🚀 GM,
Grab your favorite beverage (even if it’s a little early, we won’t tell), and get ready for the juiciest headlines that have been lighting up the Internet this week! 📰
1️⃣ Senator Elizabeth Warren Gains Massive Support for Crypto Anti-Money Laundering Act
2️⃣ Beware of Fake Musk Crypto Giveaways Flooding TikTok!
3️⃣ Earn Bitcoin While Playing Minecraft on Satlantis
4️⃣ Editor’s Wrap: Regulators Struggle to Keep Pace with the Rapidly Evolving Crypto Markets
Senator Elizabeth Warren Gains Massive Support for Crypto Anti-Money Laundering Act
Guess who’s gaining serious momentum in the fight against crypto-based money laundering? None other than Senator Elizabeth Warren!
She just enlisted the help of nine other senators to back her Digital Asset Anti-Money Laundering Act. 🤝🗽
Democratic Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, Catherine Cortez Masto, and independent Senator Angus King have all joined forces to support this bill. 💪💙
But why the urgency, you may ask? Well, Warren believes that cryptocurrencies are enabling all sorts of mischief, from rogue nations and drug lords laundering stolen funds to funding illegal weapons programs and even profiting from devastating cyberattacks! 😱
She described her Digital Asset Anti-Money Laundering Act as “the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”
Let’s dive into the nitty-gritty of the bill, shall we?
It was initially introduced back in December, and Warren re-submitted it in August of this year alongside Senators Joe Manchin, Roger Marshall, and Lindsey Graham. The goal? Closing up those regulatory loopholes and bringing the crypto world into compliance. 💻
If this act becomes law, it would extend the existing regulatory framework that applies to traditional financial institutions and slap it right onto crypto firms. That means crypto entities like digital asset wallet providers, miners, and validators would have to play by the rules outlined in the Bank Secrecy Act (BSA), following Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. The same checks and balances as traditional banks! 💼🔍💼
Here’s where it gets interesting: the bill targets those “unhosted” crypto wallets. You know, the ones that give users complete control over their digital assets. Warren wants to crack down on these wallets to ensure transparency and oversight. Banks and money service businesses would need to verify customer identities, keep meticulous records, and report certain digital asset transactions involving unhosted wallets or wallets hosted in non-compliant jurisdictions. 🚫🧾💳
The bill even requires U.S. residents with more than $10,000 in crypto stashed away in offshore accounts to submit reports.
Beware of Fake Musk Crypto Giveaways Flooding TikTok!
We have an important warning for you today. It seems that scammers are taking advantage of TikTok’s popularity by flooding the platform with fake cryptocurrency giveaways. Yes, you heard it right. 📱💔
These cunning fraudsters are posting videos that pretend to be themed around Elon Musk, Tesla, or even SpaceX. They’ve perfected the art of deception, utilizing deepfake videos to impersonate the man himself. Many of these videos show a fake interview where Musk is promoting a phony crypto giveaway. 😈
But how do these scams work, you ask? Well, it’s all about tricking users into thinking they’ll receive free cryptocurrency. The scammers create websites that pose as crypto exchanges or giveaway platforms. They prompt users to register an account and enter a promo code shown in the TikTok video. The unsuspecting victims are then led to believe that they’ve received Bitcoin or other crypto in their wallets. 🌐💰💔
When someone tries to withdraw the “free” Bitcoins, they’re asked to activate their account by depositing a small amount of Bitcoin. And this is where the scammers make their move. They disappear into thin air, stealing the user’s “activation” deposit and leaving them high and dry. 👻💸
What’s worse is that these fake crypto giveaways often ask for KYC information, which can be used by these threat actors to breach your other legitimate cryptocurrency accounts. It’s a double whammy of deception! 😱📥
Unfortunately, these scams have been wildly successful in the past, with millions of dollars in cryptocurrency stolen from unsuspecting social media users. The Federal Trade Commission (FTC) even reported a staggering $80 million lost to crypto investment scams since October 2020. Recently, the Better Business Bureau issued a warning about cryptocurrency scams on TikTok. Yikes! 😫💔
It’s crucial to stay vigilant. Remember, almost every crypto giveaway site is a scam, especially those claiming to be affiliated with Elon Musk, Tesla, SpaceX, Ark Invest, Gemini, or other high-profile exchanges and celebrities promising massive returns. 🚫❌
Earn Bitcoin While Playing Minecraft on Satlantis
Have you ever imagined earning Bitcoin while playing Minecraft? Well, now it’s possible with Satlantis, a Minecraft server that allows you to earn real satoshis (sats) while diving into the virtual world. In this edition, we’re diving deep into how this innovative server works, how you can get involved, and how much you can potentially earn. So, let’s get started!
Satlantis operates through Minecraft: Java Edition on computers, and you can join the server by using the IP address play.satlantis.net. To start earning Bitcoin, you’ll need a virtual ASIC miner, similar to the miners used in real-life Bitcoin mining. Fuel your miner with emeralds to increase your hashrate (displayed on the right side of the screen) and enter a raffle every 10 minutes to win a portion of Bitcoin. The higher your hashrate, the greater your chances of winning.
With ASIC miners ranging from 10 to 45 hashrate, you can calculate your odds by dividing your hashrate by the global hashrate displayed on-screen and multiplying it by 100.
While the primary method of earning sats is through ASIC miners, Satlantis also offers a marketplace where players can buy and sell various in-game items, including ASIC miners themselves.
Beware, though, that the marketplace prices are displayed in sats, not dollars. So, what may seem like a hefty price tag could actually be more affordable than you think.
To acquire ASIC miners, you have two options – the battle pass or the marketplace. The battle pass, accessible through the in-game chat by typing “/bp”, offers both free and premium tiers. By reaching level 51 in the free battle pass or level 10 in the premium battle pass, you can obtain an Elliptic Key, which allows you to get an ASIC miner via an Elliptic Crate. If the battle pass seems too challenging, you can always purchase ASIC miners directly from the marketplace.
To enter the world of Satlantis, you’ll need Bitcoin on the server. Simply type “/deposit” to find the address linked to your in-game account and send Bitcoin via the Lightning Network. Once you have sats on the server, you can purchase ASIC miners or trade for other items.
Fueling your ASIC miners with emeralds is essential for them to produce hashrate. Interestingly, you don’t need to be actively playing the game for the miners to work – they can continue producing hashrate even when the game is running in the background. To obtain emeralds, you can exchange ores and sugar cane with traders in the lobby. Additionally, there are elaborate mine systems accessible through the chat command “/mines” that provide abundant resources, including diamonds, to fuel your progression.
During our exploration of Satlantis, we spent several hours in-game.
Our efforts paid off when, with just one hour of fuel left, we won the Bitcoin raffle. By the end of our gameplay, we earned a total of 16,034 sats, equivalent to around $4. This means we were nearly halfway to recouping our initial investment.
When you’re ready to withdraw your earned Bitcoin, simply type “/withdraw” followed by the desired amount. Enter your Lightning Network address, and within 48 hours, the transaction should be processed. Remember, the Satlantis community is incredibly supportive, so don’t hesitate to ask questions in the server’s Discord or in-game chat if you need assistance along the way.
Editor’s Wrap: Regulators Struggle to Keep Pace with the Rapidly Evolving Crypto Markets
We dive into the recent move by the New York State Department of Financial Services (NYDFS), which aims to regulate how crypto exchanges like Coinbase and Gemini list and delist tokens. This announcement could have far-reaching implications beyond just the state of New York.
The NYDFS wants to update its guidance to ensure license holders are more proactive in assessing legal, reputational, and market risks during the coin listing process. They also aim to expand the number of “greenlisted” coins, currently limited to bitcoin, ether, and stablecoins from PayPal and Gemini. Importantly, the agency has opened a public comment period for industry participants to share their thoughts.
While the NYDFS is just a state financial regulator, its actions often reverberate throughout the entire crypto landscape. New York remains a significant hub for economic activity and capital formation, lending the agency considerable influence in setting reporting and communication standards. What happens in New York can significantly impact the crypto industry worldwide.
However, the NYDFS’s regulatory approach has had mixed results. Its BitLicense system, implemented by the architect Benjamin Lawsky, aimed to be a model for crypto oversight but fell short. The rules and recommendations have undoubtedly influenced the development of the digital asset industry in the U.S. However, some believe it attempted to squeeze crypto into traditional regulatory frameworks instead of addressing its unique characteristics.
The strict BitLicense system has had its successes in protecting New Yorkers from crypto business failures and bankruptcies. For example, it barred unsustainable lenders like Celsius and BlockFi from operating in the state. However, the system hasn’t always been foolproof and hasn’t necessarily fostered a thriving crypto trading market in New York.
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