butterscotch is the only media outlet exclusively covering news about inclusion in Web3, DeFi, crypto. CHEWS is our inaugural, weekly newsfeed, providing timely policy updates, industry trends, market research.
www.butterscotch.media
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Justice Thurgood Marshall’s Dissent on Bank Secrecy Act Still Rings True, Parallels to New DeFi Report |
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In his 1974 dissent of the Bank Secrecy Act, Supreme Court Justice Thurgood Marshall prioritized consumer rights over giving government a blank check in the pursuit of money launders.
Justice Marshall made the case that, “by compelling an otherwise unwilling bank to photocopy the checks of its customers the government has as much of a hand in seizing those checks as if it had forced a private person to break into the customer’s home or office and photocopy the checks there.”
DeFi Education Fund recently published a new paper that explores the Bank Secrecy Act and its implications on DeFi. The report concludes that "software providers and operators across the technology stack are not subject to the BSA, and we ask Congress to implement this distinction into law. This distinction will provide clarity in an otherwise ambiguous regulatory landscape, and create a safe haven for innovation in this new frontier of financial technology."
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Trump's Crypto Cabinet In Formation |
(Regulatory Agencies with Significant Oversight of DeFi & Web3)
* White House Crypto Czar: Trump Team Mulls Creating First-Ever White House Crypto Role. President-elect’s team is vetting candidates for the job.
* Trump has nominated Scott Bessent for Treasury Secretary.
* Trump has nominated Howard Lutnick for Commerce Secretary.
* TBD - Office of the Comptroller of the Currency.
* TBD - Chair, Consumer Financial Protection Bureau.
(Powers and funding likely to be scaled back significantly)
* Federal Reserve Chair Jerome Powell and Vice Chair Michael Barr both recently said that they will not step down.
* CFTC Chair Rostin Behnam's 5-year term is through June 19, 2026.
* SEC Chair Gary Gensler and SEC Commissioner Jaime Lizárraga will step down in January 2025.
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- Basketball hall-of-famer Shaquille O’Neal has agreed to pay $11 million to settle charges in a class action suit related to the Astrals NFT project he promoted. O’Neal, who is also part of a massive consolidated case against celebrity “brand ambassadors” for FTX, attempted to dismiss the case. - The Block
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- Analysis of the Crypto Policy Landscape Following the Elections - Coin Center
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Editorial by Blockchain Association's Kristin Smith: SEC’s Gary Gensler must refrain from doing more harm to crypto on his way out the door - Fortune Crypto
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Australia begins consultation on OECD crypto reporting framework. Australia’s Treasury seeks input on implementing the crypto-asset reporting framework within its domestic tax laws. - Cointelegraph
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A Texas court has order the U.S. Securities and Exchange Commission to throw out a controversial rule that broadly redefined the term “dealer” in a move that impacted both crypto-focused and traditional finance firms. The Blockchain Association and Crypto Freedom Alliance of Texas lodged a lawsuit against the agency in April, the month the expanded rule took effect. - The Block
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ALERT! Scammers are making thousands of dollars through blockchain typosquatting. |
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A new study by researchers at Stony Brook University analyzed the prevalence with which scammers exploit tiny typos to trick people into sending sums to crypto wallets that falsely pretend to be attached to individuals. The typosquatting scams take advantage of issues with Blockchain Naming Systems (BNS), which allow users to type in a word-based address, similar to a website URL, to send crypto to, rather than having to use the complicated series of digits and letters that are traditionally associated with crypto wallets.
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Barbara Bickham,
Founder & Managing Partner of Trailyn VC, will speak at the CES conference in Las Vegas on January 7, 2025. Her panel is "What's Next for Smart Cities: AI for Data, Planning and Beyond."
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butterscotch is a digital news studio broadcasting stories about Black, Latino, Indigenous DeFi retail investors, Web3 consumers, founders, executives, officials. The virtual newsroom - featuring eNews, Podcast, Live Events – seeks to deepen mainstream understanding of diverse segments of the emerging $2 trillion crypto industry.
Cleve Mesidor, CEO & Managing Editor
Ashlynn Mesidor, CTO & Co-Founder
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