Laughing Hyena
  • Home
  • Hyena Games
  • Esports
  • NFT Gaming
  • Crypto Trends
  • Game Reviews
  • Game Updates
  • GameFi Guides
  • Shop
Tag:

Act

Crypto Groups Push Back on Bank Lobby Over GENIUS Act
Crypto Trends

Crypto Groups Push Back on Bank Lobby Over GENIUS Act

by admin August 20, 2025



Two of the crypto industry’s leading advocacy bodies are pushing back against Wall Street bankers’ latest attempt to roll back the United States’ newly minted stablecoin law.

In a joint letter to the Senate Banking Committee on Tuesday, the Crypto Council for Innovation (CCI) and the Blockchain Association urged lawmakers to reject recommendations from the American Bankers Association (ABA) and state banking groups.

As reported, several US banking groups, led by the Bank Policy Institute (BPI), have urged Congress to tighten the GENIUS Act by closing what they call a loophole that could allow stablecoin issuers and their affiliates to pay yields indirectly.

In a letter sent last Tuesday, the groups warned that failing to address the gap could drain as much as $6.6 trillion from traditional bank deposits, threatening the flow of credit to households and businesses.

Banking lobby on stablecoins yield loophole. Source: Bank Policy Institute

Related: Coinbase revives stablecoin bootstrap fund to boost USDC in DeFi

Stablecoin yield loophole

The bankers also argued that while the GENIUS Act bans stablecoin issuers themselves from offering yield, it does not explicitly prevent exchanges or affiliates from doing so on their behalf. They claimed this risks giving stablecoins a competitive edge by attracting users with returns similar to savings accounts, without subjecting them to the same banking rules.

The crypto groups accused the banking lobby of trying to re-litigate issues already settled in months of negotiations, warning that the proposed revisions would tilt the field toward traditional banks while stifling innovation and consumer choice.

“Payment stablecoins are not bank deposits, or money market funds, or investment products, and thus they are not regulated in the same way,” the crypto advocacy groups wrote. “Unlike bank deposits, payment stablecoins are not used to fund loans,” they added.

The letter pointed out Section 16(d) of the law, which allows subsidiaries of state-chartered institutions to conduct stablecoin business across state lines without requiring additional licenses.

Banking groups want the clause repealed, but CCI and the Blockchain Association argued that scrapping it would re-create “the same fragmented, balkanized regulatory regime that stifles interstate commerce.”

They also pushed back against claims that yield-bearing stablecoins could drain deposits from community banks. They cited a July 2025 analysis by Charles River Associates, which found no significant link between stablecoin growth and bank outflows.

Related: South Korea readies stablecoin framework; bill set for October

Yield stablecoins cross $800 million in payouts

Yield-bearing stablecoins have distributed over $800 million in total returns to holders so far, according to a recent post by StableWatch. Over the past 30 days, Ethena Staked USDe (sUSDe) led payouts with $30.71 million, followed by Securitize’s BUIDL at $8.39 million and Sky Ecosystem’s staked USDe (sUSDe) with $6.78 million.

Stablecoins yield payout. Source: Stablewatch

The total market cap of stablecoins currently sits at $288 billion, a fraction of the US dollar money supply, which the Federal Reserve reported as $22 trillion at the end of June.

Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears



Source link

August 20, 2025 0 comments
0 FacebookTwitterPinterestEmail
GENIUS Act Was Signed One Month Ago
NFT Gaming

GENIUS Act Was Signed One Month Ago

by admin August 19, 2025



The GENIUS Act was signed by President Donald Trump on Jul. 18, 2025. The bill was aimed at setting a legal framework for stablecoin issuers. One month after signing it into law, we can see the real impact as stablecoin-focused blockchains and corporate-issued stablecoins become a hot topic. How did the GENIUS Act help launch these trends, and why do the Free Banking era comparisons emerge in the discussions about the GENIUS Act?

Summary

  • The GENIUS Act sparked new trends in the stablecoin space even before it was signed into law.
  • Big tech companies, including Amazon, Meta, Airbnb, and Uber, are looking to integrate stablecoins into their infrastructure. 
  • Some corporations issue stablecoins, while others are developing dedicated stablecoin layer-1 blockchains.
  • Alarmists were comparing stablecoins to wildcat banknotes of the free banking era. Now, the GENIUS Act makes these claims obsolete.

The stablecoin space and the GENIUS Act

The GENIUS Act, or Guiding and Establishing National Innovation for U.S. Stablecoins Act, sets the rules for issuers of stablecoins, which are cryptocurrencies with fixed value usually pegged to a certain fiat currency or other type of asset. The stablecoin space is largely dominated by tokens pegged to the U.S. dollar. 

For many people, stablecoins became a handy remittance tool as they, unlike other types of cryptocurrencies, preserve their value while being transferred swiftly across the globe, requiring nothing except a crypto wallet. While many see Bitcoin as a store of value (or “digital gold”), stablecoins are a practical means of payment. Additionally, in countries with high inflation rates, where local currencies quickly lose their value against the U.S. dollar, stablecoins serve as a savings account.

According to the White House ‘Crypto Czar’ David Sacks:

“Stablecoins really have the potential to ensure American dollar dominance internationally, to increase the usage of the U.S. dollar digitally as the world’s reserve currency, and in the process create potentially trillions of dollars of demand for U.S. treasuries.” 

🚨 BREAKING:

TRUMP‘S CRYPTO CZAR DAVID SACKS SAYS STABLECOINS HAVE THE POTENTIAL TO ENSURE THE US DOLLAR DOMINANCE INTERNATIONALLY! 🇺🇸

‚RLUSD‘ IS ABOUT TO CONQUER THE STABLECOIN MARKET! 🏆 #XRP 🤝🏼 RLUSD pic.twitter.com/ULxYWiFEKZ

— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) February 4, 2025

The growing popularity of USD-pegged stablecoins across the world facilitates an indirect demand for the U.S. dollar and the U.S. Treasury bills. Especially given that the GENIUS Act requires stablecoin issuers to back their supply and make each token redeemable. Thus, stablecoin issuers stimulate the buy pressure on USD and keep these dollars to back their supply instead of selling them, while people will keep on using stablecoins not only to dodge sanctions or buy illicit goods, but simply because individuals and institutions find paying in stablecoins is easy. Soon, integration with Mastercard and other traditional payment systems will likely make stablecoins more popular.

What is the impact of the GENIUS Act?

The GENIUS Act was influential even before becoming the law. As the bill was a bipartisan effort under the crypto-friendly administration, big corporations began to share plans for various projects that involve stablecoins. For instance, Apple, X, Uber, and Airbnb started working on possible stablecoin integration before the passage of the GENIUS Act.

Another new trend, hardly possible during the gray area stablecoins era, is the emergence of stablecoin-focused layer-1 blockchains. USDC issuer Circle is working on the Arc blockchain, designed to work with stablecoins. Payment processor Stripe is working on its own stablecoin-focused Tempo layer-1 blockchain. Stable and Plasma are startups developing their respective stablecoin blockchains. Competition grows as companies strive to gain more control over the flow of stablecoins and decrease transaction costs.

On top of that, by July, several corporations outside the crypto industry introduced plans to launch their corporate stablecoins. The names include Walmart, Meta, and Amazon. In May, four major banks, Wells Fargo, Citigroup, JPMorgan, and Bank of America, started exploring the possibility of collaborating on a joint stablecoin.

As the bill was signed into law, the number of companies planning to issue their USD-pegged stablecoin surged while already existing stablecoin issuers continued to work on scaling their products for institutional use. Currently, corporations working on their USD-pegged stablecoins include Société Générale, Revolut, and Fiserv. 

It is hardly a coincidence that the emergence of such a massive and diverse surge in stablecoin-focused projects by big tech corporations and startups takes place when the GENIUS Act streamlines the stablecoin business.

The GENIUS Act and free banking

For years, USD-pegged stablecoin critics have been drawing parallels between stablecoins and the Free Banking era in the U.S. The latter was a period in the 19th century, when banks were issuing dollar-denominated private currencies against their gold reserves with little to no government oversight.

In the wake of the stablecoin’s popularity spike and especially after the GENIUS Act bill’s emergence, this comparison began to gain traction. Some see this parallel as inspiring, while others are less optimistic, citing the worst examples of “wildcat” bank-issued banknotes that caused chaos in several regions of the U.S.

“In a similar manner to how privately-issued “wildcat” currencies were replaced by government-backed central currencies in the late-1800s, Central Bank Digital Currencies (CBDC) will likely need to replace stablecoins…”

Source: https://t.co/uVrEs8Xe9K

— Gold Telegraph ⚡ (@GoldTelegraph_) November 4, 2024

Crypto investor and writer Nic Carter took a bold stance, making a solid effort in dotting the i’s in this debate. In an essay titled “The Last Word on Stablecoins and Free Banking,” Carter suggests that stablecoins indeed were similar to questionable and unreliable wildcat currencies before the GENIUS Act passage, and it was the new law that eliminated the risks, thanks to requirements of 100% backing of supply and other holder protection measures.

“…when you consider today’s stablecoins against the failures of the banks in antebellum America, the specific reasons that free banks failed in the US are today addressed with stablecoins, especially in the post-GENIUS regime. In my view, the lessons of this particular historical episode actually vindicate the contemporary stablecoin project, rather than diminishing it.”

Carter outlines that the free banking experience in Canada and Scotland was more positive than in the U.S., and it was the U.S. government’s restrictions that were to blame for the failure of free banking in the U.S.

i would like to make it illegal to talk about free banking (in the context of stablecoins) without having read the following books:

– Free Banking in Britain: Theory, Experience, and Debate, 1800–1845 by @lawrencehwhite1

– Competition and Currency: Essays on Free Banking and…

— nic carter (@nic__carter) July 22, 2025

Carter claims that many stablecoin critics use comparison with the Free Banking era to advocate for the adoption of central bank digital currencies, a form of central-bank stablecoins rejected by the Trump Administration.

Matt Hougan, the CIO at Bitwise, is another notable opposer of comparisons between wildcat banks and stablecoins. The day the GENIUS Act was signed into law, he took to X to dismiss the “careless comparison.” Hoguan explained that one of the problems with free banking was that redemption of banknotes required a physical visit to the bank, and depending on the distance from the issuer, its notes could trade at a discount to other dollars.

Defending stablecoins, Hougan wrote:

“In the Genius Act, there are strict limits on the assets [issuers] hold, redemptions can be made daily from anywhere, and stablecoin prices will trade on exchanges, allowing instant convertibility and price discovery. State-regulated stablecoins are size-limited ($10b cap), which means they’ll be a vanishing fraction of the market, and are generally subject to the same asset holding and redemption provisions as the federally regulated stablecoins that will make up 95%+ of the market.”

Lately, it is easier to find favorable comparisons between the free banking era and stablecoins than alarmist ones, so it seems that the narrative shifts and a more positive stance is taking over. Nevertheless, one month is a very short period for a high-scale business, and a lot of things may unfold in the time to come.





Source link

August 19, 2025 0 comments
0 FacebookTwitterPinterestEmail
Circle's Jeremy Allaire on GENIUS Act: 'Internet of Money Has Arrived'
NFT Gaming

Circle’s Jeremy Allaire on GENIUS Act: ‘Internet of Money Has Arrived’

by admin August 18, 2025


Jeremy Allaire, cofounder of Circle, the company behind USDC stablecoin, has dropped a motivational post on X. Allaire emphasized the importance of persistence in the cryptocurrency industry in the post. He did this by highlighting his role in the birth of the GENIUS Act.

Jeremy Allaire reflects on Circle’s early struggles

The Circle CEO recalled how many stakeholders, including investors, regulators and even family members, doubted him when he conceived the idea of Circle in 2013. According to him, the idea that money could move just like information on the internet, cheaply, instantly and globally, was unbelievable to many.

You Might Also Like

However, with 12 years of persistence, patience and collaboration, the stablecoin sector has witnessed massive growth. Allaire noted that, working with regulators and lawmakers, legislation to regulate the sector has finally seen the light of day.

“Are you out of your mind?”

That’s what I heard more than once in the early days of Circle.

Twelve years later, the GENIUS Act has been signed into law, and we can now say the internet of money has arrived. 🧵

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) August 18, 2025

For context, the GENIUS Act is landmark legislation for the crypto industry in the U.S., particularly for stablecoins. The act provides a regulatory framework and transparency for fiat-backed stablecoins.

Allaire is stating that if he had given up when many did not believe in Circle, or thought that “internet money” was crazy, these gains would not have been achieved. In a nutshell, he said that large systems do not change overnight, announcing that the internet of money has arrived.

Circle’s market position

Circle currently ranks second on the stablecoin market, with a market capitalization of $68.14 billion. It is surpassed only by Tether, whose market cap stands at $166.81 billion.

You Might Also Like

Meanwhile, earlier in May 2025, the rumor of Ripple acquiring USDC was widespread, with the XRP-backed company offering $20 billion. However, the deal unraveled as Circle filed for an IPO with the New York Stock Exchange.

In July, John Deaton, pro-Ripple lawyer, had to dismiss speculation that Circle posed a threat to XRP. Deaton maintained that XRP is not a stablecoin, nor is it trying to be USDC.





Source link

August 18, 2025 0 comments
0 FacebookTwitterPinterestEmail
"We believe these restrictions harm creative expression." The reaction to the UK's Online Safety Act
Esports

“We believe these restrictions harm creative expression.” The reaction to the UK’s Online Safety Act

by admin August 17, 2025


“This is not a law fit for purpose,” says the journalist and game developer John Szczepaniak. “This is idiocy and insanity of the highest order.”

Szczepaniak made the game Lady Priest Lawnmower as a joke – riffing on the ZX Spectrum’s similarly silly Advanced Lawnmower Simulator. But when the UK’s Online Safety Act (OSA) came into effect in late July, he found that British users of itch.io could no longer access his author page.

“It’s all just a parody,” Szczepaniak says. “But as you can see Lady Priest Lawnmower is deemed adult, and if only one game is deemed adult your entire profile page is blocked.” He believes the game tripped an alarm because it features kidnapping. “What about the original Donkey Kong, where Pauline is kidnapped?”

Lady Priest Lawnmower on Itch

Leaf Corcoran, itch.io’s founder, has said that author pages containing NSFW or adult content will remain blocked in the UK – until the site finds a ‘digital ID’ partner that can provide an age verification solution they’re happy with. In the meantime, itch.io is encouraging developers to submit an appeal if they think they’ve been incorrectly targeted. “I refuse to do this. This entire OSA banning nonsense should never have taken place,” Szczepaniak says. “I want the OSA laws repealed!”

The OSA is a set of laws intended to protect users online. It puts a new onus on game developers and platform holders to prevent children from accessing anything harmful or age-inappropriate. It requires that parents and kids are given clear and easy ways to report problems, and that adults be given more control over the type of content they see.

Frustration and panic

This change has been a long time coming – visible on the horizon and well-signalled by the UK government – but its arrival has led to a wave of frustration and panic among those who make games and run their associated communities. “While we will always comply with legal requirements, we disagree with this policy’s approach,” writes itch.io’s Corcoran. “We believe these restrictions harm creative expression and make it harder for independent creators to reach their audiences.”

Ofcom, the UK’s independent regulator of online safety and enforcer of the OSA, now has dedicated members of staff who are focused on and engaging with games companies.

“I think that’s possibly why we as an industry feel a bit more exposed, just because this is one of the first times that a regulator has paid attention to us from day one,” says Isabel Davies, a senior associate at the tech-focused law firm Wiggin. “Whereas normally what happens is social media companies get hit with a new piece of legislation, and we get somewhat taken along for the ride.”

Since the video-game boom of the COVID-19 pandemic, governments and regulators have started paying special attention to the interactive arts. “We’re on a lot more people’s radars,” Davies says. “I think the OSA is just a prime example of one of those situations.”

The Act was passed in 2023, and Ofcom has been consulting with companies inside and outside the games industry ever since. “We weren’t completely caught off-guard,” Davies says. But in the last few weeks, a requirement for companies to protect children from certain ‘legal but harmful’ content has come into force.

“This is one of the first times that a regulator has paid attention to us from day one”

Isabel Davies, Wiggin

“That was also the same time that pornography sites were told to start age-blocking kids, which is why I think this has caused such a kerfuffle,” Davies says. “And one of the things that I think has been oversimplified is that you see some commentators out there saying you have to do age assurance in all cases.”

Age-gating might be a great help in compliance with the law, but in many instances, it may also be overkill – even for game services that include user-generated content, chat, and community features.

“What you do have to do are your risk assessments,” Davies says. “Assess your risks properly and work out what measures you need to employ that may or may not involve age assurance. There may be other ways you can achieve certain goals to protect people.” If a games company is already employing great moderation tools and parental controls, for instance, it might meet many of its obligations that way. “So it’s really important for any service, including games, to not jump the gun with any of this.”

John Szczepaniak’s Itch author page is blocked in the UK

Even when age-gating is necessary, there’s room for nuance. One example of a thoughtful approach to compliance is Newgrounds, the venerable browser game portal. Despite missing Ofcom’s most recent deadline, the site has been working with the UK regulator for the past year. Its plan involves a number of smart assumptions – for instance, that any UK user with an account more than ten years old or access to a credit card is already over the age of 18. “Regardless of age verification, these overhauls have been benefitting the site with better performance and will make NG easier to maintain into the future,” says founder Tom Fulp.

As Fulp notes, however, this invention was born of sheer necessity in the face of more expensive solutions. “We are not planning to offer things like ID checks or facial recognition because these require us to pay a third party to confirm each person,” he writes. “Because Newgrounds runs at a loss and doesn’t monetize users very well, this is not an option for us. As Wired noted, Big Tech is the only winner of the Online Safety Act because smaller websites can’t afford to keep up with this sort of regulation.”

Administrative burden

One of the louder criticisms of the OSA is that it’s particularly unfriendly to smaller companies, for whom simply parsing the thousands of pages of official guidance is a lengthy and disruptive process. “Certainly for me as a lawyer, I’m aware that there is a lot to get through,'” Davies says. “So as someone who isn’t in this area, I can completely understand why they’re probably thinking, ‘What is this!?'”

It’s perhaps not surprising that this administrative overwhelm – along with the prospect of fines capping at £18 million or 10% of annual global turnover, whichever is higher – has frightened some companies into temporarily suspending services in the UK while they figure out the details. And it’s important to note that the OSA arrives against a backdrop of wider moderation and censorship concerns. Platforms like itch.io have been scrambling to address the complaints of prudish payment processors, which has led to some developers suffering a double blow when it comes to discoverability.

Robert Yang, whose games about gay culture sometimes involve nudity, was already subject to a delisting on the itch.io store. And in the course of researching this piece, GamesIndustry.biz discovered that his creator page is currently inaccessible in the UK as well. “I wasn’t aware,” Yang says. “I’m obviously not happy. I have plenty of games that aren’t adult games too.”

Such shotgun measures only feed fears that spaces for risk-taking art are being squeezed, and that the ability of video games to carry messages will suffer as a result. “My silly little amateur games are an insignificant casualty in a much greater fire that has obliterated freedom of expression and freedom of thought in the UK,” Szczepaniak says.

“When GDPR came out in 2018 there was a massive panic, and it took everyone a while to get their heads around things”

Isabel Davies, Wiggin

Yet Davies hopes that in the long term, working with the Act will become more straightforward. “When GDPR came out in 2018 there was a massive panic, and it took everyone a while to get their heads around things,” she says. “My hope is that as time goes on, compliance will get a bit easier. It will become a bit more of a known thing. People will have gone through the process. But as of right now, I think for many indies it will feel like a big burden. Which is why it’s important to speak to your trade bodies, your advisors and communities about this.”

Davies recommends the digital tools that Ofcom has published on its website to help navigate the risk assessment process. “I would say it’s a starting point, it’s definitely not the be-all-and-end-all,” she says. “But it’s a really helpful way to get your head around, ‘OK, what is Ofcom expecting to see? And how do I assess the risks of someone trying to recruit another user for terrorism in my service, for example?'”

As scary as the Act can seem, small businesses shouldn’t worry that they’re suddenly going to be shut down by an unexpected fine. “Ultimately, Ofcom isn’t expecting everyone to have everything resolved immediately,” Davies says. “It’s certainly at the period now where it seems to be doing some enforcement against certain sectors, but equally, in games it’s currently here to engage and help businesses understand what they should be doing.”

Time to assess

If a company’s service presents a big risk, then it might be wise to pause it. But plenty of companies might have less to do than they think.

“If you’ve had a long history of your forum running into issues with illegal content, then maybe turn it off for now until you know what you need to do,” Davies says. “But if you’re running a small forum which is used by a relatively small number of people, and the conversations are mainly about your game or bug tickets or some fan art that people have drawn, you would hope it’s probably going to be relatively low risk in practice. Again – get your risk assessments done!”

“Thanks to the OSA, I’m being treated as some sort of pornographer”

John Szczepaniak

If a time is coming when game platforms will find a more harmonious balance with the OSA, for the benefit of both creators and fans, it can’t come soon enough. In our current moment, rushed and overbearing implementations of the law are leading to upset and disillusionment among the very creative minds our industry depends on.

“Itch is an escape from reality, and an escape from the corporate nature of triple-A gaming,” Szczepaniak says. “None of my individual games have had more than 200 downloads. But making them is fun for me. Yet thanks to the OSA, I’m being treated as some sort of pornographer? Some sort of pariah that needs to be kept away from society to keep it safe?

“I feel deeply saddened that I am banned in the UK.”



Source link

August 17, 2025 0 comments
0 FacebookTwitterPinterestEmail
RISE Act Provides AI Guardrails but Not Enough Detail
Crypto Trends

RISE Act Provides AI Guardrails but Not Enough Detail

by admin June 22, 2025



Civil liability law doesn’t often make for great dinner-party conversation, but it can have an immense impact on the way emerging technologies like artificial intelligence evolve.

If badly drawn, liability rules can create barriers to future innovation by exposing entrepreneurs — in this case, AI developers — to unnecessary legal risks. Or so argues US Senator Cynthia Lummis, who last week introduced the Responsible Innovation and Safe Expertise (RISE) Act of 2025.

This bill seeks to protect AI developers from being sued in a civil court of law so that physicians, attorneys, engineers and other professionals “can understand what the AI can and cannot do before relying on it.”

Early reactions to the RISE Act from sources contacted by Cointelegraph were mostly positive, though some criticized the bill’s limited scope, its deficiencies with regard to transparency standards and questioned offering AI developers a liability shield.

Most characterized RISE as a work in progress, not a finished document.

Is the RISE Act a “giveaway” to AI developers?

According to Hamid Ekbia, professor at Syracuse University’s Maxwell School of Citizenship and Public Affairs, the Lummis bill is “timely and needed.” (Lummis called it the nation’s “first targeted liability reform legislation for professional-grade AI.”) 

But the bill tilts the balance too far in favor of AI developers, Ekbia told Cointelegraph. The RISE Act requires them to publicly disclose model specifications so professionals can make informed decisions about the AI tools they choose to utilize, but:

“It puts the bulk of the burden of risk on ‘learned professionals,’ demanding of developers only ‘transparency’ in the form of technical specifications — model cards and specifications — and providing them with broad immunity otherwise.”

Not surprisingly, some were quick to jump on the Lummis bill as a “giveaway” to AI companies. The Democratic Underground, which describes itself as a “left of center political community,” noted in one of its forums that “AI companies don’t want to be sued for their tools’ failures, and this bill, if passed, will accomplish that.”

Not all agree. “I wouldn’t go so far as to call the bill a ‘giveaway’ to AI companies,” Felix Shipkevich, principal at Shipkevich Attorneys at Law, told Cointelegraph. 

The RISE Act’s proposed immunity provision appears aimed at shielding developers from strict liability for the unpredictable behavior of large language models, Shipkevich explained, particularly when there’s no negligence or intent to cause harm. From a legal perspective, that’s a rational approach. He added:

“Without some form of protection, developers could face limitless exposure for outputs they have no practical way of controlling.”

The scope of the proposed legislation is fairly narrow. It focuses largely on scenarios in which professionals are using AI tools while dealing with their customers or patients. A financial adviser could use an AI tool to help develop an investment strategy for an investor, for instance, or a radiologist could use an AI software program to help interpret an X-ray.

Related: Senate passes GENIUS stablecoin bill amid concerns over systemic risk

The RISE Act doesn’t really address cases in which there is no professional intermediary between the AI developer and the end-user, as when chatbots are used as digital companions for minors. 

Such a civil liability case arose recently in Florida, where a teenager committed suicide after engaging for months with an AI chatbot. The deceased’s family said the software was designed in a way that was not reasonably safe for minors. “Who should be held responsible for the loss of life?” asked Ekbia. Such cases are not addressed in the proposed Senate legislation. 

“There is a need for clear and unified standards so that users, developers and all stakeholders understand the rules of the road and their legal obligations,” Ryan Abbott, professor of law and health sciences at the University of Surrey School of Law, told Cointelegraph.

But it’s difficult because AI can create new kinds of potential harms, given the technology’s complexity, opacity and autonomy. The healthcare arena is going to be particularly challenging in terms of civil liability, according to Abbott, who holds both medical and law degrees.

For example, physicians have outperformed AI software in medical diagnoses historically, but more recently, evidence is emerging that in certain areas of medical practice, a human-in-the-loop “actually achieves worse outcomes than letting the AI do all the work,” Abbott explained. “This raises all sorts of interesting liability issues.”

Who will pay compensation if a grievous medical error is made when a physician is no longer in the loop? Will malpractice insurance cover it? Maybe not.

The AI Futures Project, a nonprofit research organization, has tentatively endorsed the bill (it was consulted as the bill was being drafted). But executive director Daniel Kokotajlo said that the transparency disclosures demanded of AI developers come up short.

“The public deserves to know what goals, values, agendas, biases, instructions, etc., companies are attempting to give to powerful AI systems.” This bill does not require such transparency and thus does not go far enough, Kokotajlo said.

Also, “companies can always choose to accept liability instead of being transparent, so whenever a company wants to do something that the public or regulators wouldn’t like, they can simply opt out,” said Kokotajlo.

The EU’s “rights-based” approach

How does the RISE Act compare with liability provisions in the EU’s AI Act of 2023, the first comprehensive regulation on AI by a major regulator?

The EU’s AI liability stance has been in flux. An EU AI liability directive was first conceived in 2022, but it was withdrawn in February 2025, some say as a result of AI industry lobbying.

Still, EU law generally adopts a human rights-based framework. As noted in a recent UCLA Law Review article, a rights-based approach “emphasizes the empowerment of individuals,” especially end-users like patients, consumers or clients.

A risk-based approach, like that in the Lummis bill, by contrast, builds on processes, documentation and assessment tools. It would focus more on bias detection and mitigation, for instance, rather than providing affected people with concrete rights. 

When Cointelegraph asked Kokotajlo whether a “risk-based” or “rules-based” approach to civil liability was more appropriate for the US, he answered, “I think the focus should be risk-based and focused on those who create and deploy the tech.” 

Related: Crypto users vulnerable as Trump dismantles consumer watchdog

The EU takes a more proactive approach to such matters generally, added Shipkevich. “Their laws require AI developers to show upfront that they are following safety and transparency rules.”

Clear standards are needed

The Lummis bill will probably require some modifications before it is enacted into law (if ever).

“I view the RISE Act positively as long as this proposed legislation is seen as a starting point,” said Shipkevich. “It’s reasonable, after all, to provide some protection to developers who are not acting negligently and have no control over how their models are used downstream.” He added:

“If this bill evolves to include real transparency requirements and risk management obligations, it could lay the groundwork for a balanced approach.”

According to Justin Bullock, vice president of policy at Americans for Responsible Innovation (ARI), “The RISE Act puts forward some strong ideas, including federal transparency guidance, a safe harbor with limited scope and clear rules around liability for professional adopters of AI,” though the ARI has not endorsed the legislation.

But Bullock, too, had concerns about transparency and disclosures — i.e., ensuring that required transparency evaluations are effective. He told Cointelegraph:

“Publishing model cards without robust third-party auditing and risk assessments may give a false sense of security.”

Still, all in all, the Lummis bill “is a constructive first step in the conversation over what federal AI transparency requirements should look like,” said Bullock.

Assuming the legislation is passed and signed into law, it would take effect on Dec. 1, 2025.

Magazine: Bitcoin’s invisible tug-of-war between suits and cypherpunks



Source link

June 22, 2025 0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
GameFi Guides

Trump Pushes House to Pass GENIUS Act as Lawmakers Debate Crypto Oversight

by admin June 19, 2025



In brief

  • Trump has urged the House to pass the GENIUS Act without delay or amendments.
  • The bill would create a framework for issuing and trading stablecoins in the U.S.
  • But critics have raised concerns over White House crypto ties and conflicts of interest.

U.S. President Donald Trump is urging lawmakers in the House of Representatives to move quickly to pass the GENIUS Act, a stablecoin-focused bill that cleared the Senate in a 68-30 vote on Tuesday.

The legislation, which would establish a federal framework for the issuance and trading of stablecoins, was described by Trump as “incredible” and a path to making “America the UNDISPUTED Leader in Digital Assets.”

“The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” Trump posted on Truth Social Wednesday.

“This is American Brilliance at its best, and we are going to show the World how to WIN with Digital Assets like never before,” he added.

Despite Senate passage, the GENIUS Act faces a more contentious path in the House. Lawmakers are divided over whether to pass the bill in its current form or combine it with other crypto-related legislation such as the CLARITY or STABLE Acts. 

Others are demanding stricter provisions due to perceived conflicts of interest stemming from the Trump family’s involvement in the digital asset space.

The House must now pass the bill before it can be signed into law. While Senate Republicans have called for it to be enacted by July 4, House Republicans are weighing whether to fold it into broader crypto market legislation to improve its chances. 

Among them, the House Republicans are pushing their own stablecoin bill, the STABLE Act.

The Senate vote itself came only after a series of amendments, including language on conflicts of interest, which helped regain support from some Democrats. 

However, the final version still allows the sitting president and vice president, along with their families, to be involved with stablecoin ventures.

Critics argue the bill legitimizes and potentially enables ongoing conflicts. Most prominently, USD1, a stablecoin launched by the Trump family’s platform World Liberty Financial, is currently the eighth-largest stablecoin in the world by market capitalization.

“In advancing these bills, lawmakers forfeited their opportunity to confront Trump’s crypto grift—the largest, most flagrant corruption in presidential history,” Bartlett Naylor of Public Citizen previously told Decrypt.

Senator Elizabeth Warren warned that the legislation could allow tech giants to exploit consumer data under the guise of innovation. 

“If Congress doesn’t fix it, billionaires like Elon Musk, Jeff Bezos, and Mark Zuckerberg could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors,” she said.

Edited by Sebastian Sinclair

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

June 19, 2025 0 comments
0 FacebookTwitterPinterestEmail
Circle stock surges 34% to $200 after GENIUS Act passes
GameFi Guides

Circle stock surges 34% to $200 after GENIUS Act passes

by admin June 19, 2025



Circle’s stock surged 34% on June 18 to close at $199.59 after the GENIUS Act cleared the Senate.

According to Yahoo Finance data, the stock briefly touched an all-time high of $200.90 before closing at $199.59. The move marked a nearly 6.5-fold increase from the company’s initial public offering price of $31 set two weeks earlier on June 5.

The sharp rally came just after the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act, a bill that would establish a comprehensive federal framework for regulating dollar-backed stablecoins such as Circle’s USD Coin (USDC). 

The legislation, which cleared the Senate with a 68–30 vote on June 17, now heads to the House of Representatives. House Financial Services Committee staff confirmed that scheduling discussions are expected to begin next week, although a floor vote date has not yet been announced. Supporters of the bill hope to have it on President Donald Trump’s desk before the August congressional recess.

Alongside Circle’s gains, Coinbase’s stock increased by 14%, and Robinhood’s stock rose by 4.5% to reach a new all-time high of $78.35. The market reaction reflected growing confidence that clear federal oversight of stablecoins could accelerate mainstream adoption and de-risk the regulatory landscape for U.S.-based issuers.

The GENIUS Act creates federal licensing requirements for stablecoin issuers, mandates complete backing of tokens with dollar reserves, such as cash or Treasuries, and gives the Federal Reserve and the Office of the Comptroller of the Currency oversight powers.

The legislation also seeks to improve technical interoperability among blockchain platforms and standardize consumer protection guidelines. While some states, like New York, already regulate stablecoins through local regimes like BitLicense, the GENIUS Act aims to bring all of those efforts together under a single national standard.

The Act enhances Circle’s standing as a top U.S. issuer with institutional-grade practices, as it already complies with strict reserve transparency and compliance standards. USDC, Circle’s primary product, is currently widely used in decentralized finance, remittances, and tokenized payment systems.



Source link

June 19, 2025 0 comments
0 FacebookTwitterPinterestEmail
Trump Urges House To Pass Genius Act “Asap” Without Changes
GameFi Guides

Trump Urges House to Pass GENIUS Act “ASAP” Without Changes

by admin June 19, 2025



Donald Trump has urged the U.S. House of Representatives to approve the GENIUS Act as soon as possible and not to make any amendments. The bill, that will make the U.S. a global leader in stablecoin innovation, was recently passed by the Senate with a bipartisan majority.

In a Truth Social post shared on X, Trump praised the Senate’s decision and stressed the importance of passing a “clean” version of the bill. “Get it to my desk, ASAP – NO DELAYS, NO ADD ONS,” he wrote. He believes the GENIUS Act will help make the U.S. the undisputed leader in digital assets.

( @realDonaldTrump – Truth Social Post )
( Donald J. Trump – Jun 18, 2025, 8:01 PM ET )

The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets — Nobody will do it better, it is pure GENIUS! Digital Assets are the future,… pic.twitter.com/knDBKQnywP

— Donald J. Trump 🇺🇸 TRUTH POSTS (@TruthTrumpPosts) June 19, 2025

The GENIUS Act short for Guiding and Establishing National Innovation for US Stablecoins seeks to provide clear rules for stablecoin issuers. It now heads to the House for final approval. 

If passed without changes, it goes straight to Trump’s desk for signature. Any amendments, however, would send it back to the Senate, slowing the process.

There are concerns that the House might try to merge it with its version of the bill, the STABLE Act, but the White House has shown stronger support for GENIUS.

The Senate’s passage has already sparked market excitement. Circle stock surged 30%, and both Tether and Ripple quickly minted new stablecoins. Industry giants like Coinbase and Gemini praised the move.

Trump has consistently backed stablecoins as a way to maintain U.S. dollar dominance. With the GENIUS Act, he aims to lock in America’s leadership in digital finance.

Also Read: Ripple Mints Another 10 Million RLUSD as Senate Passes GENIUS Act





Source link

June 19, 2025 0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
NFT Gaming

Civil Rights Group Gives Elon Musk’s xAI 60 Days to Fix Alleged Clean Air Act Violations

by admin June 19, 2025



In brief

  • xAI allegedly operates 26 or more gas turbines without required permits or pollution controls.
  • Thermal imeges show turbines running despite the company claiming they weren’t operational.
  • Groups estimate turbines could emit up to 2,000 tons of nitrogen oxides annually if no controls are placed.

In Memphis’s Boxtown neighborhood, where cancer rates soar up to four times more than the national average, residents face a new threat.

Thermal images allegedly show how gas turbines from xAI’s facility pump toxins into already polluted air, prompting a civil rights group to give Elon Musk’s AI lab a deadline: install pollution controls, or face a lawsuit.

In a letter, attorneys for the NAACP, via the Southern Environmental Law Center, accused xAI of running 26 unpermitted gas turbines at its Memphis supercomputer site. The company has 60 days to address the alleged Clean Air Act violations.

“We cannot afford to normalize this kind of environmental injustice,” Derrick Johnson, president and CEO of the NAACP, said in a statement. “We will not allow xAI to get away with this.”

Decrypt has reached out to xAI for comment.

Data centers that supply AI computing power are power-intensive and require a constant supply of electricity. Energy consumption from AI facilities is expected to account for 49% of global data center electricity usage by the end of 2025, surpassing even Bitcoin’s energy consumption.

The civil rights organization alleges that xAI’s turbines have the potential “to emit more than 2,000 tons of smog-forming nitrogen oxides” annually, which could make it the largest industrial source in Memphis.

However, due to slower clean-energy deployments, the rising demand is primarily met by utilizing fossil fuels such as natural gas and coal.

Thermal imaging conducted in April purportedly revealed nearly all turbines were operational, contradicting xAI’s claims. The NAACP noted that proper pollution controls could reduce emissions to approximately 177 tons annually, which is less than 10% of current levels.

Local officials, including Memphis’s mayor and the Shelby County Health Department, allegedly claim that a “364-day exemption” applies to xAI’s turbines, the NAACP said, adding that despite these claims, they haven’t identified which specific exemption would cover turbines based on the size of xAI’s operations.

The emissions projections are more concerning given how Memphis ranks as the fifth most prone metro area, according to a 2025 report by the Asthma and Allergy Foundation of America.

If negotiations fail and a lawsuit proceeds, xAI could face injunctions halting its operations, as well as substantial fines for each violation.

Edited by Sebastian Sinclair

Generally Intelligent Newsletter

A weekly AI journey narrated by Gen, a generative AI model.



Source link

June 19, 2025 0 comments
0 FacebookTwitterPinterestEmail
Every bank will issue a stablecoin after GENIUS Act passage: Alchemy CTO
NFT Gaming

Every bank will issue a stablecoin after GENIUS Act passage: Alchemy CTO

by admin June 18, 2025



Guillaume Poncin of Alchemy predicts that the passage of the Genius Act will soon bring major financial institutions into the stablecoin business.

The U.S. Senate has passed the Genius Act, bringing long-awaited regulatory clarity to stablecoins. With this development, major financial institutions are expected to roll out their own stablecoins. Guillaume Poncin, CTO of Alchemy, gave an interview to crypto.news. Alchemy is working with Visa, Coinbase, Stripe, and Robinhood on stablecoin issuance.

Until now, major banks have held back, waiting for clear regulations, a need the new bill addresses. Poncin believes that, in the future, every bank will issue its own stablecoin and operate its own blockchain.

crypto.news: You have recently suggested that banks will soon issue their stablecoins and run their blockchains. What are the main advantages of this move for them and their clients?

GP: For banks, issuing their own stablecoins allows them to capture the float on reserves, with the ability to bring in hundreds of millions in annual revenue from treasury yields at current rates. They also maintain control over their customer relationships and transaction flows rather than ceding that to third-party issuers.

For clients, bank-issued stablecoins offer instant settlement, 24/7 availability, and programmable money that is backed by the trust and regulatory protections of traditional banking relationships. The right Web3 infrastructure makes it feasible for banks to launch these capabilities without years of blockchain development.

CN: If banks get into the stablecoin business, what does this mean for major stablecoin issuers like Circle and Tether?

GP: Circle and Tether have established themselves as the default rails for crypto-native use cases and international transfers. Banks can focus on different segments, like corporate treasury, regulated institutional flows, and integration with existing banking services. Owning your own stablecoin provides additional asset control and the ability to generate yield.

The market is massive and growing. There’s room for specialized players. Circle’s upcoming IPO actually validates this thesis because it shows that traditional finance recognizes stablecoins as legitimate infrastructure. We power infrastructure for both existing issuers and banks exploring this space, and we’re seeing a playing field with ample room to offer new products and grow the market.

CN: Given Alchemy’s role powering USDC (via Circle), what differences do you see in how issuers like Tether and Circle approach minting, compliance, and infrastructure decisions?

GP: Circle has taken a highly regulated, transparent approach, with regular attestations, clear banking relationships, and working closely with regulators. This makes USDC attractive for institutional use cases and integration with traditional finance.

Tether operates more like a global liquidity provider in that it prioritizes availability and ease of use across markets. 

From an infrastructure perspective, Circle tends to be more conservative with technical changes, while Tether is more expansive about going multi-chain. Both have their trade-offs; institutions may favor USDC for compliance and transparency, while developers or platforms focused on emerging market access might tap Tether for reach.

CN: Blockchain infrastructure is difficult to manage and secure. Do you think that banks will favor layer-1 or layer-2 networks? What does this mean for large layer-2 ecosystems like Ethereum?

GP: It depends on the use case. For large-scale operations like B2B transactions, banks may prefer operating directly on Layer 1 for maximum security and finality. However, for retail-scale applications, Layer 2 networks make the most sense because they offer sub-cent transaction costs, customizable security settings, and the ability to capture transaction revenue through sequencer fees. For example, Coinbase already generates over $200 million annually from Base, their L2.

This is actually bullish for Ethereum. L2s still settle on Ethereum, so they benefit from its security. We’re seeing a Cambrian explosion of specialized L2s. Some are optimized for payments, others for trading or identity. Banks can choose or build an L2 that matches their specific compliance and performance requirements while inheriting Ethereum’s battle-tested security. That’s where modular rollup stacks come in handy. With solutions like Alchemy’s rollups-as-a-service (Raas), institutions can launch tailored L2s that inherit Ethereum’s security while offering full control over execution, fees, data availability, and more.

CN: Banks require constant communication to facilitate transactions between their respective clients. How do you envision the interoperability between their blockchains in this context?

GP: Interoperability is the most important challenge, but it’s solvable. We’re already seeing solutions emerge with cross-chain messaging protocols, shared sequencer networks, and atomic swap mechanisms. The key is that, unlike traditional correspondent banking, blockchain interoperability can be trustless and instant.

I envision a model where major bank chains connect through established protocols, similar to how international wire transfers work today, but without the multi-day settlement times. Over time, we’ll see more sophisticated solutions, perhaps shared rollup infrastructures where banks can maintain sovereignty while enabling interoperability. 

CN: What is Alchemy’s role in facilitating this financial institution’s tapping into blockchain technology?

GP: We’re the infrastructure layer that makes blockchain accessible to institutions without requiring them to become blockchain experts. Think of us as the AWS for Web3. We handle the node management, wallet and rollup Infrastructure, data indexing, and reliability challenges so banks can focus on building products.

Specifically, we provide the APIs and developer tools that power everything from simple balance queries to complex DeFi integrations. We’re working with major banks and fintechs who use our infrastructure for everything from custody solutions to launching their own chains. 

After the SAB 121 repeal, we saw an immediate surge in inquiries from the largest banks in the world. They’re not asking “if” anymore, they’re asking “how fast can we move?” Our role is to make that transition as seamless as possible.



Source link

June 18, 2025 0 comments
0 FacebookTwitterPinterestEmail
  • 1
  • 2

Categories

  • Crypto Trends (953)
  • Esports (723)
  • Game Reviews (675)
  • Game Updates (841)
  • GameFi Guides (946)
  • Gaming Gear (904)
  • NFT Gaming (928)
  • Product Reviews (896)
  • Uncategorized (1)

Recent Posts

  • Philippines Congressman Pushes Strategic Bitcoin Reserve Bill With 10,000 BTC Goal
  • ‘Star Trek’ Journalists, Ranked
  • Amazon-published chaotic dungeon creator King of Meat gets release date
  • Ethereum Hits All-Time High Price After Nearly 4 Years
  • Ethereum (ETH) Surges to New All-Time High Amid Likely September Rate Cut

Recent Posts

  • Philippines Congressman Pushes Strategic Bitcoin Reserve Bill With 10,000 BTC Goal

    August 22, 2025
  • ‘Star Trek’ Journalists, Ranked

    August 22, 2025
  • Amazon-published chaotic dungeon creator King of Meat gets release date

    August 22, 2025
  • Ethereum Hits All-Time High Price After Nearly 4 Years

    August 22, 2025
  • Ethereum (ETH) Surges to New All-Time High Amid Likely September Rate Cut

    August 22, 2025

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

About me

Welcome to Laughinghyena.io, your ultimate destination for the latest in blockchain gaming and gaming products. We’re passionate about the future of gaming, where decentralized technology empowers players to own, trade, and thrive in virtual worlds.

Recent Posts

  • Philippines Congressman Pushes Strategic Bitcoin Reserve Bill With 10,000 BTC Goal

    August 22, 2025
  • ‘Star Trek’ Journalists, Ranked

    August 22, 2025

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2025 laughinghyena- All Right Reserved. Designed and Developed by Pro


Back To Top
Laughing Hyena
  • Home
  • Hyena Games
  • Esports
  • NFT Gaming
  • Crypto Trends
  • Game Reviews
  • Game Updates
  • GameFi Guides
  • Shop

Shopping Cart

Close

No products in the cart.

Close