Schlagwort: blockchain markets

• The lawsuit claims DOGE has been given “unlawful” access to personal and financial information
• The sensitive information includes names, addresses, bank details, social security numbers, birth dates, and email addresses

US union groups have sued the US Treasury and Treasury Secretary Scott Bessent for allowing Elon Musk’s DOGE agency to access individuals’ personal and financial information.

The Alliance for Retired Americans, American Federation of Government Employees (AFGE), and the Service Employees International Union (SEIU) filed the lawsuit in a Washington, DC federal court.

All three groups are affiliated with the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), an umbrella group with over 50 unions representing over 12.5 million workers.

According to the lawsuit, within a week of being sworn in, Bessent presented DOGE-affiliated individuals with “unlawful ongoing, systematic, and continuous disclosure of personal and financial information”.

The lawsuit adds that Musk and his team had previously sought to access the Bureau’s records; however, they were rebuffed by a civil servant who has since been put on leave by Bessent.

“The scale of the intrusion into individuals’ privacy is massive and unprecedented,” the 19-page lawsuit reads. “Millions of people cannot avoid engaging in financial transactions with the federal government and, therefore, cannot avoid having their sensitive personal and financial information maintained in government records.”

The sensitive information includes names, social security numbers, birth dates and birthplaces, home addresses, telephone numbers, email addresses, and bank account information.

Lawsuits filed

Following President Donald Trump’s election win in November, Trump confirmed that Musk and entrepreneur Vivek Ramaswamy would lead DOGE to “dismantle government bureaucracy.”

Since then, the DOGE agency, reportedly, had three lawsuits filed against it minutes after Trump was sworn in last month.

In a 30-page lawsuit, public interest law firm National Security Counselors questioned the legality of DOGE.

According to the complaint, DOGE violates the Federal Advisory Committee Act (FACA), which requires advisory committees to follow certain rules, including allowing public involvement.

National Security Counselors state that DOGE meets the requirements to be considered a “federal advisory committee.” Yet, while similar agencies follow a “fairly balanced” representation, keep meeting records, and allow public involvement, as required by law, DOGE doesn’t.

The post US unions sue Treasury Department after letting Musk’s DOGE access personal financial information appeared first on CoinJournal.

• Floki invests $125K in $BADAI AI protocol.
• Less than two days are remaining for the Dogizen presale to close
• Both BADAI and Dogizen aim to innovate in blockchain.

The Floki DAO has overwhelmingly voted to invest $125,000 into the BADAI, an AI Agent protocol set to launch on the BNB Chain.

Floki DAO Passes Vote To Invest $125,000 From The Floki Treasury In The $BADAI Token

The Floki DAO has voted 99.71% in favor of a proposal to invest $125,000 from the Floki Treasury in $BADAI, the most anticipated AI Agent protocol launching on BNB Chain.

This move sends a… https://t.co/qh8VGdk5tW pic.twitter.com/3dv6xXob2b

— FLOKI (@RealFlokiInu) February 4, 2025

Interestingly, the Floki DAO’s decision coincides with the final days of the Dogizen presale, which has already captured the market’s attention by raising over $3.87 million. These developments signal a vibrant period for both projects, each leveraging unique strategies to carve out niches in the crypto and gaming sectors.

Floki’s strategic investment in AI Agent protocol BADAI

Floki’s decision to invest in $BADAI reflects a broader strategy to deepen its footprint in the blockchain and AI sectors.

The vote, with an approval rate of 99.71%, shows the community’s confidence in BADAI’s potential to revolutionize how AI applications are developed and deployed within a decentralized ecosystem.

BADAI aims to harness AI and machine learning to create tools that can be used by developers across the blockchain space, thereby enhancing the capabilities of smart contracts and other blockchain functionalities.

This investment not only diversifies Floki’s treasury but also strengthens its position as a leader in identifying and supporting high-potential blockchain initiatives.

By backing $BADAI, Floki is not just investing in a token but in an entire ecosystem that could see significant growth and adoption in the coming years, potentially benefiting $FLOKI and $TOKEN holders through increased project partnerships and technological advancements.

Dogizen presale ends in two days

As the Floki DAO makes its strategic moves, the Dogizen project is on the brink of another milestone with its presale set to end on February 7th.

Dogizen has positioned itself as the first Initial Coin Offering (ICO) directly on the Telegram platform, tapping into its vast user base of over 950 million. Its presale has been a testament to the crypto market, raising $3.87 million out of a $4.76 million goal so far.

The Dogizen presale is structured in such a way that the token price increases with each presale stage, offering early investors an upper hand. Currently, the price of Dogizen’s native token, DOGIZ, stands at $0.000085 with an anticipated increase to $0.000094 in the next presale stage.

Notably, Dogizen’s approach contrasts sharply with competitors like Catizen, which diluted its token value through mass airdrops. Instead, Dogizen’s methodical community and investor base growth through its ICO aims at creating a stable price environment post-launch.

With the market conditions currently favoring speculative investments, Dogizen is likely to enter the market with significant momentum, especially given its timing which aligns with a period of increased interest in cryptocurrency from various market segments.

This could position Dogizen to outperform its peers, particularly in the Telegram gaming niche, where it seeks to redefine social gaming through blockchain technology.

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• THORChain node operators have approved a restructuring plan allowing it to convert its $200M debt into equity tokens.
• The move is aimed at stabilizing THORChain’s operations by addressing its liabilities.
• THORChain (RUNE) price rose 13.7% after the news but remains down 72.7% over the past month.

THORChain node operators have approved a restructuring plan proposal that will see a decentralized liquidity network convert a $200 million debt into equity tokens.

The approval will allow THORChain to address its financial liabilities, stabilize operations, and restore confidence among its users.

The restructuring proposal, dubbed “Proposal6,” the plan, arose after THORChain decided to pause its lending and savers programs on January 23, following community discussions about the existential risks posed by its ThorFi feature.

At that time, the platform had accrued roughly $200 million in liabilities. The pause led to a contraction of the network, with 31 validators exiting, around $100 million in liquidity being shed, and a significant drop in the price of RUNE, THORChain’s native token. However, the network continued its core operations, demonstrating its resilience amidst the turmoil.

The approved restructuring plan

Proposed by Maya Protocol’s Aaluxx Myth, the restructuring plan was put to a vote by Node Operators and has now been officially ratified.

Under this proposal, THORChain will mint 200 million “TCY” tokens, each representing $1 of the platform’s debt. These tokens will be airdropped to those affected by the lending and savers programs’ suspension.

The TCY tokens are designed to receive 10% of THORChain’s network revenue in perpetuity, providing holders with a continuous revenue stream in RUNE tokens, similar to dividends.

To facilitate liquidity for these new tokens, THORChain’s treasury will seed a liquidity pool, allowing holders to convert their equity tokens into other assets at their discretion.

This setup aims to give creditors the flexibility to exit their positions as market demand for THORChain’s revenue becomes reflected in the token’s price.

Following the approval of the proposal, the implementation is now in the hands of THORChain’s development teams, which include groups from Nine Realms Capital, Maya Protocol, Rujira Network, and Strangelove Labs.

The development teams are tasked with ensuring a prompt yet meticulous rollout, with details on the exact timeline still being finalized.

Community members have, however, expressed mixed reactions. While some see this as a pathway back to stability and growth for THORChain, others are sceptical about the plan’s long-term viability, the complexity of the new token structure, and potential legal implications regarding the issuance of what might be considered unregistered securities.

THORChain (RUNE) reaction to the development

Following the announcement of the approved plan, the price of RUNE experienced a notable uptick. As of the latest trading data, RUNE was priced at $1.38, marking a 13.7% increase within the last 24 hours.

However, this positive movement comes after a period of significant decline, with RUNE down 37.8% over the last week, 58.2% over two weeks, and 72.7% over the last month, suggesting that while the restructuring news has been met with some optimism, broader market conditions or concerns about THORChain’s future stability might still be influencing investor sentiment.

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• Telcoin has received approval for its Digital Asset Depository Bank Charter in Nebraska
• This positions Telcoin as one of the first federally regulated digital asset depository banks in the USA
• With this charter, Telcoin can now issue stablecoins and hold deposits at a Federal Deposit Insurance Corporation.

In a landmark decision, the Nebraska Department of Banking and Finance has given the green light to Telcoin, Inc., allowing it to become one of the first federally regulated digital asset depository banks in the United States under the Nebraska Financial Innovation Act (LB 1074, 2024).

 

This approval, anticipated since the public hearing held in December 2024,  marks a significant milestone in the integration of digital assets into the traditional banking framework.

Telcoin’s business plan

Telcoin’s application for this charter was accompanied by an extensive business plan, running into hundreds of pages with 29 appendices. This document, along with the detailed backgrounds of its directors and officers, demonstrated not only the adequacy but also the plausibility of Telcoin’s proposed operations.

The plan articulates a vision where Telcoin will issue US dollar-backed stablecoins, which it refers to as “Digital Cash” or eUSD,  to facilitate its safekeeping and seamless integration into mainstream financial systems using independent node verification networks.

The conditions for Telcoin to commence operations

The Digital Asset Depository Bank Charter approval was granted based on the assurance that Telcoin will operate safely and soundly.

Notably, the testimony of witnesses during the December 5, 2024, public hearing and the thoroughness of the business plan were pivotal in getting the approval.

To operate as a federally regulated digital asset depository bank within the US, Telcoin should maintain unencumbered liquid assets in US dollars, equivalent to 100% of the value of any outstanding stablecoins it issues, ensuring financial stability and consumer protection.

It must also adhere to stringent regulatory conditions, including providing a surety bond or pledge of assets worth $1 million and securing insurance for directors’ and officers’ liability, errors and omissions, as well as IT infrastructure, amounting to $10 million.

Furthermore, all US currency received from customers must be held in FDIC-insured institutions in Nebraska, ensuring the safety of customer deposits.

Another notable aspect of Telcoin’s charter involves community engagement and education. The company has been tasked with maintaining a public file accessible to anyone, detailing its efforts in meeting community needs, including financial literacy programs for Nebraska students focusing on digital assets, budgeting, credit, and more.

Telcoin should also conspicuously display notices that digital asset deposits are not insured by the FDIC, alongside warnings about the inherent risks of holding digital assets.

Also, Telcoin must use its full legal name, “Telcoin Bank, a Digital Asset Bank,” in all its official communications and branding, ensuring clarity and recognition in the market. The charter also stipulates that Telcoin must pay a charter fee of $50,000 and cover the costs associated with the approval hearing.

Furthermore, any material changes in Telcoin’s condition before it becomes fully operational could lead to the amendment, suspension, or withdrawal of the approval.

With these conditions met, Telcoin is set to commence operations, having the legal authority to issue stablecoins and leverage independent node verification networks for payment systems.

With this approval, the Nebraska Department of Banking and Finance has laid down a pathway for digital assets to coexist with traditional banking, focusing on safety, soundness, and consumer education.

The approval sets a precedent for how digital asset companies can operate within regulatory frameworks, potentially paving the way for further innovations in the financial sector.

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• Binance Pay and web3 payments provider xMoney have partnered to advance crypto payments in Europe.
• The strategic partnership will leverage blockchain technology to bring pay with crypto to over 20,000 businesses in the EU.
• Users will have access to crypto payments across luxury goods, real estate, e-commerce, travel and gaming among other merchant offerings.

Binance Pay, a payments solution by leading crypto exchange Binance, is teaming up with web3 payments platform xMoney to expand use of crypto in payments across Europe.

The Binance Pay team revealed the strategic partnership with xMoney on February 3, 2025.

In this agreement, Binance Pay will leverage xMoney’s regulatory approval as a Makets in Crypto Assets (MiCA) licensed platform to bring crypto payments to over 20,000 businesses in the region.

xMoney integration brings Binance Pay’s network of supported merchants to more than 32,000. Binance Pay’s merchant count stood at 12,000 in Dec. 2024, a figure that represented a 36% year over year increase from 9,800 in Dec. 2023.

Starting 2025 with a BANG 💥

From now on, buyers can use @Binance Pay to complete their payments on xMoney!

This means faster, safer, and simpler payments with over 90+ different #cryptocurrencies available.

No extra steps for merchants — just more ways to keep customers happy… pic.twitter.com/jORAdqYhtn

— xMoney.com (@xMoney_com) February 3, 2025

Harnessing benefits of blockchain technology

Users will be able to pay with crypto via Binance Pay for things like e-commerce, luxury goods, travel, real estate and gaming.These merchant services and more are part of xMoney’s growing merchant network. Other clients include the the City of Lugano and the National Administration of the Principality of Liechtenstein.

Compliance with the EU’s MiCA adds to the potential for this base to grow further.

Jonathan Lim, global head of Binance Pay, commented on the partnership:

“This collaboration between Binance Pay and xMoney comes at a pivotal moment when cryptocurrency is being embraced in mainstream commerce and public services. The ability to pay for luxury goods, travel, and even government services with crypto demonstrates how digital currencies are becoming a practical tool for everyday transactions.”

According to Lim, this collaboration taps into the benefits of blockchain technology to enable real-world value for merchants and customers. Security, efficiency and accessibility are some of the key benefits available to users and businesses.

“Partnering with Binance Pay is a significant step in building the bridge between blockchain and traditional finance. By integrating Binance Pay, we’re expanding our ecosystem and offering our users even more flexibility and choice in how they transact,” said Greg Siourounis, chief executive officer, xMoney Global.

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