Sunday, July 25, 2021

Witness Drops Bombshell at House Hearing: Hedge Funds Are Getting “100 Times” Leverage on Crypto

by Pam Martens and Russ Martens, Wall St On Parade:

Yesterday, the House Financial Services’ Subcommittee on Oversight and Investigations held a critically important hearing on the crypto craze that has engulfed U.S. financial markets. The hearing was titled: “America on ‘FIRE’: Will the Crypto Frenzy Lead to Financial Independence and Early Retirement or Financial Ruin?”

Before the witnesses could testify, the Republican Ranking Member of the Subcommittee, Congressman Tom Emmer of Minnesota, delivered Alice in Wonderland opening remarks that downplayed the legitimate concerns of the hearing and effectively characterized crypto as the best innovation since sliced bread. (Emmer is a former registered lobbyist in Minnesota and his Congressional campaign coffers are stuffed with money from the financial services industry.)

Paraguayan Lawmaker to Present Bitcoin Legislation Next Month — Aims to Make Paraguay Global Crypto Hub

by Kevin Helms, Bitcoin:

A pro-bitcoin congressman in Paraguay says he will present bitcoin legislation in congress next month with the aim to make Paraguay a hub for cryptocurrency investors worldwide. His efforts follow El Salvador passing a bill making bitcoin legal tender.

World Bank Refuses To Support El Salvador Bitcoin Rollout, Citing Environmental Concerns

by Ian Haworth, Daily Wire:

Citing environmental concerns, The World Bank rejected a request from El Salvador to help implement the use of Bitcoin as legal tender.

According to the BBC, the “international lender” also “cited concerns over transparency,” indicating that El Salvador may struggle to meet its deadline of accepting Bitcoin throughout the country within the next three months.

El Salvator pass the #BitcoinLaw #Bitcoin is now a legal currency in El Salvator

Iran’s President Wants Crypto ‘Laws and Instructions’ Implemented as Soon as Possible

by Jamie Redman, Bitcoin:

Iranian president Hassan Rouhani discussed cryptocurrencies at the most recent meeting of the government’s Economic Coordination Board and told participants that regulatory policy is needed to protect consumers. Rouhani believes the Iranian government should “communicate the necessary laws and instructions” as soon as possible so dishonorable crypto businesses are avoided.

Here We Go Again: JBS “Paid” “Russian” “Hackers” $11 Million In Bitcoin To Resolve “Ransomware” Attack

from ZeroHedge:

There was a moment of sheer hilarity earlier today when, during a Congressional Hearing, the CEO of Colonial Pipeline Joseph Blount took the merely farcical episode of the Colonial Pipeline ransomware hack – when, as a reminder, a ragtag band of elite “Russian” hackers somehow managed to penetrate the company’s cyberdefenses but was so stupid it left most if not all of the $4.4 million bitcoins it demanded in ransom in an easily traceable address for the FBI to track down and magically confiscate (it is still unclear how the Feds got the private key to access the “hackers” digital wallet) in days if not hours – and elevated it to a level of sheer ridiculous absurdity when he told Congress that he didn’t consult the FBI before paying the ransom.

What if… $800B in Lost Bitcoin Went to Physical Gold and Silver Instead?

by Steve Brown, The Duran:

Whatever motive the mysterious Satoshi Nakamoto had for introducing his white paper after the financial collapse of 2008-2009 has long since been either subverted or achieved, depending on one’s point of view. Today bitcoin is a speculation hijacked by Wall Street, and the Fed won’t let it die. Bitcoin is just too useful to the Fed and its Primary Dealers for sterilizing capital; laundering dollars; and to exterminate inflationary dollars. Bitcoin serves another purpose too, as a gauge for Wall Street’s minions to determine the appetite for risk among what they perceive to be the Great Unwashed.