning its gaze towards DeFi platforms in this crusade against crypto intermediaries. Hirsch said, quote, Now, a common theme of recent comments from SEC chair Gary Gensler is to mock, quote, so -called decentralized finance. This perhaps indicates that the SEC believes underlying most DeFi protocols, they will be able to find a company to sue. All that said, despite outlining an ambitious enforcement agenda, Hirsch did concede that the agency's resources are constrained. Over recent decades, the SEC has largely dealt with regulated financial institutions, with The SEC's campaign against crypto firms has largely presented existential threats rather than manageable fines, leading to a significant number of contested lawsuits. Hirsch admitted during the panel that, quote, Reflecting on that point, Hirsch recognized the scale of the task he was proposing, stating that, And similarly, there are a number of centralized platforms out there, some that are acting as unregistered exchanges. So in some ways here, Hirsch is begrudgingly admitting that the SEC is getting close to capacity, at least when it comes to ongoing litigation. They're dealing with Coinbase, Binance and Ripple, all as major cases, LBRY Library seems to be wanting to go to appeal, then there's Grayscale, which continues to be a legal battle, as well as the two recent NFT cases which settled. So the question is, can the SEC handle five lawsuits at once? Can they handle 10? Even if you think the answer is yes, at what point do you think the answer becomes no? Frankly, this is maybe why people like Coinbase CEO Brian Armstrong are encouraging the industry to take up arms effectively and actually fight these legal battles out in court. Now, of course, this brings up the other question of whether the SEC can bank on funding for additional resources to expand this endeavor or whether they need to have some alternative approach. This, of course, echoes the talking point from both the GOP as well as from Dems like The SEC's regulation by enforcement approach is reaching the end of its limits to the extent that it ever was successful at all, and that a much smarter pathway at this point might actually be rulemaking and guidance rather than just trying to sue the industry off the face of the planet. Look, crypto companies are fighting back. It's only a matter of time before we see some sort of coordinated defense fund, and it wouldn't be surprising to me if even this beleaguered industry can marshal a heck of a lot more resources than the SEC can on its own. Now, the other side of the coin is how much time the SEC actually has left to bring the industry to heel. Fox Business reporter Eleanor Teret tweeted yesterday, Only 13 days left for the SEC to bring enforcement actions that will count towards fiscal year 2023 enforcement numbers. The agency filed 760 total enforcement actions in FY 2022. I wonder if we'll see a surge of cases in the next two weeks? Now, certainly when it comes to the crypto industry, there is a broad sense of bring it on. Crypto trader Laxman writes, SEC warns of upcoming charges against crypto and DeFi exchanges. Few might think this will kill crypto. I feel like this will kill SEC. Crypto McKenna retweeted the headline, SEC warns more charges against crypto and DeFi exchanges are coming, and added the Latin phrase, if you want peace, prepare for war. Simplest of all, the Gordon Law Group just said, bring it on, Gary. Now, moving to the global sphere, a German regulator has stressed the risks of crypto and called for global regulations to apply consistently without exception. On Monday, Rupert Schaefer, executive director of strategy, policy and control at the German Federal Financial Supervisory Authority, Baffin, published a blog post on the importance of united global regulation on crypto. He warned of the dangers of unregulated crypto firms using a fairly labored analogy to airspace regulation. Schaefer likened the crypto regulation to air traffic control regulations, which are relatively uniform throughout the world. In this analogy, some crypto assets and DeFi projects were UFOs. He stated then that it would be negligent to simply ignore them. Schaefer warned that FTX was a major crash and there would be many more like it to come. Now, the regulator praised the recently passed MICA regulations in Europe, but argued that further steps need to be taken. He produced a long list of global proposals from the Financial Stability Board, the International Association of Securities Commissions, the Financial Action Task Force and the Basel Committee, and this he claimed was enough to establish a global consensus, stating that quote, the international regulatory principles have been adopted and the framework has been set. Now, the common principles must be implemented consistently and consistently worldwide. There should be no white spots in the flight radar. The global rules should also apply to niche financial centers. Now, this blog post comes a little over a week since the conclusion of the G20 summit, which was pitched as an opportunity to discuss global synchronization of crypto policy. G20 leaders did manage to produce an endorsement of the latest set of policy recommendations published by the Financial Stability Board. And in her article previewing the meeting, Noelle Acheson highlighted that the adoption of FSB recommendations was quote, very likely since the recommendations don't actually say anything interesting. Noelle noted that the FSB recommendations are more around notational international cooperation and vague platitudes about enforcing risk management rather than firm policy outlines. At the same time, none of the recommendations mentioned by Schaeffer actually achieved consensus approval at the G20, calling into question how the regulator can claim that there are any common principles whatsoever. Moving over to the UK. The UK House of Lords have passed a bill which would grant authorities the power to freeze and seize crypto assets associated with crime. Currently, UK authorities cannot apply for crypto assets to be frozen unless there has been an arrest or conviction. This bill would allow them to more quickly apply for freeze orders. Hundreds of millions worth of crypto linked to crime have been seized by local authorities, but experts say this new bill could help deal with situations that aren't easily dealt with under the current legal framework. Phil Aris, Director of UK Public Sector Relations at TRM Labs said, A government fact sheet suggested even more broad use, stating that quote, The creation of a crypto asset's specific civil forfeiture power will mitigate the risk posed by those that cannot be prosecuted, but use their funds to further criminality or for terrorist purposes. Isabella Chase, Senior Policy Advisor at blockchain analytics firm TRM Labs suggested that the measure could assist with police funding, stating that quote, Corker Bining was less enthusiastic about the fundraising prospects, noting that as the UK cracks down, quite, they might find that the pool of available targets quickly dwindles as suspected criminals move their assets offshore to less enthusiastically policed jurisdictions. The bill has already been passed in the House of Commons once, so will now return for a second vote before it can be given royal assent to become law. Now, I don't know what sort of free society we're dealing with here. With the big caveat that I am not a lawyer, the discourse around this is pretty wild to me. It seems like they're talking effectively about on -chain asset forfeiture without the requirement to charge anyone with a crime. This is the digital equivalent of police being able to take what they find in your trunk if they search your car and not have to give it back to you. That's an insane policy and so is this. And I hope not just for the sake of the crypto industry, but for the sake of the UK itself, some real, real limits are put around this. Staying in the UK, however, for just a moment, on Tuesday, UK lawmakers passed the controversial online safety bill. The bill requires companies to assess the likelihood of customers encountering illegal content and of children encountering harmful content. Proponents of the bill say it will be used to protect younger internet users and make the web a safer place. The government has claimed the bill would make the UK, quote, the safest place in the world to be online. Critics, however, have warned that depending on how the bill is enforced, it could require companies to do away with encrypted messaging and essentially any notion of online privacy. WhatsApp, Signal and Telegram have all threatened to exit the UK if the bill was passed. Earlier this month, regulators attempted to appease encrypted messaging apps by promising to only implement text scanning if it was technically feasible, but WhatsApp head Will Cathcart appeared unconvinced, tweeting last week that, quote, the fact remains that scanning everyone's messages would destroy privacy as we know it. That was as true last year as it is today. WhatsApp will never break our encryption and remains vigilant against threats to do so. Signal President Meredith Whitaker was a little bit more hopeful that the implementation would be thoughtful. She said, quote, while it's not everything we wanted, we are more optimistic than we were when we began engaging with the UK government. It matters that the government came out publicly clearly acknowledging that there is no technology that can safely and privately scan everyone's communications. At this point, it is imperative that we press regulators to incorporate the government's safely and privately scan end to end encryption communications and push them to clearly and publicly commit to not using the unchecked and unprecedented power vested in them to undermine private communications infrastructure. Whitaker confirmed that Signal would remain available in the UK for the time being. But for content and messaging platforms, the enforcement of the bill is a high stakes issue, with the maximum penalty being up to 10 percent of global revenue. Lastly, today, an update from a story earlier in the week. We have recently talked about JPX, a crypto exchange that has come under fire from Hong Kong authorities. At the time, withdrawals were effectively halted and one influencer had been arrested for promoting the platform. Reporting on Monday morning stated that authorities had received 83 complaints related to assets worth $4 .3 million. Since then, the case has dramatically escalated. Authorities have now received over 1 ,600 complaints involving over $150 million worth of assets. Eight people have now been arrested with the expectation that more arrests are coming. Police have now stated that the arrests are in relation to conspiracy to commit fraud rather than merely promotion of an unlicensed exchange. Twenty locations have been raided across Hong Kong with police seizing cash, jewelry, computers and phones worth around $1 million. Police have frozen around $2 million held in bank accounts owned by arrested suspects, alongside about $5 .5 million in property. Authorities are currently considering the confiscation of around $8 million in criminal proceeds. On Monday, JPX blamed the Securities and Futures Commission and their counterparties within the industry for causing an illiquidity crisis. They said in a statement, When other cryptocurrency exchanges announced their entry into the Hong Kong market and began extensive promotion, JPX was subjected to continuous unfair treatment. The SFC sent letters to all of our partners requesting the cessation of cooperation with the platform. On Tuesday, however, Elizabeth Wong, director of licensing at the SFC, confirmed that the regulator had asked counterparties to step away from the unlicensed exchange. The regulator had been monitoring the platform for months and issued numerous warnings to users. She said that since those warnings were issued, JPX went from bad to worse. The events surrounding JPX could be seen either as a sign that Hong Kong authorities are serious about enforcement of new crypto regulations or an indication that the city still has a long way to go in cleaning up the industry. As we discussed before, given Hong Kong's role as a bellwether for Chinese authorities' attitudes towards crypto, this is a story that we will continue to watch. However, for now, that is going to do it for today's breakdown. I appreciate you listening, as always. Until next time, be safe and take care of each other.
The Crypto Overnighter
A highlight from 674:JPEX Meltdown, FTXs Family Feud, and Global Regulatory Squeeze
"Dispatch, this is Mindy at ME Flow. You know, you don't have to put off fixing plumbing problems in your home anymore. I mean, you could just ignore that clogged drain. Or visit MEFlow .com to take care of your plumbing problems. ME Flow, License 271 -001 -2450. Dispatch, this is Mindy at ME Flow. Coming to terms with a dying AC unit is tough. I know, because I've been there. I tried to get my old unit to last just one more summer, and boy did I pay the price. Longest summer of my life. So trust me, if you need to replace your AC, just call ME Flow. My team is on time, total pros, and can take care of any type of AC replacement. Visit MEFlow .com to schedule your free estimate. ME Flow. One call, one company. Well, I gotta get back to it. Dispatch, this is Mindy. Go ahead. Good evening, and welcome to the Crypto Overnighter. I'm Nickademus, and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax, and let's get started. And remember, none of this is financial advice. And it's 10pm Pacific on Tuesday, September 19th, 2023. Welcome back to the Crypto Overnighter, where we have no sponsors, no hidden agendas, and no BS. But we do have the news, so let's talk about that. Tonight, we're diving into Hong Kong's JPEG scandal, which has rocked the crypto world and prompted regulatory crackdowns. Across the pond, the UK is sharpening its legal tools to seize crypto assets. But at what cost to financial freedom? In a surprising twist, FTX is suing the parents of its founder, Sam Bankman -Fried, for alleged misappropriation of funds. Meanwhile, the New York Department of Financial Services is tightening its grip on crypto firms with new guidelines. Down in Thailand, a new tax policy could discourage crypto trading by residents, and over in Malta, the blockchain island is aligning itself with new European crypto regulations. Since around the beginning of the year, we started bringing stories about Hong Kong's re -emergence into the world of crypto. We watched China turn a blind eye as Hong Kong politicians and officials appeared to soften their stance against crypto. We've watched as policies have been announced and licenses granted. Sadly, it seems Hong Kong's brand new crypto landscape is in turmoil thanks to the JPEG scandal. The Hong Kong police have arrested eight individuals in connection with the alleged fraud. The police received 1 ,641 complaints involving assets around HK $1 .19 billion. The authorities also seized cash, jewelry, computers, and phones worth about HK $8 million. Additionally, HK $15 million in relevant bank accounts were frozen, along with properties worth about HK $44 million. Hong Kong lawmaker Duncan Chu stated that the city is running its second round of consultation for stablecoin issuance guidelines. He hopes that regulatory guidelines for stablecoin issuers will be released by the middle of next year. This comes as Hong Kong aims to develop itself into a Web3 hub. In June, Hong Kong officially started its crypto licensing regime, allowing licensed exchanges to offer crypto trading services. The JPEG scandal is a glaring example of why regulation is both a necessity and a double -edged sword in the world of crypto. Hong Kong, unlike its hulking big brother China, has been more welcoming to crypto firms. Yet, the JPEG case shows that this openness can be exploited, and the government's response? Tighten the news. Hong Kong's chief executive announced increased efforts to inform investors to only use platforms with Securities and Futures Commission licenses. The JPEG case exposed the vulnerabilities in Hong Kong's crypto market, and it's clear that the government is now in damage control mode. The question is, will this lead to overregulation, thereby stifling innovation, or will it strike a balance, ensuring both growth and security? Either way, it's a critical moment for crypto in Hong Kong, and by extension for the global crypto community. Now before we move on, remember if you find this content valuable, hit that follow button and turn on notifications. Now from Hong Kong's regulatory puzzle, we hop over to the UK. The British are writing new laws that could redefine your notion of financial freedom. Is this an evolution or a step back? Let's find out. The UK is ramping up its efforts to combat crypto -related crimes. A new bill, known as the Economic Crime and Corporate Transparency Bill, is set to be enacted later this year. This legislation aims to empower local authorities with the ability to freeze and seize crypto assets tied to criminal activities more efficiently. The bill removes the need for an arrest or conviction before assets can be frozen. This is a significant change from the current laws. The bill also introduces new civil forfeiture powers. These allow assets to be seized even if a person is not convicted of a criminal offense. This is particularly useful in cases where the subject of the investigation is unlikely to face justice in the UK. The UK plans to spend $124 million to fight economic crimes, a 50 % increase compared to 2020. The bill has moved to its final stages in parliament and is awaiting final approval. Okay, where do I begin? The UK's new bill is a double -edged sword. On the one hand, it's a powerful tool for law enforcement. It can prevent criminals from moving their assets offshore before they're seized. But on the flip side, this could be a slippery slope towards more centralized control over crypto assets. The bill's broad powers could potentially be misused, leading to unjust seizures. Moreover, the UK's aggressive stance might push crypto activities to jurisdictions with lax regulations. This could make it even more challenging for global authorities to track illicit activities. The bill also raises questions about financial privacy. How much power should a government have to freeze and seize assets without a conviction? The UK's move is a clear signal that governments are becoming increasingly uncomfortable with the decentralized nature of cryptocurrencies. While the bill aims to fight economic crimes, it also sets a precedent that could be followed by other countries. This could lead to a global tightening of regulations around cryptocurrencies, which are something we should all be wary of. How you think seizing crypto assets without a conviction is shocking? Hold your horses. FTX is suing the parents of its founder. You heard that right. It's a family feud worth millions, and it raises some dark questions about ethics in the crypto world. Don't go anywhere. So that's gotta be a rough day. The day the company you founded sues the very people who gave you life. But that's what's happening as FTX is suing the parents of its founder, Sam Bankman Fried. The lawsuit aims to recover millions in quote, fraudulently transferred and misappropriated funds. Both parents, Joseph Bankman and Barbara Fried, are accused of exploiting their influence within FTX to enrich themselves. The lawsuit alleges that the parents received millions from FTX for personal benefit and their chosen causes. For instance, they received over $18 .9 million for a property in the Bahamas known as Blue Water. The parents are also accused of siphoning off money for lavish expenses like $1200 per night hotel stays. The filing further claims that Joseph Bankman had a unique understanding of FTX's complex corporate structure, which he used to facilitate a $10 million cash gift to himself and Fried. Barbara Fried was the point person for SPF's political contribution strategy and co -founded a political action committee that received tens of millions of dollars from FTX. The lawsuit also says that the parents were involved in FTX's business cradle to grave. Joseph Bankman is described as a de facto officer of FTX group with broad authority to make decisions. Barbara Fried was actively involved in FTX's political donations. The lawsuit against SPF's parents shines a glaring spotlight on the darker aspects of the crypto world. The case raises questions about the ethical boundaries within businesses in the crypto space. The parents, both law professors, should have known better. Their academic credentials add a veneer of legitimacy, making the allegations even more shocking. The involvement of Stanford law professors in such a scandal reminds us that even those in towers can be lured by the siren call of easy crypto riches. The lawsuit paints the picture of a family that used their intellectual prowess, not for the betterment of society, but for personal gain. It's easy to get caught up in the promise of decentralization and financial freedom, but this lawsuit shows that the same old vices, greed, corruption, and exploitation, can infiltrate even the most modern of financial systems. It's as I said at the time, the crime had nothing to do with crypto and everything to do with greed. Intrigued by the drama at FTX? Make sure to like this episode and share it. But now, let's switch gears. If you thought family drama was complex, try navigating New York's new crypto guidelines. The NYDFS is tightening the leash on crypto firms. Is it protection or overreach? We're diving in.
The Crypto Overnighter
A highlight from 673:Warrens Anti-Crypto Moves and Hong Kongs JPEX Crisis
"Every parent wants to witness the many firsts in their child's life. First steps, first word, first haircut. But what about their first bite of beef? Complete with nutrients like iron, zinc, choline, B vitamins and protein, it's vital for strengthening little minds and little bodies. Making that first bite of beef a moment for everyone to savor. Together, we bring more. Beef. It's what's for dinner. Funded by beef farmers and ranchers. Good evening and welcome to the Crypto Overnighter. I'm Nick Ademus and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax and let's get started. And remember, none of this is financial advice. And it's 10pm Pacific Time, Monday, September 18th, 2023. Welcome back to the Crypto Overnighter, where we have no sponsors, no hidden agendas and no BS. But we do have the news, so let's talk about that. Tonight we deep dive into JPEX's meltdown in Hong Kong and what that means for crypto regulation. Next we examine the $70 million hack that rocked Coinex and the geopolitical implications behind it. Then we turn our attention stateside to discuss Senator Elizabeth Warren's anti -crypto bill and the brewing congressional storm over central bank digital currencies. We'll also break down the recent celebrity lawsuits surrounding the now -defunct FTX exchange. And finally we will close with a look at how Europe is taking the lead in crypto ETFs, while the US languishes in regulatory limbo. Buckle up, it's going to be a time. Hong Kong -based crypto exchange JPEX is under fire from the Hong Kong Securities and Futures Commission. The SFC arrested one person linked to the exchange. We've been talking about JPEX for a couple of days now, and it sounds like they're off to kind of a rough start. JPEX has been operating without a license in Hong Kong. The exchange received numerous complaints, leading to a police investigation. Amid liquidity issues, JPEX suspended all transactions on its earned trading interface. The exchange is also considering restructuring as a decentralized autonomous organization, a DAO. Joseph Lam, a crypto influencer and former lawyer, was arrested in Hong Kong for his association with JPEX. The police raided his office and seized evidence. Lam had urged affected JPEX users to report losses via a police hotline. The SFC warned last week that JPEX and crypto influencers have made false or misleading statements. The police have received at least 83 complaints involving JPEX, amounting to $4 .3 million. JPEX froze certain operations and raised withdrawal fees due to a liquidity crisis. The exchange claimed that its third -party market makers have, quote, maliciously frozen the company's funds. Some users report a $999 USDT fee for withdrawal, with a maximum set at 1 ,000 Tether. JPEX also froze its game platform. The SFC expressed concern over JPEX's misleading statements about licenses and high returns for its products. The arrest and the subsequent probe into JPEX signal a tightening regulatory grip on crypto exchanges operating without a license. This is not just a one -off incident, but a warning shot to other platforms that might be skirting the law. The SFC's involvement and the arrest of a high -profile influencer like Joseph Lam show that the authorities are not taking this lightly. The liquidity crisis at JPEX is a red flag for sure. Not all exchanges are as transparent or as stable as they claim to be. The high withdrawal fees and frozen funds are alarming signs that could lead to a loss of trust among users. The move to restructure as a DAO might seem like a strategic pivot, but it's more likely a desperate attempt to regain some semblance of stability. The 83 complaints against JPEX and the $4 .3 million involved indicate that this is not a small -scale issue. It's a significant problem that could have ripple effects across the crypto landscape in Hong Kong and potentially beyond. The authorities are clearly taking steps to clamp down on misleading practices and unlicensed operations, which could set the tone for future regulatory actions. The JPEX saga underscores the importance of due diligence and the need for regulatory oversight in the crypto space. It also raises questions about the role of influencers in promoting platforms that may not be as secure or as regulated as they claim. This is a wake -up call for all involved in the crypto world, reminding us that with high returns come high risks. Alright, from one sinking ship to another. If you think JPEX's meltdown was a shocker, wait till you hear about Coinex. Before we dive in, give us a like and hit that subscribe button if you're enjoying the show so far. You won't want to miss this.
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 09-18-2023 19:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context, and context changes everything. Go to Bloomberg .com to get context. Yeah, it's art, I guess. They're not even arguing that. All right, well, we've got plenty for you. No blank spaces here on this program the next hour of Bloomberg Daybreak Asia begins right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act, this is Bloomberg Radio. This is Bloomberg Daybreak Asia for this Tuesday, September 19th in Hong Kong, Monday, September 18th in New York. Coming up this hour, Instacart prices its IPO at $30 a share. Disney is exploring the sale of its Indian streaming and TV business, and China's central bank meets with JP Morgan, Tesla, and others in a vow to support foreign businesses. A stop -gap government funding bill agreement, Hague arguments on charges of Russian genocide, China flies the most fighter jets near Taiwan in at least three years. I'm Ed Baxter with Global News. Struggling Manchester United's injury woes deep in. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia, on Bloomberg 1130 New York, Bloomberg 99 .1 Washington D .C., Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM 119, and around the world on BloombergRadio .com and via the Bloomberg Business Act. In about an hour from now, we'll have trading in the Japanese equity market after a holiday on Monday.
The Breakdown
A highlight from Anti-CBDC Bills Advance in Congress
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Monday, September 18th, and today we are talking about anti -CBDC legislation being advanced. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or, if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Happy Monday. Welcome to another week, another frankly weirdly quiet week right now. I don't know. There's something out there. There's some bad juju. I guess it could just be another example of this weird period of the cycle that we're in that's sort of past the worst, but definitely before the good stuff starts again, but I'm excited. But we are not going to dwell on that. Instead, we are going to hop, skip, and jump through a number of things that have happened over the last few days, kicking it off with what has become a surprising political issue this election cycle, which is central bank digital currencies. The House Financial Services Committee will hold a markup section on Wednesday, which will include two bills aimed at preventing the issuance of a US CBDC. The first bill is Tom Emmer's CBDC Anti -Surveillance State Act, which would prevent the Federal Reserve from offering any products or services directly to individuals. Fed branches would also be prohibited from keeping accounts for individuals or issuing a CBDC or similar digital assets. Emmer's bill was recently reintroduced during last week's CBDC hearing and now boasts 49 co -sponsors. On September 14th, the House Majority Whip tweeted, A governmental tool for financial surveillance is un -American. We must urgently develop a digital financial system that is 1. Open and freely accessible to all. 2. Without requiring permission from the government or anybody else. 3. Private safeguarding the user's identity. In a separate tweet, he had said, If not open, permissionless, and private, like cash, a CBDC is nothing more than a CCP -style surveillance tool that can be weaponized to oppress the American way of life. The second bill is sponsored by Alex Mooney and is called the Digital Dollar Pilot Prevention Act. That bill is structured as an amendment of the Federal Reserve Act of 1913 that would prevent Federal Reserve branches from even conducting CBDC testing and development. Now, of course, senior Fed officials have gone on the record to say they have no plans to issue a CBDC without the approval of Congress. In May, Minneapolis Fed President Neil Kashkari even questioned the need for a CBDC given the existence of instant payment fintech services. He noted that CBDCs would be a powerful financial surveillance tool and could enforce negative interest rates, but questioned why the U .S. government would have any interest in constructing such a system. Now, all that said, some Fed branches still do seem to be interested in the development of CBDC technology. The San Francisco Fed, for example, recently advertised a position for a crypto -architect for a CBDC project, and Project Hamilton was concluded and wound down in December after two years of collaboration between the Boston Fed and MIT. Now, in terms of where this legislation actually is, the markup process allows committee members to comment on the drafting of bills. A vote is then taken on whether or not to approve legislation for a full House vote. Both bills are only a few paragraphs long, so shouldn't drag out to an all -day, contested affair as we recently saw with the stablecoin bill. Instead, the bills could act as a bellwether for congressional sentiment around CBDCs. Multiple Republican presidential candidates have made opposition to a CBDC a part of their campaign. For example, Florida Governor Ron DeSantis said at a July event, If I am president, on day one we will nix central bank digital currency. Done. Dead. Not happening in this country. Outsider Democrat candidate Robert F. Kennedy has also been outspoken on the need to oppose the issuance of a CBDC. So given all that, if either of these bills progress to a vote in the House, they could be an opportunity to put members of Congress on record about their support for a CBDC coming into election season. Now, we could spend shows and shows and shows talking about why this seemingly small issue, at least to the rest of the world. Obviously, I'm not talking about for our audience and our community. But this issue, which is for all intents and purposes very small to most people, has become such a central piece of the opposition narrative heading into this election cycle. I think there are probably a few different elements of it. One, I think it feels to many like an extension of government power. And as we've seen and discussed, it is quite clear that how much power governments have is going to be a major issue. And of course, while that's coming from the Republican side of the House, it's also coming from Democrats. And this is perhaps not surprising. It's not surprising because we're still coming off the COVID period, which brought up major questions of how much authority the government has to be involved in people's lives. And so in many ways, this is an extension of that conversation. I think there is also a little bit of nervousness around technology in general. This is something that we've seen in crypto. It's certainly something that we see in AI as well. And while this is technology in the hands of the government, not technology in the hands of big tech companies, it still has that feeling of lots of data, lots of power, lots of information, big black holes, and not a clear way for citizens to exert influence when it comes to this important domain of their lives. Anyway, right now, there's no one who's really actively arguing for a CBDC, which could frankly be another reason why it's a nice political issue. It gets to stay a little bit, at least in the realm of metaphor for some of these larger topics, but it's still something that can be legislated upon with lower stakes than going after government power directly. Anyways, it's one we're going to keep an eye on to see just to what extent it continues to be an issue in elections or whether it's just part of this early narrative testing process at this very nascent point in the election cycle. Next up, we go halfway around the world to Hong Kong, where the Hong Kong Monetary Authority has issued a warning to crypto users that unregistered crypto firms could be presenting themselves as banks. The HKMA, which serves as the region's banking regulator, said that firms which use language associated with the banking industry could be in violation of recently implemented Hong Kong crypto regulations. The regulator said it had become aware of firms using terms including crypto bank and offering quote banking services. They even went so far as to call out firms that use the word deposits or promote their quote savings plans as low risk with high return. The HKMA said in a statement that quote, The regulator noted that these firms advertising themselves as crypto banks were not supervised by the HKMA and are not covered by the region's deposit protection scheme. Now, Hong Kong's crypto regulations coming into force in June was one of the big stories of this year. The rules were intended to permit retail crypto trading on regulated exchanges and they're being administered by the local securities agency rather than the banking regulator. Since then, only a small handful of firms have been granted licenses. This includes HashKey and OSL, who were licensed to provide retail trading exchanges, as well as Swiss -based crypto bank Ciba, which has received in principle approval to offer over -the -counter derivatives trading and asset management services. Now, enforcement of Hong Kong's crypto regulations has also begun in earnest. Last Wednesday, the securities regulator issued a warning against Dubai -based crypto exchange J -PEX. They alleged the firm had been promoting its products and services in Hong Kong without applying for a license. A press release from the securities regulator included allegations that J -PEX were advertising their services using the prohibited terms deposits, savings or earnings. They noted that many J -PEX products had quote, The regulator also accused influencers and local OTC desks of making false and misleading statements on social media that J -PEX had applied for licensing. Following the warning, J -PEX employees seemingly disappeared from their booth at the Token 2049 conference in Singapore, where they were a platinum sponsor. And on Sunday, the exchange ramped up withdrawal fees to $999 and also implemented $1 ,000 withdrawal limits, essentially being a withdrawal halt. Now, J -PEX addressed this on Sunday, blaming quote unfair treatment by relevant institutions in Hong Kong towards J -PEX. They said that quote, J -PEX said they were currently negotiating with these market makers to resolve liquidity issues. The exchange promised to quote, They claim that emergency withdrawals are still being dealt with manually and also announced that trading on their earned trading platform would be halted on Monday. Now, adding something to the story, on Monday, the South China Morning Post reported that local police had received at least 83 complaints about J -PEX involving assets worth around $4 .3 million. They say the securities regulator had escalated investigations to the Commercial Crime Bureau on suspicions of fraud. Follow -up reporting said that lawyer turned crypto influencer Joseph Lamb -Chalk had been arrested on Monday in connection to promotion of the exchange. Sources also said an office building had been raided on Monday morning. Now, there's a lot that's actually really worth watching here. Hong Kong creating this licensing regime is not just relevant for citizens of Hong Kong, although it certainly is for them. This has been seen, rightly so, as a marker of slightly shifting Chinese attitudes towards crypto in general. When these rules were first announced as forthcoming at the end of last year, it was widely anticipated that it would include a retail trading ban. Remember, crypto trading has been banned in China for the last few years. However, in the wake of FTX, and in particular the US's aggressive response to it, it appeared that the Chinese authorities might be reconsidering their position and in so doing using Hong Kong as a vehicle for testing the waters on the market without changing any policy in mainland China. In that light, I don't know exactly what this enforcement action around J -PEX actually signals. Arresting an influencer certainly sends a signal, but to what the ends of that signal are, I'm just not sure. I do think, however, it's probably worth weighting this issue as a little bit more significant than just a regional crackdown, as it may have bigger implications given the unique role Hong Kong plays relative to China when it comes to crypto. Next up, we move back to bankruptcy proceedings in the US where Gemini have slammed the proposed settlement between DCG and their subsidiary, Genesis, calling it misleading at best in a court filing on Friday. Now you'll remember that earlier last week, DCG had filed a proposed deal which would settle approximately $630 million in outstanding loan payments to Genesis. DCG said the deal could result in 90 % recoveries for unsecured creditors and recoveries as high as 95 % to 110 % for Gemini Earn customers who form the largest creditor entity in the Genesis bankruptcy. Gemini said in their court filing, however, that, quote, DCG touts proposed recovery rates that are a total mirage, misleading at best and deceptive at worst. Make no mistake, Gemini lenders will not actually receive anything close in real value terms to the proposed recovery rates under the current agreement in principle, end quote. DCG had proposed a repayment schedule for $1 .65 billion in total loans over seven years. Although the agreement had a substantial payment in the first year, criticism of the deal noted that recovery calculations were contingent on crypto -denominated payments becoming more valuable over time. I think the numbers were something like Bitcoin going to $85 ,000 and ETH going to $8 ,500. Gemini customers are owed around $1 .1 billion and it appears that taking on long -term risks associated with crypto prices and the continued solvency of DCG are simply not acceptable to them. Gemini said in their filing, quote, receiving a fractional share of interest in principal payments over seven years from an incredibly risky counterparty is not even remotely equivalent to receiving the actual cash and digital assets owed today by Genesis to the Gemini lenders. They added that, quote, DCG's proposal is markedly parallel to an attempt to satisfy its significant obligations through the issuance of IOUs instead of paying any real cash and digital assets. Gemini lawyers also slammed DCG's negotiation tactics, claiming they had made efforts to suggest that they would become desperate enough to take a significant haircut just to move on. On their creditors update blog, Gemini put it even more pointedly, stating that, quote, DCG is gaslighting creditors and testing earned users' resolve by baiting them with false promises of high recoveries. Now, hanging over the current state of the Genesis bankruptcy is the firm's right to exclusively propose recovery plans. The judge had granted a 30 -day extension to the exclusivity period through to early next month. That order was contested by Gemini and ended up falling short of the 60 -day extension requested by Genesis. After the exclusivity period has elapsed, creditors will be able to organize their own proposed deal to bring the bankruptcy to a close. Finally, separately on Friday, Gemini updated their lawsuit against DCG and CEO Barry Silbert. They now include four direct allegations that intercompany loans between DCG and Genesis were designed to, quote, make the market believe it had actually fixed Genesis's cratering financial condition. So there you have it. There are a number of other things that happened over the weekend or around the end of last week that we may touch on in conversations later. Mark Cuban got fished for almost a million bucks, for example. The New York Times leaked parts of a 15 ,000 -word Sam Bankman -Fried ramble that amounts to a very self -pitying reflection on the state of affairs. And Google's head of Web3 is begging the industry to build something actually useful. For now, though, we are going to wrap it there. We're going to get to the hard work of building back this industry from the ground up. I appreciate you hanging out here with me as we go about that work. So until next time, be safe and take care of each other. Peace.
The Crypto Overnighter
A highlight from 672:North Koreas Russian Crypto Strategy & Indias Dollar Rejection
"Why do tacos get their own day of the week? Is it because Mondays are so rough, we need a Tuesday filled with beefy tortillas shared with good friends? If so, why don't we have Wellington Wednesdays stroganoff Saturdays, and heck, beefball Mondays? Then Mondays would just be another reason to enjoy our favorite beef with our favorite people. Together, we bring more. Beef. It's what's for dinner. Funded by beef farmers and ranchers. Good evening, and welcome to the Crypto Overnighter. I'm Nick Ademus, and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax, and let's get started. And remember, none of this is financial advice. And it's 10pm Pacific on Sunday, September 17th, 2023. Welcome back to the Crypto Overnighter, where we have no sponsors, no hidden agendas, and no BS. But we do have the news, so let's talk about that. Tonight we're diving into North Korea's cozy relationship with Russian crypto exchanges. Are they laundering money, or is it something far more sinister? We'll also look at India's ambitious plans to cut the dollar out of its trade equation. What does this mean for the future of fiat, and how might it impact the crypto landscape? Then we'll discuss the Hong Kong Monetary Authority's stern warning to crypto firms misusing the term bank. And don't think we're ignoring the bankruptcy saga of FTX and their reopened claims portal. Last but not least, some big names weigh in on the future of fiat and crypto. Fasten your seatbelts, it's gonna be a ride. Hacking groups linked to North Korea are increasingly using Russian exchanges to launder stolen cryptocurrency. Chainalysis noted this shift in strategy. The blockchain analysis firm also highlighted a recent transfer of $21 .9 million stolen from the Harmony Protocol to a Russian exchange known for illicit transactions. This move coincides with the summit between Kim Jong Un and Vladimir Putin. UN sanctions monitors are also noting North Korea's evolving cyber tactics aimed at funding its nuclear programs. Elliptic, another analytics firm, reported that North Korea's Lazarus Group is responsible for the theft of almost $240 million in crypto in just 104 days. The group has been linked to five major crypto hacks in the last three months, including a $54 million hack of the global cryptocurrency exchange CoinX. Chainalysis data shows that the value of stolen cryptocurrency associated with North Korean hacking groups exceeds $340 .4 million so far in 2023, compared to $1 .65 billion last year. Despite the decrease, North Korea remains a significant threat in the cybercrime landscape, accounting for 29 .7 % of the cryptocurrency stolen through hacks in 2023. The DPRK -Russia cryptolink is more than just a financial loophole. It's a geopolitical chess move. While the world focuses on sanctions and arms talks, North Korea and Russia are quietly building a financial alliance in the crypto underworld. This isn't just about money. It's about power, influence, and a shared disdain for Western sanctions. Chainalysis and Elliptic aren't just telling us about hacks. They're exposing a growing alliance that could reshape the crypto landscape. Russia's noncompliance with international efforts gives North Korea the perfect cover to continue its operations. It's a symbiotic relationship where both nations benefit at the expense of global financial security. The drop in the value of stolen assets this year could be a smokescreen. North Korea's share of crypto hacks may have decreased, but let's not forget they still account for nearly a third of all stolen crypto this year. In a world increasingly dependent on digital assets, the DPRK -Russia cryptolink is not just a financial concern, it's a security crisis. It's a glaring example of how decentralized finance can be weaponized. As long as Russia turns a blind eye, the crypto world will remain a battlefield where the DPRK can operate with impunity. We've just unraveled the shadowy links between North Korea and Russian crypto exchanges. From one geopolitical chessboard to another, let's pivot to India's audacious move to cut the U .S. dollar from its trade equations. How's that for a change in global power dynamics? But first, if you're enjoying this deep dive, hit the subscribe button.
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 09-17-2023 19:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. Each university is doing different things in order to get to that kind of result. That's another story. It's a great story. It's another story to look at more closely in the coming hour. The next hour of Bloomberg Daybreak Asia begins right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is Bloomberg Daybreak Asia for this Monday, September 18th in Hong Kong. Sunday, September 17th in New York. Coming up this hour, GM CEO Mary Barra says the UAW strike didn't need to happen. Chinese developer Country Garden faces two more tests due later today. And Chinese authorities detain staff of China Evergrande's money management business. U .S. and China officials meet to keep lines of communication open. Donald Trump on Meet the Press repeats judicial system is filled with thugs. UAW says 21 percent Stellantis wage proposal is a no -go. I'm Ed Baxter with Global News. Arsenal wins again while Chelsea continues to struggle. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. We don't have action in either Japanese equity trading...
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-17-2023 18:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. I'm Buzzfeed. Stay with us. Top stories and global business headlines are coming up right now. This is Bloomberg Daybreak Asia for this Monday, September 18th in Hong Kong, Sunday, September 17th in New York. And coming up today, GM CEO Mary Barra says the UAW strike didn't need to happen. Chinese developer Country Garden faces two more tests due today. And Chinese authorities detain staff of China Evergrande's money management business. U .S. and China officials meet to keep lines of communication open. Donald Trump on Meet the Press repeats judicial system is filled with thugs. UAW says 21 percent Stellantis wage proposal is a no -go. I'm Ed Baxter with Global News. Arsenal wins again while Chelsea continues to struggle. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia. On Bloomberg 1130 New York, Bloomberg 99 .1 Washington, D .C., Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM 119, and around the world on BloombergRadio .com and via the Bloomberg Business App. Hi, everybody. Good morning on this Monday here in the Asia Pacific. In Hong Kong, I'm Brian Curtis.
The Crypto Overnighter
A highlight from 670:Binance and Celsius Scandals, Bybit Defies UK Exit
"Good evening, and welcome to The Crypto Overnight. I'm Nickademus, and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax and let's get started. And remember, none of this is financial advice. And it's 10pm Pacific on Friday, September 15th, 2023. Welcome back to The Crypto Overnight, where we have no sponsors, no hidden agendas, and no BS. But we do have the news, so let's talk about that. First off, we take a look at the SEC's tightening grip on Binance US, unravel the legal quagmire ensnaring Celsius network, and expose the political maneuvers around central bank digital currencies. We'll also dissect Senator Sherrod Brown's stern warning to crypto regulators and explore Vitalik Buterin's skepticism on Hong Kong's crypto landscape. Lastly, we'll discuss Bybit's stance on the upcoming financial regulations in the UK. The US Securities Exchange Commission accused Binance US of not cooperating with its ongoing investigation. The SEC filed a lawsuit against Binance, leveling 13 charges against the platform. These charges include breaking US securities laws and operating as an unregistered exchange. Binance US's holding company, BAM, produced only 220 documents during the discovery process many of which were described as, quote, unintelligible screenshots and documents without dates or signatures. The SEC raised questions about Binance US's use of Kefu, a wallet custody software service owned by Binance's international entity. According to a previous agreement, customer assets were supposed to be solely in BAM's custody and not shared with other Binance entities. However, the SEC argues Kefu appears to have control over customer assets. Binance US has been accused of responding to the SEC's demands for relevant documents with blanket objections and refusing to produce documents that it claimed did not exist. The SEC also expressed apprehension regarding Binance US's use of Kefu, which appeared to contravene a prior agreement aimed at preventing the diversion of assets overseas. Several Binance US executives, including the CEO, head of legal and chief risk officer, have recently departed the company amidst two rounds of layoffs. The SEC's ongoing probe into Binance US is a glaring example on the exchanges, operations, and compliance measures. The SEC's focus on Kefu, the wallet custody software, is particularly noteworthy. It raises questions about the integrity of asset custody in the crypto space, especially when international entities are involved. The SEC's skepticism isn't unfounded. The lack of transparency from Binance US, especially during an investigation, is a red flag. It's about trust. If Binance can't be transparent with a regulatory body, how can users trust them with their assets? The departure of key executives from Binance US adds another layer of uncertainty. It's not just a matter of corporate reshuffling. It's a sign of instability at a time when the company can least afford it. In a space that champions decentralization and autonomy, the SEC's actions serve as a reminder that regulatory oversight isn't going away. And for those who view such oversight with skepticism, this case serves as fuel to that sentiment. And the SEC isn't just knocking on Binance's door. It's knocking on the door of the entire crypto industry. And how Binance handles this will set a precedent, for better or worse. Now, if you think Binance's SEC woes spell chaos, you can hang on. Celsius Network's legal inferno makes it look like a tea party. One executive's guilty plea could set the stage for a seismic shakeup. But first, if you're enjoying this deep dive, hit that like button and subscribe to your daily dose of crypto clarity.
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 09-14-2023 19:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. On the UAW, whether it goes on strike, Keith Norton is going to join. Indeed. And we'll also have a little bit more on what's going on with the IPO and arm holdings that's ahead. Thank you, Vani. This is Bloomberg Daybreak Asia for this Friday, September 15th in Hong Kong, Thursday, September 14th in New York. Coming up this hour, shares and arm holdings jump on their U .S. trading debut. Disney is said to be holding initial talks to sell ABC to Nexstar Media Group. And the United Auto Workers and the Big Three are approaching a deadline to agree on a new contract. DOJ files gun charge against Hunter Biden. McCarthy says the right wing of his party will not shut the government down. New Hong Kong nightlife campaign. I'm Ed Baxter with Global News. Messi and Mbappe in Holland lead FIFA's The Best Men's Player nominees. I'm Dan Schwartzman. And I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia, on Bloomberg 1130 New York, Bloomberg 99 .1 Washington, D .C., Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM 119 and around the world on BloombergRadio .com and via the Bloomberg Business app. It's a little past eight in the morning in Tokyo. We made it to Friday in Asia, which is the final day of the trading week.
The Crypto Overnighter
A highlight from 668:SECs AI Dragnet and Ripples Courtroom Win
"Why do tacos get their own day of the week? Is it because Mondays are so rough, we need a Tuesday filled with beefy tortillas shared with good friends? If so, why don't we have Wellington Wednesdays stroganoff Saturdays, and heck, beefball Mondays? Then Mondays would just be another reason to enjoy our favorite beef with our favorite people. Together, we bring more. Beef, it's what's for dinner, funded by beef farmers and ranchers. Good evening, and welcome to the Crypto Overnighter. I'm Nick Ademus, and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax, and let's get started. And remember, none of this is financial advice. And it's 10 p .m. Pacific on Wednesday, September 13th, 2023. Welcome back to the Crypto Overnighter, where we have no sponsors, no hidden agendas, and no BS. But we do have the news, so let's talk about that. Tonight, we dig into the SEC's AI surveillance plans led by Gary Gensler. What does that mean for privacy and regulation? Ripple scores a point in court, but what's the real cost? OneCoin's co -founder faces 20 years behind bars, a reminder to always do your due diligence. Craig Wright dodges criminal sanctions, but raises questions about legal loopholes in crypto. North Korea's Lazarus Group makes another appearance, this time targeting Coinex for a cool $55 million. And finally, Coinbase is lighting up Bitcoin transactions by integrating the Lightning Network. Gary Gensler confirmed the U .S. Securities Exchange Commission uses artificial intelligence for financial surveillance. This revelation came during a Senate oversight hearing on September 12th. Gensler stated that the SEC uses AI technologies to monitor the financial sector for signs of fraud and manipulation. The SEC has not issued a formal public declaration detailing the use of AI. Gensler also faced criticism for the SEC's rulemaking pace and duration of comment periods. He remains adamant that crypto trading platforms should adhere to rigorous U .S. securities regulations. The SEC chair argues that most crypto tokens will likely pass the investment contract test. Gensler cited noncompliance with securities laws in the crypto industry, leading to the agency's enforcement approach. He also mentioned that the SEC has filed approximately 750 enforcement actions in the last year. Gensler warned that AI's ability to generate deepfake content poses a genuine threat to financial markets. He defended the SEC's key rulemaking initiatives amid heavy pushback from lawmakers. The SEC aims to bring DeFi under its jurisdiction, stating that existing rules also apply to the crypto sector. The SEC's adoption of AI for financial surveillance is a significant development. It's a clear signal that the regulatory body is doubling down on its efforts to monitor and control the crypto space. This move aligns with Gensler's consistent stance that the crypto industry should fall under the same regulatory frameworks as traditional financial markets. The use of AI could potentially tighten the noose around crypto activities, making it more challenging for traders and investors to operate freely. While the technology can be a powerful tool for detecting fraud and manipulation, it also raises concerns about privacy and the extent of government surveillance. Gensler's warning about the potential for AI -generated deepfake content adds another layer of complexity. It suggests that the SEC is not only looking to regulate, but also to protect the market from new types of threats. However, Gensler's approach has not been without its critics. The pace of rulemaking and the lack of clarity have drawn ire from both the crypto community and lawmakers. The SEC's aggressive enforcement actions, totaling around 750 in the last year, indicate a strategy of regulation by enforcement, which many find to be problematic. Now, if you're worried about Big Brother and C3PO teaming up to watch your every move, don't forget to hit that like button and subscribe. So now, let's pivot from surveillance to legal battles. Ripple is scoring in court. What does that mean for crypto and regulation? Ripple is in the midst of a legal battle with the SEC. The SEC initially accused Ripple of violating federal securities laws by selling its native cryptocurrency, XRP, without registering it as a security. Ripple CEO Brad Garlinghouse and President Monica Long have been vocal about their intent to fight the SEC all the way through. The company has already spent over $100 million defending the case. A significant ruling came in July when US District Court Judge Analisa Torres stated that XRP was not necessarily a security. This opened the doors for Ripple to expand its business not just in the US, but globally. The SEC requested permission to file an interlocutory appeal against this ruling, but as for now, the request has yet to be decided upon. Ripple is also focusing 80 % of its hiring efforts outside the US, targeting markets like Singapore, Hong Kong, the UK, and Dubai. The ongoing Ripple vs SEC case is a test for the crypto industry's relationship with regulators. Ripple's refusal to back down sends a strong message to the SEC and other regulatory bodies that the crypto industry will not be bullied. The SEC's actions here are part of a broader crackdown on the crypto industry. Frankly, I see it as an overreach of authority. The recent court ruling in favor of Ripple has not only given the company a legal upper hand, it also provided a glimmer of hope for the broader crypto ecosystem. It challenges the SEC's narrative and could set a precedent for other cases. The fact that Ripple is planning to focus its hiring outside the US is a clear sign of how regulatory uncertainty is driving crypto innovation away from the US, a point that should concern US policymakers. The case is shaping up to be a defining moment for crypto regulation in the US. It could have far reaching implications for the industry at large. And really, this whole thing is about the future of crypto regulation and the limits of governmental oversight. A point for Ripple, but at what cost? Make sure you're following us to stay updated on this legal thriller. But speaking of costs, some people are paying dearly. From courtrooms to prison cells, let's delve into the dark underbelly of crypto scams with OneCoin's co -founder, Carl Greenwood.
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 09-13-2023 19:00
"With Bloomberg, you get the story behind the story. The story behind the global birth rate. Behind your EV batteries environmental impact. Behind sand. Yeah, sand. You get context. And context changes everything. Go to Bloomberg .com to get context. Customers in the US market. That's Mercedes -Benz head of North America, Dimitris Tsilakis, joining us, talking there to Matt Miller and John Ehrlichman. This is Bloomberg. Broadcasting 24 hours a day at Bloomberg .com. And the Bloomberg Business Act. This is Bloomberg Radio. This is Bloomberg Daybreak Asia for this Thursday, September 14th in Hong Kong. Wednesday, September 13th in New York. Coming up this hour. A Fed rate hike may be in play as core inflation in the US unexpectedly rises. Soft bank owned Arm Holdings is said to be pricing its IPO at the top end of its marketed range. And China raises concerns about security problems with Apple's iPhone. UAW sets auto industry deadline for potential strike. McCarthy says he would use subpoena power in Biden impeachment inquiry. Kim and Putin meet. I'm Ed Baxter with Global News. A Senate subcommittee subpoenas Saudi Arabia about their golf deal. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. We're less than.
The Crypto Overnighter
A highlight from 666:FTXs Multi-Front Legal War and Indias Crypto Tug-of-War
"Rockstar Energy punched, bringing a bold and unapologetic flavor packed with energy through a blend of B vitamins, guarana extract, and 240 milligrams of caffeine to fuel what's next. Rockstar Energy drink. Good evening and welcome to the Crypto Overnighter. I'm Nick Ademus and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax, and let's get started. And remember none of this is financial advice. And it's 10 pm pacific on a Monday, September 11th, 2023. Welcome back to the Crypto Overnighter where we have no sponsors, no hidden agendas, and no BS. But we do have the news so let's talk about that. Tonight we're diving into FTX's legal labyrinth involving a staggering 86 million dollars. Then we're shifting gears to India, Coinbase's hasty emails, government policy, and the central bank's digital aspirations. We've also got a bitcoin user who made a half million dollar mistake, a Hong Kong -based project revolutionizing decentralized identities, and the social media platform that's proving the naysayers wrong. Buckle up. Failed cryptocurrency exchange FTX is embroiled in legal battles on multiple fronts. The company filed a lawsuit against Layer Zero Labs to recover 86 million dollars transferred just before declaring bankruptcy. Layer Zero Labs accused FTX of making unsubstantiated claims in the lawsuit. FTX's bankruptcy filings have also revealed substantial payments to celebrities. The list includes nearly 750 ,000 to Shaquille O 'Neal, about 308 ,000 to Naomi Osaka, almost 206 ,000 to Trevor Lawrence, and about 271 ,000 to David Ortiz. These celebrities are now subject to lawsuits by FTX creditors. Layer Zero allegedly exploited FTX's sister company Alameda Research by demanding immediate repayment of a 45 million dollar loan. In exchange, Alameda transferred its entire 4 .92 percent equity stake in Layer Zero. The deal was considered highly favorable for Layer Zero. FTX also seeks to cancel prior agreements and recover 21 .37 million dollars that Layer Zero allegedly withdrew illegally. The company is exploring options to claw back funds paid to celebrities and sports teams to settle its debts. Now from my point of view, FTX's legal entanglements are a glaring example of the risks and volatility in the crypto space. The company's aggressive marketing strategy involving high -profile celebrities backfired spectacularly. It's a warning for investors and a point of concern for regulators. Layer Zero's alleged exploitation of Alameda Research's financial distress raises ethical questions. It also highlights the lack of oversight and the need for stringent regulations in the crypto industry. FTX's attempt to recover assets and cancel prior agreements could set a precedent for how companies in financial distress handle their obligations. It's a complex web of legal and financial maneuvers that could have far -reaching consequences. The unfolding drama reminds us of the dangers and rapid expansion without adequate risk management. It's the lesson for other crypto companies and a wake -up call for the industry at large. Lawsuits and bankruptcy are one thing but what happens when a crypto exchange throws a curveball to a whole country? Before we unravel this don't forget to hit that subscribe button to stay updated. Coinbase recently sent emails to some of its Indian users stating it would discontinue services for them after September 25th. The email urged users to withdraw their funds from the platform. The email was not sent to all Indian users but only to those who were found to be in violation of Coinbase's updated standards. This led to confusion and panic among Indian traders who took to social media to express their concerns. Coinbase clarified that the email was part of a routine review and was sent to users who no longer met their updated standards. The exchange also stated that this move does not affect users access to Coinbase cloud services. Coinbase entered the Indian market last year but faced several challenges including regulatory issues and the suspension of UPI support on the platform. The company also stopped onboarding new users from India earlier this year. Coinbase's actions come at a time when India is hosting the G20 summit where global cryptocurrency regulation is being discussed. The Indian government is also evaluating recommendations for regulating crypto assets. Despite these developments Coinbase remains committed to the Indian market and continues to offer its wallet services. The timing of this event and the ongoing G20 summit in India cannot be ignored. Is Coinbase feeling the heat from global regulatory discussions or is this a strategic move to tighten its user base and comply with evolving regulations? Either way the incident has sown seeds of distrust. Coinbase's selective email to certain Indian users also raises questions about transparency. What are these updated standards and why were only specific users targeted? It's a murky situation. Moreover the Indian government's stance on cryptocurrency is still unclear adding another layer of complexity to Coinbase's operations in the country. With the G20 summit discussing global crypto regulations Coinbase's actions might be a preemptive measure to avoid future complications. While Coinbase remains operational in India the incident calls out the vulnerabilities and uncertainties that come with centralized systems. Coinbase's recent actions in India have clearly caused a stir highlighting the tensions between centralized crypto platforms and regulatory ambiguity. But as we pivot from this snapshot of crypto's current standing in India let's widen the lens. Now we were just talking about the G20. It's not just the exchanges that are at a crossroads here. The Indian government itself is on the brink of setting the course for crypto's future and their decisions won't just affect the subcontinent. They're positioned to influence the global crypto landscape via their presidency of the G20. So from the individual worries of Coinbase users to the collective anxiety of the global crypto community we see that the issues are deeply interconnected. Both are waiting for India's next move which could either enhance financial freedom or tighten the government's grip. So here's what's going on more broadly speaking. India's finance ministry is set to decide its stance on crypto in the coming months. The country has been under scrutiny for harsh crypto regulations including taxes and anti -money laundering rules. However there is a shift towards possibly framing its own legislation, a first since early 2022. India is also working on a five -point crypto legislative framework. This includes advanced KYC for crypto companies, real -time proof of reserve audits, a uniform taxation policy, and possible authorized dealer status for crypto platforms under the Reserve Bank of India's guidelines.
The Breakdown
"hong" Discussed on The Breakdown
"Today we are looking at some of the changing global alignment around crypto jurisdictions and this connects to our show last week on what was happening behind the Bitcoin and crypto price rally. One of the narratives that was emerging at that time in that I covered on that show was this sort of new optimism around Hong Kong opening to crypto trading. So today we're going to pick up on that story as we've gotten more details and a ton more discussion about it. On Monday, the Hong Kong securities and futures commission or SFC published its proposed rules for virtual asset trading platforms. The proposal would establish a licensing regime, but there are still lots of undecided questions. Including whether licensed platforms should be allowed to serve retail investors and exactly which investor protection measures should be in place. All existing platforms would be required to register with the regulator saying that they quote should begin to review and revise their systems and controls to prepare for the new regime. They also added those who do not plan to apply for a license should start preparing for an orderly closure of their business in Hong Kong. Consultation paper sets out proposed requirements, including assessing clients, risk profile, as well as setting limits to ensure that their exposure is quote reasonable. The regulator would leave trading platforms to perform their own due diligence on tokens, including assessing their regulatory status in each jurisdiction the platform serves, as well as performing smart contract audits. Exchanges would be limited to providing retail customers with access to quote eligible large cap virtual assets. Which means assets which are included in at least two quote unquote acceptable indices. While the criteria lacks a little definition, the SFC gives the example of a top ten largest virtual assets indexed as acceptable. The proposal also sets a number of obligations for exchanges, including a suitable buffer of assets held in cold storage, as well as a duty to inform clients of any hard forks, AirDrops or regulatory action. The SFC acknowledged the desire to offer derivatives trading on exchanges, but said that they'll deal with that issue in a separate policy review. The consultation will extend to the end of March with a view to launching the licensing regime in June.
Thinking Crypto News & Interviews
"hong" Discussed on Thinking Crypto News & Interviews
"My opinion, ripple would pay 100 to $250 million in a settlement if the SEC agreed publicly that current and future sales of XRP are not securities. The SEC is not going to agree to that in the middle of its war versus crypto. Judge Torres could provide clarity on secondary sales which isn't appealed. Guys, we need ripple to get this win. We need ripple to get this when the entire market needs it. And I hope grayscale also is able to win their lawsuit against the SEC about the Bitcoin spot ETF. Because as you can imagine guys, once a Bitcoin spot ETF is approved, doesn't mean that in Ethereum spotty tip or an XRP spot ETF is going to get approved. So we need a victory. We need the SEC to take a big L, we need them to get exposed. And I'm not anti SEC. I am anti the draconian laws and the lack of working with the industry because I believe the SEC has a job to do to protect investors. There are scammers out there as there are in every industry and asset class, right? And new technology, scammers try to take advantage of people. They need to be stopped. They need to be weeded out and the SEC needs to do their job. But what we're seeing is the SEC's operating like the mob they're attacking good companies and stifling innovation and there's a clear agenda to protect incumbents like the banking industry and so forth from the disruption that's happening. And that is not what a regulator should be doing. They should be following their core mission to protecting investors. So we'll see guys, I'm hoping, you know, we hear soon, maybe by March that ripple gets a victory here, but nobody knows the timeline. It's hard to predict these things and we got to wait for the courts here and the judge. So let me know what you guys think. It's just huge news, right guys, a lot of bullish news, things are progressing despite the fears and all this, the fed inflation and whatever else you're hearing on mainstream media, things are progressing. People are investing, they're building their expanding, and I think this Hong Kong news is massive. The fact that China is green lighting this, guys, it's so easy for them to not allow this. It's so easy, right? Hong Kong is a region of China. They could absolutely black, excuse me, block this. And stop all of it. But like I said, banning crypto is an economic death sentence. Anyway, let me know what you guys think. Leave your thoughts and comments below and I'll talk to you all later.
The Bitboy Crypto Podcast
"hong" Discussed on The Bitboy Crypto Podcast
"We've got the winklevoss twins that obviously believe the bull run is going to start in China. You've got noriel rubini, who's now saying that the dollar is going to lose dominance and we're no longer going to be the financial hub of the world. But the question is, can we have both? Can we have big money backing Asia? But also America remain financially dominant. And the answer to that question, I believe, is yes. I believe we can have both. If you think the United States is going to sleep on crypto and crypto regulation is just going to allow this entire blockchain movement to pass them by you're wrong. We just have to have the right people in place. Gary guns are represents Goldman Sachs. He represents the banks. He's not the person we need in leadership and we call upon Congress to remove him as quickly as possible. And I believe that Congress, as opposed to Gary gensler, will actually do their job and will remove him from office because he is the one holding us back from maintaining financial dominance when it comes to blockchain and crypto. I think we're going to get it straightened out because I believe in America. And I believe that we will do what's right in order to keep ourselves ahead of everybody else. However, there is a lot going on with Asia with Hong Kong right now, watch China. What comes out of all of this Hong Kong regulation, all those Hong Kong excitement, the way that it flows into China will be the telltale sign of what's going to happen in this next bull run. Go ahead and drop comments below. Let us know what you think. Do you think the bull run is starting in Hong Kong? Do you think it'll start on Mars or do you think it will start at all? Let us know in the comments. So I got be blessed. BitBoy out. Pros know a thing or two about how to get the toughest messes clean.
Finance Magnates
"hong" Discussed on Finance Magnates
" 8 p.m. Friday, February 17th, 2023. China and Hong Kong's regulators sign mal on cross border shares listing. LTP GT the China securities regulatory commission CSR and the Hong Kong securities and futures commission. SFC have entered into dot finance magnates, dot contours in memoriam doom of understanding class worms main term quote it 6 zero 5 C 5 7 two 8 zero three four 6 F zero zero zero 9 6 7 6 8 C one 5 four F one aqua target qua Blanco memorandum of understanding mole tagged that seeks to. Strengthen their cross border regulatory efforts in securities offering and listing by domestic companies in both countries dot LTP GT LTP GT SFC announced the cooperation on Friday in a joint statement published on its website. According to the Hong Kong securities regulator, the male outlines the methods and procedures for the. Issuing and listing of shares in both countries the memorandum also provides clarifications on how both regulators will go about a joint cross border enforcement and information exchange. In addition, the agreement explains how financial intermediaries in both countries are to be supervised. LTP GT LTP GT to Mel will facilitate the CSR C and the SFC in discharging their supervisory functions. Jointly combating cross boundary offenses and misconduct, safeguarding death. Legitimate interests of investors and ensuring the steady and healthy. Development of both markets, the regulator explained in the joint statement LTP GT LTP GT China crackdowns on. Cross border online broker to meanwhile, the signing of the agreement comes days after Hong Kong based brokerages dot finance magnates come, for example, can broker suspend accounts off Mainland China clients target qua blank wrote quote follow caught started, suspending client sapo's a council tagged from Mainland China. In order to comply with China's ban on international brokers that are offering. Services without a local license both Hong Kong listed bright smart securities and the Hong Kong unit of Chinese broker gua taijin and securities issued. Notices on the account suspension, although the latter later withdrew the notice. From the public domain, dot LTP GT LTP GT to move follows the top ref cops dot finance magnates dot com for its future end up FinTech face irregular action in kinako target qua Blanco, rel caught follow quad a warning issued by CSR tagged against foot of holding. And up FinTech holding operating as Tiger brokers, two popular hung registered online brokers that provide investors from Mainland China. Access to global stocks to stop accepting new clients from Mainland China. This came as the Chinese regulator does not offer licenses to online brokerages. Specializing in cross border trades LTP GT LTP GT channel tough refs dot finance magnates dot com forks regulation for two up FinTech faci uncertainties emulsion line brokers target crop length quark will quote follow caught started, mulling over tagged, banning online. Brokers from engaging Chinese citizens in late 2021 in that year, sun tangy head of the financial stability department of the people's bank of China, dot finance magnates, come forks regulation kind of warrants and license said broker sac accepting mainland clients quote target qua Blanco rel quat follow quad noted battle tagged cross border online brokerages are driving in China without a driver's license and are conducting. Illegal financial activities a year later, taffer dot finance magnates dot com for its future end up FinTech face irregular actioning kind of target coop Blanco rel quat follow kwasi SRC declared battle tagged photo and up FinTech. We're operating in unlawful securities business, and will be asked to take. Corrective measures dot LTP GT this article was written by Solomon Oladipo at WWW dot finance magnates dot com
The Archive Project
"hong" Discussed on The Archive Project
"Who are the the last people that i wrote about in china man and i want to take larry heinemann. Who is coming here soon. I think to speak and He he wrote palko story. And i think he's coming out soon with another book about war. And just maybe about six veterans. Including a maybe. A family of chinese-american warriors. That i know that they served in the last three wars and the father actually was Was a tactician who had sent his own son into a battle in vietnam in which the entire platoon was killed except for his son. And this family. These just scare me. You know i was having dinner with them. And the and the sons were all going on with their battle stories and the and the mother of this family the wife of one of them said oh i knew you would all come back only the good die young and so i. These are some of the people that i want to take on this on this charge journey to meet with the With vietnamese buddhists and to meditate with them. And i want to write what happens and how what happens when these people meet then in case they do not enjoy meditating and eating vegetarian food. I want to also take them for a week in paris so i need enough money to do that. Okay take about a dozen people including their wives and girlfriends. Because i think it's important to bring the all the people that have supported these men and got them from. We're with them from the time. They were warriors to the time that they are living as peaceful productive citizens.
CFR On the Record
"hong" Discussed on CFR On the Record
"It's a misleading of the public. And i want to hear what our experts say. The third question. I have is. We haven't mentioned the most recent development. Which is the effort by the government through writing a letter to a civic organization to insist that it reveal all its records going back decades. Its membership its finances foreign funds. It's received and i thought this law is not applicable as jared has emphasize it's not to be retroactive. But what should the defense do in these cases so they three issues. I'd love to hear some brief comments and then we regret audience. I'd like to talk to them so we need brief answers area. I'll i'll try to answer question. Two and free briefly You ask what is the roll off. The foreign nonpermanent judges in hong kong. And i agree with you that what i think. The question is what are they. Actually doing going to hong kong. First of all they will not be allowed to hear national security related cases. Because i'm in under the era of a patriots administrating hong kong okay Do you think they would regard. These foreign judges stayed being. Beijing asked patriots of china. That's ludicrous to say that. The british or australian judge will be regarded as a patriot. fit to administer hong kong especially when it comes to these national security cases so these judges will not be allowed to hear a national security cases. Where the rule of law is under most severe attack. they would have nothing to do with those cases. That's number one number two is. How much do these judges really understand. What's happening on the ground. go up to hong kong. Maybe one or two months per year. They lift than mandarin oriental with driver. And you know they go in and out of the court of final appeal building here a few cases which is across the street from there. A mandarin oriental sweet How much do they really know what's happening in hong kong on the round. They have no say over matches slight judicial promotion. They have no say over. Mattis of how cases assign damn no say over. Who gets to be on the list off national security judge it's Designated by the chief executive they have no say over traditional resources and funding from the government and they have no say over firstly every aspect which is important to the rule of law and judicial independence or they have. I'm sure is the chief justice tapping them on the shoulder. Say look just believe me. They're still the rule of law and judicial independence in hong kong much of assurance. Could that be Amedee's charges of very clever and smart people. I'm sure they can see for You know where the problems of the hong kong legal system and they just blind to it or simply doesn't care what just paying lip service. I don't know but you're jerry i mean. How much role can they play. I'm not saying that. They are not sincere in wanting to help. Hong kong uphold his roof lull but there comes a point where they are lending their name for the false legitimacy off a failed system..
The World Next Week
"hong" Discussed on The World Next Week
"Conviction rate of the criminal legal system nevertheless we still persist and legal reform. So let us not dismiss article foreign five because of the imperfections of a un or international human rights system. The second suggestion are wanna say is that we need to maintain attention to the cases underway. It is complex overlap. Many of the thousands for the alab cases from two thousand nineteen or overlapping with the twelve. As well as the forty seven. So i think we really need to maintain attention to this. What happens to them. Democracy dies in darkness but the protection of the rights of the people in custody cannot also disappear into a black hole and this requires all of us to be paying. Attention are specific platforms. Perhaps jerry we can talk about and that is that could be deployed like the olympics. Twenty twenty two a hong kong upcoming iccpr review at the un and etc. But i i look forward to the discussion. And because there's quite a rich and diverse depths of expertise and i look forward to the passions and discussions l. We've heard a second very powerful than comprehensive statement. I'd like to begin the discussion by five o'clock a we have a few minutes for my own. Immediate questions In listening to these wonderful talks it seemed to me. there are three other issues. I'd like to hear more about first of all and this is a matter of concern to all of us taking art here is. Are we by holding this meeting in violation of the national security law hong kong. We haven't focused yet on the overseas. Reach that the pr. See the hong kong government claims to have in exercising jurisdiction of what we say outside of hong kong. We're not chinese nationals. Were not residents of hong kong at this point Do they have any rights at charge us. After i noticed the last time we had an in person roundtable that the council on hong kong were the speakers. Martin lee the great. Us civil libertarian. Lawyer and jimmy lai the publisher of the full of now been convicted. And martin is uh spirit. Jail at this point sees eighty two jimmy. Lai's a seventy three i think. And he's likely to be there the rest of his life. I was disappointed when we have that session. That are martin was his usual incisive fearless. Self jimmy lai will never met before was disappointingly. Moderate and at one point. I whispered to him. You could be outspoken here. The council is free. it was off the record Talk and for reasons. I couldn't understand. He seemed much more moderate than his image. So that's one question. What is the reach. Legitimate reach of this national security second and a dentist started to touch on this is what is the role of foreign judges. I supported e continuing participation on the court of final appeal of hong kong of the permanent of the non permanent judges from the uk and canada. Australia cetera. i've i changed my view since the national security though because i ask myself and others. Nobody's answered denison the physician to answer this What role do these aren judges. Play a court of final. He did they get to consider the bail. Application of jimmy lai. I didn't see them participating. Do they take part in these other issues. That our national security law cases or even sedition cases. Are they mere decoration. Are they just window dressing. And i think if i were asked and you notice they never ask. American common law people who were experts to serve interpret common law in the basic law of mean commonwealth. But if i were asked to serve or any american good. I wouldn't do this now. It's a misleading of the public. And i want to hear what our experts say. The third question. I have is. We haven't mentioned the most recent development. Which is the effort by the government through writing a letter to a civic organization to insist that it reveal all its records going back decades. Its membership its finances foreign funds. It's received and i thought this law is not applicable as jared has emphasize it's not to be retroactive. But what should the defense do in these cases so they three issues. I'd love to hear some brief comments and then we have a great audience. I'd like to talk to them so we need brief answers area. I'll i'll try to answer question. Two and free briefly You ask what is the roll off the foreign non-permanent judges in hong kong. And i agree with you. That what i think. The s the question is what are they actually doing going to hong kong. First of all they will not be allowed to hear national security related cases. Because i'm in under the era of a patriots administrating hong kong okay Do you think they would regard. These foreign judges stayed being. Beijing asked patriots of china. That's ludicrous to say that. The british or australian judge will be regarded as a patriot. fit to administer hong kong especially when it comes to these national security cases so these judges will not be allowed to hear a national security cases. Where the rule of law is under most severe attack. they would have nothing to do with those cases. That's number one number two is. How much do these judges really understand. What's happening on the ground. go up to hong kong. Maybe one or two months per year. They lift than mandarin oriental with driver and know day. Go in and out of the court of final appeal building here a few cases which is across the street from there..
CFR On the Record
"hong" Discussed on CFR On the Record
"Were not residents of hong kong at this point Do they have any rights at charge us. After i noticed the last time we had an in person roundtable that the council on hong kong were the speakers. Martin lee the great. Us civil libertarian. Lawyer and jimmy lai the publisher of the full of now been convicted. And martin is uh spirit. Jail at this point sees eighty two jimmy. Lai's a beer seventy three i think. And he's likely to be there the rest of his life. I was disappointed when we have that session. That are martin was his usual incisive fearless. Self jimmy lai will never met before was disappointingly. Moderate and at one point. I whispered to him. You could be outspoken here. The council is free. it was off the record Talk and for reasons. I couldn't understand. He seemed much more moderate than his image. So that's one question. What is the reach. Legitimate reach of this national security second and a dentist started to touch on this is what is the role of foreign judges. I supported e continuing participation on the court of final appeal of hong kong of the permanent of the non permanent judges from the uk and canada. Australia cetera. i've changed my view since the national security though. Because i ask myself and others. Nobody's answered denison the physician to answer this What role do these aren judges. Play the court of final. If he did they get to consider the bail. Application of jimmy lai. I didn't see them participating. Do they take part in these other issues. That our national security law cases or even sedition cases. Are they mere decoration. Are they just window dressing. And i think if i were asked and you notice they never ask. American common law people who were experts to serve interpret common law in the basic law of mean commonwealth. But if i were asked to serve or any american good. I wouldn't do this now..
CFR On the Record
"hong" Discussed on CFR On the Record
"The wolf characterization not mine beijing itself admitted it was the wolf and so did hong kong essay our government when it arrested a hong kong Social worker who published a book showing sheep and wolves so somebody was the wolf. So what's to be done. All of the actions that have been done. The the the the negative. The pew charitable trust it a june twenty twenty one survey showing that most of the public that have high negative perceptions of china and had percentages between seventy five sixty eighty six percent who viewed that china was not respecting the rights of his people. This was june twenty twenty one all of the statements of concern and condemnation by governments and ios international experts. All of this has not really slowed down the crackdown. So let me offer to quick suggestions. One is let's take article four and five seriously. use it or lose it. We cannot afford to throw the baby out with the bathwater and we cannot just simply dismiss a tool with the simple dismissal and For our participants who has spent decades working on legal reform in the mainland. I am inspired that. No one is giving up legal reform. Notwithstanding ninety nine percent plus conviction rate of the criminal legal system nevertheless we still persist and legal reform. So let us not dismiss article foreign five because of the imperfections of a un or international human rights system. The second suggestion are wanna say is that we need to maintain attention to the cases underway. It is complex overlap. Many of the thousands for the alab cases from two thousand nineteen or overlapping with the twelve. As well as the forty seven. So i think we really need to maintain attention to this. What happens to them. Democracy dies in darkness but the protection of the rights of the people in custody cannot also disappear into a black hole and this requires all of us to be paying. Attention are specific platforms. Perhaps jerry we can talk about and that is that could be deployed like the olympics. Twenty twenty two a hong kong upcoming iccpr review at the un and etc. But i i look forward to the discussion. And because there's quite a rich and diverse depths of expertise and i look forward to the passions and discussions. We've heard a second very powerful than comprehensive statement. I'd like to begin the discussion by five o'clock. A we have a few minutes for my own immediate questions In listening to these wonderful talks it seemed to me. there are three other issues. I'd like to hear more about first of all and this is a matter of concern to all of us taking art here is. Are we by holding this meeting in violation of the national security law hong kong. We haven't focused yet on the overseas. Reach that the pr. See the hong kong government claims to have in exercising jurisdiction of what we say outside of hong kong. We're not chinese nationals..
CFR On the Record
"hong" Discussed on CFR On the Record
"Collusion and other crimes are going back. Like in the case of jimmy lai back to twenty nineteen and then he in case of the hong kong alliance back three decades. I mean that is retroactive. So these are really serious. Legal issues of retroactive application. And the reason i raise it is i have been rather Concerned as a human rights lawyer by the way in which retro-activity has been raised and many of these discussions and then moves on as the other than that. Mrs lincoln. did you enjoy the show. Kind of segue. And i just don't understand how we don't pause. Stop dead right there and say whoa wait. What about richard activity. So let me let me say my conclusion before. I have to address germany's what's to be done. I don't think that it's so much mainland of human rights as the you know the p especially now since twenty seventeen under siege in pinks leadership is doing exactly what it says it would do and not what it promised to the hongkong people and to the international community if we the the assault on civil society media education sector the trade union sector and rule of law reflects clearly beijing's deployment of its full arsenal of social control tools in the service of a clear national agenda. And on that. I would say there's no vagueness no hiding the ball. And it's the rejuvenation of the chinese nation at all costs and the preservation of power by ccp as the prime directive and all of these developments were as to underscore dennis's poi- not only related to hong kong. They were all signaled. They were all signal if there had been the political will or the desire to read the signals in every single mainland law not only the national security law counterterrorism law the cyber-security law and all the regulations for example the regulations regarding newspapers which clearly said no news can be posted and opinions were considered news. Unless vetted and published i in an official outlet. No foreigners can serve as an editor and a chinese sector etc so all of this was already signaled and many of these laws had specific provisions which specifically said hong kong s. a. r. and macau were included in the scope of those earlier mainland laws. And they also in some of them included. Taiwan and said this law applies the on gong mccowan taiwan so this whole implementation structure. The appointment trusted mainlanders. The delegation to the chief. Executive that i have to say someone who clearly doesn't have the competence the knowledge and the understanding a basic legal concepts to be given the delegated responsibility an authority to be able to designate information as state secrets. That can't be reviewed state secrets that can't be reviewed are all serious normative. Operational in procedural deviations from international standards and all of these impact due process and transparency and accountability this currency e whose term is thankfully. I think coming to an end was worse than a fox. Appointed to guard the henhouse. This is a politically loyal quisling of a fox who is carrying out the orders of.
CFR On the Record
"hong" Discussed on CFR On the Record
"The first day china daily and john. Show me the deputy director of the hong kong macau office of the state council. Made it very clear that the retro-activity of the national security law was in line with the general principles of international criminal law and he said quote it also follows in its shows that our law follows the principles of modern rule of law the chief executive and all of the other relevant hong kong officials also were very quick to reassure hongkongers. There be no retroactive Application now just quickly the universal declaration of human rights article eleven sub to mix it quite clear that no one shall be guilty of any penal offence on account of any act or mission which did not constitute a penal offence under national or international law. At the time in which it was committed there are other petitions about heavier penalty. The iccpr to which china is a signatory but has not ratified but as a signatory. China is obligated not to defeat the object and purpose of the treaty. And then of course. The iccpr in a in a law applies to hong kong. I say we can also snatch victory from the jaws of defeat in this one point and that is the integration of the iccpr and ice erred. International come on economic social and cultural rights is the first time that international human rights treaty has been integrated into. Pr law was passed by the nbc's this mainland law. So i think we should not know too lightly dispose of that Normative Development the second so cpr provision. I think is very important as article for Says that there is no derogations. No derogations from article fifteen. Which is you know prohibits retroactive application but article forces. You can't make any derogations from this. Non you know retroactive provisions so of the forty seven cases that are charged with conspiracy to commit on subversion the organizing and planning of the primary election took place before the enactment of the nsl. If you watch the ludicrous spectacle of the police. Press conference had big charts. They had flow charts. They had arrows. It was just really unbelievable to establish what asserted was quote a continuing series of illegal acts that preceded the nfl but continued after the nfl and therefore constituted one illegal act under the nfl and it's quite laughable except that it was so deadly serious in any case the organizing a primary exercise where over six hundred thousand on congress dissipated was the peaceful exercise of a right to participate and could not in any way be construed to be under the icy pr allowable retroactive application. That is a crime. According to the general principles of law. You could do that. But that's not with. This was the hong kong alliance the professional teacher's union and the civil front all of the investigations into their activity show that they are now being facing potential..
The World Next Week
"hong" Discussed on The World Next Week
"Many many and in some cases over a dozen and different collections of the expert. Special rapporteurs some of the working groups called for a review and a revision of the law. So that it would be in compliance with international standards. And i want to also point out that within the legal academy the legal academic community in hong kong soo prior to the passage of the law and since the passage of the law has continued. Hk you law school. Chinese university other universities have surprisingly continue to organize very rigorous burry a technical analysis of the nfl and the various legal related issues race. So i think that that is an important space to recognize and too many of you on this call. I know probably participate in those round tables and have spoken at the round And those of you on the east coast. Time have stayed up all night as some of us have to participate in the hong kong roundtables so the fears and the identification of the risk leading up to the passage. Have all come to pass and have actually exceeded. everyone's worst predictions and fears and has all of the risks to every sector of society in hong kong in international community that are engaged in operating hong kong on the mainland up with ramifications ramifications globally. So i want to highlight two overarching concerns regarding the implementation. These are not the only ones You can see our white paper that we issued right after the An cell was passed and many people on this In the session. I know have done lots of work on other issues so i'm just highlighting to By way of a hopefully kicking into the discussion. I wanna look fail. And the retroactive application of the nfl. With respect to bail which dennis of reference article forty two of an nsl says no bail unless the judge determines that the suspect or defendant will not continue to commit these acts that they are being you know suspected and as jerry and many other legal experts including in this session. So i may be bringing in. Your castle have pointed out. This is turning the common law presumption of bail on its head. Common-law presumption that you get bail unless the prosecution can say Why you should but now under the nfl no bail unless you can show that you won't continue to commit acts which are big and we're not sure whole universe of the Two groups that. I can just sort of give some data points on the forty seven that were charged under the nsl for a subversion or conspiracy to commit some urgent on february twenty eight this year as of this month. Thirty four arrested were not granted bail and of those thirty four who were not granted bail. They've been in custody for more than six months of the thirteen. Who were granted. Bail if you look at the painful wending of the procedure. They were granted. Bail at the first instance the The just the do j. appealed the granting of bail And objected to the granting of bail and then they were remanded into custody and in some cases they were then appealing and so the thirteen. That i'm talking about in both cases. they were Bail was reinstated Because the doj appeal lost and this is concerning because all of them have now the ones who are still in custody had been in custody for a while and the next court date for all of them. Mostly are not until october. And who knows how long this will window for the twelve known as the hong kong twelve were arrested at sea last august in twenty twenty For organizing to help others cross the border illegally Let's put aside. The question of i thought it was when country. So i don't know what border there were crossing. How could it be different boorda. Let's put that aside Or the other will also Crossing the border illegally to remain in prison in shenzhen. That is two of these. Homecomers are in a mainland prison serving. Two and three year sentences. Eight were returned to hong kong Just this past march after they serve seven months in mainland prison but now they're facing charges in hong kong so i think on the passion of bail and there. There was actually a at least one very technical session on this. I think we should look at this very carefully because it raises not only the question of those who have been denied bail and are rotting in prison but while they're pending these long astonished you mentioned like why are they still there. And why are the investigations taking so long. Why would you put someone in prison for now. going on. You know six seven eight months if you didn't have evidence so i think that's important The second thing the issue that's raised by the bail issues. I think is that what is surviving from the common law jurisprudence which have been cited by the quarter-final appeals in what is the relationship of that jurisprudence to the application of An sell the second issue. I want to touch on is the retroactive application. Which i want to suggest is clearly in violation of the nfl's own provisions and in violation of well established international principles of fairness and due process. The nfl itself article seven sub to says the national security law is not retrospective and will only apply to acts committed after june thirtieth twenty twenty and in fact on july one the first day china daily and john. Show me the deputy director of the hong kong macau office of the state council. Made it very clear that the retro-activity of the national security law was in line with the general principles of international criminal law and he said quote it also follows in its shows that our law follows the principles of modern rule of law the chief executive and all of the other relevant a hong kong officials also were very quick to reassure hongkongers. There be no retroactive Application now just quickly the universal declaration of human rights article eleven sub to mix it quite clear that no one shall be guilty of any penal offence on account of any act or mission which did not constitute a penal offence under national or international law. At the time in which it was committed there are other petitions about heavier penalty. The iccpr to which china is a signatory but has not ratified but as a signatory. China is obligated not to defeat the object and purpose of the treaty. And then of course. The iccpr in a in a law applies to hong kong. I say we can also snatch victory from the jaws of defeat in this one point and that is the integration of the iccpr and ice erred. International come on economic social and cultural rights is the first time that international human rights treaty has been integrated into pr prc. Law was passed by the nbc's this mainland law. So i think we should not know too lightly dispose of that Normative development.
CFR On the Record
"hong" Discussed on CFR On the Record
"Hk you law school chinese university. The other universities have surprisingly continue to organize very rigorous burry a technical analysis of the nfl and the various legal related issues race. So i think that that is an important space to recognize and too many of you on this call. I know probably participate in those round tables and have spoken at the round And those of you on the east coast. Time have stayed up all night as some of us have to participate in the hong kong roundtables so the fears and the identification of the risk leading up to the passage. Have all come to pass and have actually exceeded. everyone's worst predictions and fears and has all of the risks to every sector of society in hong kong in international community that are engaged in operating hong kong on the mainland up with ramifications ramifications globally. So i want to highlight two overarching concerns regarding the implementation. These are not the only ones You can see our white paper that we issued right after the An cell was passed and many people on this In the session. I know have done lots of work on other issues so i'm just highlighting to By way of a hopefully kicking into the discussion. I wanna look fail. And the retroactive application of the nfl. With respect to bail which dennis of reference article forty two of an nsl says no bail unless the judge determines that the suspect or defendant will not continue to commit these acts that they are being you know suspected and as jerry and many other legal experts including in this session so i may be bringing colds in. Your castle have pointed out. This is turning the common law presumption of bail on its head. Common-law presumption that you get bail unless the prosecution can say Why you should but now under the nfl no bail unless you can show that you won't continue to commit acts which are big and we're not sure the whole universe of the Two groups that..
The World Next Week
"hong" Discussed on The World Next Week
"You can just see that a judge could be some merrily removed on the basis. That he or she has reached her judicial oath and interpretation of that old lands with the central people's complement of course an implemented through people like the chief secretary and you can just see that the judges are not stupid. Of course they can see the writing on the wall. So if i have an important piece of a case that has won a few of those are very sensitive political leaders in the opposition on trial and the people stadium has already pronounced the verdict. If you're a judge you know. Of course you can see the writing on the wall. You'd go decide for yourself how you're gonna ruin that case. The consequences could be dire if you arrive at the golden input wrong decision because some summary removal of someone in official position on grounds that he her speech oath of office is marrying and could be easily applied to judiciary and the judges know that. That's number one number two the key person who controls judiciary senior promotion and also see neha Judicial appointments is actually the chief secretary and this point is sometimes overlooked because if you look at let's go proceedings under the basic law senior judicial appointments. I'm talking about court of appeal upwards all have to be approved by less show and given the go today. There's no balance. There's no check and balances all pro-beijing views pro-beijing appointees number one number two. The person who actually moves the motion to confirm judge for senior position is actually the chief secretary. The chief secretary is responsible to put that person's name forward in the lesko. A meeting to say. Can you please approved person and endorse him. Ask the next chief justice and if the chief secretary things you're not a patriot. He have all the power to say. I'm not moving this person forward. Because i have questions about his patriotism. The chief secretary controls that decision making process by being in his role asked. Who was the person responsible for putting forward at again as judges. We all know that as as people who are familiar judiciary in hong kong. We we know that that that that process well. So you again to think about whether judges who understand that would be affected by such a system so i think systematically and you're looking at the institution as a whole. Can you still say hand on hot at the hong kong judiciary is independent. I was very disappointed with the uk supreme court when they came out to Continue to say they will continue to send judges in hong kong because they believe that the hong judiciary is still largely independent. I'm disappointed because the statement doesn't provide any reason. It doesn't explain why they still believe that and i would like to see some reasons but i have my serious doubts about that assertion so those are the free points that i wanna make and Happy to any questions on any of you have thank you jerry. Can you share well. That was a powerful statement is lots of issues. I've got a few comments myself. But i'm eager to hear from sharon Jeez originally from hong kong she became a distinguished graduate of nyu law school. She's a active civil libertarian. For over thirty years she's taught in china. Ah sharon is the executive director of human rights. Watch run of our most active organizations that covers this field. So sharon if you could give selected comments and then we'll have a discussion but we're really glad to see you am. I think you were the one who first introduced me. Dennis and then i decided to invite him years ago to speak the council. Thank you very much. Thank you so much jerry for that kind introduction and and dennis thank you for Those really detailed opening remarks and thank you for all of the work that you have done. And i know. We'll continue to do abroad I want to offer a few comments but from centering. The perspective of an international human rights perspective. But if i could just. I add a quick comment to dentists remarks in particular these social engineering project that's underway and i completely agree that the social engineering project on the mainland is absolutely spreading an interrelated with what is happening in hong kong There are two things about that. Social engineering project one is that it is supported by a completely interrelated. Set of law propaganda disinformation censorship and then the whole panoply of police security Apparatus the second wanted to say there's an insidiousness about the way in which these various social control and clean up and crackdowns are being formulated and they are being formulated under the cover of what i would say arguably reasonable legitimate rationales that is addiction to gaming by teenagers who really will go till they drop. Monopolistic practices by these gated walled gardens by the large tech industries. Dd controls eighty. Two percent of the industry and the other large ones are indeed trying to tie in monopolistic practices so that is a legitimate goal. Terrorism is legitimate real threat and the fact that students are so stressed out. Why this endless tutoring and the need to address. That problem are real threats. So my point theories is that it is an insidious packaging that labels all of these practices at under a rubric. Where you could say. Those are real problems. The problem is how to deal with these problems. In the way in which The leadership is dealing with them is not within a rights brain framework or a in compliance with its international obligations The one i would say is is not only insidious but i would say is not reasonable is trying to create what they call the correct standard of beauty now. that is why no more sec- men no more men wearing makeup and it extending to. What can you sing in karaoke clubs. So i think that you know those are objectives that i would say. I don't agree with from the start so Let me let me Regarding the law itself let me focus on. The law has been clearly widespread local and international expert concerns regarding the vague and overbroad provisions in the nfl and the lack of transparency and accountability of the entities. Which have been created and also very specific legal analysis and concerns regarding the misuse of terrorism as rationale the misuse of the sedition legislation in hong kong that you are referred to dennis and widespread fear before the passage of the national security law about the risks of arbitrary arrests and the complete undermining of rights protections and the rule of law and therefore prior to the passage of the national security law..
Bloomberg Radio New York
"hong" Discussed on Bloomberg Radio New York
"Hong Kong Sunday, June 13th in New York. Coming up this hour, G seven Nations rally around a strongest stunts regarding China. Economists say the Fed could project an interest rate liftoff in 2023 Elon Musk, saying that test that will use Bitcoin when mining gets cleaner button also says diplomacy is back. Question is will that work at the coming summit with Russia? Security is tight in China after a deadly gas explosion underneath Pellegrini with global news, Novak Djokovic rallies from two sets down to win the French job in I'm Dan Schwartzman, I'll have that story more coming up in Bloomberg sports. That's all straight ahead on Bloomberg. Daybreak Asia on Bloomberg, 11 3, Oh New York, Bloomberg, 99, 1, Washington, D. C. Bloomberg, 161. Boston, Bloomberg, 9, 60, San Francisco, Sirius, XM, 1, 19 and around the world on Bloomberg Radio Common via the Bloomberg Business Act. We'll get markets in South Korea and Japan up and running at the top of the hour. So that's about 59 minutes from right now, if you're joining us from the region. Good morning, I'm Christner at the Bloomberg Interactive Brokers Studio in New York and I'm Rich chancellor at the Eaton, Hong Kong. Bloomberg Daybreak Asia presented by interactive brokers, I bkr charges margin loan rates from 590.75% and 1.59%. Great subject to change the baby care dot com slash Compare. Well loved lose. Brian Curtis is with us now having a look at the prospects for Rather I supposed the thin trading day in prospecting. Some senses. Yeah, with.
Access to Inspiration
"hong" Discussed on Access to Inspiration
"So that's a shame. You see and also as i told you it was so different for me to mobilize the people in the past and now there's so many of them and we organize edge rogue trading academia and there's so many applications and then after training camps legal by the organiz wonderful projects on their own depositi. And it's when. I see resolved about what to do more of this year. So what you're really saying is it's about helping to change minds. Hearts and minds is a measure of success. Not necessarily just the short term impact that you can see when you look out your window or down the street from our listeners in other countries who also be thinking. What's the point. Nothing ever changes. What can i do to make a difference. What would your message be to them to mobilize them to. Just take some really small action. It's not easy first. Way's sometimes we feel very demotivated. These yet it's so difficult to change. Awareness is subject to change a habit and later we have to admit the fact that yeah you just don't expect to change everywhere it's okay go. Yeah to change habits so you can do whatever you can do return rather this. No one single symbol bowling. That can really change. everyone's mindset. We had to use so many different strategies mass on mention as an example. So as i told you he s among the talk on humus illegal weapons because we had for years for decades for generations habit of like eating wildlife is a symbol of lascaux. Drive ins show your status showing that. Hey i have the power over so it was really difficult to tell them that. These rhino horn doesn't cure cancer. Because it's just like fingernail. It's not scientifically proven that some people listen to that face so we won't use their belief system to change that so those people would not believe science in might believe in religion than will come to their religious leaders for example we had campaigns in buddhist temples because most vietnamese buddhists and they come to the temples and they listened your arab leaders like explaining about things and when we could convenes the buddhist leaders to explain all this from the buddhist theories and.
Scientific Sense
"hong" Discussed on Scientific Sense
"Mike yesterday. bar whose professor of neuroscience at city university of hong kong is research has focused on vision development and plasticity of the brain and a neurodegenerative diseases is a member of the tool member of twelfth scientific academies including the society and chinese academy of engineering and his owners include prize and affiliate dot com colon. However go thanks for doing this and doing it from across the voted hong kong so hopefully our technology kohl's I want to start with one of your older papers. In two thousand six entitled the fuss neurons of the human cerebral cortex is The describe a distinctive widespread population neurons situated beneath the surface of human embryonic for brain even before complete closure of the not and these repeat Sales include the known seen in the primordial of senator cortex before the onset of local neurogenesis. So calling now. I don't know a lot about this. But this is the sort of the nature seeding the brain so to speak while you know. There's a lot of interest in how the process of organizing the cerebral cortex is achieved and the goal is arguably the most complicated part of the brain brain is the most complicated part of the body. So this is a real challenge for biology tried to explain the developmental organization of such extraordinarily complicated structure on what's become apparent in the last few years is the populations of neurons. Were cia mainly transient. That is. they appeared that born. They do a job and they die a very important to dispersive organization One particular population Called carlisle redsfest. Cells is known to move in across the surface of the cortex and it produces substances which helped the formation of the layers of the cortex mutations in which this This population of cells does not function properly produced disorganized layering so most neurons. That are going to make up. The ultimate structure of the cortex are born locally within epithelium. Neural epithelium that is a large collection of stem cells of neural stem cells which go onto progressively over a long period of time to generate the neurons to make the cortex but what will now learning about these populations other nations neurons migrate in mainly across the surface and influence the persons. We discover when i say we My colleagues in this study are arena by stran- who's a russian neuroscientist who's been my lab for the last twenty years and Moscow rakija very eminent developmental. Not bala. just a yale..